Beyond Technical Analysis: How to Develop and Implement a Winning Trading System (Wiley Trading)

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Product Description

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).

Beyond Technical Analysis: How to Develop and Implement a Winning Trading System (Wiley Trading) Review

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.

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