Trader Larry Pesavento
Most novice traders, and even more experienced exchange participants, have the mistaken opinion that in order to survive in the market you need to come up with your own unique approach.
Unfortunately, almost everyone thinks this way, and textbooks on stock exchange literature repeatedly point out the importance of creating your own strategy.
As a rule, this way of thinking does not allow a person to develop and instead of progressing using someone else’s experience as a basis, the trader tries to create a bicycle that has already been created a long time ago.
Larry Pesavento is an excellent example of a consistent trader who took Hartley's idea and his Butterfly pattern as a basis, and carried out a wide range of research.
Thanks to the work carried out, Pesavento was able to supplement the Hartley series with his own patterns, and also significantly increase the efficiency of using them by supplementing them with Fibonacci numbers.
Biography of Larry Pesavento
Despite the fact that Larry is a very popular person in the stock exchange world, there is almost no mention of his childhood and early life. Born on July 28, 1941 (he is currently 75 years old).
Initially, Larry did not plan to connect his life with the stock exchange, but was more attracted to medicine, or, to be more precise, pharmaceuticals. That is why, after graduating from school, Larry enrolls as a pharmacist and successfully receives a bachelor's degree.
As a first-year student at the institute, he and his classmates often ran into the nearest brokerage office and tried to buy their first shares.
At that time, the markets were bullish, so since his student years he managed to earn good extra money, which completely discouraged him from continuing his studies.
However, gritting his teeth, he still completed his education as a pharmacist, but his next step was to obtain an MBA diploma in finance.
Larry Pesavento began to build an independent career as a trader starting in 1967, after which he managed to gain practical experience by working from 1976 to 1981 as the head of the commodity assets department at Drexel Burnham Lambert.
In 1982, Larry Pesavento left his post at the firm and became a stockbroker on the Chicago Stock Exchange, where he actively participated in trading.
After three years of work, Larry Pesavento had the opportunity to work for one of the largest commodity corporations, which was located in the city of Princeton.
Naturally, Larry took advantage of his chance, so within one year he earned substantial capital for his company.
After leaving the company, Larry Pesavento actively continued to conduct independent trading and study various aspects of technical analysis, and as a result, in 1987, he structured all his experience and published his first book entitled “Astro-cycles: a trader’s point of view.”
The book caused a sensation in the stock exchange community, so on this wave he created his own newsletter, which was popular among traders until 1995.
The first book allowed him to express himself and his opinion to the whole world, so later Larry began to receive a huge number of invitations to conduct seminars around the world.
According to Larry, due to the fact that he was constantly trying to help people and responding to all sorts of invitations, he was constantly not at home, which led to the breakup of the family.
However, if the relationship with his wife was completely ruined, then with his daughter, on the contrary, they became very close, since she constantly supported her father in his aspirations.
In 2016, at the invitation of the organizers of ShowFx World, Larry Pesavento came to Kiev and conducted an hour-long seminar, during which he said that one hour was not enough for him to teach people how to make money, but if he had only 3 hours, he could teach anyone.