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Trading Secrets of the Inner Circle
 
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Trading Secrets of the Inner Circle [Paperback]

Andrew Goodwin (Author)
4.4 out of 5 stars  See all reviews (5 customer reviews)

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Book Description

0934380406 978-0934380409 December 1997
This book will give you insight into the market concepts of a trader who has operated at the highest levels of the industry. Most importantly, Goodwin has dispensed with the complex statistical tools that he is accustomed to working with and has transformed his chapters into models that you can replicate with modest effort. Tradestation users will have a virtual field day cutting through this collection of original ideas on everything from timing the VIX index to scalping the S&P futures.

Those who do not read this book and learn from it will be putting themselves at a severe disadvantage. When you are competing in a zero sum game against statisticians, insider and tremendous financial interests, you had better have an advantage. Goodwin's book goes a long way towards leveling the playing field for the individual trader.


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Editorial Reviews

About the Author

Andrew Goodwin, the author of this treasury of professional trading tactics, knows his trade. In fact, his biography reads like a textbook in the development of a master trader. While earning his Harvard undergraduate degree, Goodwin was the first student at the college to set up a 24 hour trading desk in his dormitory room. Upon earning his degree, Goodwin purchased a seat on the New York Futures Exchange, and unsatisfied with the lack of computer equipment, became the first trader at the exchange to install technical systems equipment.

Before he was twenty-four, Goodwin had landed a job at a prestigious Manhattan based offshore hedge fund. He was given the role of chief technical analyst in a new firm founded by the former Tiger Management Macro Trading team. This was the team that was allocated $1 billion and made $1 billion, a feat that will go down in hedge fund record books. Goodwin executed European and Asian derivatives trades for a fund that amounted to over $400 million. When the team went its separate ways, Goodwin's colleagues went to work for a virtual who's who of Wall Street hedge funds. Some went to work for Michael Steinhardt, others went to Leon Cooperman, and still more went to work for Julian Robertson.

Goodwin made the decision to work for master speculator, Dr. Victor Niederhoffer. As a trader and analyst for Niederhoffer in 1994 and 1995, Goodwin studied the techniques in statistical pattern recognition that have made Niederhoffer the most successful CTA of that time. Goodwin also learned about trading in large size as he executed billion dollar orders in interest rate futures for George Soros' bond traders.

Today, Goodwin is the principal of Goodwin Trading Corporation, an investment advisor registered with the SEC. His clients include non-profit organizations and high net worth private investors. His investors have not had a losing month, but they have racked up double-digit annual returns. Furthermore, Goodwin is a noted patron of several Manhattan cultural institutions.


Product Details

  • Paperback: 110 pages
  • Publisher: Traders Pr (December 1997)
  • Language: English
  • ISBN-10: 0934380406
  • ISBN-13: 978-0934380409
  • Product Dimensions: 10.9 x 8.4 x 0.4 inches
  • Shipping Weight: 11.4 ounces (View shipping rates and policies)
  • Average Customer Review: 4.4 out of 5 stars  See all reviews (5 customer reviews)
  • Amazon Best Sellers Rank: #775,135 in Books (See Top 100 in Books)

 

Customer Reviews

5 Reviews
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Average Customer Review
4.4 out of 5 stars (5 customer reviews)
 
 
 
 
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7 of 8 people found the following review helpful:
5.0 out of 5 stars A True Gem In The World of Trading Books, December 7, 2003
By 
Philip Dorn (Montgomery, Alabama) - See all my reviews
This review is from: Trading Secrets of the Inner Circle (Paperback)
"Trading Secrets of the Inner Circle" completely revolutionized the way I trade, and I simply cannot recommend it highly enough. For those who will read this book carefully and experiment thoroughly with the code, rich rewards await. I hesitated to write this review at all, since I actually don't want a lot of other people implementing the ideas contained herein. This is mainly just my competitive spirit, but then I realized that only about one in twenty people who do read the book are going to take the time to guarantee their own success by paper trading the systems before putting real money on the line. Because despite the wealth of valuable information contained in "Trading Secrets", the truth is that you still must fine-tune the parameters a bit (or put in a volatility filter here and there) and then paper trade for a half year or more in order to have the confidence to handle real life drawdown without jumping ship just before a major equity pop. And believe me, these will happen as soon as you think something doesn't work and give up at the worst possible moment. On the whole, Andrew Goodwin's systems are the most theoretically sound and downright robust I have ever seen. Bear in mind that this guy worked for the legendary Victor Niederhoffer, so he definitely has his trading resume in order. Before reading "Trading Secrets", I tried for three full years to daytrade stock index futures and lost THOUSANDS this way before I realized that I just couldn't compete with market maker shenanigans and my own sheer lack of emotional control in that incredibly fast-paced and difficult arena. But then I switched to short-term swing trade systems like those given in this book, and have done much, much better. Most of the systems here hold from two to ten days prior to exit. And by the way, you can substitute buying options (calls or puts) in place of going long or short on stocks and index futures -- this method is not specifically addressed in the book, but may be perfect for those who are short on margin. Although the author includes a lot of Easylanguage code for Tradestation users, you can readily adapt this to other software platforms if necessary since the rules are clearly spelled out in the text. One more thought: at first glance, this book may appear overly simplistic and short on content...don't let that fool you. For those who are ready to hear its message, "Trading Secrets of the Inner Circle" could be nothing short of a revelation on how successful trading *really* works -- it certainly was for me.
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5 of 6 people found the following review helpful:
5.0 out of 5 stars Expert Trading System design, October 3, 2000
This review is from: Trading Secrets of the Inner Circle (Paperback)
In this book, Goodwin reveals the secrets that made him millions in short term trading of stock index futures. This stuff actually works. I can't believe that it was actually published in a book. The other trading books are filled with cliches and impractical ideas that go without rigorous testing. This book gives away some good methods that people usually don't sell because they are making money off of them. It's a steal.
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1 of 1 people found the following review helpful:
5.0 out of 5 stars Takes you inside !, July 8, 2001
By 
L G Woods (Evergreen, CO United States) - See all my reviews
This review is from: Trading Secrets of the Inner Circle (Paperback)
This book is a must for anybody that has a tradestation and needs to step up from the regular training books, it takes you in to the mind of a true market wizard and gives an insight in to just what the pro's are looking for. when you load the code remember that a lot pro's use options to control risk and not stop's so if you are new at this some of the drawdowns may look a lot worse than they are. Great book !!!
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