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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