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Smarter Trading: Improving Performance in Changing Markets Hardcover – January 1, 1995

7 customer reviews

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About the Author

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Product Details

  • Hardcover: 252 pages
  • Publisher: McGraw-Hill; 1 edition (January 1, 1995)
  • Language: English
  • ISBN-10: 0070340021
  • ISBN-13: 978-0070340022
  • Product Dimensions: 6.1 x 1 x 9.1 inches
  • Shipping Weight: 1.4 pounds
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (7 customer reviews)
  • Amazon Best Sellers Rank: #900,352 in Books (See Top 100 in Books)

More About the Author

Perry Kaufman is a financial engineer, well-known for developing algorithmic trading strategies. He has written extensively on systematic approaches to trading decisions and risk management. Mr. Kaufman began his career as a "rocket scientist," working on the OAO-1, the predecessor of the Hubble Observatory, and then on the navigation for Gemini, and subsequently in military reconnaissance. In 1971 he became involved in the futures markets and has remained there.

His experience ranges from the agricultural markets in the early 1970's to high-frequency trading now. He has traded and managed money through the U.S.-Russian wheat deal of 1973, 20% interest rates of 1980, the stock market crash of 1987, the internet bubble of 2000, and the subprime crisis of 2008. Perry has designed funds based on FX Carry, macro trends, and short-term trading, and pattern recognition. For the past 10 years he has also concentrated on risk control and portfolio construction.

He can be reached at perry@perrykaufman.com.

Customer Reviews

Most Helpful Customer Reviews

13 of 13 people found the following review helpful By A Customer on January 31, 1999
Format: Hardcover
successful trading system development requires a firm grasp of financial markets, statistics, and clever computer programming and Mr. Kaufman offers a little taste of each to his readers. The chapters on "market reality", "risk and return", "trend following" and "robustness testing" are well written and very helpful, while sections on "neural networks", "fuzzy logic", and "expert systems" are basically filler material and of not much practical use. All said, it is one of the better books on the subject.
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12 of 13 people found the following review helpful By Georgina on August 18, 2003
Format: Hardcover
The person who said that Kaufman does not believe in stop losses is quite INCORRECT. The whole purpose of this book is to weigh a stop loss against a possible incorrectly placed volatile sale.
If anyone trades with a regular basis they know the horror of being 'stopped out' because of volatile price swings. Kaufman helps by correclty analyzing the benefits of stops vs losses showing how mechanized systems for stops have their own pitfalls.
Kaufman's whole treatise on RISK is really worth the price of the book. Understanding risk and it's effect on your psychology is an important and very valuable treatise. Kaufman does a very good job on the subject. Also of benefit, is the Adaptive Moving Average algorithm. While this is also part of Metastock
having the formula is invaluable for those of us who want to modify it.
The weakest part is the computerized system analysis at the end is old and rather simplistic; I would not recommend it. Some of the ideas are interesting but Pardo's book is much much better.
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19 of 26 people found the following review helpful By A Customer on August 23, 1999
Format: Hardcover
Perry Kaufman seems like a very knowledgable technician. I think he should write more books. "Smarter Trading" is a good read, especially the discussion on stop-loss orders and market noise. The adaptive moving average is far superior to other MA's. You can skip the neural network and machine language garbage. Neural Networks are nothing more than the ultimate curve-fit.
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6 of 8 people found the following review helpful By lyntonii on December 22, 2005
Format: Hardcover
I bought this book from Amazon in 1998 so I probably bought it on the basis of the only review at the time (which gave it 5 stars). It has remained idle on my shelf from the day it arrived until last week when I found reason to have a closer look into it. I was not particulary impressed. The book seems more dated than merely 10 years.

Another review mentions the " sections on "neural networks", "fuzzy logic", and "expert systems" are basically filler material and of not much practical use". I agree. I also believe that there is more filler material than that. There is, for example, a Fortran program proudly trotted out which allegedly creates a "shock-adjusted price series". I doubt that many readers would be interested in that. Also, inexplicably, the spreadsheet formulas are from Lotus and Quattro (none for Excel).

I got the impression that Perry wanted to write a book to impress others with his nerdiness, but when it came to really gritty detail (like what he might have found that actually provided an edge) either he was holding something back or he simply didn't know. All the formulas and technobabble in the world are to little avail if we ultimately cant find grip where the rubber hits the road. I haven't been able to find anything in the disjointed discussions on market noise and stoploss that I can actually apply to a practical end.

If the main value in the book is about risk management I think the material in any of Ralph Vince's books (from where Kaufman sources some of his best material) would be more insightful.

I'm sorry I couldn't be more generous, Perry.
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