Readers reviews of Long Term Secrets to Short Term Trading

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This is a very useful book for experienced traders who understand that smart traders change with the market rather than locking themselves into black box systems. It is not a good book for novices because they tend to mistake the apparent simplicity for secrecy. "Is this all?" they are likely to ask. Not believing the answer they usually go off looking for more complex solutions.

Williams argues that the market is not predictable. He believes there is a small statistical advantage. Not all outcomes, up or down, are equally balanced as the random walk theory would suggest. Basic technical analysis pushes the balance in our favour. Better understanding of short term market behaviour tips the balance further. Better money management is used to turn that small edge into significant profits.

He does include a number of short term trading systems, or observations about market behaviour. Almost all of these are based upon initial analysis of end of day chart, and the entry is dependent upon market activity the next day. He also stresses that day trading approaches do not give profits time to grow so his emphasis is on short term - 3 to 7 day - patterns.

The strategies he covers are not complex. He reaffirms the oldest trading secret of all - success comes from simple approaches and good money management. A very useful book for those looking to refine their trading techniques.

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