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Review
“This is an excellent and much needed book” (The Technical Analyst, Sept/Oct 2005)
"If you trade futures, this book will be a valuable addition to your trading library. Not only is the book a valuable education, but also an enjoyable read." – Futures magazine, November 2005
Review
"This is an excellent and much needed book" (The Technical Analyst, Sept/Oct 2005) "If you trade futures, this book will be a valuable addition to your trading library. Not only is the book a valuable education, but also an enjoyable read." - Futures magazine, November 2005
Inside This Book
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First Sentence
The sole purpose of this book is to get you in investment alignment with the billion-dollar successful traders and pools that move in and out of the marketplace. Read the first page
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
The sole purpose of this book is to get you in investment alignment with the billion-dollar successful traders and pools that move in and out of the marketplace. Read the first page
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Customer Reviews
Most Helpful Customer Reviews
6 of 6 people found the following review helpful
Format:Hardcover
If you are new to trading, read this first. There are a myriad of books available on technical analysis and other trading strategies to confuse the beginner. Williams has a lifetime of trading experience, has studied most of these strategies and writes sceptically on nearly all. Reading this book could save you some time.
The COT report is the nearest thing to a crystal ball in this game. Charts tell you where the market has been, the COT indicates where the market might go. There are no guarantees, the system is far from 100% and it's accuracy is not uniform across all markets.
In essence the COT report separates the men from the boys in the market. The men being the commercials, and the boys being the speculators. Their relative opinions of the market's direction tend to be polarized. The speculators (you and me) get it consistently wrong and the commercials (the big players) usually get it right. Extremes in the long or short position of each group are the premise for market direction. Do what the commercials do and the exact opposite of what the speculators do.
Williams discusses the reasons why speculators get it consistently wrong and gives examples of traders behavior that some may find uncomfortably familiar.
Reading the book has improved my trading confidence. The fundamentals underpinning my decisions are greatly improved.
The COT report moves the market. It can identify market tops, bottoms, trend changes, break-outs and shake-outs. Do not trade commodities until you understand it.
The COT report is the nearest thing to a crystal ball in this game. Charts tell you where the market has been, the COT indicates where the market might go. There are no guarantees, the system is far from 100% and it's accuracy is not uniform across all markets.
In essence the COT report separates the men from the boys in the market. The men being the commercials, and the boys being the speculators. Their relative opinions of the market's direction tend to be polarized. The speculators (you and me) get it consistently wrong and the commercials (the big players) usually get it right. Extremes in the long or short position of each group are the premise for market direction. Do what the commercials do and the exact opposite of what the speculators do.
Williams discusses the reasons why speculators get it consistently wrong and gives examples of traders behavior that some may find uncomfortably familiar.
Reading the book has improved my trading confidence. The fundamentals underpinning my decisions are greatly improved.
The COT report moves the market. It can identify market tops, bottoms, trend changes, break-outs and shake-outs. Do not trade commodities until you understand it.
Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com:
22 reviews
33 of 34 people found the following review helpful
A Pro's point of view
15 Nov 2005
Format:Hardcover
I just finished reading Mr. Williams book. I do not know Larry and I have never taken any of his courses. This is the second book I have read by him and I loved it. It is interesting to read other reviews and how they like it or dislike it. Most of the opinions seem to be based on whether or not Larry's ideas mesh with their own view of the markets. I trade Bond futures short term, they fit my style. This book deals with a longer term horizon than what I am used to, but, I could'nt put the book down. In my estimation its easier to identify short term moves, yet Wall Street and the general investing public's obesssion lies in trying to guess where and when the markets next big move is going to come. As a short term trader, I can use the COT data he points out as a high probability set up to formulate my game plan. I want the best odds possible. Larry does a great job testing data with no assumptions to get real, usable data that could have a significant monetary value to your investments or trading by dispelling alot of commonly held beliefs about technical analysis. I am an avid student of Technical analysis and I think the Studies that Larry has conducted provide the BEST possible roadmap and probable direction of the markets ahead. Its up to the individual to use that information accordingly. Larry's COT indicators provide great setups. So now its time to think. How can you formulate a strategy based on your own game plan to capitalize on this scenario. If your looking for someone to tell you when to buy and when to sell, you're never going make and money in this game. Rmember what Henry Ford said. "Thinking is the hardest work there is, which is probably the reason why so few engage in it."
54 of 60 people found the following review helpful
Interesting discussion, some indirect sales pitch
21 Sep 2005
Format:Hardcover
At first, skimming through the book was disappointing...There is virtually no discussion on trading stocks per se. The title is slightly misleading in that respect. However, if you are a commodity trader, it is likely that this book will reinforce some of the basics, and then provide additional insights into using the COT report to arrive at more "reasonable" trade decisions. A good portion of the introductory chapters deal with what the COT report contains and what to look for. Then, the author discusses the impact of actions of various groups' (commercials, being the primary group of interest) trading actions/biases. Issues related to volume, open interest, etc are dealt with interestingly. The central theme of the author does seem to advocate a very contrarian approach for most of the time, and the interpretations of the indicators he discusses support such an assessment. In addition, there is some indirect/subtle, not-so-annoying marketing of the author's products/website. However, the average investor who doesn't want to subscribe to any service that provides some of the "customizable" indicators the author encourages traders to use, may not find investing in this book valuable. But then, most commodity traders are 'sophisticated' and likely to have such services. In short, if you are a stock trader, avoid the book regardless of what the title says; but the book is valuable for a commodity trader or for someone who wants to understand some of the mechanisms involved in commodity trading.
18 of 19 people found the following review helpful
Valuable insights from a market master
17 Dec 2005
Format:Hardcover
In my opinion, this is Larry's best work yet. It is a trend-followers answer to retracement entries and gaining insight into which trends may be sustainable.
For stock traders, don't miss the point like some of the earlier reviewers did. If you are chasing beta, then this work will assist you. For example, many stock sectors will respond to a move in the underlying commodity, from the bond sensitives through to resource stocks.
With the growing importance of the trend followers to take markets to extremes, Larry's new work filters out the occassions when the commercials are not in control, ie, when they make up a low percentage of open interest.
All serious market participants should find this work insightful.
For stock traders, don't miss the point like some of the earlier reviewers did. If you are chasing beta, then this work will assist you. For example, many stock sectors will respond to a move in the underlying commodity, from the bond sensitives through to resource stocks.
With the growing importance of the trend followers to take markets to extremes, Larry's new work filters out the occassions when the commercials are not in control, ie, when they make up a low percentage of open interest.
All serious market participants should find this work insightful.
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