Day Trading & Forex Forum

osho67

Has anyone read the book Trading Chaos by Bill Williams and successfully tried out the methods he describes?

Looks very interesting, I haven't finished the book yet but I think it involves Elliot wave BUT with a precise way of knowing which wave you are in, overall the book is saying you can accurately read the market once you understand the underlying structure

It also says that with his approach you can in ten seconds or less analyze any market and decide whether you should be long, short, pyramiding, stropping and reversing or just out.
Any thoughts or comments ?

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A CANDLE LOSES NOTHING BY LIGHTING ANOTHER CANDLE

finger2

i have this book only chinesisch

rosemary999

If you go to http://www.profitunity.com/ you should get a good idea of how Mr. Williams (and in fact it seems , the entire Wiiliams family!) operate. Haven't read this one but , if you or anyone for that matter , haven't doneso already, go to http://www.amazon.co.uk/gp/reader/04...54#reader-link to check out the contents etc.
cheers

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ZDO

I have skimmed his work and place it in the way low end of just good. Williams may be able to trade like a big dog but his explanations of it are full of it. Not judging him for that - George Soros is unable to fully explain how he does what he does either. However, whether for exploitation or through misunderstanding, Williams is piggybacking on / misusing two words - chaos and fractal. That sends my trust index spiralling down...

hth

zd

osho67

Hi ZDO

I've just started the chapter on Elliot waves, but overall do you think his explanation of precisely identifying which wave you are in is correct or achievable when trading real time ?

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A CANDLE LOSES NOTHING BY LIGHTING ANOTHER CANDLE

LongandWrong

I've read this book and I believe there is some good to be learnt, but as a complete trading methodology, it's a little too thin on the ground. For example, his trend reversal indicator to open a position is barely explained and is, in my opinion, a very unreliable signal for entering trades.

Another of his books, New Trading Dimensions, however, provides much more value. There is much which is in Trading Chaos, but in tems of context and providing a more robust trading style it is a much-improved read. For example, I like (and use) his concept of spotting quiet, non-trending markets, getting on the right side of these moves once the price has moved in one direction and then adding to that position. His exit strategies, though, again are not really given the attention I think that they deserve. He gives about 8 chapters to opening trades, and only one for closing a position.

Another criticism I feel is justified for both books is his using graphs which all-too-nicely fit his assertions, i.e. nice trending indices of the late nineties. Any trite indicator would've told you you should have been long!!!

Anyhow, good luck with it......

SOCRATES

Yes, quite so.

wwatson1

One thing's for sure his expert on metastock is totally useless.

He must be a better trader than teacher

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