Interview - Mr. Larry Pesavento
3. At what point did you realize that trading was a career and a business that was for you and why?
Larry Pesavento: It was the 1967 silver market and I did very well in that but the real key was that trading was the last thing I thought about before going to sleep. I dreamt it all night and it was the first thing I thought about in the morning.
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11. What advice would Larry Pesavento give someone in regards to being successful in the markets?
Larry Pesavento: First, remember trading is a journey not a destination and read everything available that concerns the psychology of the marketplace and you. Find a mentor that has successfully beaten the markets and emulate his or her strategy, but be sure that it conforms to your belief structure and risk perimeters.
12. What mistakes do most people make in the markets?
Larry Pesavento: No money management and no trading plan and not trading the plan if they have one. Losers think how much can I win – winners think how much can I lose. The reason this is so important is because risk is the only thing a trader can control. Losers habitually focus on how much profit they’re going to make; winners correctly focused on executing the trading plan and thinking in probabilities.
13. How did Larry Pesavento end up becoming a trader?
Larry Pesavento: One of my favorite hobbies is to read Chinese literature and a particular quote by Confucius has always stuck with me – The man who loves his job is always on vacation. It’s the greatest profession in the world because you have total freedom; you are your own boss. It’s different every day and you meet some of the nicest people in the world and your success can be limitless.
14. What do you think are the greatest misconceptions people have about the markets?
Larry Pesavento: First, markets are chaotic in nature, but within this chaos are non-random patterns that repeat and are predictable. Second, trading is simple but it’s not easy. The process of making it easy can take years, but the main thing to remember is to never give up. Third, the news follows the trends. Enron was going down a whole year before it filed bankruptcy as well as Kmart and Lucent and others. But by far the greatest misconception about the market is the lack of respect given to the science of the planetary cycles of the market. Those of us (and we are very few) have done considerable research and very little of it is recognized. At this stage of my life it really means less to me than it did earlier because I was able to profit from it. I’ve proven to myself beyond any reasonable doubt that there is a strong correlation between these cycles and movements in the stock market and commodity markets as well. A case in point is the Bradley stock market cycle that does an amazing job of forecasting turning points in the market year after year. That’s Larry Pesavento on market misconceptions. ... 要去到日思夜想, 甚至愛上佢架 ... greatest profession in the world ? 非常同意
