1 comments about The Evaluation and Optimization of Trading Strategies (Wiley Trading).

1. I use Tradestation for my day trading and thought I might learn something new from this book to help me better optimize my strategy ideas. Maybe my expectations were too high. The book is a basic concepts book about strategy optimization with nothing revolutionary (in my opinion). If you are new to Tradestation and are curious about Walk Forward Analysis or Optimization, just Google it... I really need to screen the books I am considering buying more at the bookstores before I buy them. grrrr

5 comments about The Trading Game: Playing by the Numbers to Make Millions.

1. Explains the principles of money management; covers in detail the various aproaches (pyramiding, martingale, fixed fractional, optimal f et al) and shows why they are not optimal for traders. Finally offers his own money management approach called Fixed ratio. Loosely derives from fixed fractional, but reduces drawdowns and risk, while still allowing for improved growth.
   
   The book is complex and somewhat dry, there are LOTS of tables of figures and you will need to re-read many sections. The method of money management seems sound enough although I haven't incorporated it into my approach yet.
   
   Defintely worth reading as money management has been shown repetedly to be key to success in trading (alongside psychology, emotions and good exit strategies - which are not covered in this book).



2. If you really want to optimize your Forex trading returns, you need to understand the principles of money management. This book by Ryan Jones is probably one of the best books available on the topic of Money Management. If there is such a thing as a Holy Grail then Money Management is it. With proper money management you will be able to stay in the game for the long term. One of the biggest mistakes novice traders make is that they don't know how to manage their trading risks, that is why the failure rate for beginning trades is greater that 95%. Most novice traders blow out their account within the first year.
   
   This book will be a real eye opener; it will provide some great insight into why proper money management is critical to your success. The following is a sample paragraph from the book:
   
   "you don't need $1 million to achieve $1 million. You only need to build profits that total $100,000 based on trading a single contract. What this means is that a person who trades a single contract and makes $100,000 at the end of 5 years, instead could make $1 million by implementing proper money management"
   
   Ryan does an excellent job at detailing the various Money Management methods along with their short comings. Parts of the book are complex; you may have to read them a couple of time to fully understand the concepts. Ryan does include a lot of tables and calculation in this book but they are easy to follow and comprehend. You don't need more that a high school math background to understand the calculations. This is another one of those "Must Have" books that you need in your trading library. We here at EffectiveFX highly recommend this book. It can make the difference between financial success and failure. Any trader serious about trading for a living must utilize proper risk management principles to be in the game for the long term.
   
   
   Go to our site to see a list of highly recommended books for successful forex trading.



3. I liked the ideas in the book about position sizing, very helpful material. But the author will throw all kinds of numbers at you without really explaining how or where he got those numbers. The material is probably obvious to the author, so he assumes that it will obvious to the reader, as well. If you buy this book be ready to read and reread sections.
   
   Here is an example: "After having acquired $100,000 in profits using the $5,000 as the delta for the fixed ratio method, we would be trading 20 contracts. The minimum level of profits to trade 20 contracts is $1,000,000. Therefore, what took 4 years to generate $225,000 estimated profits, generated $750,000 more in profits during the next four years"
   
   Did he not say in the first sentence that 20 contracts would be traded for $100,000 in profits? In the second sentence it is $1,000,000? He does not explain how he got $225,000 or $750,000. I am sure Mr. Jones knows how he got these numbers but readers are left to figure it out for thmeselves.
   
   The parts of the book that I did understand, I have begun to apply, such as position sizing. But it is a long and frustrating read.



4. This is one of the two books about money management that I would recommend to anyone who is trading, the other one is Trade Your Way To Financial Freedom by Van Tharp.
   
   
   This book actually covers all issues related to position sizing and teaches a method especially beneficial to traders starting with a smaller account. I understand the numbers in the book is not properly illustrated, and the examples are somewhat intentionally designed, by the logic behind the method is very robust. Meanwhiles the author does not exclude the possibility of other position sizing strategies, he does suggest to switch from fixed ratio to fixed fractional method once you have build up your account to some point(on page 220).IMO, it is actually the best money management plan that will cover the whole life of a trading account.
   
   I strongly recommend this book, as the best book on position sizing, and one of the best( together with Tharp's book) on money management.



5. It's always been surprising to me that this book sells so well and the classics are not as popular. The sensational sub-title "Playing by the Numbers to Make MILLIONS" must convince readers that Jones can give them the secret to becoming a millionaire.
   
   Thing is he doesn't give you any secrets to success, instead he sends you in the wrong direction by stating that "risk of ruin" isn't important and that the "Jones Fixed Fractional" approach is better than the standard "optimal F". Neither claims are true, and you'd be better off learning about "risk of ruin" from Balsara and about "optimal F" from Vince, the true grand daddy's of money management. If Vince and Balsara are too complicated, a newer author, McDowell, simplifies both of these concepts so that you can get on the right track.
   
   A Trader's Money Management System: How to Ensure Profit and Avoid the Risk of Ruin (Wiley Trading)
   
   The Handbook of Portfolio Mathematics: Formulas for Optimal Allocation & Leverage (Wiley Trading)
   
   Money Management Strategies for Futures Traders (Wiley Finance)
   
   Check out the review of Ryan Jones book "Apples and Oranges" dated July 7, 2001, that reviewer has a real understanding of money management and what works and explains the flaws of Jones' book with great clarity. At the end of the day, you'd be better off getting a Vince, Balsara or McDowell book if you want to improve your trading results.
   
   PS: If you look at the back flap of Jones's book jacket in "The Trading Game - Playing by the Numbers to Make MILLIONS" you will see him say that he says his book gives you "...a complete, workable method for making $1 million in five years or less..." then on page 232 in his "A Final Thought" he says "...Open a $10,000 account and day-trade the S&P when you feel lucky if you want. But when that money is gone (and it most likely will be) do not alter the plan. Do not pollute the plan...".
   
   If he is teaching effective money management - then why on earth does he believe that his students will lose their entire trading capital? Very odd indeed -- he lures readers in to buy the book with a "get rich quick" title and book jacket text -- then tells them that they'll "most likely" lose all of their money -- but remember -- even after they lose all their money he doesn't want them to alter the plan or pollute the plan.
   
   That just doesn't make any sense.

5 comments about Trading With The Odds: Using the Power of Statistics to Profit in the futures Market.

1. It is amazing how we humans all have our own agendas. Someone founf this book 'useless', some found it exciting...that's all fair...I found it revolutionary (read the post before this one). One fellow bloats his ego and describes how he is a great technician. I'd like to see how his finances compare to Cynthia Kase; as a trader. The proof is in the pudding....
   
   This is a revolutionary book and there are very few out there!
   
   (however, I noticed esignal's add for Kase Statware states 95% successful is predicting market turns...rubbish!)
   
   Still that's a differnet subject, isn't it!



2. Book was quite expensive. $55 for 143 pages. I found some of the graph illustrations difficult to follow since the printing was so bad. Requires many readings to get the full jist of what the author is saying. Overall, I found the book and concepts interesting.



3. Below is a review of this book by a "Ron Davis" who styles himself as "a proud member of the Market Technicians Association." Bzzzt! I am the only current or past Ron Davis in the Market Technicians Association. Interestingly enough, I also have a successful real estate practice. Quite the coincidence -- makes one wonder.
   
   The "RD" below finds the book to be without substance. Perhaps what one sees depends, in part, on what one brings to the book. I quite agree with the reviewers who say this is not a book for beginners. I had a couple of "aha" moments reading the book, one about Kase DevStops (I'd better have yet another look at those) and one about one of my own proprietary indicators. A few minutes of programming and, by golly, I was able to derive a bit more useful information from my own gadget.
   
   What's this book good for? (1)A trading methodology or (2)ideas about ideas. I'll not broach (1) -- the book does that. I have already mentioned two things that jumped out at me. I also want to take a look at her variation on Elliot Wave counting and targeting. And, on a second read, I may find other things I'd like to fiddle with a bit.
   
   Criticisms: My criticisms fall into two categories (1)purist mathematics nit-picking (I am a mathematician by training) and (2) my laziness/the book's lack of complete exposition. The mathematical nitpicking is not relevant except to a mathematician: for instance, the number of random distributions which are not Gaussian/Normal are at least an order of infinity larger than the number of Gaussian distributions. Should the person who is reading to learn of trading care? I wouldn't think so. My Laziness/the book's incomplete exposition: What? I really have to turn on my brain and think through how to implement the ideas? No cookbook approach here? Of course, if one were being rational, not lazy, one could point out the advantage to having to think: one might actually learn what it is one is doing. And, one might even think up a new idea, heaven forfend.
   
   In conclusion, not only do I resent the attempted identity theft by the person below, but I especially resent being represented as such an empty-headed fool that I cannot see the considerable value in this book.
   
   The REAL Ron Davis, CMT, MAI, MA



4. I sensed that she has tremendous amount of trading experience. Simply put, she knows what she is talking about. Along with, not in particular order, Constance Brown, Linda Bradford Raschke, and Robin Mesch, Cynthia Kase once again proves that lady traders are as good as,if not better than, gentlemen traders. Job well done, Ms. Kase.
   
   Keith J. Chung



5. The book might contain many good ideas. But there is no way to verify these ideas with back testing without the formulas of the Kase specific indicators. Kase lists the calculation of the traditional stochastic indicator, which is implemented in almost every charting package. But she doesn't say how the kase peak oscillator is calculated!!
   2 stars for the good ideas including the Elliott forcasting rules

5 comments about Street Smarts: High Probability Short-Term Trading Strategies.

1. I bought this book on a recommendation from another trader. I paid a lot less than the $175 they are asking now, but I still thought it was very expensive. I read through half of the book and thought it was interesting. On one of those days I had the book open on my desk and realized that one of the patterns from the book was forming! I waited till the right moment and took the trade on 2 year treasuries. Exited the trade about a minute later with a $225 profit. That paid for the book on a single trade.
   
   I realize I could have also lost $225 on that trade, then the cost of the book would have been around $350. I was now happy with the purchase of the book. I looked for more trades, but did not find any that week. Then the book got pushed aside and forgotten about. I found the book again last week because I heard someone mentioning it. I pulled it out and reread it.
   
   I think the book has something to offer. Is it too expensive? That is hard to say. For me it became free after one trade. Was I just lucky? I don't think so because I can scroll through charts and see a lot of the set-ups in hindsight. So the trades are there, its just a matter of being there to pull the trigger as they happen.
   
   I hope to get more out of the book from this second reading. One thing I have noticed is that many times I read a book and get something. Then upon rereading it I pick up many thoughts that I did not see or understand during the first reading. Maybe I wasn't ready at the time, but having many dozens of books under my belt and lots more life experience in between the first and second readings, I was able to digest more.



2. you can always spot s loser by one of (or both) of two reactions:
   
   1- They want to get into a business to make money but think $200 is too much!!
   
   2- They expect what they read to agree with their bias
   
   Anyone who wants to make money but thinks a book is expensive at $170 has the wrong personality for trading. If you are like that, you have no business trading because you are too greedy and a coward.
   
   Secondely, when you are making a comment about someone, it is really important to REALLY be sure that what you are saying is acccurate. The implication that Linda does not make money trading is just ridiculous. The woman is a bloody Market Wizard, for God's sake! She is also a pretty crap promoter of her services.
   
   The book is excellent. The question is: does it contain methods that can make you money? Of course it does. You guys are clearly sleep walking because you are concentrating on believing that every method in the book will make you money all the time under any circumstances. Quit believing that and pick the ones that work under different market conditions.If you can't, it is your fault, not the book's.
   
   If you watch Linda trading, you will see her using those setups under the right conditions. The fact is, if you cannot make money trading the setups in the book, you are either new and have to learn the basics first, or you are not cut out for this business.



3. I cant this book is $175 !!! for the material inside is plain junk, i have read ALLOT of books from gann to elliot to andews and this has to be the worst book i have ever read the methods taught are very indicator based and will not work in the long run the wolf wave method is basicly elliot wave rehased, there are better books to learn the elliot wave best book in my opinion robert miner's book, as for momentum is concerned larry williams. and for breakouts edward's and magee. I have been trading for 10 years but i constantly buy books just to see if i can atleast get one golden nugget out of them, this book however has no good insight into anything i did not get one good idea out of this book. As for some of the reviews on here if you click see all my reviews this is the only book they have reviewed ....hmmm but if you are serious about trading the books i reccomended above are very insightfull atleast they were for me, miners book is old but is full of new ideas and less based on indicators and has very easy to follow rules for elliot, i guess what they say is right old is gold. good luck



4. I found this book to be very insightful in spotting possible setups on a chart. The downfall is that it's very expensive. I got mine via digital delivery on Ebay for $49. The techniques must be followed exactly in order for you to profit from them. And remember to use stops...only a fool trades without using stops.



5. This is an advanced book, and it does no hand holding. It is a trading niche book. It is not about day trading, nor momentum trading, but a unique subset of short term trading called "swing trading". If you do not know the difference, this book is not for you. It is not earth shattering. But, it is written by traders who have done it for a living for decades. Thus, it is worth knowing how they think, and how they have earned a living. And, yes, you mostly only make a few hundred bucks at a time, if you are good. Not riches, but "a living".
   
   The price is high, but this is a small niche market. They will sell few copies. Linda Raschke has done this technique of swing trading and earned a living at it for decades. I would not expect her to take time off to write about it for chump change. If it were a mass market, a lower price would be in order, but this book is good for very few people.
   
   I give it four stars only because of the terse format. BUT, they are traders not literary artists. I cannot fault them for not writing War and Peace.
   
   If you are an experienced trader, and expect nothing more than a few hundred bucks when a trade goes well, and protection from loss when it does not, this book will either confirm what you know, which is helpful, or add a trick or two that you did not know, which is more helpful. Traders are successful who earn a living, a few hundred dollars at a time, several times a day, day after boring day. It is not a book for others at all, and not a book to start with. If you magically expect more money than this, buy another book. And, nothing in short term trading is really new over time. This is not a breakthrough book of new and novel ideas. The first idea, "Turtle Soup" came from the Turtles which have been around many decades. It is nice to read that this pattern has not yet worn itself out, and is still used. I am happy to have it in my library. I am happy to know that old tricks still work for old dogs.

No comments about Option Spreads Made Easy Course Book with DVD (Trade Secrets Course Books).

5 comments about Fundamentals of Options Market.

1. As an instructor in equity options for a major market making firm, I've been looking for an introductory text to supplement the lecture material presented in our training classes. While MacMillan and Natenberg have written great books on the topic, the former is not specific enough to our market making business and the latter is too advanced for the beginner. In looking for something in between these two fine works, someone suggested to me the Williams/Hoffman book. It has been unsatisfactory in several respects. Explanations of some concepts appear out of context with the material being covered, some others are very muddled, and some are just plain wrong. The book also suffers from a trait common to many traders-turned-authors in that while the authors may be very knowledgable about their subject they aren't very good at conveying - at least in book form - that knowledge to others. While students with previous exposure to options concepts may be able to overcome these deficiencies, I wouldn't recommend this book to the beginner. The beginner would be much better served by picking up MacMillan's timeless classic.



2. The authors appear to know their subject well. I would recommend this as a beginner-to-intermediate introduction to fundamentals except for the numerous errors.

   Some errors are like "typos" such as 6 instead of 60, some are more serious and subtle such as specifying a call when a put was meant, and some are fundamental structural problems with the book. For example, the Quiz answers don't match the chapters to which they purportedly provide answers, and in some cases only some questions are answered anyway.

   The errors are so numerous, and some of a type that they won't be caught by the average beginner, that it might be dangerous for a beginner to rely on this book as a reference or as an only introduction to options.

   I'd really like to have a completely "cleaned up" copy, as I think that could make this the best introduction that I'm aware of.




3. Finally, a book about options that is understandable and helpful. The book has been reprinted so the errors that the other readers referred to have been corrected. I loved it!



4. It's about time that someone writes a well-written book about the greeks. Now I understand the stuff.
   
   This book reads to you like you are a baby. It taught me the greeks in a simple manner.



5. I've seen both the authors speak at an IOC seminar on equity derivatives. They make a difficult subject understandable. I highly recommend the book, or even better, to see them speak in person.

4 comments about Stocks Bonds Options Futures.

1. Great book. Complex concepts are explained clearly and concisely. Examples are abundant and helpful.



2. I have to point out that I have the first edition of this book (which did not have Veale's name on it). It is absolutely excellent at introducing the basic concepts behind all types of securities and futures investing one may be considering. They cover what stocks, bonds, etc. are, how they are traded, the terminology used by brokers, and even some historical background. I was really impressed at how clear and understandable all the explanations were. This book was written by someone who really understands the concepts and knows how to explain them well.

   The book does not have a glossary in it, but does have an excellent index, which is really better in many ways.




3. I am making the transition from hard sciences to financial markets. I have started reading many math oriented books on quantitative finance, like the great two volumes by Shreve, but guess what, I still could not understand a Bloomberg article or a report on the radio, all these market terms were a mystery to me. Not anymore. This book did it for me. It requires ZERO financial knowledge and yet it is not for dummies. It is perfect for the level of someone who never had a formal training on what is the definition of a stock, what kind of departments exist inside an investment bank, etc. etc.
   
   It is a clear book, I would not call it technical, it reads like a novell, and I can not overstate any more how cleat it is. I definitely recommend it to people who want an introduction on the subject.



4. This is a must read for all who feel the need to learn about these important investment vehicles. The writing is stellar and easily understood, even on such ideas as futures, hedging, and more difficult concepts like the yield rate curve.
   
   Mr. Veale is an excellent writer and deals with the common and uncommon uses of these vehicles. You will understand how to read any kind of quote, from stock to bond to esoteric qoutes like T-Bill spreads and ED futures.
   
   I usually sell books like this once I have absorbed the knowledge, however this is a keeper since it will be an important reference for well into the future.

5 comments about The WealthLoop Series Beginner's Guide to Building Wealth Buying Houses: The Foolproof Roadmap to Real Estate Riches Without the Risks and Hassles of Landlording.

1. The book is excellent and very informative and is written in a simple yet to the point manner. Mr. Michailidis take you through the process, and provide life examples to validate his theory. The book is enlightening and provides an easy road map to success - utilizing the "rent-to-own" concepts. The only draw back I found in the book is that Mr. Michailidis did not provide a totaling spreadsheet reflecting the impact if one is following his book advise - but this can easily done by the reader as well. This book should certainly be in any real estate investor library.



2. how to book. Most have the theory and little actual details.
   It was hard to believe there were as many buyers out there as the author says. I gave the book to a local realtor and he read it then introduced me to a couple of mortgage brokers. They pretty much confirmed that buyers were there. They also gave some stories of higher returns than the author stated.
   
   Trouble is that there are 2 markets around here. One where I wouldnt want to go after dark and one where 180K is a low end house.
   
   So now I am sending a copy of the book to another realtor in a nearby community



3. Hello everyone I have read John Michailidis's book and will be putting it to the test!
   
   Please read about my experiences at my blog: http://happyventure.wordpress.com/
   
   I have a few questions on the process and would like to exchange ideas with readers would have implemented or will be implementing his method.
   
   I've just started so comments and feedback are much appreciated!



4. This is a no frills book on one method of investing in real estate. The author has done a great job of explaining his system in a concise and straight-forward way. Thumbs up!



5. I liked the book.
   Easy read which applies economic, financial and
   accounting principles combined with marketing
   ideas to come up with a unique real estate
   capitalization plan. Waiting for an up-tick in
   property values and I'll give it a spin.
   I don't believe the theory works in a down market.
   thank you - John.

5 comments about Covered Calls and Naked Puts: Create Your Own Stock Options Money Tree.

1. The writing style detracts form the otherwise good explanation of what options are and the recommended techniques.



2. Overall I would recommend this book if you are new to covered calls and naked puts and want to gain a basic understanding of how they work. While income can be generated selling options a good stock picking strategy is a must if you are going to be successful. With that said I wouldn't necessarily recommend the stock picking technique that is outlined in the book. I also found it extremely annoying that the author constantly plugged his software package.



3. I trade lots of stocks and options, I disagree with the authors method of selecting stocks to trade but his concept is right on the money. I have been trading for 25 years and the simple covered call, naked put strategy is the backbone of my successful trading program. I have about 20 stocks in my "stable" that I am comfortanle with and apply the books methods to those stocks (because I know the personalities of these stocks). The story line in the book is pure cheese but the concept is excellent, I recommend the book as a way to get into a stock cheaply (naked puts) or enhance your returns (covered calls).



4. This book is good for improving your speed reading skills as you scan the trite "story" for any useful nuggets. About 15% of the verbiage has anything to do with options. The rest is sophomoric prose representing the characters' acquisition of the keys to consistent 28% returns from the professor, which you too can obtain buy purchasing his simple software.
   
   The testimonials on the back suggesting the text could serve as an "academic supplement to hedging financial instruments" are especially ludicrous.



5. I have ordered twice of these books, but I have not received them yet for some reasons. Please check it for me about my order. Thanks

5 comments about The Short Book on Options: A Conservative Strategy for the Buy and Hold Investor.

1. I found this book to be just what I was looking for. After a complete introduction to the topic, Mr. Wolfinger helps the novice options investor clearly understand one conservative strategy. The author is very dedicated and thorough in explaining the concepts. He makes no assumptions that the reader has previous knowledge of what he teaches, yet he is never condescending. I also appreciate the easy to read font size. The text is large enough that I can read it without my glasses! Many thanks to the author for having the patience and know-how to start a beginner from "square one". I look forward to other books on the subject by this author.



2. This book delivers, I did not know about options prior reading, the simple and yet comprehensive presentation allows to develop a good grasp of how to use options on a conservative and solid fashion.
   What he advocates (protection and enhancement) of a portfolio is well presented and plan to use his advice.
   More likely will now seek more information and knowledge with more elaborated books (not sure is really needed) but the basics are here.
   thank you Wolfinger



3. The book is unquestionably the best book on writing covered calls available. The writer is efficient without bias and without the use of puffery to make a point.



4. I wasn't sure what to expect from this book but it was recommended to me by a friend so I ordered it. When I got it, my first thought was
   "Wow. Short book is right." But don't let its length fool you. It is for people new to options and it's a very condensed volume of information that focuses on covered calls and touches on a few variations of them. It starts out with an overview of options and gives good easy to understand examples. It then moves into buying and selling options and finally focuses on covered call writing. It gives very good examples of various trades and the affects of yields and volatility.
   
   You can use this book to get started on covered call writing with good confidence. I really liked this book a lot because it was very focused on teaching one very effective and conservative options strategy instead of trying to teach several confusing strategies all at once.



5. Good product, good buying experience. Great service and on time delivery. Will buy again from this vendor.