Long-Term Secrets to Short-Term Trading

By Larry R. Williams

Book Overview

Sharing his years of experience as a seasoned and successful trader, Williams offers his market wisdom on a wide range of topics, from chaos and speculation to volatility breakouts and profit patterns. With his expert guidance, you'll learn about such fundamentals as how the market moves, what are the three most dominant cycles, when to exit a trade, and how to hold on to winners until the end of your chosen time frame. Along with in-depth analysis of the most effective short-term trading strategies and details on the best theory and implementation of money management, Long-Term Secrets to Short-Term Trading features Williams's winning technical indicators, as well as his thoughts on a broad range of topics. Here is a sampling: * "A short-term trader has one objective; to catch the current trend of the market. That's it. That's all you should try to do " * "The shorter your time frame of trading the less money you'll make." * "You will never make big money until you learn to hold on to your winners, and the longer you hold the more potential you have for profiteering. . . . It takes time to make money regardless of the activity." * "Wealth is not amassed with just good market calls. It also requires correct money management." * "I think you need to fear the market and fear yourself. . . . Without fear there is no respect, if you do not respect the markets and fear yourself you will become one more dead body on the long trail of commodity market casualties scattered across the land." Filled with invaluable insight, precise rules and formulas, and helpful advice from one of today's most respected market players, this comprehensive and practical resource will serve as the basis for, if not indeed become, your short-term trading "gospel."

• Format: Hardcover
• Language: English
• ISBN: 0471297224
• ISBN13: 9780471297222
• Release Date: March 1999
• Publisher: John Wiley & Sons
• Length: 255 Pages
• Weight: 1.61 lbs.
• Dimensions: 0.9" x 7.0" x 10.2"

Customer Reviews

Excellent book

Just read it again last night, and highlighted Many pages--packed with his accumulated knowledge, and amusing examples. He is the GOAT of traders.

Renegade's Review

The Austin Renegades are a team of comodity traders and PhD level mathmaticians that are examining the strategies and models put forth my Mr. Williams. Using chaos math (as preached by the infamous "Predictors" of Santa Fe) as a harsh judge of Larry's hypothesis, the results are completely as advertised.Beyond his algorythmic success is the more important theme that long-term good trading is a result of hard work, discipline, and most of all, money management.Assuming the above, Mr. Williams breaks down trading success into two components: Market Bias(set-up) and Entry/Exit Strategy. He hammers home that both are necessary for long term sucess.In short, his work is not a "Holy Grail" of trading to be followed blindly, but a definitive trading tool to be incorporated into one's own personal style. An absolute must for any traders library.===========================================================As an aside, we have read some the vituperative commentary directed at Mr. Williams via the forum of these book reviews. We speculate on the motivation since the diatribe was not focused on the publication, but he author.===========================================================

A Great Source for System Ideas

I have traded for almost 7 years and have read over 120 trading books. Out of all of those books only about 6 are worth anything. This book by Larry Williams is one of the good ones. No book is going to hand you a great trading system, but this book gives you a number of very solid ideas upon which to build a good system. As Larry says in his book, take his basic ideas and put in hours of work to figure out how to get them to work for you. If you are looking for a way to read a book and then start making tons of money, that book does not exist as far as I know. This book plus a lot of work can get you there. The only question I still have about Larry Williams is why did he sell books in the past that claimed to show you his million dollar methods (mid to long term) when it was obvious that he was using completely different methods for his own account (short term). Account statements printed in his pamphlets and books clearly proved that.

Another excellent book

As with his "Definitive Guide to Futures Trading" Volumes 1 & 2 Larry gives the reader dozens of gems. There is no 'Holy Grail' but there are patterns and other indicators which work on all markets in all time frames. Larry is a teacher. He shows you how an idea is used to generate a system and how to improve it. Everything he shows he invites the reader to go beyond his words and experiment in building your own system. I was a reluctant trader until I used some of his ideas from the "Definitive Guide to Futures Trading" series and constructed my own system. I know exactly what everything in that system does and know that it is profitable. I believe that this is what Larry wants every reader to do from his books. I am now retired and trade only 6 months out of the year. Larry gives a money management tool that is worth 100 times the price of the book. Proper money management can make a marginal system a winner. My advise is BUY EVERY BOOK THAT LARRY WILLIAMS HAS WRITTEN!

A great addition to a trading library

Ignore the one star review from some guy in NY who claims to be a profitable trader since he surely did not read this book! Larry Williams has taken a lot of the information that he shares at his Inner Circle workshop and provides it here. Of course there is a lot more to learn at the workshop, but this book will give you a great understanding of how Larry Williams trades. There are a few spelling mistakes in the book; however, one should be able to follow the material anyway. I would recommend this as an introductory book for beginner traders only with another book such as The Futures Game (which can provide a more well-rounded education into Futures trading). This is a much more specific book with money-making strategies throughout. If you have sufficient capital, and can remain dedicated to a particular trading methodology, then you have the potential to profit greatly from this book.

A "Must Read" Book for all Short Term Traders

As an avid trader and student of Larry Williams, I can say that without a doubt that this is the culmination of a brialliant career. I have read all of Larry's materials, and I have long awaited a single work from Larry that summarizes his short term technique and style of personal trading in a single volume. Larry provides the basis on which to build a system or methodology for trading the markets particularly the bond and s & p markets)that will provide consistent, high probability trades. From pattern analysis to volatility breakout systems to money management this work covers all the bases for establishing a short term style of trading. With his up front, conversational style of teaching, Larry does not confuse the reader with technical jargon that requires a math degree to understand. This book is a must for short term traders!