Long Term Secrets to Short Term
Trading by Larry Williams
Short-term
trading is how most traders and would-be traders play the markets. While
it offers the greatest financial payoffs, it also presents the greatest
challenge, requiring constant attention and vigilance, as well as a very
strict plan. Written by Larry Williams, the most recognized and popular
technical analyst for the past three decades, this groundbreaking
book---his first in almost a decade---provides the blueprint necessary
for sound and profitable short-term trading, highlighting the advantages
and disadvantages of what can be a fruitful, yet potentially dangerous
venture.
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. 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
winner, 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.
Table of Contents
Introduction: You Are Already a Commodity Trader
- Making Order Out of Short-Term Chaos
- How I Learned about the Market
- Charting the Market
- The Non-random Market
- Understanding Market Structure
- It’s a Question of Price and Time
- All You Will Ever Need to Know about Cycles
- The Natural Cycle of Range Change
- Where the Trend is With You---The Second Power Play Price
Pattern
- The Real Secret to Short-Term Trading
- Volatility Breakouts---The Momentum Breakthrough
- The Theory of Short-Term Trading
- What is Wrong about the Information Age
- E.H. Harriman’s Rule of Making Millions
- Getting Closer to the Truth
- The Market is Not a Coin Flip
- Monthly Road Maps
- Patterns to Profit
- The Common Element
- The Questions to Ask
- My Smash Day Patterns
- How to Use Smash Day Patterns
- Specialists’ Trap
- A Vital Note---This Works on Shorter Time Frames as Well
- Oops! This is Not a Mistake
- S&P Oops! Trading
- Separating the Buyers from the Sellers
- Greatest Swing Value
- Stock Index Trading with Greatest Swing Value
- Some Pointers
- Short-Term Trading from a Quote Screen
- How a Quote Screen Trader Makes Money
- Swing Points as Trend Change Indication
- The Three-Bar High/Low System
- A New Indicator for Short-Term Traders; Will-Tell
- Will-Spread and the S&P 500 Stock Index
- Special Short-Term Situations
- Month-End Trading in Stock Indexes
- Target Months
- Making it Better
- Month-End Trading in the Bond Market
- Getting Specific
- Better and Better
- A Time to Sell as Well
- When to Get Out of Your Trades
- Thoughts on the Business of Speculation
- What Speculation is All About
- It’s about Time
- Trade Management
- Essential Points about Speculation
- Money Management---The Key to the Kingdom
- Most Traders Use a Hit-and-Miss Approach
- Approaches to Money Management---One is Right for You
- The Good, the Bad, and the Ugly of Money Management
- Looking in New Directions, Drawdown as an Asset
- Back to Ryan and Ralph
- Thoughts from the Past
- Just What Does Make the Stock Market Rally?
- Logic
- These Words Are My Bond
- A Look at Data A and Data B
- Let’s Break Some Bad Habits
- Comments on Setting Stops---Dollar Loss and Unpredictability
- Closing Comments
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