Larry Pesavento has seen pretty much everything when it comes to trading. After finding his passion and path in life as a very young man, travelling all over the world and meeting wonderful people, and of course making money in the markets, he is happy to call his life a success. And all this from trading for just two hours a day - it really is possible to have it all.
Larry Pesavento has seen pretty much everything when it comes to trading. After finding his passion and path in life as a very young man, travelling all over the world and meeting wonderful people, and of course making money in the markets, he is happy to call his life a success. And all this from trading for just two hours a day - it really is possible to have it all.
Takeaways
Larry Pesavento has been successful and a failure
Making sure you do not risk more than you can afford to lose
Study the past to be successful in the future
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When Larry Pesavento was at college gaining his first degree, his uncle bought him 100 shares in a plastics company. Those shares tripled fairly quickly, and Larry sold them, made $900, and bought his first car. He was fascinated by the trading process and the possibilities that it offered. As he was also keen to get his degrees, he focused on studying whilst enjoying the glow of knowing he had made his money on the markets and left it there. For a while at least. At college, it just so happened that Pesavento took a class with a professor who was (when not teaching) a full-time trader. He found that he just could not resist getting into trading.
He just wanted to try it out. The first thing he bought was silver, and he never looked back. Now he only 'works' from about 9am until 11.30am, and he has a very nice lifestyle to show for it.
Unfortunately, Larry lost almost everything in the crash of 1974. Luckily, he had been prudent and, when he was making a lot of money he had saved most of it, using only a small percentage of it to trade with. If he had not done that, he would have gone bankrupt.
As it was, even though he had his savings (and they were enough to live on for a while), Larry stepped away from trading for around 18 months. His confidence had been knocked. But, like any passion, he found that he could not stay away for too long, and soon he was dabbling again.
This time, Pesavento started to notice patterns in his trades. This was apparent in the trades that had already occurred and that he was studying. It was this realisation that everything had already happened a number of times that persuaded him to get back into trading. And to do it full-time.
The main problem that Larry discovered when he wanted to know more about trading was that there was nowhere to go to be taught. It really is a case of learning for yourself.
You can gain insight from other traders, but because each trader is unique, and has their own set of goals and ideas of success, you really need to be self-taught.
Do not worry about not being able to find information or trades that suit you. There are thousands of books about trading and hundreds of thousands of commodities to trade in.
There will definitely be something out there for you to enjoy and be good at. And of course, the market is itself a great teacher as it does the same thing over and over again. That is why pattern recognition is important, and can really push you towards success.
Larry Pesavento never watches his trades. He recommends that you just put the stop in and leave it alone. If you are looking at the monitor all day long you are doing yourself a disservice.
You will feel pain, and our minds are programmed not to like pain so you might stop things too early. Just stay away from it. If you must watch trades, watch something you are not trading in. You might learn something, and it will not do you any harm!
Larry Pesavento can be found at www.LarryPesavento.com
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