Beyond Technical Analysis: How to Develop and Implement a Winning Trading System (Wiley Finance) (Hardcover)

by Tushar S. Chande (Author) "Nothing is easier than developing a trading system by the usual process of trial and terror..." (more)
Key Phrases: initial money management stop, monthly equity changes, maximum intraday drawdown, New York, Omega Research, Profit Factor British (more...)

Editorial Reviews

Product Description
Unique book/disk package helps traders develop and forward-test a high-performance trading system

In trading, a winning system is everything. Without a systematized methodology on which to base their actions, traders quickly succumb to market fear and confusion and watch helplessly as precious profits vanish. And while it is theoretically possible to buy a canned trading system, most experts agree that the best system is proprietary to each trader—developed, implemented, and tested by the individual to suit his or her exact requirements.

In this book/software package, acclaimed technical trading system developer Tushar Chande shows traders how to develop a winning trading system, and how to test its future performance through computer simulation. The result? Users can paper trade their personal trading system before using it in the real world, accurately estimating how well they can cope with the day-to-day pressures of implementing the system when their capital is at risk and emotions are involved. Disk 1 provides a program enabling users to write a trade plan, create orders, rate their confidence for specific trades, and run P & L statements. Disk 2 is a demo disk for $ecure Trade Management Software.

From the Publisher
In this book/software package, acclaimed technical trading system developer Tushar Chande shows individual and professional traders how to develop and implement a winning trading system, and how to test its future performance through computer simulation. Users can "paper trade" their personal trading system before using it in the real world, accurately estimating how well they can cope with the day-to-day pressures of implementing the system when their capital is at risk and emotions are involved.

See all Editorial Reviews

Product Details

• Hardcover: 267 pages
• Publisher: John Wiley & Sons Inc; Har/Dsk edition (January 1997)
• Language: English
• ISBN-10: 0471161888
• ISBN-13: 978-0471161882
• Product Dimensions: 10.2 x 7.5 x 1 inches
• Shipping Weight: 1.7 pounds
• Average Customer Review: 4.0 out of 5 stars See all reviews (7 customer reviews)
• Amazon.com Sales Rank: #1,811,843 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

54 of 59 people found the following review helpful:

2.0 out of 5 stars Don't bother, September 7, 2000

By A Customer

Chande is a respected technical analyst, but his book is lacking. The trading concepts he brings out are interesting, but the systems themselves are weak. Someone might be able to take his concepts and improve upon them by writing better systems based on his ideas. For example the "channel-break pullback" pattern is a very valid concept. The code does not capture, in my opinion, a real life breakout and pullback. To place an arbitrary number of days to buy on a pullback, instead of using conditions to verify the completion of the pullback is like saying the market will always top or bottom after "n" number of days.

I was very disappointed especially with the high price of the book. These systems will not improve your bottom line. Pass.

13 of 13 people found the following review helpful:

5.0 out of 5 stars Some good ideas, May 21, 2008

By	David Lockwood (Canberra, ACT Australia) - See all my reviews (REAL NAME)

This review is from: Beyond Technical Analysis: How to Develop and Implement a Winning Trading System, 2nd Edition (Hardcover)

I'm a bit surprised by some of the negative reviews of this book. I've got most of the popular books on building mechanical trading systems - eg. Kaufman, Katz, Faith, Pardo, Pring, and a few others I can't remember off the top of my head. And I would say this is one of the more useful books on the subject.

Another reviewer suggested that some of the systems were weak - I guess he means they're not incredibly profitable in their generic form. Well, I read books like this simply for some new ideas that I can take away to work on myself.

After all, where's the fun of having all the work done for you by someone else? If in my dotage I ever find the energy to write a book on system design, you can bet I won't give away my most profitable systems in their finished form. I've spent far too many years and tens of thousands of dollars perfecting them. Why would I give that away to some lazy so and so for a few bucks?

The value of this book is that it has a few fairly original ideas (and more than a few conventional ones) that can form the basis for further research. Some of the material may be beyond the novice trader, but intermediate to advanced mechanical traders will probably find something of value here. And Chande's discussion of equity curves and data scrambling is significantly better than many other books on the subject.

20 of 25 people found the following review helpful:

3.0 out of 5 stars Goes Beyond the Average Book, November 11, 1998

By A Customer

Chande goes beyond the average book on technical analysis to some of the most important topics of trading. Unfortunately, he is stuck in an old paradigm of one contract/market at a time. As a result, his conclusions are not at all accurate. This is a disappointment because he really is trying to take the trader to the next level. Interesting, but be careful of the results.