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Trade Like a Hedge Fund: 20 Successful Uncorrelated Strategies & Techniques to Winning Profits (Wiley Trading)
 
 

Trade Like a Hedge Fund: 20 Successful Uncorrelated Strategies & Techniques to Winning Profits (Wiley Trading) (Hardcover)

~ (Author) "The gap trade is the bread and butter trade for many day traders and hedge funds..." (more)
Key Phrases: average bars, turtle system, option expiration day, Winning Trades, Average Loss, All Trades All Trades (more...)
3.5 out of 5 stars  See all reviews (34 customer reviews)

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Editorial Reviews

Review

"Should you have this in your library? Most definitely, it...maps out exactly how to turn theory into profits." -- Gary B. Smith, TheStreet.com

"Trade Like a Hedge Fund" is to investing what Julia Child's The Art of French Cooking is to cuisine." -- Donald Luskin, SmartMoney.com, March 2004


Product Description

Learn the successful strategies behind hedge fund investing

Hedge funds and hedge fund trading strategies have long been popular in the financial community because of their flexibility, aggressiveness, and creativity. Trade Like a Hedge Fund capitalizes on this phenomenon and builds on it by bringing fresh and practical ideas to the trading table. This book shares 20 uncorrelated trading strategies and techniques that will enable readers to trade and invest like never before. With detailed examples and up-to-the-minute trading advice, Trade Like a Hedge Fund is a unique book that will help readers increase the value of their portfolios, while decreasing risk.

James Altucher (New York, NY) is a partner at Subway Capital, a hedge fund focused on special arbitrage situations, and short-term statistically based strategies. Previously, he was a partner with technology venture capital firm 212 Ventures and was CEO and founder of Vaultus, a wireless and software company.


Product Details

  • Hardcover: 240 pages
  • Publisher: Wiley (March 8, 2004)
  • Language: English
  • ISBN-10: 0471484857
  • ISBN-13: 978-0471484851
  • Product Dimensions: 9.1 x 6.1 x 1.1 inches
  • Shipping Weight: 14.4 ounces (View shipping rates and policies)
  • Average Customer Review: 3.5 out of 5 stars  See all reviews (34 customer reviews)
  • Amazon.com Sales Rank: #60,240 in Books (See Bestsellers in Books)

More About the Author

James Altucher
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This book cites 9 books:
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34 Reviews
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Average Customer Review
3.5 out of 5 stars (34 customer reviews)
 
 
 
 
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Most Helpful Customer Reviews

 
117 of 129 people found the following review helpful:
5.0 out of 5 stars Insider Tips That Won't Land You in Jail, March 7, 2004
By Brett Steenbarger (Naperville, IL USA) - See all my reviews
(REAL NAME)   
James Altucher is a professional money manager and a contributor to TheStreet.com who has assembled a collection of "20 successful uncorrelated strategies and techniques" for trading the markets. His first book effort is one of the most practical trading guides I have encountered.

What sets "Trade Like a Hedge Fund" apart is that we don't have to take the author's word that these strategies are successful. Included in every chapter are the specific rules for each strategy and the tested trading results over the recent past. I particularly like the fact that he has tested the results across broad market indices and individual equities. For example, Altucher creates his own version of the famous "Turtle" trend- following system and tests it on the S&P 500 Index, the NASDAQ 100 stocks, and a basket of uncorrelated stocks. This very much helps display the robustness of the underlying trading concept.

Among the specific strategies disclosed and tested are a unique method for trading the spread between S&P and NASDAQ stocks; an intraday method for trading the Cumulative NYSE TICK; a short-term trading system that makes use of Bollinger Bands; a technique for allocating money to bonds; and a straightforward method for arbitraging preferred and common stock of companies.

Where I think this book is strongest is in illustrating how a professional hedge fund manager thinks about the markets. Many of the strategies are designed to take advantage of extremes in the market, where inefficiencies are most likely to be present due to traders' panic and overconfidence. Altucher's creativity in searching for these inefficiencies stimulates the reader to engage in a similar search. Reading the chapter on the NYSE TICK, for example, I soon developed my own promising variation on the author's strategy.

Are there weaknesses in the book? I found the text to be clearly written and well-illustrated with charts and tables. The systems were designed and tested with the Wealth Lab program, but the specific code for each of the systems is not included in the text. An exception is the pairs trading system, which is one of the most creative strategies in the book. The strategies are geared more for swing and intermediate-term trading than "day-trading", with the TICK system a notable exception. My sense is that creative researchers could adapt some of Altucher's ideas to shorter-term trading--particularly the pairs trading technique and the strategy for buying market "crashes".

Altogether, "Trade Like a Hedge Fund" belongs to a genre of books inspired by the work of Victor Niederhoffer (who Altucher acknowledges in his introduction). The focus is on scientifically-tested trading concepts, not discretionary, subjective ones. Where Altucher may differ from Niederhoffer is in his willingness to adapt traditional technical analysis tools (such as Bollinger Bands and gaps) to quant trading. As a matter of disclosure, let me say that I have corresponded with Altucher about his ideas, but this review was not solicited by him or his editor (who happens to be my editor as well). The best thing I can say about the text is that it has given me ideas for my own research and trading. I can't say that about many trading books.

Brett Steenbarger
www.brettsteenbarger.com

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46 of 50 people found the following review helpful:
5.0 out of 5 stars Well worth the money, August 22, 2004
By William Rockwell (Chatsworth, CA United States) - See all my reviews
(REAL NAME)   
On it's surface this is a book about 20 specific trading systems. But if that is all you get from it, you probably missed the big picture I believe the author was trying to convey. Like every book, there is good and bad. My review will be in the same order.

In fact there are variations on most of the systems presented. I found some of the variations/systems to be interesting. I will be trading my own variations of his variations with my own money. Frankly I would not feel comfortable trading some of the systems presented and I will not. But those are my preferences and need not be yours. I am sure there is at least one system in the book that would suit your style. Given the potential profits the cost of the book is trivial.

Blindly following a system might make you money for the short to medium term. However the real strength I found in the book was to spur my imagination to modify his systems to suit myself, thereby turning them into my systems. Since they are now "mine", I am free to change them as conditions change going forward.

Now the downsides. First there is little in the book on money management. In some of his examples he uses 100% equity to put positions on. I doubt anyone in their right mind would ever consider doing this.

Continuing on the first downside there is little risk management expressed. For at least one of the strategies, you stay in until you make a profit or you eat your losses after 20 days. Staying in any position for 20 days should have you in a profit at some point, no matter why you entered it (making me wonder just how good the system is). But if the market never moved to your number in that time, it is likely you have lost quite a bit of money along the way. Yes you almost always win a relatively small amount, but when you lose, YOU LOSE BIG.

Even with the imperfections, I heartily recommend the book. However I do not recommend you follow it blindly. It is definitely not a beginners book. Before you trade these ideas, you really need some experience. You need to know how to manage your money and how to maintain some grace under fire. In other words if you aren't very disciplined you might end up paying a lot more to the markets than you paid for this book. But since you might be taking the other side of one of my trades....I won't be offended if you don't take my advice.

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56 of 62 people found the following review helpful:
1.0 out of 5 stars Don't waste your time or money., April 7, 2005
By Joshua M. Dean (Salinas, CA USA) - See all my reviews
(REAL NAME)   
This is one of those rare books which are so thin, you can learn as much from their table of contents as from their actual contents. There are a number of things I didn't like about this book and its packaging, but I will only list two for brevities sake.

First, there are not "20 Successful Uncorrelated Strategies". "Technique 19" is simply a list of what the author believes doesn't work. "Technique 20" is a reading list of books the author likes; there are probably hundreds of Wall Street listmanias listing the same books. The other 18 present absolutely nothing new or interesting, most of them are simply "buy the dip" strategies.

Second, this book should rather be called "Trade Like James Altucher", unless you believe there are no longer any hedge funds that have discretionary traders or are willing to use options and go short. There is almost nothing in this book with regards to real money or risk management either. I suppose no one would have bought with that title though.

This is the only good sentence in the entire book: "Table 3.1 shows some recent large bankruptcies that were liquid enough to trade after filing Technique [sic] 11" (p. 49).

But what disappoints me most about this book is not that it is content free, but that it wastes the time and money of those who really are interested in learning. This book, I speculate, was meant to exploit the members of TheStreet.com and its children. Like another reviewer said, my copy is available for burning. I recommend Perry Kaufman's book instead, it may be twice the pirce, but has a thousand times the content.
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Most Recent Customer Reviews

5.0 out of 5 stars Solid book
You wont like every strategy in the book but you'll definitely find something you like, i enjoyed reading it
Published 6 months ago by R. Zerbo

2.0 out of 5 stars Completely useless & unprofitable strategies
The strategies in this book are so pathetic it's laughable. After taking hours of my time to program them into my computer and backtest them, I now feel I know more about trading... Read more
Published 7 months ago by Michael

2.0 out of 5 stars Careful!
I backtested most of the strategies listed in this book going back over a much longer period than the author used and found that most of them either lost money or made tiny... Read more
Published 12 months ago by William Karnaze

5.0 out of 5 stars Awesome "cookbook"
This is a great book easy to understand and follow. James is fun to read...he takes you by the hand and leads you on how to buy stocks....
Published 13 months ago by Gitau Irungu

4.0 out of 5 stars Primer for You Creativity
I thought the trading examples and strategies were creative and well explained. It might not be completely appropriate to take these "trading systems" and use them as-is directly... Read more
Published on August 3, 2007 by Matthew Forbes

1.0 out of 5 stars Simplistic like a Childs Toy = Trade Like a Hedge Fund
I should have known better, after buying and reading 50 or so books related to trading, the title should have given me pause for thought before purchase. Read more
Published on March 2, 2007 by Maurice Jeffery

4.0 out of 5 stars Focused Strategies for Gaming Institutions and Retail
This is not a book about how to pick the next MSFT, or how to be a master of the Universe. It outlines several strategies by which traders can make money from
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Published on February 26, 2007 by Kalenjin

5.0 out of 5 stars Trade Like a Hedge Fund: 20 Successful Uncorrelated Strategies & Techniques to Winning Profits (Wiley Trading)
Very well written. Clearly understandable systems. Not all would work for my style of trading but quite a few would work just fine. Read more
Published on February 18, 2007 by R. McFarland

3.0 out of 5 stars Good book but missing some of Toby Crabel's meat
James Altucher comes closest to describing some good trading strategies.
However, you still need to know the fundamentals of trading taught by Toby Crabel or Linda Raschke... Read more
Published on October 12, 2006 by Traders Club

4.0 out of 5 stars Excellent strategies with backtested results
# The book presents twenty strategies that are used by hedge funds to profit from various scenarios. Read more
Published on July 26, 2006 by Yaser Anwar

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