Book excerpt: The first edition of this book was published during a raging bull run and still proved a sell-out success. The reason is simple -- the bears are always with us. Fat bears, slow bears and little bears are not the traders' enemy. When markets stumble, private traders DO make money. Already, thousands of Australians earn their living by trading the financial markets. Many traders have progressed, step-by-step, from long-term investing to position equity trading, acquiring their skills against the background of the seemingly ever-rising market. They may have found that trading for a living is hardly the easiest of careers, even in the good times, when the bulls are running. They wonder if it is possible to continue trading when the market is rocked by the bears. Daryl Guppy knows from experience that it is. The bears are always with us. Even at the height of a bull run, still some corners of the equity market are in their grip and he shows how to trade these 'bear dips'. He has also traded during the resources and Asian bear markets and many of the examples in this book are trades he has personally taken. There are two sides to the market -- long and short. The author explores the short side -- selling high and buying low -- and demonstrates practical ways to trade these warrants and options. In this comprehensive book, Daryl Guppy discusses a broad sample of methods the private trader can use not only to survive, but to prosper in falling or static markets.