» Trading Chaos: Applying Expert Techniques to Maximize Your Profits (A Marketplace Book)
Trading Chaos: Applying Expert Techniques to Maximize Your Profits (A Marketplace Book) Details
Binding: HardcoverDewey Decimal Number: 332.645
EAN: 9780471119296
ISBN: 0471119296
Label: Wiley
Manufacturer: Wiley
Number Of Items: 1
Number Of Pages: 288
Publication Date: 1995-06-23
Publisher: Wiley
Studio: Wiley
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Trading Chaos: Applying Expert Techniques to Maximize Your Profits (A Marketplace Book) Reviews
Customer Rating:
Summary: Great info on Chaos Trading
Comment: Even though much of what is taught in this book is not used as much due to the more recent book by Bill Williams and his daughter, it is still a great read. Gives all the basic principles of Chaos, the Alligator, Fractals, etc. You can't go wrong reading this book if you are using Chaos as a method for trading.
Customer Rating:
Summary: As Simple as it is Powerful
Comment: I am a BIG believer in Bill Williams and his body of work.
I will admit, this book is the most confusing of his three. It is also the FIRST book of his three. If you buy this now, buy it to "fill in the blanks" but use his later works as the backbone of your trading.
I have personally met with Bill, taken his home study course and even attended a private tutorial. Bill is the real deal. He is a *highly* profitable trader and Bill trades EXACTLY like he describes in his books (simplified over time, so Trading Chaos, 2nd Ed. is the LATEST and most refined method).
READ THE FIRST CHAPTER OF THIS BOOK (it's free online here, just click on excerpts). This chapter alone is worth the entire book. If you just want to trade with no other background information, Buy Trading Chaos, 2nd Edition (not this book) and start with chapter seven. When you get to the end of the book, you'll say, "That's it?!?! Than can't be it!" That's what I said. I then went on to take his home study course (13 weeks) and then went to a private tutorial. 95% of the methodology is IN THE BOOK! The more advanced stuff is for those who are scaling into positions and want more aggressive money management techniques.
Who am I to say this works? I started trading Bill's techniques from scratch. In LESS than 6 months I was up 95% in a medium sized account. I found some like-minded investors and we started our own Hedge Fund (more specifically, a commodity pool). I called Bill personally and he spoke with me at length about how I should flow into and out of my positions, etc. He went far above and beyond the call of duty. I cannot speak to how well my Pool is doing (not legal to disclose - considered solicitation of investors), so I cannot give figures of returns for the Pool.
Buy Trading Chaos 2nd Edition (not this book) and then buy "New Trading Dim mentions" (his second book) and read chapters 9 - 11. Those chapters will give you more ideas of the SCOPE of just what is possible when you simplify your trading and align it with natural market tendencies (chaos principles).
Good luck and Good Trading!
-- Q
Customer Rating:
Summary: Incomprehensible
Comment: I am a lawyer and have spent most of my life reading, and had read many books on trading before I read this one. It looked like the holy grail, so the three or four key chapters, I read over and over trying to determine 3 simple things: Where to buy/sell short, where to place the stop loss, where to exit the trade. I confess, I was never able to determine that, from the text, although the author seems to assume that he has made that clear to the reader.
Customer Rating:
Summary: Joke
Comment: The five stars is only for the cover. However, the content of the book is pathetic. I have read many trading books and several chaos books and I can honestly say this book is neither. I fell for the enlightened self-similar structure cover and wasted my money. Don't repeat my mistake.
If you are interested in chaos and trading, start with Edgar Peters books such as Chaos and the Capital Markets.
The publisher, Wiley, should be ashamed to put out this sort of drivel. Bill Williams is a joke. If you think your trading style is based on your body type, then maybe this book will help you feel better about losing; otherwise skip it and Bill Williams, PhD.'s other lobotomized treatises on trading.
Customer Rating:
Summary: Trader Development
Comment: This book really is mistitled. Chaos theory for markets is not presented, so look elsewhere for that. The book does present a good theory for the psychology of trading such as "traders differ on value but agree on price" as motivation and explains the development of traders from novice, intermediate, and advanced (skip master and expert level)and the goals for each level. Unfortunately, the methodology for trading with a Chaos background is not touched upon.
Good filler read for background on trading and personal development. Poor on methodology for trading with Chaos. Perhaps Mr. Williams had an epiphany and contends all trades are done in Chaos, so traders should relax. To borrow a line from another author, "some trades will, some trades won't, so what, next trade please."
More Reviews for Trading Chaos: Applying Expert Techniques to Maximize Your Profits (A Marketplace Book)
Editorial Review for Trading Chaos: Applying Expert Techniques to Maximize Your Profits (A Marketplace Book):
TRADING CHAOS APPLYING EXPERT TECHNIQUES TO MAXIMIZE YOUR PROFITSChaos theory now stands at the cutting edge of financial decision-making methods. The product of years of scientific investigation into unpredictable phenomena, it has the potential to offer traders entirely new perspectives on the movements of markets—and less risky routes to greater, more consistent profitability. Unlike other books on the subject, Trading Chaos takes chaos analysis out of the realm of the abstract and makes complex concepts easy to understand and use. It offers you the most practical, comprehensive guide available to applying chaos theory to the real world of trading and investing.
In this breakthrough work, author Bill Williams gives you the benefit of his unique qualifications: 35 years of successful trading and a PhD in psychology. The instructional techniques used in Trading Chaos have been tested and refined in the workshops, seminars, and private tutoring sessions Dr. Williams has conducted in 12 different countries.
Designed for all traders—from beginner to experienced professional—Trading Chaos introduces you to the financial applications of chaos in five graduated stages, starting with a clear, nontechnical introduction (Level One: The Novice Trader) all the way to chart analysis, fractals, Elliott wave, and advanced nonlinear dynamics (Level Five: The Expert Trader).
Trading Chaos probes depths of human and economic behavior that other books do not even mention, including:
- A detailed examination of the underlying structure of the market
- How individual belief systems affect the way we trade
- How to determine "what the market wants"
- Most importantly—"how to want what the market wants"
Numerous charts, trading models, analysis spreadsheets, and review questions reinforce the key concepts and help insure full comprehension of the material.
Regardless of your current degree of expertise, Trading Chaos will take you to new levels of trading confidence and increased profit.
This practical guide to the powerful tools of chaos theory will help you make better, more profitable trades
"Bill Williams brings a unique background and experience to the commodity trading world. His approach to becoming a successful trader includes many fresh and fascinating concepts for traders of all experience levels."—Bruce Babcock Editor, Commodity Traders Consumer Report
"Bill Williams has demystified the Elliott Wave. His technical approach is an innovative and effective way to trade markets for novice and expert traders alike."—Bob Koppel Skylane Trading Group
"Trading Chaos by Bill Williams is an excellent guide to profiting from a market which is nonlinear in structure. The book is divided into logical levels of trading techniques useful to the novice and expert trader. I was genuinely surprised that the expert can still learn refreshingly new techniques at each level presented."—Timothy C. Slater Managing Director of Dow Jones Telerate Seminars
Trading Chaos takes chaos theory out of the abstract realm and into the real world of practical investment decision-making. Using the techniques in this remarkable book, you will uncover the hidden patterns of what appear to be the random, unpredictable movements of the commodity, futures, and options markets. Regardless of your current level of experience, expert commodity trader and trainer Bill Williams will give you the skills and insights to move to levels of trading ability you would not have imagined possible.
Clear, practical, and nontechnical—Unlike other books on chaos theory, Trading Chaos is designed to be easy to understand and use
Unique organizational format—Introduces the reader to the financial applications of chaos in five graduated stages, from Novice to Expert Trader
Expert advice on avoiding common psychological traps and pitfalls—Including such self-limiting afflictions as the "paralysis of analysis," "opinionitis," and the dangers of trading on individual belief systems
A wealth of supplementary materials—Charts, trading models, trade plans, analysis spreadsheets, and trading diaries illustrate and reinforce key concepts
