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Beyond Technical Analysis: How to Develop and Implement a Winning Trading System, 2nd Edition, by Tushar S. Chande
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A technical analysis classic, newly updated to help traders develop and forward-test a high-performance trading system for today's markets
In trading, a winning system is everything. 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. A stimulating mix of cutting-edge techniques, timeless principles, and practical guidelines, this updated edition of a technical analysis classic offers traders a comprehensive methodology to develop and implement your own trading system, bridging the gap between analysis and execution.
Tushar Chande (Pittsburgh, PA) holds nine U.S. patents for creative solutions to flexible manufacturing problems using high-power lasers and optical fibers. A contributing editor to Technical Analysis of Stocks & Commodities magazine, he has been a registered Commodity Trading Advisor and is the principal author of The New Technical Trader (0-471-59780-5) (Wiley).
- Sales Rank: #1120926 in Books
- Published on: 2001-05-11
- Original language: English
- Number of items: 1
- Dimensions: 9.43" h x 1.19" w x 6.20" l, 1.65 pounds
- Binding: Hardcover
- 336 pages
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.
From the Inside Flap
If you want to achieve enduring trading success then it's essential that you create a winning trading system, control your risks, and withstand the psychological pressure of the markets. Whether a beginner or an expert, now you can reap profits from stocks or futures using the proven trading systems, robust risk-control methods, and powerful new tools from sports psychology in the updated and expanded second edition of Beyond Technical Analysis.
Written by successful Commodity Trading Advisor and acclaimed system developer Tushar Chande, Beyond Technical Analysis takes you step-by-step through the process of creating trading systems that match your trading beliefs and profit objectives. Offering a stimulating mix of cutting-edge techniques, timeless principles, and practical guidelines, the second edition will enable you to develop and implement customized systems that carefully balance risk and reward. It bridges the gap between analysis and trading so that you can acquire the competencies needed for consistent profitability.
For beginners, the second edition of Beyond Technical Analysis provides an easy and effective introduction to building superior trading systems, including an overview of entry and exit strategies, a detailed review of testing techniques, and an all-new primer on technical analysis.
Experts will be introduced to the Chande Comfort Zone that uses new tools for estimating expected returns, depth of drawdowns, and duration of drawdowns. Also, Chande gives a true out-of-sample performance update of the systems presented in the first edition, highlighting how these systems have stood the test of time.
For investors and allocators, Chande shows how to benchmark performance, stabilize manager rankings, build more efficient portfolios, and create specific risk control plans for monitoring performance.
With this comprehensive book, you'll also learn how to:
* Find entries and exits consistent with your trading beliefs
* Avoid common pitfalls in system testing
* Write and test trading systems using commercial software
* Correctly interpret test results
* Create profitable trading strategies
* Define, control, and manage risk
* Manage trading stress using sports psychology
* Focus on disciplined execution
A complete and thorough guide, Beyond Technical Analysis, Second Edition will help you build robust trading systems and follow sound money management and risk control techniques that will give you the winning edge.
From the Back Cover
Acclaim for Tushar Chande's revolutionary approach for developing and implementing your own winning trading system
"Tushar Chande provides insightful but clear-cut techniques which will enlighten the savant as well as the newcomer. I would urge traders of all levels of experience to apply Chande's tremendously useful strategies!"-Charles Le Beau, President, Island View Financial Group Inc., author, Computer Analysis of the Futures Market
"The chapter on 'Equity Curve Analysis' alone will share with you concepts which have cost large trading houses millions of dollars to discover."-Murray A. Ruggiero Jr., Contributing Editor, Futures magazine
President, Ruggiero Associates
"Tushar Chande is an accomplished quantitative technician, but in this book he's gone far beyond grinding numbers. His coverage of system development is the first thorough treatment disclosing both specific trading systems and the practicalities of their implementation."-John Sweeney, Technical Editor, Technical Analysis of Stocks & Commodities magazine; author, Maximum Adverse Excursion: Analyzing Price Fluctuations for Trading Management
"For any aspiring CTA, this is a must-read on developing [his or her] trading system."-Rick Leesley, Jack Carl Futures
Most helpful customer reviews
31 of 33 people found the following review helpful.
Some good ideas
By David Lockwood
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.
14 of 15 people found the following review helpful.
Don't Be Swayed By Other Reviewers Negativity, This Book Will Make You A Better Trader
By Amazon Book Lover
I read this book a while back, on the recommendation of Bennett McDowell who wrote "A Trader's Money Management System" A Trader's Money Management System: How to Ensure Profit and Avoid the Risk of Ruin (Wiley Trading) and finally have had a chance to put my thoughts in a review.
I'm surprised by the negative reviews of this book -- it is an effective book on getting you to analyze your risk, and he even gives you the 1-1/2% and 2% risk of ruin tables to do that. Nice of him to do the programming so that we can determine which is the right risk amount to take on each trade at the lower end of the percentage scale.
His equity curve chapters are also important in helping to shed light on how to look at performance in a meaningful way. This is one of the most useful books available today -- in a sea of not so useful books. It's really worth adding to your library.
4 of 4 people found the following review helpful.
Bringing it all together
By Steve Burns
This is a great book on trading because it does not examine just one topic in trading it brings together all the areas of trading one must master in the markets and shows the reader how to turn it into a complete trading system.
This book points out that technical analysis by itself is not going to make you a successful trader unless it is incorporated into a system with a trading plan.
The author explains that while creating your trading system you must understand the following:
1). Capital conservation is as important to top traders as capital appreciation.
2). Top traders do not trade anything until after they back test the system for historical performance.
3). There is a big difference between discretionary and mechanical system traders.
4). A proven system will give you objectivity and consistency to trade your system not the news.
5). A good system will have you taking profits slowly but cutting losses quickly.
6). A long term system should eliminate much of the emotions out of any one trade, you are concerned about the long term performance of the next 100 trades not the current one.
7). You must create a system that matches your beliefs about the markets.
8). Your system must match your tolerance for equity draw downs and risk.
9). You should limit your system to 10 rules or less.
10). You must understand that your system will perform only when the market is conducive to that system.
Your system will consist of what markets to trade and indicators to use for your signals. You will have to determine position size based on volatility and risk of ruin. You need an entry signal to open the position. Also you will have to determine an exit signal whether it is a stop loss, a trailing stop, technical signal, or profit target. These are items that should be determined by personal preference and extensive back-testing to ensure you have a robust system.
The most important part of the system is the trader's ability to follow it. We must understand that all trading systems have draw downs. We will have those ten losses in a row eventually. We must ensure we have confidence to stick with our system once we have tested it to our satisfaction. We must always risk no more than 1%-2% of our total equity per trade so we avoid blowing up our accounts during times when the market acts adversely to our system.
I highly recommend this book: a new addition to my top ten most useful trading books. This book may be the missing piece for many traders trying to cross that bridge to success in the markets.
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