- Hardcover: 336 pages
- Publisher: Acme Trader Llc (July 2002)
- Language: English
- ISBN-10: 0971853649
- ISBN-13: 978-0971853645
- Product Dimensions: 1 x 6.2 x 9 inches
- Shipping Weight: 1.5 pounds
- Average Customer Review: 4.1 out of 5 stars See all reviews (33 customer reviews)
- Amazon Best Sellers Rank: #545,360 in Books (See Top 100 in Books)
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Professional Stock Trading: System Design and Automation Hardcover – July, 2002
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The court also ordered Conway to pay a $1,300 fine and $20 million in restitution. On October 23, 2006, Conway pled guilty to 13 counts of wire and mail fraud in connection with his scam. According to the SEC, the District Attorney's office has taken $15 million from Conway's bank accounts to be returned to the roughly 50 investors who put money into his bogus Groundswell Partners and Groundswell Capital investments.
The Commission based a large portion of its case against Conway on a tape-recorded phone conversation with Conway's Groundswell partner, Aaron Behle. During the October 26, 2005 conversation, Conway admitted to Behle that he had used the fund to defraud investors from roughly 2000 or 2001 to October 2005.
Conway also admitted that he had taken a sizeable position in a stock and lost a large amount of the fund's money, and that he had changed his investment strategy without notifying investors. The original investment strategy was purportedly based on quantitative and mathematical algorithms that capitalized on daily price movements in order to earn incremental positive daily returns.
In the course of the taped conversation, Conway also told Behle that he concealed the huge losses incurred by the fund by altering financial statements, profit-and-loss spreadsheets, and account statements to investors, which falsely inflated the amount of assets in investors' accounts. Conway falsely told investors that the fund's assets were at roughly $43 million, when they were closer to $14 million.Read more ›
(1) To date, 83% of the total restitution amount has been paid back to the investors.
(2) My former partner is not only a CEO now, but a rat. I took the hit and did 100% of the time.
(3) Prison is the best thing that ever happened to me.
P.S. As with any book, all authors strive to present the best examples of their work. In retrospect, these charts should have been more balanced with emphasis on losers as well. The strength of the book is its focus on building a software foundation with TradeStation using a variety of automated systems. Suffice to say that had I followed my own systems instead of being sucked into the day-trading vortex, things would have worked out much better. No need for backtesting when you are released from prison and get to see how your systems performed for the past six years.
Yes, the systems run out of the box, but I can see why some will be disappointed. These guys aren't handing over the Holy Grail, but then who does? That is not to discount a few of the systems in the book -- they were clearly designed by inventive programmer(s) with sound principles. In fact, two of the systems test very well historically. Given the proliferation of pattern-based trading, I believe this book advances the ball by providing more (yet not complete) accountability by authors of trading books.
So is this book for professional stock traders? Yes, in the sense that it presents a disciplined approach to trading multiple systems and unifying these systems through a common trade management model. The code is modular and could (may) have been written by a very good software engineer. The only deficiencies are the lack of system settings for each chart and comprehensive performance results for all of the systems. I recommend this book and am a satisfied customer.
Most Recent Customer Reviews
No Charts or figures or drawings in Kindle Edition. Period !
A technical analysis book without charts. Read more
I give three stars for the item. It is a good book but I am under the level. Thank you !Published on July 18, 2013 by Raul-ionel Tompe
Summary from my full length review - A showcase of trading systems written for TradeStation. Examples are hand picked. The systems do not work well when applied in reality.Published on March 2, 2013 by Lawrence Chan
There are very few books with the ambition of clearly and quantitatively stating how hedge fund managers and other professionals of the art of stock trading perform their craft. Read morePublished on December 4, 2009 by Arooj Shaikh
This is not a bad book on trading systems, however, take it with a grain of salt considering the outcome of the authors' trading company - search the SEC website for the last names... Read morePublished on September 29, 2007 by R. Smith
Despite the apparent sophistication of the many diverse trading strategies and systems introducted in this book, none of them seem to back-test well on historical data in... Read morePublished on June 28, 2007 by Ronald W. Hoard
I have not yet read the book but quickly discovered a couple of things of which you might want to be aware. The software is "included" in that the last 60 or 70 pages (sorry... Read morePublished on May 8, 2007 by John Crumley
Lets not get too excited. Not sure how much reading and technical analysis other readers have done, while I think some of the book is useful other parts of it seem to be a waste... Read morePublished on March 27, 2007 by nymight