Larry Williams is a legendary trader and the author of approximately 11 books on trading stocks and commodities. He developed several technical market indicators like the Williams %R, Ultimate Oscillator, COT indices, accumulation/distribution indicators and others to measure cycle forecasts, market sentiment, and also for quantifying the values for commodity prices.
He is most famous for winning the 1987 World Cup Championship of Futures Trading where he grew a $10,000 account of real money into more than $1,100,000 in a one year competition for a +11,300% return on capital. Amazing his daughter Michelle Williams later won the competition 10 years later.
Here are five of Larry Williams’ best trading quotes:
“The three traits speculators must learn to manage within themselves are confidence, fear, and aggressiveness.”
“The next time you see an outside day with a down close lower than the previous day, don’t get scared, get ready to buy!”
“What you will be looking for is a day that closes above the prior day’s high and most likely ‘breaks’ out to the upside to close above a trading range. This is the twitching worm that causes the public to leap before they look.”
“The most common bad habit I have seen in traders – good and bad ones – is the inability to react correctly to market action.”
“The moment you learn to trade reality, not desire, you will drill a wall of fire to become a successful trader.”