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In general I would recommend the book. How useful it is to any
given individual depends upon the mathematical background of that
person. I thought it was well written. IMHO would be traders spend
much too much time creating indicators. None of these indicators in
the long run will give you more than a 50:50 chance at making money.
The real "holy grail" is managing money and risk. Those are the only
factors that you can control and the only way you can win in the long
run. It is unfortunate that the writers of trading software totally
ignore this aspect. Much more emphasis should be placed upon developing
a product that allows one to test more sophisticated money management
strategies (e.g. legging in, legging out, moving stops, pyramiding, and
betsize relative to total equity). But I suppose most people hate math
and like pretty pictures so that is the target market for so called
trading software.
OK. Sorry for the rant. Yes I would recommend the book.
Regards,
Tim
Glen Wallace wrote:
>
> Has anyone read "The Mathematics of Money Management" by Ralph Vince? It
> was recommended to me as an advanced, yet practical book on money management
> and risk management.
>
> Any comments?
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