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Title: Smarter Trading: Improving Performance in Changing Markets by Perry J. Kaufman ISBN: 0-07-034002-1 Publisher: McGraw-Hill Companies Pub. Date: 01 January, 1995 Format: Hardcover Volumes: 1 List Price(USD): $32.95 |
Average Customer Rating: 4.14 (7 reviews)
Rating: 4
Summary: Stop Loss vs Risk
Comment: The person who said that Kaufman does not believe in stop losses is quite INCORRECT. The whole purpose of this book is to weigh a stop loss against a possible incorrectly placed volatile sale.
If anyone trades with a regular basis they know the horror of being 'stopped out' because of volatile price swings. Kaufman helps by correclty analyzing the benefits of stops vs losses showing how mechanized systems for stops have their own pitfalls.
Kaufman's whole treatise on RISK is really worth the price of the book. Understanding risk and it's effect on your psychology is an important and very valuable treatise. Kaufman does a very good job on the subject. Also of benefit, is the Adaptive Moving Average algorithm. While this is also part of Metastock
having the formula is invaluable for those of us who want to modify it.
The weakest part is the computerized system analysis at the end is old and rather simplistic; I would not recommend it. Some of the ideas are interesting but Pardo's book is much much better.
Rating: 4
Summary: Computerized System Development
Comment: This was a good read on trading methodology and system development. The best concept is that of the "unable" trade, which is where your system gives a buy signal but you can not get your order filled. This is a double edged sword in that you would get filled on trades where a buy was signaled, but the trade results in a loss and not on trades that would have been highly profitable. The end result is hypothetical returns that are higher than they should be. Probably why so many successful paper systems fail when applied.
Now, aside from the trading methodology which is well written, there is a lot and I mean a lot of Programming Language in the text. I don't want to take away from the concepts which were great, but if you are not planning on writing a computerized trading program you may want to search elsewhere. On the other hand, if you are working on a "Black Box" trading system, I would highly recommend this text.
Rating: 3
Summary: Kaufman dislikes stop loss?
Comment: Kaufman is one of my favorite author. But in this book he seems to have an idea that stop loss is not a good thing! I really cannot agree with him. Except this point the book is quite good. But the other book by the same author contains similar contents. I would perfer the later.
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Title: Technical Traders Guide to Computer Analysis of the Futures Markets by Charles Lebeau, David W. Lucas ISBN: 1556234686 Publisher: McGraw-Hill Trade Pub. Date: 01 December, 1991 List Price(USD): $80.00 |
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Title: Trading Systems and Methods (Wiley Trading) by Perry J. Kaufman ISBN: 0471148792 Publisher: Wiley Pub. Date: 16 November, 1998 List Price(USD): $95.00 |
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Title: Trading With The Odds: Using the Power of Statistics to Profit in the futures Market by Cynthia A. Kase ISBN: 155738911X Publisher: McGraw-Hill Companies Pub. Date: 01 March, 1996 List Price(USD): $45.00 |
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Title: Trade Your Way to Financial Freedom by Van K. Tharp ISBN: 0070647623 Publisher: McGraw-Hill Trade Pub. Date: 01 December, 1998 List Price(USD): $29.95 |
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Title: Design, Testing, and Optimization of Trading Systems by Robert Pardo ISBN: 0471554464 Publisher: Wiley Pub. Date: 12 August, 1992 List Price(USD): $65.00 |
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