". . . the best book on technical trading strategies and techniques currently available. . . A must read." (The Technical Analyst, March/April 2006)
"... it's packed with a ton of useful information on programs, spreadsheets, algorithms and other tools. It even comes with a CD-ROM that's pulsing with more hot, sexy info covering just about every trading trick under the sun." (Trader Monthly magazine, June/July 2005)
"At $125, the book is not cheap, but no trader should be without it." (Managed Account Reports (MAR), April 2005)
New trading Systems and Methods 4th Edition is an essential read for serious traders. It moves beyond the pevious edition as it is more comprehensive. Accompanied in the text is a CD for testing the new systems and methods learned using Trade Station's Easy Language code. For serious traders, I find this book to be an essential resource in providing and analyzing new and more innovative trading solutions, systems and methods to keep you "ahead of the pack" and thereby hopefully a more successful trader.
It is pecisely this reason that I can't wait for Amazon to make the pre-order of Wiley's fifth edition available which is due out in December 2012.
I'm a professional trader and own a lot of books on trading in general, technical analysis in particular. This is one the required books for CMT Level 2 exam and I had no choice but to read it. After having spent the last couple of months reading this book, I have to agree with many of the other reviewers that gave it a low grade. Typos and the unreadable charts/diagrams from charting software make reading very frustrating. Plus, the author tends to ramble on and repeat a lot of material over and over; inserts a mathematical analysis where one is not really required. All the sample code could've been either completely left out of the print (book comes with a CD with the code) or moved to an appendix. What's the point in including a very specific Tradestation code in the middle of the chapter?
Many times I had to pickup another book on technical analysis to clarify a concept being presented in this book; I observed that the book I most relied on was John Murphy's book on technical analysis.
I really disliked this book! I have read dozens of books on technical analysis, and in my opinion this is among the worst. I say this for 2 major reasons. First, there are hundreds of typos in this book, some of which are major. With typos in many of the formulas, it can be nearly impossible to follow the math in the book. Second, most topics are only given a cursory overview in this book. One would think, given the size of the book and the number of mathematical formulas, that the book was a thorough resource, but it is not. It is overly repetitive (adding pages without value), and most of the math is simply there for show (and not well explained).
The value lies in the extremely broad coverage of trading strategies, the included tradestation code, and the Excel Workspaces.
This book is a compilation summarizing many popular trading systems and strategies exposed by various authors.
There are two ways you can use this book. ff you don't know what direction you'd like to take your trading then read it cover to cover and find a method that works for you as a starting point, note the authors referenced, then seek out those authors to get more details.
The second way to use this book is as a reference encyclopedia. So if you come across a concept that sounds interesting, pull out Trading Systems and Methods, and there is likely a primer on that strategy.
The CD included is a valuable addition, particularly for Tradestation users. I find myself often referencing particular passages as a starting point for further research.
This is a really good book on many types of trading systems, rules, and analyses. I got rid of all of my technical analysis books (aside from a few gems that covered material not in this book) and replaced them with this one. I think it's worth every penny. At the very least, it bought me some shelf space.
In addition to the tech analysis, he covers the basics of developing and testing trading systems. I thought it was good coverage and that it laid a decent mathematical foundation for evaluation of systems.
The reviewer that noted that there is nothing new in this book is correct; there isn't. So the title is poorly chosen, but if you can get past that and are looking for a reference book that touches on just about every aspect of system development in a retail trading context, this is it. In fairness, I took a star off of my rating for this book because it really needs a better title.
If you are a beginning trader, buy this book first and read it cover to cover... you'll save a lot of money not buying all the other books that only cover a portion of what's in here. After you read it, you'll find yourself flipping through books at the bookstore or Amazon and saying to yourself, "Seen it already."
I bought this book after seeing it recommended by supposedly knowledgeable people. The author seems to be promoting tradestation because he describes how to code some of the information on tradestation.
This is useless to me. You have to have a calculus degree to have any chance of understanding his systems. He doesn't ever fully explain any one of the systems. I looked and looked and couldn't find it anywhere.
It seemed to me that he gathered a bunch of data and threw it into a book
without a clue as to what it was. An absolute waste of money. I have purchased many books on trading and always found something useful in them. I found nothing here.
The first approach to this book is tough: it is too long and has a lot of maths. Nevertheless if you have enough patience to read the chapters a couple of times you begin to understand it. It is a very thorugh review of most technics available in other books. MAybe the best way to read it staring from the end back to the beginning and the read the end again. IT certainly changes you the way to look at mechanical systems, if you are patient enough you will be able to program your own systems.
Good luck!
Certainly not a How-To book but a compendium of trading methods, strategies, etc. This book covers everything from trading using standard methods such as moving averages to exotic methods such as planetary alignment. I use this as a reference book rather than a book to read cover to cover. The beginner may be overwhelmed with the quantity of material but well rewarded with such topics as Unexpected Price Shocks, which I have rarely seen covered. This book is extremely valuable for Tradestation users like me who aren't the best programmers. Trying something from the book couldn't be easier. The techniques import directly from the DVD into Tradestation. As a warning to readers not using Tradestation you are on your own. Some of the techniques use complex code so they would be difficult for many of us to implement on our own.
I've read this book thoroughly, and have found it invaluable in my own approach to trading, and in understanding the many approaches to trading and the markets in general.
BTW I have no connection with the author whatsoever, but I do have a deep appreciation for the amount of time and effort required to write a book of this magnitude. It is, perhaps, the most comprehensive book available on trading methods.
My copy is stuffed with pieces of paper that mark particularly valuable information. From market basics and charting, to fractal analysis and portfolio allocation with a genetic algorithm, the book covers practically every aspect of trading methodology. The breadth of coverage is just incredible.
There are sets of rules for William Dunnigan's Thrust Method, trading rules for gaps, Eugene Nofri's Congestion-Phase System, Tom Demark's Sequential, Raschke's First Cross, to name just a few. The list goes on and on, and is far too extensive to mention here. Many gems are hidden between the very clear and concise explanations which prepare the reader for the more complex trading methods.
If you're not familiar with trading systems and are just looking for a set of simple, step-by-step rules that will make you a lot of money in the market, then you don't need this book - you need sympathy. No book will deliver that, but many will promise to. The traders that you will be up against could be the ones that will find this book invaluable. Good luck, anyway! (You'll need it!)
If you have some experience studying the markets and are interested in an excellent overview of the most popular trading methods, and a few esoteric methods that are not easy to locate elsewhere, then this is an excellent book for that purpose, in fact, the best I've found. Even one of the methods is well worth the price, and the code on the CD-rom is a bonus.
I've often asked myself why someone would put in the vast amount of work required to write a comprehensive work on trading methods. The amount of time and effort required to compile a book of this magnitude must be truly mind boggling. His pay must come out to something like a penny an hour, if that! LOL
Obviously, it's the author's passion to find, understand and explain trading methods! And he is an expert at it. My hat's off to you, Perry! Job well done!
Trading is serious business, although you wouldn't think so, considering the way many people approach it.
The fundamental truth about all types of markets is that the minority gets the money, and keeps it. Of course, there will be times where the market trends strongly in one direction (usually up), and the masses confuse a bull market for brains. But those who are serious about earning profits, and keeping them, need to develop a method or philosophy to separate their thoughts and actions to act independently from the crowd.
If there were college level courses in financial speculation, Kauffman's book would be the required text. All sorts of twists on trend following, counter trend strategies, technical indicators, statistical methods, as well as various charting techniques, are all described. I should also add, the book comes with a CD that enables you to test various methods described in the book using Excel spreadsheets. The spreadsheets are already set up, you just need to input the data.
Some reviewers say that all of the methods are "bad." I'd disagree. This book is a valuable reference, and when you understand the logic of what has come before, you can adapt it to current market conditions. There are a surprisingly large, but finite, number of ways to slice and dice market data. But there are an infinite number of ways to combine a few them into a robust trading system.
Product Details :
Hardcover: 1200 pages
Publisher: Wiley; 4 edition (February 28, 2005)
Language: English
ISBN-10: 047126847X
ISBN-13: 978-0471268475
Product Dimensions: 7.3 x 1.8 x 9.9 inches
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