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Smarter Trading: Improving Performance in Changing Markets Hardcover – January 1, 1995
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Top Customer Reviews
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.
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.
Most Recent Customer Reviews
Kaufman is one of my favorite author. But in this book he seems to have an idea that stop loss is not a good thing! I really cannot agree with him. Read morePublished on August 24, 2001 by Robert Goodman
A really good book about TA. Many tools inside are useful for real-world trading. And it is also easy to read. Highly recommended !Published on February 4, 2001 by Richard Wilson