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> Technical seems to be where my interest lies( probably because of
my
> engineering background), so I will take your suggestion and begin
>to
> increase my library with books that have more emphasis on the
> technical:)
That's Technical Analysis, with a capital T.
Don't believe a word of the criticism that TA is like reading tea
leaves in a cup - nothing could be further from the truth - anyone
who thinks that hasn't spent very long studying TA in earnest.
I am a highly analytical and objective trader (you wouldn't always
think so by some of my posts) - so I am compatible with Howards work.
BTW we haven't seen the best of Howard yet - he still has some
capacity up his sleeve - we won't see him go for broke until his
third book.
I am also a highly creative, cutting edge, trader which makes me
compatible with traders like Herman and Dennis.
I don't have a math background (last maths lesson was at 16 years)
and I am starting to consider learning calculas, just so I can follow
Aronson's and Vince's work, right to the end - that should tell you
how important I think it is to be able to deconstruct and reconstruct
every aspect of trading.
Not knowing your background, I held back on Ralph Vince, but from
your comments you might like him (don't rush at him and get put off
by the difficulty though - you probably need something a bit lighter
to start out - keep working away at him until you get it).
He is the engineers, engineer, when it comes to trading.
He is greatly misunderstood and gets some bad press around the forums.
Very few people have taken the trouble to read him carefully.
go to google books and read the preface to his third book "The New
MOney Management: Framework For Asset Allocation" - in the preface he
talks about the dominant paradigm of trading that defines risk/reward
in two dimensions (y/x axis) and how his third book investigates a
new approach.
Book 1 & 2 are the limit for me at the moment - I was OK up until
book three - my naive maths skills are starting to find me out there
but I will get it in the end.
I don't think there will be any theory left for me, after Vince, but
you never know (he did everything I was trying to do on my own and
then some - he did it way better too!) - I doubt if I need to go any
further than where he went - that is way beyond my original
intentions - had to do it to meet my goals though.
IMO anyone who doesn't understand the core ideas in RV's first two
books is fighting with one hand tied behind their back - they are
also in denial.
Re books:
I am also quite handy at 'trading psychology' hence my opinion that
the best answers you will get are the ones you figure yourself, so
surfing around finding stuff is actually a very good way to learn and
find out what your style is (far better than a book from me) -
unexpected finds are the best (Jung calls it synchronicity).
80% of the books I buy disappoint so I can't say enough about the
value of Amazons 'search inside' and 'google books' where you can see
what you are going to get before you buy.
More importantly you have to like the author, so to speak, and that
is personal choice (be brutal on them - don't pretend to like them if
you really don't - just walk right by their book if it isn't your
flavour).
I like Aronson, for an overview of design and evaluation and Vince
for some 'heavy, heavy fuel' (to paraphrase Dire Straits).
Perry Kaufman is another good logician for a general all purpose
reference book "New Trading Systems and Methods".
I hope to add some grunt to the stats section of the UKB, and add
some of my origianal thinking, when time permits - strictly speaking
I am not a stats man but I find trading to be nothing but applied
stats (if a stats expert comes along and turns up at the UKB that
would be even better).
have fun
brian_z
--- In amibroker@xxxxxxxxxxxxxxx, "jamesfarrow2003"
<jamesfarrow2003@xxx> wrote:
>
> Brian_z - Thanks for the great reply. That seriously may best the
> best reply I have ever gotten on an online request for information!
>
> Up until this point, I have spent my time researching various
trading
> strategies (diviend investing, technical, fundemental, etc).
Looking
> through all of the books I have on different strategies made the
task
> of selecting one a bit daunting.
>
> Technial seems to be where my intrest lies( probably because of my
> engineering background), so I will take your suggestion and begin
to
> increase my library with books that have more emphasis on the
> technical:)
>
> Thanks again,
>
> James
>
> --- In amibroker@xxxxxxxxxxxxxxx, "brian_z111" <brian_z111@> wrote:
> >
> > It is a huge subject - it takes years to learn all of the
nuances -
> > some traders say that evaluation/moneymanagement is 90% of
trading
> > but others disagree.
> >
> > Certainly it is important to all traders.
> >
> > > Thanks for the reply - I have ordered Howards book, hopefully
it
> > > will arrive sometime this week.
> >
> > Howard is an AmiBroker mentor so his work is tightly integrated.
> > System design and evaluation is at the core of his book, although
> > there is a lot more in there as well.
> >
> > Walk forward OOS testing is one of his significant contributions
> and
> > you can now blend theory, with practice, by running tests in AB -
> > that will go a long way towards helping you find your feet.
> >
> > > gain a deeper understanding of WHY we want to look for certain
> > > values on certain indicators.
> >
> > To pinch from Howard's book - it is the "search for the best
> system".
> >
> > The best system is one that makes a lot of money and never loses
> any.
> >
> > Evaluation (system performance) metrics attempt to quantify that
> > search.
> >
> > There are a lot of evaluation metrics floating around (I made one
> up
> > today!).
> >
> > It isn't a matter of which is right or wrong.
> > It comes down to what they are measuring, what are the strengths
> and
> > weaknesses of each and how do we interpret them (I think the last
> one
> > is what you are asking?) - it is important that you understand
them
> > and that they do the job you are expecting them to do.
> >
> > Generally they fall into two categories (Reward versus Risk).
> >
> > Reward is measured in % or $ and has to be standardised at some
> point
> > (usually to % per year - more is better).
> >
> > Risk is measured in a lot of different ways - as a rule of thumb,
> > while you might be winning in the long run, you can't win all the
> > time - we have our losing trades - basically risk is a measure of
> > loss OR potential loss (the worst case scenario) - less is better.
> >
> > Usually there is a trade off so that if you have less risk the
> reward
> > also tends to drop off.
> >
> > As as starting point - most traders would accept 'expectancy' as
an
> > important measure of potential reward and similarly most traders
> > would consider drawdown a risk not to be ignored.
> >
> > All of the metrics have their own units - you have to learn them
> one
> > at a time (a lot are similar so when you have seen one you have
> seen
> > them all - give or take the minor variations).
> >
> > Since Howard is comfortable with RRR, Ulcer Index, CAR/MDD etc
why
> > not start there - try them out and try to critique them, + and -,
> and
> > go from there.
> >
> > It also pays off to read widely (you need to be influenced by
> people
> > with different styles).
> >
> > I sometimes go to Google books and read sections of the books
that
> > are there before deciding to buy:
> >
> > http://books.google.com/books
> >
> > any introductory trading book that has a section on system design
> is
> > a good starting point:
> >
> > Kaufman
> > Van Tharp
> > Tushar Chande etc,
> >
> > Search amazon for trading OR system design - stuff like that -
then
> > see if you can find them at google books and you can read a
chapter
> > or two to get the flavour.
> >
> > Don't worry about RalphVince too much, to start with, he is right
> up
> > near the pinnacle.
> >
> > brian_z
> >
> >
> >
> > --- In amibroker@xxxxxxxxxxxxxxx, "jamesfarrow2003"
> > <jamesfarrow2003@> wrote:
> > >
> > > Thanks for the reply - I have ordered Howards book, hopefully
it
> > > will arrive sometime this week.
> > >
> > > I also had read some of the links you provided, like the user
> > guide,
> > > and some of the commentary on this site. However, I was hoping
> to
> > > gain a deeped understanding of WHY we want to look for certain
> > > values on certain indicators.
> > >
> > > I will take your advice and try to piecemeal some reference
> matrial
> > > from the web.
> > >
> > > James
> > >
> > > --- In amibroker@xxxxxxxxxxxxxxx, "brian_z111" <brian_z111@>
> > > wrote:
> > > >
> > > > Hello James,
> > > >
> > > >
> > > > You can view the contents page of Howard's book and two
> chapters
> > > at:
> > > >
> > > > http://www.quantitativetradingsystems.com/book.html
> > > >
> > > > His homepage gives a good summary of what it is about.
> > > >
> > > > It does include a list of AB's built in metrics plus some
> > > additional
> > > > ones with a little bit of comment. More importantly Howard
does
> > > give
> > > > an example of how to add a custom metric in the final
> > > > chapter "Extending AmiBroker".
> > > >
> > > > However defining the metrics isn't the books primary
objective -
>
> > > that
> > > > would take a couple of hundred pages alone.
> > > >
> > > > The AB User's Guide lists the basic definitions:
> > > >
> > > > http://www.amibroker.com/guide/w_report.html
> > > >
> > > > Beyond that there is so much material available by googling
> that
> > > most
> > > > authors probably feel detailed explanations would be
redundant.
> > > >
> > > > They are sometimes discussed in this forum (we have covered
> > Profit
> > > > Factor, Expectancy, Ulcer Index etc in the last few weeks).
> > > >
> > > > Sometimes I get good answers from keyword specific searches
on
> > > this
> > > > forum, EliteTraders or the TradingBlox forums.
> > > >
> > > > If there was a book, just on the defintion of evaluation
> metrics
> > > > alone out there, then I wouldn't buy it anyway.
> > > >
> > > > Most of the time I pick up definitions when they are included
> in
> > > > books on system design and testing.
> > > >
> > > > Howard has a links page that references some of the better
> > > > books/sites and there is also a few links to stats books at:
> > > >
> > > > http://www.amibroker.org/userkb/2007/10/18/statistics-
resources-
> > > for-
> > > > traders/
> > > >
> > > > brian_z
> > > >
> > > > http://www.amibroker.org/userkb/
> > > >
> > > >
> > > > --- In amibroker@xxxxxxxxxxxxxxx, "jamesfarrow2003"
> > > > <jamesfarrow2003@> wrote:
> > > > >
> > > > > WOuld this be a good book to learn about the measures of
> > > > performance
> > > > > that Amibroker automatically calculates?
> > > > >
> > > > > If not, does anyone have a good reference for those
measures?
> > > > >
> > > > > Thanks,
> > > > >
> > > > > James
> > > > >
> > > > > --- In amibroker@xxxxxxxxxxxxxxx, ohneclue <ohneclue@>
wrote:
> > > > > >
> > > > > > Dennis,
> > > > > >
> > > > > > Good Job!!!!
> > > > > >
> > > > > > Judith
> > > > > >
> > > > > >
> > > > > > ----- Original Message ----
> > > > > > From: Dennis Brown <see3d@>
> > > > > > To: amibroker@xxxxxxxxxxxxxxx
> > > > > > Sent: Friday, April 4, 2008 3:08:28 PM
> > > > > > Subject: Re: [amibroker] Howard B. Bandy BOOK
> > > > > >
> > > > > > I just wrote a review for that page that says to buy it
> from
> > > the
> > > > > Author at half that price. I don't want someone to feel
> ripped
> > > off
> > > > > if they buy the book then visit the website. :)
> > > > > >
> > > > > >
> > > > > > Dennis
> > > > > >
> > > > > >
> > > > > > On Apr 4, 2008, at 3:55 PM, ohneclue wrote:
> > > > > >
> > > > > > Howards,
> > > > > >
> > > > > > I assume, then, you have also seen the link on the left
> to "I
> > > Own
> > > > > the rights . . ." and that takes you to a book seller that
> > might
> > > be
> > > > > more interested in your offer providing you own the rights
> > which
> > > > you
> > > > > do.
> > > > > >
> > > > > > Don't know if that is of any interest to you but thought
> I'd
> > > > > mention it anyway.
> > > > > >
> > > > > > Judith
> > > > > >
> > > > > > ----- Original Message ----
> > > > > > From: Howard B <howardbandy@ gmail.com>
> > > > > > To: amibroker@xxxxxxxxx ps.com
> > > > > > Sent: Friday, April 4, 2008 2:37:29 PM
> > > > > > Subject: Re: [amibroker] Howard B. Bandy BOOK
> > > > > >
> > > > > >
> > > > > > Hi Dave --
> > > > > >
> > > > > > Yes, I have seen it. I emailed the seller a couple of
> weeks
> > > ago
> > > > > and offered them as many copies at $49.95 as they wanted.
> They
> > > > must
> > > > > have all they need, because they have not responded. If
they
> > > can
> > > > > sell the book at $104, more power to them.
> > > > > >
> > > > > > Thanks,
> > > > > > Howard
> > > > > >
> > > > > >
> > > > > >
> > > > > > On Thu, Apr 3, 2008 at 5:36 PM, dave_88_1961
<dave_88_1961@
> > > > > yahoo.com> wrote:
> > > > > >
> > > > > >
> > > > > >
> > > > > > Howard,
> > > > > > Have you seen this on Amazon?
> > > > > > http://www.amazon. com/Quantitative -Trading- Systems-
> > Practica
> > > l-
> > > > > Validation/ dp/0979183804/ ref=pd_bbs_ sr_1?
> > > > > ie=UTF8&s=books&qid=1207269124&sr=8-1
> > > > > >
> > > > > >
> > > > > > Dave
> > > > > >
> > > > > >
> > > > > >
> > > > > >
> > > > > >
> > > > > >
> > > > > >
> > > > > > You rock. That's why Blockbuster' s offering you one
month
> of
> > > > > Blockbuster Total Access, No Cost.
> > > > > >
> > > > > >
> > > > > >
> > > > > >
> > > > > >
> > > > > >
> > > > >
> > > >
> > >
> >
>
_____________________________________________________________________
> > > _
> > > > > ______________
> > > > > > You rock. That's why Blockbuster's offering you one month
> of
> > > > > Blockbuster Total Access, No Cost.
> > > > > > http://tc.deals.yahoo.com/tc/blockbuster/text5.com
> > > > > >
> > > > >
> > > >
> > >
> >
>
------------------------------------
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