I programmed and tested many of the patterns Mr. Williams promoted but could not duplicate the results he claims to have achieved, even though I used the same time periods, same timeframes and same system parameters he indicated. Also, many of the patterns that are put forth as generating > 80% profitable trades are heavily optimized and filtered for the purpose of presentation in this book. Using TradeStation for back-testing, I could not get even one of the recommended patterns to perform above 20% efficiency.
My goal in writing this review is not to criticize Mr. Williams but rather to warn budding traders that reliance on such convincing, well-told material as this can get you into a lot of trouble. With all due respect to Mr. Williams and his heavily advertised record as a trader and systems developer, let us all understand that he has built a substantial business around training others to trade. I suspect that the bulk of his income is generated from book sales, seminars and other paid programming that he delivers each year -- and not from the full-time implementation of the trading approaches put forth in this book. Again, I'm not bashing Mr. Williams but rather am sending up the warning flag to those who read this book.
To end this on a positive note, I found Mr. Williams's advice on entry and exit strategy to be useful, especially using a percentage of the current bar's range added to the next bar as a trade entry point following a verified set-up. His thoughts on money management strategy are also sound. Thanks for letting me share my thoughts here and good trading to all!
Disappointing...
Now, I read Mr.Williams book and I begin to come a little more closer to understanding the idea of daytrading. Mr.Williams use personal anecdotes, clear concise language, and a very indepth analysis of what it takes to trade online.
It was a good read.