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Long-Term Secrets to Short-Term Trading
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
* "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."
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
* "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."
255 pages, Hardcover
First published March 11, 1999
95 people are currently reading
619 people want to read
About the author
Larry R. Williams
40 books56 followersAmerican author and commodity trader from the state of Montana
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Displaying 1 - 7 of 7 reviews
July 10, 2017
I was wondering on your thoughts about this book and finding none I had to write this review.
This book is the mother, core and foundation of all commodity trading. Larry is not an author with a great narrative style, quite the opposite - you have to think hard to understand his message and to paint the bigger picture. But if you do, you suddenly realize all the "modern" or "new" (insert your adjective) strategies sold or advertised by current traders are really just the Larry's old ones with a tweak on top.
And his $1,000,000 money management strategy is quoted still in books released in 2017.
So for me this book is great, at the very least it teaches you Larry's very unique approach to trading.
This book is the mother, core and foundation of all commodity trading. Larry is not an author with a great narrative style, quite the opposite - you have to think hard to understand his message and to paint the bigger picture. But if you do, you suddenly realize all the "modern" or "new" (insert your adjective) strategies sold or advertised by current traders are really just the Larry's old ones with a tweak on top.
And his $1,000,000 money management strategy is quoted still in books released in 2017.
So for me this book is great, at the very least it teaches you Larry's very unique approach to trading.
December 30, 2020
The perfect book to learn the basis of trading. It's very good because it explain not only the concept behind a good technical analysis but also the right mindset that a trader should have.
October 14, 2023
Another interesting book by Williams. It was funny to read how he had had a huge $3 million wipe-out in the futures market the year after writing his book about “how I made $1 million this year trading commodity futures”, by breaking his own rules essentially.
In this book, author re-learns his lessons, disparages and admonishes chartists, and develops a very “chartist-like” trading system that has enabled him (he says) to realize yearly gains upwards of 10x and more - at least initially, while the market cooperated. While I am not in possession of details on the trades he made, I note that he seems to have been active during the largest and longest bull market in history, those halcyon days from the ‘80s to before the big dot com bubble. In a rising market, most any system works.
As I understand his approach, he does a statistical analysis on a long time series of daily equity prices (day open/close, day high/low) and notices (for example) that after a lower close, the stock tends to rise higher the next 2 days in 55% of the cases. So he then buys on the signal, and sells on the second close. To protect his investment, he sets a stop-loss. Then he models 500 or so trades on the signal and shows varying degrees of excellent returns by this method.
And it worked: his track record as a trader has been (overall) excellent and apparently he retired with a net worth of about $20 million, which is decent enough, but curiously modest for a guy who claims (brags) he can achieve 10-fold returns in any market! I suppose he doesn’t like money all that much after all.
I want to do some modeling myself - a breeze with excel these days - but I suspect that much of the statistical bias Williams found was due to the steady upwards drift of the bull market during his time. As remarked before: the rising tide lifts all boats.
Nonetheless, I (mostly) enjoyed his general discussions and feel motivated to check out how some of his systems hold up in the current market.
In this book, author re-learns his lessons, disparages and admonishes chartists, and develops a very “chartist-like” trading system that has enabled him (he says) to realize yearly gains upwards of 10x and more - at least initially, while the market cooperated. While I am not in possession of details on the trades he made, I note that he seems to have been active during the largest and longest bull market in history, those halcyon days from the ‘80s to before the big dot com bubble. In a rising market, most any system works.
As I understand his approach, he does a statistical analysis on a long time series of daily equity prices (day open/close, day high/low) and notices (for example) that after a lower close, the stock tends to rise higher the next 2 days in 55% of the cases. So he then buys on the signal, and sells on the second close. To protect his investment, he sets a stop-loss. Then he models 500 or so trades on the signal and shows varying degrees of excellent returns by this method.
And it worked: his track record as a trader has been (overall) excellent and apparently he retired with a net worth of about $20 million, which is decent enough, but curiously modest for a guy who claims (brags) he can achieve 10-fold returns in any market! I suppose he doesn’t like money all that much after all.
I want to do some modeling myself - a breeze with excel these days - but I suspect that much of the statistical bias Williams found was due to the steady upwards drift of the bull market during his time. As remarked before: the rising tide lifts all boats.
Nonetheless, I (mostly) enjoyed his general discussions and feel motivated to check out how some of his systems hold up in the current market.
April 11, 2021
What an awful book. Meaningless numbers are thrown around in a confusing manner, any useful piece of information is hidden between walls of text and useless screenshots of account statuses.
December 16, 2017
This is a decent book on trading. Probably not the best but worthwhile to review some concepts.
February 15, 2018
Всегда используйте стопы. =)
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April 1, 2019Having long term trading secrets will help me be the best trader
Displaying 1 - 7 of 7 reviews