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.
Larry Pesavento Biography
Despite Larry's popularity in the stock market, there are virtually no references to his childhood or early life. He was born on July 28, 1941 (he is currently 75 years old).
Larry didn't initially plan to pursue a career in the stock market; he was more drawn to medicine, or more specifically, pharmaceuticals. That's why, after graduating from high school, Larry enrolled in pharmacy school and successfully earned a bachelor's degree.
As a first-year college student, he and his classmates would often run into the nearest brokerage office and try to buy their first shares.
At the time, the markets were bullish, so he had been making a good amount of money since his student days, which completely discouraged him from continuing his education.
However, gritting his teeth, he still completed his education as a pharmacist, but his next step was to obtain an MBA in finance.
Larry Pesavento began building his independent career as a trader in 1967, after which he gained practical experience by working as head of the commodity department at Drexel Burnham Lambert from 1976 to 1981.
In 1982, Larry Pesavento left his position at the firm and became a stockbroker on the Chicago Stock Exchange, where he was actively involved in trading.
After three years of work, Larry Pesavento had the opportunity to work for one of the largest raw materials corporations, which was located in the city of Princeton.
Naturally, Larry took advantage of his chance, so within one year he earned a solid capital for his company.
After leaving the company, Larry Pesavento actively continued to trade independently 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 market, so he used this momentum to create his own newsletter, which was popular among traders until 1995.
The first book allowed Larry to declare himself and his opinion to the whole world, so later he began to receive a huge number of invitations to conduct seminars around the world.
According to Larry, because he was constantly trying to help people and responding to all sorts of invitations, he was constantly away from home, which led to the breakup of the family.
However, if his relationship with his wife was completely ruined, he became very close with his daughter, as she constantly supported her father in his aspirations.
In 2016, at the invitation of the ShowFx World organizers, Larry Pesavento came to Kyiv and held an hour-long seminar, during which he said that one hour is not enough for him to teach people how to make money, but if he had only three hours, he could teach anyone.
