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Long-Term Secrets to Short-Term Trading
ISBN: 0471297224     Date Published: 1999-03-11     Author(s): Larry Williams
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272 Pages
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06/20/2013 01:26:35
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Editorial Review - Book Description:
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.`
Customer Review:
Total Reviews: (45)
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48 of 53 People found the following review helpful.

A reflections after trading and larry williams book, October 24, 2000 ByVijoy Amritraji (tampa, TN United States) - See all my reviews This review is from: Long-Term Secrets to Short-Term Trading (Hardcover) I bought the book and enjoyed reading it. I have also attended several of his seminars (total cost around 6000 $. I like to think of myself as an independent thinker. I am an active and profitable trader. Not as proftable as I would like so I keep reading/evaluating digesting new books. Here;s the scoopTihs book offers a first class springboard into successful trading. There are no assured success in trading because we basically trade people psychology which is difficult to predict at best ! This book offers ideas strategies which you should modify to your taste and liking. I have taken some of his concepts and programmed a system that i have strated to trade successfully in the s&p futures markets. It has a valid premise, tests well on backtesting and walk foward testing. So I got my moneys worth from the book. This book is much better than the average trading book since it provides specifics. There is no subastitute to back testing, it does not assure success but it reduces...
45 of 51 People found the following review helpful.

A Great Source for System Ideas, April 21, 2000 ByMark M. Moore "M M Moore" (Hoffman Estates, Il USA) - See all my reviews This review is from: Long-Term Secrets to Short-Term Trading (Hardcover) 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.
87 of 111 People found the following review helpful.

Might as well flip a coin..., September 17, 2000 ByMartian Bachelor (Feminacentric America) - See all my reviews This review is from: Long-Term Secrets to Short-Term Trading (Hardcover) This book is an excellent example of why non-statisticians should be prohibited from writing books on statistical subjects.With some computer program and a bunch of historical data on the futures markets, Williams is able to find dozens upon dozen of trading systems which *would have* produced spectacular results if they had been followed. A fool will no doubt believe that this is the real deal, but the law of averages guarantees that future results applying the same rules to the same markets will produce equally spectacular losses. Markets change. Duh.More importantly, Williams breaks every law in the book regarding the design and testing of trading systems. He massively overfits his data to "profit spikes" and doesn't bother to forward-test any of his systems on data which they haven't yet seen. These alone are fatal flaws and guarantee the invalidity of the systems. A little knowledge is a dangerous thing... Even worse, the concept of statistical...
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