Hey thanks to everyone who answered my post ! Although i posted in in January, i just saw some good replies that were posted in March. So here i am telling you how the life been treating me for these last 3 -4months.
After doing some research on the net i found that Larry is really a great trader.Why? Just because this guy created the indicators that almost each charting software for commodiites and stocks have. Second thing is that he is a past board member of the National Futures Association and the recipient of numerous awards, what i also liked about him that he is Futures Magazine's first Doctor of Futures Award and the Omega Research Lifetime Achievement Award. so sounds like i really can trust him. Now let's answer to those who wrote the posts after i got to know Larry's stuff:
William wrote:I have never dealt with the guy or taken any of his courses but i would be very leery of a guy who is offering to teach you something that is available for free on the Internet. Also, in terms of his success as a trader, i wouldn't believe the hype until i saw his audited trading journal. Also, the fact that he has been a trading legend for the past 40 years, and is busy selling people information that he paid 375, 000 for a couple hundred dollars also SMELLS really fishy..
See William Larry doesn't really need your or my money, just becuase this guy has already made his money in this game. that's why i love about him. 200$ is something more symbolic than a price for his tradin techniques, maybe he's just like original Turtle, who decided to give away the Turtle System for free from the web site. By the way, when he payed for the Rules he was taught by Rassel Sands, one of the original turtles who was enroled into Rich's first class, and then he was withdrawn from the porgram because of his low performance as c.f. said on this forum. I don't know exactly if he bought the rules from Rassel, Larry just said that his favourite turtle is Rassel. At that time it was very popular for people to buy the systems, so i don't doubt the fact Larry paid that much for the Turtle system( by the way he got it very simplified fromone of the original turtles,talking about 20 days high/low entry and 10 day high/low exit technique without even mentioning N position sizing).
William wrote:Just because you can grab the low hanging fruit, doesn't mean you should...Promises of being given the secrets to trading and then making tons of money, when you really think about it, is rather ridiculous.
William, Larry never promised you gonna make a lot of money, what i liked is that in the very beggining he warns the reader that it's a risky stuff and that if you still thinking of doing that than keep on reading it. He always mentioned about the other side of the medal: losing money. in the vidoe tapes he is mentioning a few sad accidents:6 of his friends commited suicide from trading commodities, another old couple lost their house(was given to the brokerage firm because of the loss in S&P 500 market and they didn't have any money to pay their broker). So it's not hype.
verec wrote: can give you, for free, the biggest secret ever in successful trading: there is no secret!. And that's what disapoints so many people that they keep looking, anyway, convinced that "there must be something, otherwise everybody would be rich, right?"
It's absolutely true! And Larry says about that in the very beggining of the course on the manual. Seems liek this guy paid a lot of money and eventually he understood that and is warning the reader.
About Van Tharp. I have been on his web site, and what i found there that this guy is providing the courses and they cost a lot of money. it all seems very commercial to me, no offence to Van Tharp's followers
bobby, i agree with Larry is not selling the Turtle sytem. thanks for a comment!
RangeRover, i apreciate your reply. And the olny i can say is that Larry really is giving me a good insight how to trader the markets as new trader to the game with less stupid mistakes that newbies usually do. As some others already said, his email support is really a big help to a new trader, just because he takes time and commit to help to learn the techniques that he is teaching. that's the other thing i liked about him as a lecturer when i just first emailed him without even being his student at that time.
RangeRover wrote: - Batting .800, i.e. being "right" 80% of the time. He emphasizes rightness over making money off lower frequency (but higher reward) moves. I don't think this will get you far if your looking for long term trading systems.
2 - Gamblers fallacy, i.e. I've lost ten times in a row, this time _has_ to be a winner, so I'll double up my wager. While it is possible for some systems that the serial correlation might work like this, he made a broad statement to this effect.
3 - Law of small numbers, i.e. this situation has occurred 15 times in the last umpteen years of daily SP data with 12 winners and a net profit for the fifteen trades. Extrapolating from a small data set can be dangerous; if his setup only occurred 15 times, I'd argue there may not be enough trades to draw a conclusion.
4 - Almost no discussion of money management.
5 - A profit objective angle measuring do-hickey. The only hitch is that his "Target Shooter" gives different objectives depending in the scaling for price and time on your chart. Doh!
I don't have Batting 800 course, but i got Cracking .... one. it has an audio tape that explains the tools Larry has been using in his trading championship and some other agressive and more conservative money management techniques. There's no talk about gambling at all. Sometimes people confuse me with that. Larry just says: Don't Bet Big in order to Win Big. he is refering the old sentence we all know to casinos wich is true casinos want our money so they tell us "to bet big"( so we will go bust). Target Shooter and other exit techniques like Volotility Stop and Donchian's trailing stop are explained .
leonardo thanks a lot for your post. the fact that Larry is an active trader is something that makes you feel on the right track as a newbie just because this guy has been in a business for a long time. of course his experience helps in answering all sorts of questions about this game
Harooki2 wrote:but you can still get killed with his stuff
Just wanted to know what do you mean by that? Was your point that the info he is giving about how to trader markets can be understood in a different way for those who are new to the game and that actually gonna kill em?