Market Wizards - Interviews with Top Traders
Module Units
- 1. Introduction
- 2. Future And currencies
- 3. Bruce Kovner- The World Trader
- 4. Richard Dennis- A Legend Retires
- 5. Paul Tudor Jones- The Art Of Aggressive Trading
- 6. Gary Bielfeldt: Yes, They Do Trade T-Bonds In Peoria
- 7. Ed Seykota: Everybody Gets What They Want
- 8. Larry Hite: Respecting Risk
- 9. Mostly Stocks
- 10. William O’Neil: The Art of Stock Selection
- 11. David Ryan: Stock Investment As A Treasure Hunt
- 12. Marty Schwartz: Champion Trader
- 13. A Little Bit Of Everything
- 14. Mark Weinstein: High-Percentage Trader
- 15. The View From The Floor
- 16. Tom Baldwin: The Fearless Pit Trader
- 17. Tony Saliba: “One-Lot” Triumphs
- 18. The Psychology Of Trading
- 19. Final Word
Larry Hite: Respecting Risk
Larry Hite started his career as an Actor and Screenwriter. He later switched to become a Rock Promoter to a Broker and eventually to a Trader. According to Larry, The very first rule that he follows when trading is not to lose more than 1% of total equity on any trade. Secondly, he always follows the trends and never deviates from his methods. In fact, he was into a written agreement that he can never countermand the organisation's system.
Thirdly, he diversifies in 2 ways. He and his company used to trade in more markets worldwide than any other money manager. They also used lots of different systems ranging from short term to long term. 4th is tracking volatility. When the market volatility increases a lot, it adversely skews the expected return/risk ratio; so they stop trading in that market.
Larry believes if the market does not respond to important news in the way that it should, it is telling you something very important. Also, when a market makes a historic high, it is again telling you that something has changed.
He suggests that a trade has to work if the risk is controlled and it is going with the trend.
He lays out 2 basic rules for a beginner trader:
1) If you don't bet, you can't win
2) If you lose all your chips, you can't bet
Larry Hite’s system never trades counter to the market trend.
Related Modules
Copy the URL
Leaderboard
# | Name | Score |
---|