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Title: The Trading Game: Playing by the Numbers to Make Millions by Ryan Jones ISBN: 0-471-31698-9 Publisher: John Wiley & Sons Pub. Date: 15 April, 1999 Format: Hardcover Volumes: 1 List Price(USD): $55.00 |
Average Customer Rating: 2.96 (24 reviews)
Rating: 5
Summary: One of the most important trading books ever!
Comment: If I had to recommend one book to read on trading, this would have to be it. While it does not cover every aspect of trading, it is the only book I have read that can actually deliver what the title implies. The author discusses all of the popular methods of money management in use by private and professional traders alike. There are times when the detailed and exhaustive examples can make the most enthusiastic reader bleary eyed. However, this is done for the benefit of the reader. The author is convinced that his method of money management is superior to traditional methods and takes pains to prove this with a comprehensive and step by step analysis of each. Additionally, he describes and gives the rules to a simple trading system that actually works better than most of the high-priced systems for sales in popular trading magazines. I have personnally back tested the system oulined in the book using his "Fixed Ratio" money management approach using TradeStation 2000i. I optimized the system parameters to a small degree to reflect them as a function of the respective markets in which it was being tested but still attempting to avoid curve-fitted results (i.e. the moving-average parameters in the SF may have been 24 and 5 days as opposed to them being 21 and 3 days in bond futures). I used this method with a stop-loss (also being a function of the market) in the following markets: TQ, SF, ED, ES and DX. I chose these markets for their relatively low margin requirements. Tested over the past four years yielded approximately $1,400,000. The author claims that if one has a system that generates at least $20,000 per year, that that amount can be parlayed into $1,000,000 in five years. Judging from the results from my own tests, this book delivers that and then some. What is interesting about Fixed Ratio money management is that it is independent of the system being used. You can add any number of systems and any number of markets and as long as the systems all generate a profit, the results just keep getting better and better. This is the result of allowing your equity to grow geometrically, with only a modest increase in your risk. You actually stand to increase your return by several hundred percent while you increase your risk by a few meager percentage points. If you are prepared psychologically to trade futures, equities or options then I urge you to purchase this book. Otherwise, get yourself mentally ready to trade by reading "The Disciplined Trader," by Mark Douglas (books by Ari Kiev and Van K. Tharp are also good) then return to this book/subject. It is revolutionary.
Rating: 4
Summary: Great History of and Application of these Principles
Comment: I have read an advance copy of the book. It delves into a lot of the history of money management: Optimal F, % of Account Size, Fixed Fractional etc. The concept of Fixed Ratio is clearly explained and shown in application. It also explains capital protection as well as some basic trading techniques. I found the book very thorough, but I am a here and now person, so i had trouble following the intro to money management when those concepts are flawed and not used. The content of the Fixed Ratio was fabulous. I highly recommend this book.
Rating: 3
Summary: Finally a system for the little guy!!
Comment: I read this book with mixed feelings. First, after looking at some of the reviews, I wondered if we were reading the same book. Now I know why -- the writing is terrible. Some sections I had to read 3 or 4 times before I even began to understood what he was talking abou. It does not surprise me that several reviewers obviously were clueless on what he was talking about. This book desperately needs a re-work.
My second reaction was "Finally a system for the small accounts". Most of the money systems I've seen are designed for major accounts (e.g. "don't risk more than 2% on a trade" -- yeah, right!) The trader with $10,000 or less should find a very workable system to manage his account. His system handles important issues of how to build equity on the way up, and another section on handling downturns, including streaks. He gives a good discussion on other money management techniques as well.
Wow!
It will take several.... several readings for it to make sense, but, believe me, it is well worth the effort. Hopefully we can look forward to a second edition that makes sense.
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Title: High Probability trading by Marcel Link ISBN: 0071381562 Publisher: McGraw-Hill Trade Pub. Date: 17 March, 2003 List Price(USD): $39.95 |
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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: Portfolio Management Formulas : Mathematical Trading Methods for the Futures, Options, and Stock Markets by Ralph Vince ISBN: 0471527564 Publisher: John Wiley & Sons Pub. Date: 05 October, 1990 List Price(USD): $90.00 |
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Title: The New Money Management: A Framework for Asset Allocation by Ralph Vince ISBN: 0471043079 Publisher: John Wiley & Sons Pub. Date: 20 March, 1995 List Price(USD): $65.00 |
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Title: Quantitive Trading and Money Management: Revised Edition by Fred Gehm ISBN: 1557385858 Publisher: McGraw-Hill Trade Pub. Date: 01 July, 1995 List Price(USD): $55.00 |
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