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Trading Systems and Methods + Website (5th edition) Wiley Trading 5th Edition
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From the Inside Flap
When it comes to the last word on trading systems, one name stands out from the rest, internationally: Perry J. Kaufman. Not coincidentally, for nearly thirty years, the book that traders of every ilkfrom first-time day traders to veteran position tradershave turned to for in-depth, how-to information on the latest and best practices in trading systems has been Trading Systems and Methods.
That's because, with each successive edition, Perry Kaufman went to extraordinary lengths, personally reviewing, testing, and comparing scores of technical indicators, charting techniques, algorithms, trading software, and trading systems. He carefully winnowed out those that had outlived their usefulness and he introduced newer tools and techniques, more suitable to the trading environment of the moment. All done in an effort to bring his readers the freshest, most comprehensive, and authoritative coverage of systematic trading strategies, tools, and techniques.
In keeping with that tradition, the Fifth Edition of the classic guide has been substantially revised and updated for the realities of a post-financial crisis world. It now features expanded coverage of risk controlfrom the level of the individual trade to the portfolio, and everything in between. It also contains dozens of updated and entirely new charts and examples, along with more programs and spreadsheets. And the companion website has been fully updated with TradeStation, Version 9 (with accompanying source code) and Excel 2010 spreadsheets.
But Trading Systems and Methods is more than just an encyclopedia of contemporary quantitative techniques and programs. It is also a handy primer, providing you with the knowledge and skills you need to choose or design a system perfectly suited to your trading style and goals.
Writing in clear, accessible prose, Kaufman schools you in the basics, walking you through everything from how much data to use and how to create an index, to how to measure risk and how to integrate basic statistics and probability into your trading system. He gets you up to speed on the full range of trading essentials, including trends, momentum, arbitrage, and more. And he provides you with a complete understanding of each method and technique coveredhighlighting the similarities between them and describing useful variations on manywhile providing expert tips on how to deploy each to your best advantage.
As the markets evolve, so must the strategies you use to trade them. Arming you with the tools, skills, and acumen you need to keep ahead of the pack and achieve the kinds of returns you want and deserve, Trading Systems and Methods, Fifth Edition is an indispensable tool of the trade.
From the Back Cover
High praise for Trading Systems and Methods, Fifth Edition
"Kaufman's book has continued to expand and mature since I first read the very first edition, which I thought was a great book. It continues to be a relevant, comprehensive guidebook and cookbook of trading system methods. For all those who are interested in building trading systems, it is an essential resource."
Dr. Ian J. Nield, Special Advisor, Financial Markets Department, Reserve Bank of New Zealand, Wellington
"The new Fifth Edition of Perry Kaufman's Trading Systems and Methods is a significant step forward in understanding trading in the twenty-first century. Perry has taken the most important book on systematic trading and made it even better and more relevant by focusing on the challenges of trading in these remarkable times. In particular, Perry expands on his discussion of risk which has been an important focus of everything he has written, but now takes on even more importance. The Fifth Edition should be required reading for anyone serious about trading."
Jeff Quinto, President, Electronic Futures Trader Inc., Professional Trader Mentoring Program and Professional Trader Academy
"In my two decades in this industry, one of the few constants has been Trading Systems and Methods. This book is simply the most complete single source of trading methods that work. If you're going to own only one trading book, this is it."
Murray A. Ruggiero Jr., Contributing Editor, Futures magazine, Vice President of R&D, TradersStudio, Inc.
"In his fifth edition, Perry Kaufman has woven the notion of risk throughout his seminal work on trading systems development. As always, he provides insightful and valuable opinions on various trading methods. The premier reference work on the subject."
John McPartland, Senior Policy Advisor, Financial Markets Group, The Federal Reserve Bank of Chicago
"This book is essential reading for anyone interested in systematic trading. It contains comprehensive coverage of all major aspects involved in system design and implementation. Like a great teacher, Perry Kaufman is able to explain complex subject matter in a way that is both clear and concise. If there is one book that anyone in the world of trading systems should have on their shelf, it is this one."
Thomas Morrow, founding partner, Aquantum AG
Top customer reviews
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This would probably not be the best first book for beginners, but I think anybody interested in trading could get many nuggets of wisdom from this book. For those who already have a good sound basic understanding of trading strategies, strategy development, statistical mathematical concepts and a decent understanding of excel and easylanguage, particularly TradeStation easylanguge, then this book is a must have! Kudos to the author for putting together such a comprehensive reference!
Given the number of pages, > 1200, good library,/ value for money..
This is a book useful for system trading (which I do) and might even have an idea or two for the discretionary trader. To point an accusatory "what stupid book" finger at Kaufman for pointing out not so readily accepted ideas (i.e. moon phase, etc.) is plain silly. There are some obsolete parts, like old computer code, but the remaining 600 pages are great.
I wish I would have discovered this book years ago (but maybe, I would have "not gotten it" then). It is definitely one of my must have (and often consulted) books in my trading library.
First of all, the author is very clear about sources and does an excellent job of both grouping the source material that is in the same vein and distinguishing the nuances promoted by individual developers. Second, the systems are broken down to mechanical components. Other authors have to show a lot of charts illustrating the trade ideas, which makes me reluctant to even consider their backtest results.
For me this book is great for inspiring system development ideas and getting another developers views on how to program the logic for certain trading ideas. I'm digging back into new systems development and this is my cornerstone reference to get the juices flowing and at least get me to the end of the runway with a few possibilities.
It might be worthwhile to mention that I remembered to write this review, because I was cleaning up some old emails and saw some correspondence that I had with Perry, the author. I had a question about files that are provided with the book and he was very prompt and gracious in providing me with the answer to my question.
Most recent customer reviews
The charting figures in the Kindle e-book are of terrible quality. I hope they are not this illegible in the paperback version.Read more