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Trading Chaos: Maximize Profits with Proven Technical Techniques, by Justine Gregory-Williams, Bill M. Williams
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How to trade the markets by integrating Chaos Theory with market sentiment
In the first edition of Trading Chaos, seasoned trader and psychologist Bill Williams detailed the potential of Chaos Theory-which seeks to make the unpredictable understandable-in trading and it revolutionized financial decision-making. The Second Edition of Trading Chaos is a cutting edge book that combines trading psychology and Chaos Theory and its particular effect on the markets. By examining both of these facets in relation to the current market, readers will have the best of all possible worlds when trading.
Bill Williams, PhD, CTA (Solana Beach, CA), is President of Profitunity.com, a leader in the field of education for traders and investors. Justine Gregory-Williams (Solana Beach, CA) is President of the Profitunity Trading Group and a full-time trader.
- Sales Rank: #472512 in Books
- Published on: 2004-02-27
- Original language: English
- Number of items: 1
- Dimensions: 9.09" h x .94" w x 6.44" l, .95 pounds
- Binding: Hardcover
- 228 pages
From the Inside Flap
Published in 1995, the bestselling first edition of Trading Chaos provided readers with the most practical and comprehensive guide for applying chaos theory to the real world of trading and investing. But today, the markets are different than they were even a few years ago. So with fresh research in hand, coauthors Bill Williams and Justine Gregory-Williams have updated their profitable methods and provide new techniques to help you take profits from the markets.
Trading Chaos, Second Edition will not only show you how to anticipate, recognize, and react to impending bull and bear market conditions, it will also introduce you to the latest findings in physics and psychology as applied to various markets–stock, bond, futures, indexes, and many others.
The first portion of this book is devoted to understanding how the rewards you’ll acquire in trading and investing are determined by what is happening inside of you. By digging through some very interesting and deep psychological principles, you can become a profitable "trade/vestor"–using technical techniques for good short-term entries and exits, but also holding on to long-term investments when the opportunity presents itself. Trading Chaos, Second Edition will help you build a solid psychological foundation before you enter the markets.
After you’ve learned how to gain an inner analytic edge, the authors will show you how the application of self-knowledge will improve your bottom line. Through numerous charts, checklists, and examples, you’ll be introduced to proven techniques that can make the unpredictable understandable and make your journey into the markets more profitable. You’ll learn how to:
- Sharpen entries and exits, and reduce whiplashes with the powerful "Alligator" indicator
- Get into a new trend very early with proper use of the "First Wise Man"
- Add on aggressively after your first entry using the "Second Wise Man" with the help of the Awesome Oscillator (AO)
- Make fractal breakout trades with the "Third Wise Man"–these almost guarantee profitable follow-through on a trade
In this early part of the twenty-first century, you have a choice to either be a part of the last generation of traders and investors using linear (ineffective) techniques or the first generation using effective nonlinear (chaotic) techniques. By reading the Second Edition of Trading Chaos, you’ll learn how you can take your trading skills to the next level and make steady profits in any market.
From the Back Cover
Praise for
TRADING CHAOS
SECOND EDITION
"As a trader and an author for over fourteen years in stocks, futures, and options, it still amazes me when I read a book that teaches me new approaches to the market. This book is one of these amazing books that can teach the novice or the professional something important to take them to the next level of their trading. It is a must read for everyone interested in looking at the markets in a new way."
–George Fontanills, President Emeritus, Optionetics
"Bill and Justine Williams, two of the truly great teachers of market action, have written an outstanding book. It not only covers the psychology of personal trading but provides one with a well defined, coherent trading plan. This book is must reading for any serious trader, whether a beginner or experienced veteran."
–John R. Hill, President, Futures Truth Company
"What Bill Williams does best is raise questions and doubts in the minds of his readers. But, even better, he then provides wonderful new choices for thinking and acting. He has a deft lightness in his writing and a seriousness of purpose that drew me in like a magnet."
–Rodney Napier, PhD, head of The Napier Group
coauthor, The Courage to Act and Groups: Theory & Experience (now in its seventh edition)
About the Author
BILL WILLIAMS, PhD, CTA, is the founder of Profitunity.com, a leader in the education of traders and investors. Besides coaching over 1,000 traders in private tutorials, his two bestselling books, Trading Chaos and New Trading Dimensions, have contributed to furthering his unique trading concepts. A trader with over forty years of experience, Mr. Williams publishes a newsletter that provides insightful market commentary for approximately 1,800 readers. He is also well known on the speaker circuit, with a loyal following of high-level traders.
JUSTINE GREGORY-WILLIAMS is a full-time trader in the stock and commodity markets and President of the Profitunity Trading Group. She has trained over 1,000 traders in the Profitunity Methodology and also does private consultations for clients. Ms. Gregory-Williams has lectured nationwide, speaking at conferences such as Futures Industry Association, TAG, Omega World, and the Traders’ Library Trading Forum.
Most helpful customer reviews
44 of 45 people found the following review helpful.
Trading Books
By kiwi_trader
As an experienced trader who has bought thousands of dollars of trading books from Amazon I found this one less than impressive.
This is not about Chaos. This is not about trading Chaos.
One of the other reviewers says "It's interesting to note that in this new book, the chaos-derived indicators (alligator, AO, and fractals) are not changed."
Given that these sexily renamed indicators are just moving averages and macds with tweaked parameters then its not really surprising. For a real book by a real trader try "Trading Day by Day" by Chick Goslin. For ideas about how to trade try "The Ultimate Trading Guide" by John Hill of Futures Truth. For psychology try one of Mark Douglas's books or Brett Steinbargers book.
Good luck in a tough industry :)
46 of 52 people found the following review helpful.
Readable, but far from compleat
By ServantofGod
This book is not about chaos theory, nor trading chaos, but a trading book with the first 95 pages about trading psychology, primarily Zen and Tao based, and the rest 133 pages of a trading system that comes with "Metastock". As a trading book fan and a Chinese who know Zen and Tao well, I do like the first part of it as food for thought, and definitely not as reading material to sharpen my trading edge. I doubt whether the very vague Zen or Tao approach taken by the author can be well understood and practised by western traders. Furthermore, I agree with a previous reviewer that the "trade with the trend/flow" concept preached by the author contradict a little bit with his own quasi-countertrend system presented in the second part. So, I suggest those who dont have access to Metastock nor Omega Tradestation facilities should give it a pass. It's definitely not a smart way of investing if one puts money on something that does you little good.
54 of 63 people found the following review helpful.
Waste of money
By S. McCarron
Having read both of Williams' books, I was eager to get my hands on this one. Two words for you: Don't bother. It's a complete waste of $70.00. The book contains only about 60 pages talking about the technical aspect of this strategy (most of which has been regurgitated) from his other two books), and the remainder of the book is dedicated to psychology, meditation and relaxation techniques. Now I know why. If you attempt this strategy, you're going to need them! The strategy consists of a countertrend technique, in which it attempts to pick the bottom to get long, or the top to get short via proper 'angulation' away from the alligator using a 'bullish/bearish divertion' bar. There are a couple of problems with this. 1.) Proper angulation is way too subjective and interpretive. 2.) There can be more than one divertion bar along the way that is hit to signal an entry, or no divertion bar at all. 3.) This setup rarely shows up; I've scanned about 500 daily charts. Sure, the book contains pictures of charts where there have been successful countrend trades, but old data makes anyone look smart. There is a big difference between old data and trading real-time. The author explains that if a countertrend trade hits your stop (set under the low/high of the divertion bar), and it has become a fractal, you simply go in the opposite direction. However, he doesn't explain how to exit, or if/how to pyramid into the position. Additionally, I found several contradictions in the book, notably the chart of TEVA on page 152. The 'short' trade is stopped out and reversed long on a Wise Man 3 signal which is a fractal in the opposite direction that is way below the teeth on the alligator when it's hit. A few pages earlier the author explains that if the first signal isn't a divertion bar, but a fractal, it should only be taken only if it's hit above the teeth!
Conslusion: Sure the book inlcudes some impressive pristine countertrend trades based on angulation and divertion bars in both directions, and exiting by either a SAR divertion bar in the opposite direction or a 3-5 bar trailing stop (discussed in book). Realisticaly, these trades just don't show up that often in the market (most stocks meander too close to the alligator to warrant proper entry according to this book), and a mechanical 3-5 bar trailing stop is going to get you out way to soon if you just so happened to guess correctly when entering. Simply put, the methodology is too interpretive - Like I said, anyone looks smart using old data. Also, there is no detailed explanation on how to exit a trade if stopped and reversed after a countertrend trade doesn't move in the expected direction, and the book doesn't offer any examples. Lastly, because there is no systematic way of testing this system because it's based on subjective interpretation, you can expect countless whipsaws and endless frustration if you decide to trade it without any predetermined probability of success. But what the hell, some of the relaxation methods discussed can help with that!
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