PART 2: Top Trading Secrets and Lessons from Larry Williams, Trading Legend

let's get back to trading timing trades um I analyze everything I document everything I am off the charts analytic but most of my trades happen either in the pre-market or right at the market open or right before the market close do you have favorite Windows of how you time your trades no when I was a very short-term Trader I keyed off the opening price but as a longer term Trader I have particular points in the market if price goes here I think the trend has changed and I want to be long if it goes to this point I think the trend is now to the downside and I want to be short so I have Trend points that aren't time oriented where you're time oriented I have points as the market fails if it takes out this point or that point and that could happen uh in the night session could happen the day session who knows when it's going to happen but that point to me could be wrong of course but that point is a significant Trend Point excellent one of the questions as well that I'm very concerned about is you know we're still very early in things like machine learning and artificial intelligence and all of the algorithms that are being built and they've been talked about algorithms cracking markets for decades almost now but I do believe five years maybe eight years from now they will be a lot more omnipresent a lot more sophisticated and I know there's always somebody behind the algorithm coding it and directing it but do you believe five years from now plus that retail investors would have a chance against artificial intelligence and algorithms oh they have a better chance I don't believe in artificial intelligence or all these algorithms because I've worked with college professors degreed people that teach neural networks artificial intelligence and I lost so much money following this the programs these guys I finance and they set up we just went through multiple them which lost money lost money lost money they didn't work and I think they can't work or won't work because of what I mentioned earlier the markets are imperfect there's so much random activity that cannot be explained so I think the average guy that buys a good stock at whole time can beat somebody's trying to Nickel time the market here and there I don't have much faith in math to that degree I got an email yesterday from a guy in prison and he's worked out a mechanical system in prison on his TI a little calculator they hardly wait to get out so I can start making a bunch of money in the market I have seen this song and dance over and over I've got the perfect mathematical system and these are PhD people I mean well educated graduate from Warren school of Finance uh lse and you know what um the systems don't hold up the markets Change Is Random activities that one of the best lessons I had in my life I was having dinner at Steve Cohen's house with my good friend Tom DeMark and a radio guy that's a powerful Trio oh yeah it was interesting and I'm looking on the wall I go oh my gosh there's a van Gogh on original Van Gogh those van goghs were my art book when I was in college at that point I was a mechanic totally mechanical triangle he owns a van Gogh he's not a mechanical Trader he owns a van Gogh he's not a mechanical Trader he owns a van Gogh I'm not a mechanical Trader any longer that was like a a wake-up call for me a cathartic thing to say yeah you don't have to be then the really the best Traders I've known one of the man who influenced me so much built Meen was not a mechanical Trader so I I think that we can over mechanize this that still uh Charlie Defrancesco the largest Bond Trader in the history of the world a good friend Charlie wasn't a mechanical Trader so I think the big fortunes are not from mechanical Trading excellent you can make money at it clearly but the massive creations of wealth that randallia was my roommate briefly in New York City many years ago these guys aren't absolute mechanical Traders interesting so let's talk about the current time in the market you've expressed your excitement you did predict a short dip followed by a strong close in October kicking off the three-year bull market what macro economic data do you see supporting the sentiment well you know based on the emails I've gotten about that forecast and people think I'm being drinking too much good wine or Jim Barleycorn or something but nobody seems to think that can happen but it's really based on a couple of things and they're based on a fundamentals I think inflation is going to come down CPI is going to improve the business conditions actually are pretty darn good if you look at the producer pricer index and a couple of other data in the Federal Reserve yeah and unemployment we are not in a recession we're kind of we're in a recession we're not in a recession there's some really bully stuff out there that indexes that have held up uh my good friend Ralph Vince has really narrowed in on some of those so part of this economy is really strong um we've seen a big washout in the market I have my Panic indicator Buy Signal right at the low in June seasoning we know we usually start to Rally in October around the 19th trading day of October but my long-term cycle work which is based on the decennial pattern tossing the presidential pattern costing a couple other patterns they turn really bullish in the fall of this year and continue in next year and then the desania pattern kicks in so I think we're at the at the start of what can be a significant move to the upside based primarily on Cycles but with some fundamentals behind that yeah I see the same thing and I also talk about kind of moving into a lame duck session for example which is very possible which is typically very good for markets too you pull the government out of the markets the markets do better do you believe in that well and if yeah and I think if uh the Republicans sweep both houses this year if they probably will look like the odds on bed at this point I think investors are going to like that a lot and so November and usually want to buy just before the election by the way uh it doesn't matter who wins or who loses but just before elections we usually rally so I think there's there's some opportunities coming here that yeah that makes sense we win both houses and things going to get really positive uh maybe we'll get some tax cuts and so why are we bullishing when those happen so yeah I think that the future is still in front of us that all the the craziness and boy we've seen a lot of it out with the right wing the left wing the no Wingers unless it's crazy time for living in but we've lived in it before World War One World War II the Vietnam War yeah we'll get through this so it'll things will settle down people make money you know you know the craziest thing is and sometimes I scratch my head probably a little bit too much but you know we're in this crazy historical inflationary period and then they issue two acts the inflation reduction Act and the student loan forgiveness act which will both add up to a trillion dollars in extra money printing do you find that type of stuff completely absurd or just me well I think the naming of these things is absurd whatever the name it's just the opposite yeah the inflation reduction oh you can't reduce inflation with an act I didn't know how it happens uh but I tend to be with my friend Warren Mosler and the modern monetary theory that I'm not as worried about deficits as most people are I don't think of an issue uh and uh so I'm not as concerned about that I don't know if I'm a full-fledged I'm empty but I'm pretty close to it I know one thing and this was interesting my research and Ralph Vince's research years ago showed that one of the very most bullish indicators for the stock market is a deficit Federal deficit that really bullish and it makes sense there's money in circulation people are buying stuff building things so the modern monetary Theory guys saying well it's not a problem and um I think the money in circulation the increase of it has acted pretty bullish not inflationary um so again I'm an area where I get a lot of disagreement with that but from 1962 forward I've always heard this almost Mantra especially with my fellow Republicans that these deficits are going to kill us we're going to have a recession we're gonna have a depression it never happened for 60 years I've been waiting they've been wrong for 60 years so I don't think that the deficits are nearly as bad as people think that they are they could be at a point but there are ways I think the FED would regulate and control that so you know I'm I'm not one who's really worried about the deficits and I don't yeah I'm on the other side of the equation for most everybody in the market on that well interesting regarding mmt because I do believe as well like it's like you and I violently agree on almost everything which is kind of scary hopefully we'll find some point of disagreement somewhere but one of them may be stock picking but moving on from that mmt so you believe it's okay for governments to print their way out of deficits for infinity and also like when I look at the US versus the rest of the world it's kind of the least worst so as long as everybody's doing it it's fine it's like a cycling 20 years ago everybody is apparently on drugs in the Tour de France and it was like a Level Playing Field but some did more than others uh what what's your take on on that element of the US versus the other Fiat economies well I don't know that I thoroughly understand a modern monetary Theory but my friend who lives here Warren Mosler certainly does one of the leading proponents of it and he would argue that if we really get into an inflationary problem because of the deficit we change that with tax cuts and that's their theory of how we bring down uh the the written Market we had in Germany in 1914. so I think there is a solution and answer to that so I'm not overly worried about it and I don't fully understand mmt I don't fully understand really any economic theory but I look at the reality what's actually gone on here and all these worries that people have worried about with defense has never come true and maybe we earn our way out by our increase in GBP uh and the big thing to remember and this is what took me so long and Warren helped me get over this in my mind even though I knew it wasn't right but in my mind we're still in the gold standard where it's not a hard packed currency and finally I had a realization like no we're in a fiat currency and once you understand that we're in a fiat currency all the other rules and all your thoughts go out but we're not on a gold back we're not a hard currency we're in a fiat currency so it's a totally different world than the the mice's theory and of economics and if we were well yeah it would be in a disaster right now we really would be but we're not we're in a different currency and you need to to approach it with that thought in mind and that understanding of what it can do for the future excellent and then getting back to your take on recession it's like every answer you give me prompts more questions but uh you said you know we're kind of in this no man's land it's not a recession it's not a hyper growth period we're in the middle do you believe some people say we are in a kind of Bullwhip effect an inventory type driven recession do you subscribe to that idea I really don't know uh I I think the the two or three best recession indicators one is employment unemployment and unemployment is still positive um there's a couple of Arcane Federal Reserve indicators they use at Major uh business activity they're still quite positive uh sorry and I think they'll carry the day that a lot of other indicators that are not good so but on balance I think we're in a kind of a convoluted thing uh but once especially we become America again Democrats and Republicans and they got together and worked together at least a little bit we're going to get out of that so I I think it's also part of my cyclical theory if we're at a cyclical low I'd expect turmoil here we should have a list of oil and then as we come out we'll still have it and we'll lose it and then everybody will be friends and be happy and then we'll start another bear Market or another recession but right now we should see turmoil it's really really confusing to people that's what makes Market bottoms exactly kind of like a forest fire but provides for New Growth maybe and I'm in one right now believe it or not so what what advice uh would you give people this is what people really want to know is a lot of people want Financial Freedom they want to get out of their cubicle Etc and I'm sure people have come to you your entire life about this what advice what three rules would you give people to who want to get started in investing what are the most important things I think we've covered psychology you've got to be in the right frame of mind and relax what other tips would you give people have realistic expectations uh just because I've made a lot of money doing this my students are made in the Championships two three four hundred percent a year don't think you're going to do that don't think we do it every year a realistic expectation if you could do 40 50 a year in your money you are knocking it out of the park over the top wall so uh most people come and say Larry you know I've got twenty thousand dollars and I want to trade I want to get two thousand dollars a month to live on am I twenty thousand dollars that's not realistic um you look at the greatest fun manage we've ever had if they can do 20 a year well they win all the awards so yeah sometimes Traders like just you and myself and a few others may knock it out of the park but that's not a consistent thing you can plan on so so first of all I have realistic expectations and then don't trust anything on the internet there's a lot of stuff I was like oh my gosh I can't believe great people are saying that yeah so in this day and age especially just be really careful of uh you know as Ronald Reagan said trust but verify exactly and that's so important is all my life I've spent my life in pursuit of the signal in the noise to the point where I block out all the noise and I Blaze my own trail to find my own signal does that resonate with you well what you said earlier keep it simple yeah I I want you know the nice thing about not being particularly intelligent I can't get real complex to by Design but I see these really bright people and they get so complex about having my work you know Occam's razor is correct the more moving Parts the more problems you're going to have so you really whatever you're doing you want to be a pretty simplistic approach you don't want the real complex my experience after 60 years is a complex things they fell apart too many moving Parts something broke it's interesting uh Elon Musk said the best part is no part and the best process is no process which is kind of I hadn't heard that before that's great yeah yeah so and and you mentioned something that the 20K making 2 000 a month to live on a lot of people always think about the how to turn 10K into a million I started myself with twenty thousand dollars exactly it's funny you mentioned that 20K um if somebody did have that dream of 10K into a million what would that path B is it a 10-year path what would the asset be or is it a future or is it a derivative of some sort or options trading or just straight stop being any guidance you would give because you've done this um repeat repeatedly not just once uh well the first thing is how much risk can you take on because when I won the trading championships I risk a huge amount of my money out every single trade are you willing to risk all your money or willing so if I lose the 20 grand That's it man I lost it all maybe with my life savings uh but can you handle the risk because to have the reward you've got to have a concomitant risk to it so if the larger your risk the higher your return may be so if you want to make that money in a hurry you can have a huge risk ratio and maybe you'll turn your twenty thousand into two hundred thousand in a year or five years or whatever but the probabilities that are happening are not real good frankly so your your risk ratios are going to be really what's critical there um but you know realistically my experience is it took me I don't know four or five years before I was pretty good if this and even now I'm not always pretty good at this so there's no straight paths in this we all have we all have Equity dips uh so and then that gets back to real estate expectations you think of your twenty thousand dollars you know maybe in five six years it might be a hundred thousand dollars uh I think of it along that lines of the postal oh I'm going to go out and get rich overnight because when you do that you take on too much risk you know what that you're doing to begin with because you're new to the business and you're probably going to give your money to me or to you or somebody else exactly and I talk about that as well the curse of success for young Traders they jump into GameStop or something and they double their money overnight and they think they are a God and that is probably the worst thing that can happen I was blessed at a young age where I got wiped out at a very young age in a dollar Yen transaction first time I made money I thought I was God second time lost everything and uh fortunately I was very young at the time but that was probably the best lesson I ever learned so this is a really really interesting now one of the things that you did mention is going from your 10K to a million dollars you mentioned you kept on risking risk you took out huge amounts of risk it was like crazy but did you in any way adjust your strategy position sizing as you got higher up the food chain to a million dollars it was just risk on risk on risk on the whole time no I risk on all the time the the truth is that ten thousand dollar account we're trying real money real trading here by the way this one layer on paper that ten thousand dollars account went to 2.2 million dollars that was its Equity High then we had the crash of 87 along uh short bonds and we had a huge bad trade I was in Africa on a safari the 2.2 million dollars came down to seven hundred thousand dollars again of October I came back from Africa traded a 700 000 back to 1.1 million so there was a huge Equity dip in in the account because I did continue to risk somewhere between 20 and 30 percent on every trade so you use a massive massive risk so you left risk on and you went on Safari right yeah well you know we were kind of connected I was in the Kenya Safari Club and it was like something floated around the room the Dow was down 500 points 600 points 800 points people got up packed and left and came back to America well no you know I had Ralph dance right in my office and he would he did a brilliant job of getting out of positions and getting back long and following the strategies we're doing I knew it was there so you know I I I came back I enjoyed the rest of the time that I was there but when I came back oh now what do we do we got we're down seven hundred thousand dollars you know I got to get back to where we were so we were able to go from that back to 1.1 excellent and another question related to that again because I know the audience is probably very concerned about this is I am a options derivatives Trader I've been for a very very long time uh is it still possible to make these types of returns without using sophisticated tools or would should they scale back their expectations even more you mentioned 10K the other way around the other way around you look at the trading championships and the people that have the largest gains almost every year future Traders then option Traders then Forex Traders then stock Traders and it shouldn't be that way the option Traders you guys and the Forex Traders they have the most bang for the buck in terms of margin they should have the largest returns year after year after year and they don't the future Traders do that's real time real money 20 years of this so I go gee this is really interesting to me um the highest Returns come from future Traders not option Traders not Forex Traders so there's a message there you can take out of that whatever you want but these guys are still doing two three four hundred percent a year and these trading championships trading teachers um so yeah it can still be done um not everybody can do it obviously but we've had consistent people that win two or three years in a row or you'll see them one win one year they win a couple years later they're still in the game so it can be done but to me I think where the gold is in this trading business is Futures but it depends on your mindset your mind's obviously a lot different than mine I don't get these options strip straps straddles all that in mind you know I'm the art major not a math guide three and three I don't know maybe seven or eight I take a guess trick question if you ask me that so part part of it depends on how you work how your mind works and you have to find oh yeah the shoe fits me I can I can this I got this and that's when it comes to listening to any person that's going to help you in the market I think there's a lot of really good people out there that can help people but more importantly you need to find somebody who you almost and say oh yeah I understand what he's saying that you're on the same channel otherwise you're going to try to be learning this guy's this that and I'm real confused you have to have somebody who you're in really clear Communications with because not all mines work the same you have to find somebody who's in sync with your mind yeah the most valuable thing you said because I always urge people don't try do what I do but find your own Rhythm your Cadence that works for you like it's like using your running maybe analogy there are different types of Runners 100 meter sprinters ultra marathon runners and everything else in between and that requires different muscle set and training and everything else so find your Rhythm does that resonate with you yeah absolutely and that Rhythm will will change again with age a little bit and sometimes it's fun to break out of that Rhythm but you have to find your basic Buddha nature and say yeah I'm I'm content with this uh maybe it's I don't believe in Gan and Fibonacci a lot of people doing they use it real well their mind works with that my mind doesn't doesn't mean it's wrong means wrong for me because I don't get it and some people might look at myself that's like William's is crazy I don't get that stuff so yeah you have to find where you mentally relate with this whereas the option stuff is always really confusing and my wife does it she's done great with it uh she's a mechanical engineer so yeah boom she's got this structure where I go like oh what are they looking at here I don't get that at all I'm very visual as she's very number oriented yeah that's so interesting I happen to be both uh but I need the numbers to back up the visual if I see a visual I have to understand the numbers behind it to process so in terms of Futures are you still trading Futures and if so what is your favorite yeah what's your favorite Futures trade uh well my favorite one is coming up I think we're getting close to a really good Buy in the gold market yeah I know it's a tank today hard and what I'm looking for is when I see the commercials get net long gold uh you mortgage your house get a second more to get a third mortgage you know take out a loan on your car we don't see the commercials net long gold hardly ever and when they do a bull market of some magnitude begins so definitely if commercials got net long gold you've got to find a point to buy gold and I want to sell uh inflationary uh ETFs uh short interesting gold just hit 1660 would you believe I you know I don't know numbers I have no idea what that means up down whatever I really don't it's not because I'm not a very visual but I don't know what those numbers mean cool is that up or down I don't know that's down that's down oh the gold is down two percent today which is a pretty big move for gold um yeah that is and that should attract commercial buying so this this is a condition coming up that's really significant uh if we see that happen you definitely want to get long gold and so that's we are the commercials are not long silver they don't get in that long silver hardly ever so we're we're getting in the right conditions here I always say I say this a lot in 2022 if I had to paint a perfect macroeconomic condition for gold it would be the situation we were in right now High inflation uh war in Ukraine uh supply chain issues tensions with China shouldn't people be rushing well you know gold is supposed to Rally when we have inflation it didn't this year yeah exactly if you look at the data there's lots of times we've had inflation and gold didn't rally so inflation is not the only driving force of gold um but clearly the commercials are the gold is a commodity it's used like silver like Platinum like corn and soybeans it is a commercially driven market so all the the Cassandras of oh well the deficit the Joe Biden can't talk whatever meaningless this is no different than wheat and corn when the commercials are heavily long and the public is heavily short the Market's going to Rally this is the commercial Market forget all the the glitter of gold when stocks go down what happens the goal that goes down when we have percent of the crash of 2008 what a goal that went down what a goal do this year it went down oh it's not supposed to happen no that's why it's always happened when when stock crashed whenever recession gold doesn't go up it goes down exact opposite of what people think it's funny my my phrase for saying what you just said regarding the commercials is follow the money or follow the smart money uh real simple so there's a question you hinted at while you were away in Safari it triggered another idea what is an example of a big or your biggest losing trade and what did you learn from it and were you uh are you probably a poker player are you but were you on tilt after that losing trade and how was your recovery well first of all I'm not a poker player because I'm a semi uh uh professional if you will magician I can make a deck of cards sing and dance and walk so yeah with me great bring your deck I'm going to take your money so no I don't play poker uh um I'm much more interested in the mechanics of a deck of cards and what they're based on what you can do with them uh as opposed to that so that answers that question but losing trades I've had a lot of big losing trades in my life that never really bothered me um I guess in part because I'm kind of a simple thinking guy I figure that my life will things will work out you know something will happen things will get better I've never been worried about losing money it's I've never been afraid of money I've never run from it or run to it it's just like it happens or doesn't happen so I I haven't been Shell Shocked by trades but I've had a lot of big losing trades yeah especially not recently but when I was young because I was I think Paul Tudor Jones called me Kamikaze Cowboy because I you know whatever I trade whatever and I didn't pick amounts and so I didn't care then so I had big losses and big games too it was a lot of fun but now I'm a little older I've cut back so again it's like risk reward stuff we talked about uh my bet size are a lot smaller which means I can't lose big anymore but yeah I had some big losses they're they're actually fun to go through Dotsy avety the great Russian writer so the two greatest Thrills in life he was a compulsive Gambler the two greatest Thrills in life for losing money and making money that's really interesting there is a thrill to losing money like oh it feels so good to get the monkey off your back it's really a mental high of like ah finally I think I'm out of a trade and it feels in a strange way it feels really good so there's a positive reinforcement for losing money and there's a positive one for making money but the doctor vetsky quote I think is just brilliant because you can get the wrong reinforcement so um you know I just learned to tame my bet size and that gets rid of all the emotions yeah I'm I'm similar way I the way I structure my stuff is and please criticize this if you think I used to historically have what I called an eighty percent kind of huddle bag stuff that I hold and 20 is for trading and some of that trading is very low risk kind of medium term swing trading two or three times a year and and I never risk more than one to two percent of my portfolio on high risk assets or things that I'm not familiar with do you have a similar type of approach or structure or just say two percent per bet or one percent well I've always been all in or all out uh so I'm not as structured as you are um but this is what I believe what I've come to believe from my own analysis and working with Ralph Vince who I think is the most brilliant money manager guy that I know is that um the optimal bets risk factor of your of your portfolio of your bank balance if you will your account balance about four percent most people should be at two percent but at four percent I can have three or four losing trades and still have money left for the next trade but at ten percent uh five three or four losing trades I'm way down and I may not be able to take the next trade so the optimum bet size too yeah that's for you little it's for you young kids if a guy like me come on I'm a belly up to the bar and have somewhere like a four maybe even a five percent risk to rent a win a trading Championship I'm gonna have to have a 10 risk yep so it's a huge difference but there's different goals there then the other thing and this is something I came up with that I think is I think it's brilliant probably isn't but it all these guys with strategies and systems say well my system was right 72 percent of the time my risk award ratio is this my drawdown is this my average profit is this so my bet on my next trade is this your next trade will lose or will it win if that the only two possibilities is so your percentage of right isn't not the strategy of 72 percent accurate or whatever it is it's 50 50 in the next trade and you better bet it that way because if you don't bet it that way you're betting too heavy or you're under betting depending on how you look at the equations but you better bet it's 55th you will win in the trade or even losing the trade and once I had that mindset that really helped the dry down size as well because otherwise your BET's way too big because just because the strategy is usually 70 80 percent whatever it doesn't mean it will be on this trade this trade's a 50 50 deal that's all it's going to be so in terms of uh that when you have that strategy do you focus on cutting your losses as quickly as you can and letting your winners run or how do you approach stop losses per se well that's clearly a good strategy there was a survey of brokerage accounts I think it had something like 10 million trades of a brokerage firm and they look at all their customers and they found on balance their customers were their trades were more than 50 percent correct in almost all the markets they traded this is future trading and Forex Trading and almost every single Market there they're 55 60 correct and their customers lost money because our average profit was less than their average loss so yeah the risk reward ratio something actually to focus on a lot earlier like a lot of people I got created with percent of accuracy I want to be accurate all the time I want to be always be right not being right dominating this business you try to be that right you're going to end up being dead right I'm much more concerned about the risk reward ratio and the accuracy together and then not over betting it because still the next trade I'm in it's going to win it's going to lose money period let's go back to you mentioned you nailed the bottoms a few a few times um and I I find it much easier to nail bottoms and nail tops that's actually yeah on that question do you agree with that statement absolutely because tops are bottoms rather boom boom yeah tops go and then we get a break so TOPS oh man let me tell you I don't know I don't have any really great at calling marker tops I got some stuff that's okay but the spectacular no I really don't I don't think anybody does and I know most everybody so yeah calling cops well oh my gosh I yeah I still work on that and I haven't figured it out that's for sure so rolling back the clock to November 2021 uh or Q4 2021 depending on what asset you're looking at did you see uh in a post-mortem Neta indicators that gave you an indication that the market was going to break down that that was a top if I didn't clearly see the top coming in 2022 there was some weakness primarily Advanced decline lines and cycle work of course now I understand perfectly why we were at a top but that's after the fact but that's the nice thing about being wrong because you learn being wrong is not a bad thing it's a learning experience so now I think I have a little better understanding of marker tops than I did seven eight months ago so um but the big thing I think were maybe some Cycles but for sure the advanced decline line and the price earnings ratio is quite High what does your portfolio allocation look like many people are interested in what Larry actually holds or what he trades predominantly well my portfolio allocation I'm a commodity Trader now my wife and is totally different but I'm a commodity Trader so I'm I'm in Commodities uh if I if I weren't Larry Williams I would probably be in my age I've got to remember that too I would be in stocks like Annalee mortgage Rhythm these doctors are paying 10 12 dividend have done that consistently that's a great way to return for doing nothing is collecting your dividend checks for somebody my age if I was younger than that I wanted more than dividend I'd be in John Henry Fastenal Costco stocks of that nature excellent um a question about fun you know you you are spending time with me here you're sacrificing your precious hours to get your experience out you clearly love what you do and you get a rush from it I do too that's why I do this um but do you believe this industry this occupation is geared for all people or do you believe everybody can enjoy it because I always say in order to be successful at something you have to enjoy doing it if you hate it you're not going to be successful what do you think about that statement yeah that's part of the Tony Robbins syndrome is that find your passion well just because you found some of your passion about it doesn't mean you're any good at it so finding your passion can really be terribly damaging you have to find something you're good at and then you're passionate about it so I was fortunate to find something I was relatively good at in the passion actually developed and I think that with my athletic thing too I understand what my athleticism is not that great but I'm passionate about some things so I train harder and get better at that so I think you need to find a skill set that you're pretty good at and then your passion develops but if you find oh I'm really passionate like I want to be a professional football player when I was in high school in college so I was really passionate about them I didn't have the skill set for it it could only get me in trouble so yeah you have to find something you enjoy but you better have some skill set to go with that or your passion is going to drive you crazy I love that there's another another Golden Nugget from this quick interview uh reflecting on your early years um I spoke about a mistake I made thank God it was very early on in my life very early 20s um on your earlier where did you fail the most before you began to really have success or was it instant success no I still feel I stopped losing trade it wasn't instant success ah long story uh has not been told before I didn't really have any money but somebody gave me some money six thousand dollars and I lost a good chunk of it right away and then I was scared to death because I didn't have any idea I was going to pay this back at all and so that was good and that it forced me to learn and force me to not trust people who I thought I could trust because I read the books and realized well the book was wrong or the Mark was wrong one or the other if probably the book was wrong and so that forced me into doing a lot of research I was never a research person and so that was very uh instrumental and helpful to have losses I think it takes somewhere between three and six years before you get really good at this and like I said I'm I'm still learning I don't invite you but I not all my trades win that's for sure I learn every day and I love that that's that's what they call in Montana a kick in the pants is that correct yeah something like that that's really good um so uh a lot of people also want to know is there a way that they can follow your trades going forward no no no no okay and I have one final question for you uh we've learned so much from this and that was so appreciative of your time you have an amazing talent for trading and you are a marathon runner and everything else but if you could choose a third Talent what would it be a third Talent wine making cooking dancing well I I do a couple of those things not particularly well and you're a professional magician let's see wow I can make cards happen I would probably maybe to do more with the some of my magic stuff maybe something more in the outdoors more fishing um but you know the trouble with falling in love with a woman or with the market that's all you care about so yeah I love their interest but you know as long as this thing is in front of me this beast of the market is here it's really even hard to con think about anything else I like to do with my friends like these things but there's always like I gotta leave my wife goes what's the market doing tonight I gotta see that you know so until I get rid of this addiction I guess I I can't find another one excellent so is it fair to say then that having an addiction or an obsession is a key ingredient to success or you have to have an obsession if you're not obsessed with this stuff my best friend that are really good at this they're as obsessed as I am and a lot of people can't handle that somebody once said Larry you're you know you don't stop and smell the flowers and I say you don't get these are my flowers they didn't understand that yeah uh yeah um you know my friends that I've some of these names I mentioned to you some TV personalities I've worked with we're all obsessed that's why we're good at it you think Tom Brady is not obsessed with being a football player yeah you bet he is if you if you're not obsessed with it you know you'll be mediocre yeah excellent stuff so you are so humble so amazing so experienced utterly grateful for your time final question how can people follow you or where did they get your books or channels videos websites what would you recommend would be the easiest path well the best placement books I think are usually cheaper on eBay than Amazon so check out because there's a difference in prices um you know I don't publish anything anymore I do my annual forecast report that's something I charge for uh we'll announce that at the end of the year they can go to irelandtrade.com that's my website but I don't do anything uh I do some uh stockcharts.com broadcast every now and then about half hour shows about what I think is going to happen uh Jim Kramer has been kind enough to have me on his show occasionally and so I'm around but I'm not like the guys grinding out every day Buy sell this because you know I'm I'm doing my own thing at this point in life awesome well that's a wrap kind sir really appreciative man it's been absolutely incredible you are for me a true legend very very different animal if you don't mind me saying and uh I I remember your oscillators way back in the 90s when I was using telechar 2000 if you remember that oh yeah absolutely yeah yeah they were so much has changed right now but it's an amazing world and you give people hope and guidance which is critical so we appreciate that so much thank you I appreciate you having me on thank you for that very much [Music]

Channel: InvestAnswers

Views: 32,430

Keywords: TA, trend trading, market analysis, technical analysis, investing, stock trading, futures, macro, risk management, market cycles, inflation, the fed, larry williams, CPI, panic indicator, recession, bull market, larry williams trading, trading expert interview, stock market, futures trading, long term secrets to short term trading, trading options, risk management trading, trading tips, online trading academy, the fed pivot, trading strategies, swing trading stocks

Id: 6uGedCPjqwE

Length: 43min 44sec (2624 seconds)

Published: Fri Sep 16 2022