Forex Signals and top traders?
Posted in A tale of two tradersMost of the traders who come in the markets have a dream of making a million dollars and making it as fast as they can. Let us study two traders who have done it in different spans of time. One of them is Larry Williams. In 1987 Williams won the World Cup Championship of Futures Trading, sponsored by Robbins Trading Company, trading $10,000 in real money to $1,147,000 in 12 months – a feat no one else has come close to matching. It was a wild year, as Williams ran his winnings to more than $2,000,000 by the end of September, dropped down to $750,000 after the October ‘87 crash, and traded back to the $1,147,000 mark by the end of the year. Ed Seykota turned $5,000 into $15,000,000 over a 12 year time period in his model account - an actual client account. Ed is self-taught, but influenced early on in his career by Richard Donchian. He is a commodities and futures trader and a Trend Follower. Who would you like to be? 1 Million in one year or $15 million in $12 years? We have seen the transactions of Larry William’s account. The question is are you able to take such drawdowns? A drop from $2 Million to $750,000. Are you able to take a drawdown of $10,000 or $20,000. NFA fined Larry Williams for not reporting to potential clients that, while his personal account in a promotional 1987 contest was very profitable ( a gain of + $902,599 ), his managed accounts for clients lost substantial funds ( - $6,122,281 ). This constituted deceptive and unbalanced promotional material and disclosure statements. Details in William Gallacher’s book . The reason for discussing this is not to question the abilities of Larry Williams but to understand that his story might not be suitable for your trading goals due to two reasons. One, it is not black and white and two even if it is black and white, Larry had years and decades of experience behind him before that world record and for a new trader just entering the trading arena or someone with lesser amount of knowledge and skills, it is almost impossible to break a world record! We hope you understand our point of view. Let us study the other case- Ed Seykota. He is one of the turtle traders. His span of making that sum of money is over a decade. Are you willing to commit for a longer span of time for learning, skill developing and trading the markets? All these top traders work with a system that works 40%-50% of the times. The trading secret and the holy grail behind the working of these systems are the traders themselves and creative money management. This is what we are going to discuss in the online forex study program.
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