While some people receive much less than 10% per year on bank deposits, others, thanks to Forex trading, increase their fortune by much higher interest. How big are they? It all depends on individual skill. But the stories of individual trading gurus prove that there is virtually no limit to perfection. So, in 1987, Larry Williams won the tournament, starting with a deposit of $ 10,000 and ending it 12 months later with $ 110,000,000!
The path to success
Williams was born in 1944 in the USA. A journalist and publisher by profession, he independently studied economics and investing in libraries. The first financial failures not only did not discourage the desire to earn, but also tempered the character. Realizing that ready-made data schemes and methods do not always work, Larry began to look for his own ways of success. Developed technical indicators Williams% R, Ultimate Oscillator, COT indices. Today its developments are widely used by traders all over the world.
At the beginning of his journey to Forex, Williams began to work as a consultant, making money by sharing his own knowledge. But it was the victory at the international tournament with a world record for increasing the deposit by 110 times that made it insanely popular. Then he published the quickly sold out book How I Made a Million Dollars Last Year. Also from under his pen came "Long-term secrets of short-term trading", "Fundamentals of technical analysis of financial assets." Today the author actively conducts courses for traders around the world, passing on his experience to them.
Features of Larry Williams' strategy
William prefers to trade on long and partly medium time frames with a stable trend. Buys and sells are made when the price chart reversals. A well-known trader teaches how to search for them using three bars, the central of which is at its peak. An order is opened when the third bar moves in the opposite direction from the peak and reaches the maximum (buy) or minimum (sell) of the central bar. Stop losses are peaks in the opposite direction of the same trading day on which the order is opened.
Larry says that you should not rely on technical indicators to predict the future, they are needed to evaluate the present with the search for entry and exit points.
Not only do good traders not allow themselves to be emotional, but they also take advantage of the emotions of bad traders. The latter act unreasonably overestimate or underestimate the price of assets in the market, massively succumbing to either panic or euphoria. This is a good time for buying or selling on the part of those who act with a cold head.
The recognized master of trading pays great attention to the issues of psychology. First of all, it calls for the constant presence of internal incentives. And the Foundation of success is patience. In particular, a trader should be able to carry over periods with losses, the size of which is also controlled by setting adequate stop losses.
"If you lose today, try to succeed tomorrow. There is always another opportunity to catch up," is the wise advice of Larry Williams, written in one of his books.