9 of our Educa-tional Video Series, if anyone is interested.
What advice do you have for a new trader who seeks toachieve consistent success in the markets?
1. Geta method, and satisfy yourself that it works beforetrading real money.
2. Trade small amounts of real money. Paper tradingomits the emotional factor, which is precisely theobstacle to overcome. Using large amounts of moneywill bankrupt you early, which, while an excellentlesson, is rather painful.
If you had to do things all over again, knowing what youknow now about trading, what would you do differently inregard to this business?
I've been successful trading only when I've focused onit. When I've traded occasionally on the side whilerunning my business, I’m usually just tossing lunch90 ¢ Market Masters
money to the real professionals. So to answer yourquestion, I wouldn’t change anything I’ve done becauseIL have profited enough (financially sometimes and edu-cationally other times!) from it. However, if I wanted tomake trading my business, I would drop all other profes-sional activities and focus on it exclusively.
For several years now, you have removed yourself frompublic visibility. Has this been a help or a hindrance in yourlife as a trader?
It's been a great help in my life but irrelevant to whetherI’m making money trading. I’m working just as hard asalways, having transformed the business from a 20-person retail organization to a 50-person institutionallyoriented one. | quit TV, radio, interviews and articlesover four years ago (with two exceptions for Barron’s).Dave Allman took over the airwaves for me and hasdone an excellent job. He has a terrific mind for detailsand is entertaining as well. However, | made a case inJanuary (1993) that we would see major turnsin the stockmarket, the bond market and precious metals in 1993,which is 13 years from the last major turning point year,1980, So I might show up on TV once or twice.
Do you foresee a time when futures trading will be so highlycomputerized that emotional responses will cease to besignificant forces in the markets?
No. First, lexpect most derivative stock market productsto be outlawed sometime during or shortly following thenext major bear market. Second, and this applies to allfutures markets, a lot of computer programs have emo-tional factors built in. Remember portfolio insurance?Its strategy was to sell more as the market declined, justlike people in panic. Most trading systems include stop
8/ Robert Prechter @ 91
loss strategies, so in my opinion, to the same extent thatthe world of investors is divided into those who sellrallies and buy declines versus those who buy rallies andsell declines, this ratio will persist in computer pro-grams, which of course are designed by people. Entriesand stops will be triggered at points that the peoplewould presumably have chosen anyway. Even today,you can often predict “emotional” days by observingtimes when the market is about to break a 40-weekmoving average, which many computerized strategiesemploy as a trigger point. As new programmers try toanticipate that by triggering action earlier or to scalp inthe opposite direction, etc., the same market action thatwould have existed otherwise will ultimately emerge.
You are the pre-eminent Elliott Wave authority in theworld. Do you feel that human psychological response is toany extent a casual factor in the Wave theory?
My opinion is far more radical than that. Market psy-chology is not responsive. It is not the result of eventsoutside the market. It is impulsive, self-generating, self-sustaining and self-reversing. The dynamics of social psy-chology operate in the same patterns over and overagain, regardless of different attendant historical or cul-tural specifics. Events that make history are the result ofthe mass mental state that develops. This is the onlypossible explanation for the constancy of structure andconsistency of patterns that markets reveal. The fact thatmarkets follow the Wave Principle, as opposed to someother law, provides the added insight that social mood,and its result, history, follow the same law of patternfound throughout nature in other processes of growthand decay. That’s what makes the subject more engagingthan, say, the put/call ratio.92 Market Masters
ll,
Analysis of Robert Prechter’s Interview
 
The Desire To Trade
Bob’s response concerning what attracted him to trade isnot unusual in terms of what normally attracts traders to themarkets. The ability to quintuple his money in 16 monthsattracted him to the markets. It’s interesting to note thatsince his original big score in the gold market, Bob has beenunable to better such gains in unleveraged investments. Ihave found that this situation is not unusual.
Frequently, a trader who is not knowledgeable about themarkets will show better results than a seasoned veteran.Perhaps this is because many veteran traders have “toomuch knowledge” and tend to overthink their trades.
Qualities Needed for Success
Characteristic of traders who have been and continue tobe successful, Bob’s success is due to discipline. To his wayof thinking, this means taking immediate, decisive action. Thisis perhaps one of the most cogent and valuable statements inthe interview. Bob states that he lost money because he didnot take immediate, decisive action. I cannot overemphasizethe importance of taking immediate decisive action as acritically important variable in the formula for successwhether trading, speculating or investing.
Coping with Losses
Bob claims that the most appropriate action to take interms of coping with losses must be taken prior to the loss.Itis absolutely true and unfortunately all too common thattraders take positions that are much too large—big enoughto inflict serious financial damage—and are therefore emo-tionally involved with their trades to a much greater degreethan necessary. As Bob so appropriately puts it: I try to cope
 
8 / Robert Prechter ¢ 93
with my losses beforehand, determining an appropriate amount ofrisk in advance. Bob further states that it is important to behonest with yourself.
Perhaps this is the single most significant aspect ofcoping with losses. Unfortunately, many traders have neverbeen honest with themselves and are unable to admit thatthey have a loss or that the position they're attempting toestablish could easily lead to a loss—frequently a loss muchlarger than they should be willing to take. Therefore, lossesmust be anticipated and kept as small as possible, mostcertainly within the scope of what the trader can afford. Bobconcludes: If you can’t be honest, you're probably not handlinglosses well.
Bob’s point is extremely important since it suggestsstrongly that the best offense is a strong defense. In otherwords, the best way to cope with losses is to be prepared forthem, and to be prepared for losses, it is best to deal withlosses that are manageable as opposed to losses that pro-mote highly emotional responses, which in most cases arebound to be incorrect responses.
A Good System Versus Trading Skills
Bob feels that both a good system and trading skills arerequired in equal measure for success and that a goodtrading system is far easier to come by than is a tradingdiscipline or trading skills. Perhaps his most telling com-ment is: The conquest of human nature therefore makes thedifference.
Bob claims that, psychologically speaking, trading skillsare responsible for a trader's success. | couldn’t agree more;in fact, I find that this is a common thread underlying all theinterviews. Trading systems are very important. However,trading systems must be implemented; and unless done soinan effective fashion according to their rules, they will yieldno success. Therefore, the psychological aspect, the ability ofa trader to have discipline and develop proper and effectivetrading skills, is extremely important.94 ¢ Market Masters
Close Contact with the Markets
Bob indicates that if an individual is too close to themarkets, it is more likely that money will be lost twice asquickly than if distant from the markets. However, he alsofeels that it is important to be close to the market to a certainextent to watch your investments or your trades. For Bob, itappears to be a delicate balance. This is in contrast to sometraders, such as Larry Williams, who feel that distance fromthe market is very important. I am more inclined to believethat distance is important. However, futures traders, forexample, may need to maintain close contact with the mar-ket in terms of the limitations imposed by their tradingsystems or methods.
Influencing Market Swings
For many years, market analysts have speculated onwhether Bob Prechter has been responsible for large marketswings. Frequently, a market analyst such as Bob makes astatement about the markets, and the markets, if in a highlynervous condition, respond dramatically—frequently drop-ping or falling sharply.
Those who lose money in the ensuing market move areoften quick to point the finger of blame at the market analystwho made the statement that purportedly caused the mar-ket move. Consider carefully Bob's answer. He suggests thatthose critics who accuse analysts of causing market swings areoften the same ones who accuse analysts of missing market turns.
I think his answer is certainly appropriate. It stronglyindicates, as I have suspected for years, that markets movewhen they are ready to move and that the utterances of a prognos-ticator can stimulate the market but that a market will not moveunless it is predisposed to do so as a function of its internal orunderlying condition.
Influenced by Famous Traders?
Bob attributes limited influence to famous traders; hecredits Richard Russell in the area of market analysis and
 
8 / Robert Prechter ¢ 95
Dick Diamond in the area of trading. The one aspect that Iwould point out from Bob's response is that Richard Russellis the foremost proponent of the Dow Theory. The DowTheory is fairly specific and has detailed elements that aresystematic and therefore promote trader discipline. Bob'swork as an Elliott Wave theorist is also important since acertain amount of discipline is required to interpret theElliott Waves. Possibly his success over the years has been afunction of the necessary discipline imposed by his tradingmethodology.
Advice for the New Trader
I particularly like Bob’s advice for the new trader whoseeks to achieve consistent success in the markets. Hisrecommendations to get a method and satisfy yourself that itworks before trading real money and trade small amounts of realmoney are very valuable in that they stress both elements oftrading. Bob suggests that traders need a good system,method or approach to trading and that they need to begintrading ona small scale before they expand their operations.Bob states that paper trading omits the emotional factor, which isprecisely the obstacle that one must overcome to be successful.Therefore, using large amounts of money certainly is notindicated during the initial stages of trading. However,Bob’s response includes both elements, which is similar towhat our other masters tell us.
Hindsight
We can all learn from Bob's experience. Bob states: I’vebeen successful trading only when I've focused on it. This isso important I can’t possibly overemphasize the value oftaking this response to heart. Bob says that when he wastrading on the side while attempting to run his business, hewas usually just tossing lunch money to the real profession-als. That is an important observation. Many traders tradesimply because they feel they ought to or want to take a flier.I believe that trading is a business and should be run as a96 « Market Masters
business. If you study the responses of the market mastersinterviewed in this book as well as experts featured in othermarket books, you will find that professional traders whohave achieved success approach trading asa business, notasa hobby or an adventure. This is one of the prerequisitesto consistent success as a trader, whether in stocks, futuresor options.
Most telling is Bob's final response: If I wanted to maketrading my business, I would drop all other professional activitiesand focus on it exclusively. True, true, true!
Public Visibility
When Bob Prechter chose to remove himself from publicvisibility a number of years ago, questions were raisedconcerning his motivation. Was this a help or a hindrance inhis life as a trader? Bob feels that it was a great help in his lifebutirrelevant to whether he makes money asa trader or not.He claims to be working just as hard and concentratingprimarily on his business, which appears to have done welland practically doubled in size. Bob’s response clearly indi-cates that he is pleased with his decision to remove himselffrom public visibility and that it has certainly been a greathelp to him in business.
Emotional Responses Versus Computers
Could futures trading become so highly computerizedthat emotional responses would cease to be significant forcesin the markets? Bob’s response, at least in terms of myexpectations, is certainly predictable. And I agree with him.Essentially, he predicts that emotion will always be a part ofthe market as new programs attempt to anticipate the trig-gers for trader action and reaction and that these wouldultimately emerge as the same market action that wouldhave existed otherwise.
I believe, as do most of the experts interviewed, thatemotion will always be an important force in the markets,whether stocks, futures or options, and that it can never be
 
8/ Robert Prechter ¢ 97
eliminated. Therefore, the lesson here is: Emotion must bedealt with, understood and, most of all, mastered by the trader whoseeks to achieve consistent success.
Market Psychology
In response to the possibility of human psychologyaffecting the Wave theory, Bob states that market psychol-ogy is impulsive, self-generating, self-sustaining and self-revers-ing. Heindicates that, from his experience, the importance ofthe Wave theory is that markets are emotional, that they dofollow the same law or pattern found throughout nature.This, according to Bob’s understanding, is the Wave prin-ciple. In other words, he feels that emotion is the underlyingfactor in market movements and that the Elliott Wave is ameasure of market emotion as expressed in terms of prices.Bob's responses in this case are similar to those of our otheranalysts and experts. Again, this reinforces the point thatmarket emotion and market response to price are primaryunderlying forces that motivate market moves.
ll,
Conclusion
Every trader, novice or professional, can learn a great dealfrom the Robert Prechter interview. Bob is a deep thinker,obviously very verbal and unafraid to express his opinionsno matter how they may affect his readers or listeners. Bob'schief points are:
 
* Traders are often undermined by their own emotions.
+ Emotion must be understood and mastered if success isto be achieved.
* Trading is a business and must be treated as such.* Discipline is important to achieving lasting success. 
ro™
Welles Wilder
The Man behind Deltaand RSI
 
I first met Welles Wilder in 1980 when I was part of agroup that toured the Far East and presented commoditytrading seminars. Welles has his clean-cut appearance andquiet demeanor; heisa deep thinker. Yetsomehow I feel thathe is somewhat detached from the markets, perhaps byintent but primarily to remain emotionally insulated fromits effects.
I recall fondly Welles’s comments as he spoke in HongKong to a large group of aspiring traders. Teaching one ofhis systems and showing its outstanding results over alengthy period of time, Welles digressed for a moment witha brief aside: “This has been a fantastic system for the last sevenyears, but remember that trading systems somehow have theuncanny ability to stop working for a while after they've been
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taught.” The precise explanation for this seemingly para-doxical state of affairs bewildered me for many years untilone day, in a moment of insight, I realized that systemsalways look good on paper. Only when traders begin to usethem does their performance deteriorate. It is the human elementthat debases systems.
Best known for his work on trading systems and timingmethods, such as the reverse point wave and relative strengthindex (RSI), Welles is a most accomplished systems-and-timing-signal researcher who has prompted a number ofcontroversies throughout the years, particularly in relationto his Delta Society. It is not my intention to delve into thepolitics or controversies that have been part of the Deltasystem; rather it is my intent to present a fair and positivepicture of Welles as I have come to know him and, of course,to analyze and understand his experiences and qualities asrevealed through his interview.
A Biographical Sketch
Welles Wilder is known worldwide for his original workin the field of technical trading and for introducing theconcept that all markets follow a unique order that is pre-dictable. He has lectured at seminars in the U.S., Canada,Asia and Europe. Articles about Welles have appeared insuch publications as Forbes, Barron's, Futures and Stocks &Commodities magazine.
Welles has been the owner and CEO of Trend Research,Ltd. (publishing and promoting), Delta Sciences, Inc. (sup-ports the Delta Society), Americom Corporation (introduc-ing broker), Wellex, Ltd. (advertising agency) and WilderClassics (collects and restores classic Packards). He haswritten four books: New Concepts in Technical Trading Sys-tems, The Adam Theory of Markets, The Wisdom of the Ages inAcquiring Wealth and The Delta Phenomenon.
 
9/ Welles Wilder @ 101
li,
An Interview with Welles Wilder
What precipitated your desire to trade, and when?
In the beginning, I didn’t have a desire to trade. Icame tothe futures market in search of a way to buy silverutilizing the greatest leverage. That was in 1970. When itbecame apparent that the same leverage was available inother markets, then I began to trade other markets also.
 
What qualities do you feel contributed most to your successas a trader?
Patience, tenacity and a realistic expectation of profit.
Do you use specific techniques for coping with losses?
Yes, I look at losses as a businessperson looks at ex-penses. Losses are the cost of doing business. A lot ofsmall losses along with some large profits are not hard todeal with. They are the trader's business expenses. Thebest and only technique use to control losses is to simplydecide before entering the trade how much I am willingto lose on that trade. I put my stop in as soon as I get myorder filled, and I change it only in favor of the trade. Iwill never, ever take a large loss.
Estimate what percentage of a trader's success is a directresult of a good system as opposed to trading skills. Whatwould be the split?
I think it depends on whether the trading system istotally mechanical or whether it requires some subjec-tive input. If totally mechanical, then the only skillinvolved is to follow the system. To do this requiresa trading skill in a class by itself. Few traders have this102 ¢ Market Masters
skill, so Ill say 50 percent of a trader’s success lies in hisor her ability to follow the system.
If the system requires some subjective input, then Ibelieve the split would be 75 percent for the trader and 25percent for the system!
You have long maintained that the markets have “perfectorder.” This has been a source of confusion for some traders.Can you explain what you mean?
All freely traded markets have an innate “ perfect order”that they follow all the time. I call this the Delta Phenom-enon. There are five time frames to the Delta order. Thisorder works the same way for each market on all timeframes. For example, consider the intermediate-termtime frame. In this time frame, all markets repeat everyfour lunar months. This is about every 112 days. Withinthis 112-day period, each market has its own number ofturning points in the series. Soybeans have the mostturning points at 12. Crude oil has the least number ofturning points at 7. The rotation of the turning pointsmay change at point 1 whena new series begins, but onceestablished at point 2, the high/low rotation will con-tinue until the end of that series.
The “perfect order” comes from the fact that this ordernever changes. For instance, soybeans will always have12 turning points in a high/low rotation every 112 days.Perfect order does not imply perfect accuracy. Let meexplain. If you analyzed ten series of soybeans, youwould learn that point 6 most often occurs on the 58thday of the series. If you took an average of all occur-rences, you would find that sometimes the 6th pointwould come before the 58th day and sometimes after the58th day. However, the average position in the series forpoint 6 would be the 58th day. Perfect order and perfectaccuracy are two different things. If they were not, youwould not be reading this!
 
9 / Welles Wilder @ 103
What is the greatest lesson that you learned in your life asa trader?
The most valuable lesson is to always do the right thingin trading. W.D. Gann had 28 rules he always followedin trading. My book, The Adam Theory of Markets, stakesout the concept in 10 rules. If you follow Gann’s 28 rulesor the 10 rules, you will always do the right thing intrading. Doing the right thing doesn’t guarantee you willmake a profit because that depends on how good yoursystem or trading method is. However, always doing theright thing does guarantee that in the long run you willalways make the most money that yoursystem ormethodis capable of making.
It also guarantees that you will lose the least amount ofmoney when trading any system.
Do you feel that your success was inspired by any famoustraders... if so, who, and how so?
When | first became interested in trading commodities,I collected everything I could get my hands on thatinvolved technical trading. At the time, this meant rent-ing works from several other collectors around the coun-try. Frankly, I didn’t understand anything about Gannexcept what was obvious. The Elliott Wave was intrigu-ing but too nebulous for me to use.
Eventually, it came to me, as a mechanical engineer, thatthere was a void in the area of defining some basicconcepts that could be used as building blocks to de-velop new trading concepts. For example, defining theconcept of True Range led to the development of theVolatility system. The concept of Directional Movementled to the concept of defining a trending market. Defin-ing the price relationship between two days (28 points ofevaluation) precipitated the Swing Index Concept. I104 ¢ Market Masters
guess the bottom line is that, at that time, because of myengineering background, I felt more comfortable withmathematical market relationships than with things likechart trading techniques that required interpretation. Toanswer your question specifically, I can’t think of anyfamous trader who inspired me.
Are you in touch with any specific experiences that eitherfacilitated or inhibited your trading success?
Experience is a great teacher. I suppose that at one timeor another, I have done everything wrong that couldhave been done wrong. In my early days, | wiped out mytrading capital twice. Now that was an experience—onethat will never, ever happen again. Absolute adherenceto the 10 rules assures that. Talking about experiences, Imust say that the greatest experience I have had regard-ing trading was the first time I saw the Delta order in themarkets laid out on a chart with the colored lines andnumbers so that I could see it immediately.
Do you have any favorite techniques for emotionally deal-ing with periods of drawdown?
If you are referring to trading a mechanical tradingsystem, for me three things are involved. First, draw-downs must be accepted as an integral part of the tradingprocess. Second, there must be a set limit to the percentof drawdown (based on the actual or historical experi-ence) that will be accepted and still continue to trade.Third, with this in mind, go for it! It is out of your hands,your plan is in place and you don’t have to worry aboutits being incumbent upon you to interfere with theprocess. The bad news is that you could lose a battle butnot the war. The good news is that (assuming you knowyour system) the chances that you will lose the battle arehighly unlikely.
 
9/ Welles Wilder @ 105
What advice would you give to new traders interested inusing some of your techniques?
I would give new traders the same advice that I wouldgive anyone regardless of what techniques the trader isusing. Learn to always do the right thing in tradingbefore you take your first trade. W.D. Gann’s 28 rules arein his book, How To Make Profits in Commodities. A freecopy of the 10 rules is available by writing me (CavidaLtd., PO Box 416, McLeansville, NC 27301).
ll.Analysis of Welles Wilder’s Interview
The Welles Wilder interview is especially interestingbecause Welles expresses his responses in a concise yet in-depth fashion. Welles’s responses are in agreement with theresponses of the other market masters interviewed.
The Desire To Trade
Leverage in the silver futures market attracted Welles tofutures trading. This response is similar to those offered bythe other market masters who were interviewed; he wasinterested in the profit potential.
Qualities Needed for Success
Welles believes that patience, tenacity and a realistic expec-tation of profits contributed most to his success as a trader.This very concise, direct response is completely consistentwith what has previously been seen in the interviews. Thecommon thread here is that patience and persistence are asimportant as the ability to anticipate reasonable profits andthereby avoid the greed, which is so common among newtraders, particularly among traders who are not successful.It is important to have realistic expectations as well as theability to persevere and to be patient in waiting for profits.
 106 ¢ Market Masters
Coping with Losses
Welles indicates that he approaches trading much as abusinessperson looks at the cost of doing business. Thelosses are therefore seen as a necessary part of trading. It isinteresting to note that Welles, along with Bob Prechter, seesthe importance of controlling losses as one of the mostsignificant aspects of trading success. Before entering thetrade, Welles determines how much he is willing to lose onthat trade, Perhaps the most telling aspect of his response is:Twill never, ever take a large loss. Neither will any of the othermarket masters.
It is important to understand the basic aspect of whatWelles is saying about his trading. He indicates that lossesare necessary, that losses will occur, that losses must be keptsmall and that they must never be allowed to become unmanage-ably large. This is one of the quintessential elements ofsuccess in trading and it pervades all our expert's opinions.
A Good System Versus Trading Skills
Welles indicates that if a system is totally mechanical,skill is required to a lesser degree than if it requires subjec-tive input. However, he still estimates that 50 percent of atrader’s success lies in the trader's ability to follow thesystem. In other words, Welles states: To do this requires atrading skill ina class by itself. Welles goes so far as to indicatethat in the case of subjective systems, 75 percent of theformula for success involves the skill of the trader. Note hereagain the common thread that underlies all of our experts’responses, namely that skill is extremely important, muchmore so at times than is the value of the system itself.
An Explanation of “Perfect Order”
Through the years, Welles’s long-debated statementabout the “ perfect order” has been the cause of considerablecommentary, disagreement and confusion among traders.Thus this seemed an outstanding opportunity to ask Welles
 
9 / Welles Wilder @ 107
to respond to this issue. Welles’s response is certainly rea-sonable and one that is echoed by all of the experts to onedegree or another. The greatest lesson to learn in the life of atrader is that the rules of trading must be followed if success is tobe the result.
Influenced by Famous Traders?
In response to the question about famous individualswho may have inspired Welles, the only one mentioned byname in Welles’s response is W.D. Gann. However, it isinteresting to note that Welles discusses his view of themarket from the standpoint of a mechanical engineer anddoes not mention any particularly famous trader other thanGann as having been inspirational in his trading. I did notexpect our experts to name so few inspirational individuals.
Experiences That Help or Hinder
In relation to experiences that either facilitated or inhib-ited his success as a trader, Welles responds that experiencehas been his greatest teacher. He indicates that, in his earlydays as a trader, losing his trading capital twice was an invalu-able experience but one he will never repeat! In addition to hislosing experiences in the markets, Welles notes that theorder of the markets in terms of his Delta concept areimportant to his success as a trader.
ly.
Conclusion
Wellesis a respected authority on futures trading as wellas a seasoned trader. His engineering background has givenhim an appreciation for the technical approach to trading,yet he also values discipline and trader psychology. Welles sobservations reinforce the other market masters’ opinions.
 it,
Larry Williams
A Legend in His Time
 
I first met Larry Williams in the early 1970s. At the timeI had just started my weekly commodity newsletter andnoticed that Larry Williams's ad in Commodities magazine(now called Futures) purported to answer the question:Which commodity advisory service is best? I found theintent of the ad most intriguing since Larry was puttinghimself in the position of judging his competitors. I orderedthe report. In spite of the fact that we were competitors in theadvisory business, Larry evaluated my weekly newslettervery favorably.
When I telephoned Larry to thank him for his recom-mendation, he invited me to attend a commodity tradingseminar that he was conducting in Chicago and to join himfor breakfast before the seminar. I decided against wearingblue jeans (typical attire for me) and instead wore a suit,dress shoes and my best tie. The illustrious and world-renowned Larry Williams emerged from the elevator with
109110 ¢ Market Masters
shoulder-length hair and a sweatshirt. I was surprised butpleased to meet Larry the person, not Larry the icon.
As I listened to Larry’s wonderful trading stories, |realized that he was very different from what I had imag-ined. A picture of Larry began to emerge that would soonteach mea significant lesson asa trader. The idea had not yetformed entirely in my mind, and it was not until thatevening that the full concept was clear to me.
After breakfast I went to the seminar only to find thatLarry's meeting had nothing to do with what! had expected.I had anticipated a seminar on trading techniques. Instead,he taught a host of psychological and personal developmenttechniques gathered from many different sources, includingBuddhism, self-psychology, Freudian psychology, positivemotivation, visualization—in short, techniques that werewell ahead of their time, techniques now recognized andaccepted as part of the so-called new age movement. Larry’saudience was either in love with, totally disinterested in orirate with the subject matter.
Some traders who had anticipated learning a tradingsystem were disappointed. However, for those who stayed,great rewards followed. Larry was characteristically moti-vated, dynamic, positive and insightful. Those who listenedcarefully to what Larry had to say, participated in theexercises and accepted the new ideas, benefited.
Laterthat evening, Larry and | met for dinnerin Chicago'sChinatown. He ordered a bottle of wine. The waiter repliedthat wine could be purchased only by the glass. Since theprice of two glasses of wine was greater than the cost of anentire bottle, Larry insisted on ordering a bottle. The waiterreplied that he was prohibited from selling wine by thebottle. Larry told the waiter that we would return shortlyand asked me to accompany him to the nearest liquor storeso he could buy a bottle of wine. Upon hearing this, thewaiter replied that there were no liquor stores in Chinatown.Larry refused to accept his fate and told the waiter that wewould be back shortly. We left the restaurant in search of a
10 / Larry Williams ¢ 111
bottle. After being rejected at a number of bars, Larry'sresolve increased. The issue was no longer that of