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Cybernetic Trading Strategies: Developing a Profitable Trading System with State-of-the-Art Technologies Hardcover – July 1, 1997

15 customer reviews
ISBN-13: 978-0471149200 ISBN-10: 0471149209 Edition: 1st

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Editorial Reviews

From the Publisher

This cutting-edge guide explains how advanced technologies can create winning trading strategies. The first book to provide specific instructions and applications on how to develop tradable market timing systems using neural networks, fuzzy logic, genetic algorithms, chaos theory, and machine induction methods. It incorporates the new technologies with classical technical analysis methodologies and guides readers through system testing and reliability.

From the Back Cover

"The computer can do more than show us pretty pictures. [It] can optimize, backtest, prove or disprove old theories, eliminate the bad ones and make the good ones better. Cybernetic Trading Strategies explores new ways to use the computer and finds ways to make a valuable machine even more valuable." —from the Foreword by John J. Murphy.

Until recently, the computer has been used almost exclusively as a charting and data-gathering tool. But as traders and analysts have quickly discovered, its capabilities are far more vast. Now, in this groundbreaking new book, Murray Ruggiero, a leading authority on cybernetic trading systems, unlocks their incredible potential and provides an in-depth look at the growing impact of advanced technologies on intermarket analysis. A unique resource, Cybernetic Trading Strategies provides specific instructions and applications on how to develop tradable market timing systems using neural networks, fuzzy logic, genetic algorithms, chaos theory, and machine induction methods.

Currently utilized by some of the most powerful financial institutions in the world—including John Deere and Fidelity Investments—today's advanced technologies go beyond subjective interpretations of market indicators to enhance traditional analysis. As a result, existing trading systems gain a competitive edge. Ruggiero reveals how "incorporating elements of statistical analysis, spectral analysis, neural networks, genetic algorithms, fuzzy logic, and other high-tech concepts into a traditional technical trading system can greatly improve the performance of standard trading systems." For example: spectral analysis can be used to detect when a market is trending earlier than classical indicators such as ADX.

Drawing on his extensive research on market analysis, Ruggiero provides an incisive overview of cyber-systems—systems that, when applied correctly, can increase trading returns by as much as 200% to 300%. The author covers a wide range of important topics, examining classical technical analysis methodologies and seasonal trading, as well as statistically based market prediction and the mechanization of subjective methods such as candlestick charts and the Elliott Wave. Precise explanations and dozens of real-world examples show you how to:

  • Incorporate advanced technologies into classical technical analysis methodologies.
  • Identify which of these technologies have the most market applicability.
  • Build trading systems to maximize reliability and profitability based on your own risk/reward criteria.

Most importantly, Cybernetic Trading Strategies takes you step by step through system testing and evaluation, a crucial step for controlling risk and managing money.

With up-to-date information from one of the field's leading authorities, Cybernetic Trading Strategies is the definitive guide to developing, implementing, and testing today's cutting-edge computer trading technologies.

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Product Details

  • Hardcover: 336 pages
  • Publisher: Wiley; 1 edition (July 1, 1997)
  • Language: English
  • ISBN-10: 0471149209
  • ISBN-13: 978-0471149200
  • Product Dimensions: 6.3 x 1.2 x 9.6 inches
  • Shipping Weight: 1.4 pounds (View shipping rates and policies)
  • Average Customer Review: 3.7 out of 5 stars  See all reviews (15 customer reviews)
  • Amazon Best Sellers Rank: #949,531 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

17 of 17 people found the following review helpful By Leonid B. Gorkin on March 9, 2001
Format: Hardcover Verified Purchase
There are only few books available on the subject (which comes at no surprise, as people who know how to write such a book would get tons of money just applying these methods, rather than writing a book). Chapters on basic consepts are worth reading, looks like the author knows what he is talking about. It includes intermarket analysis, seasonal trading and trading using technical indicators. More advanced subjects, such as neural networks, genetic algorithms, machine learning, statistics and others are very weak. Look somewhere else if you want more info on this.
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18 of 19 people found the following review helpful By Amazon Customer on May 24, 2000
Format: Hardcover Verified Purchase
This book focuses on intramarket trading rountines, by which I mean using one market to estimate the behavior of another before it happens. This idea was first introduced by John Murphy. However, he did not, at that time, present trading paradigms.
In my opinion, Ruggerio does not intend this book to be a complete exposition on intermarket trading systems, much less on "cybernetic trading strategies." He does present enough examples to show the way to develop your own, presumably more sophisticated intermarket systems. Ruggerio really doesn't attempt to program and use technical analysis, nor does he claim to. His discussion of neural nets and genetic algorithms are very introductory. These are, however, topics that require at least a book each, absent a very good background by the reader.
In short, this is a pretty decent idea book, or rather approach book dealing with computer driven trading systems which use intermarket analysis. Personally, I think it's a useful book, even though I don't use the approach: I'm more technically oriented.
If you are looking for a definitive approach to using modern math to make a zillion dollars while you watch basketball, this isn't the book. Of course, you won't find that book, but that is a different discussion. Don't go here for neural nets or genetic algorithms, either. See Goldman(?) for the latter. I'm no help for the former.
I should note that this book is aimed at commodity traders. Stock traders can make use of the techniques by translating "commodity name" to "sector name," assuming one uses sector analysis.
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10 of 10 people found the following review helpful By Andrew Godunov on April 21, 2001
Format: Hardcover
I like this book because it is easy to read, it is short and has a good overview of morden methods for stock and commodity trading. Unfortunately author does not give any essential details or any mathematical justification for advanced method like MEM or Chaos and others except for emotions "how wonderful it is" with additional references to other sources that of course, cost money. So I find it difficult to use this book "to develop a profitable system with a state of the art technologies" because it does not have crucial details and therefore I put 3 star for my failed expectations. I recommend this book as an overview only.
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18 of 21 people found the following review helpful By A Customer on October 11, 1998
Format: Hardcover
The only value this book has is in the section on cycles. I ordered some of the software designed by Ruggero in order to run a few of the studies discussed in the book. I rapidly lost faith in it's contents after learning that my order taker on the other end of the phone line was Ruggerio himself. Why would any succesful trader who purports to have designed systems producing millions of dollars also work as an operator?
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7 of 8 people found the following review helpful By Christopher Chin on February 27, 2000
Format: Hardcover
If you want a good overview of Technical Analysis, Artifiial Intelligence, and their combination, this is a good starting point. They do give you some pointers, but that doesn't start until 3/4 the way through. There is no math in this book! You'll need something much more in-depth to actually build a system. But if all you want is to see what techniques are out there, this book fares well.
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3 of 3 people found the following review helpful By A Customer on September 7, 2000
Format: Hardcover
There are some very interesting concepts in here, but I doubt that they will enhance your bottom line. Of course these systems are profitable (they're backtested), but by how much? Simpler systems will probably do better, I know basic volatility systems will. Maybe all the tests should have been run with a moving average crossover system as a base line?
There are many intermarket relationships, but I feel they are better used as a general guide, not hard and fast rules to trade another market.
Some of the concepts are hard to understand even for the mathmatically inclined. Does trading need to be this difficult? No, not for these returns.
Unless you are looking for something specific that he covers here, there are better books out there.
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9 of 12 people found the following review helpful By "sfz98" on October 11, 1999
Format: Hardcover
I found Cybernetic Trading Strategies very informative and useful. As other reviews suggest it is not for the trader who is just coming out of the gate. However, for those with some trading experience, as well as some programming (Easy Language) experience, it can be the door that leads to the next level. I haven't found anything else out there like it. Also, the book generated many additional questions that went beyond the scope of the book. It was a pleasure to be able to pick up the phone and talk to Mr. Ruggiero directly. He is first and formost a systems developer, but he also trades his own stuff. Some books are mostly "fluf" but this book contains many solid ideas. I'd list it as one of the top 5 trading books I've read as well as the best one on intermarket analysis.
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