Trade with the Odds: How To Construct Market–Beating Trading Systems + Website (Bloomberg Financial) - Hardcover

Trongone, Anthony

Hardcover

ISBN 10: 1118164342 ISBN 13: 9781118164341

Publisher: John Wiley & Sons, 2012

Synopsis

Hands-on tools to identify and profit from the market's recent patterns Trading is all about managing probabilities. In Trading with the Odds, Anthony Trongone explains that the quest for developing a perfect system, which drives most traders, is fruitless. Instead, traders should focus on developing the analytic and trading skills necessary to stay in tune with the constant evolution of the financial markets. In this book, Trongone emphasizes the importance of testing and monitoring trading strategies and raw market data as a means of developing an edge over other traders who are unwilling to get their hands dirty and dig into the data on a continuing basis. Importantly, he shows that Excel, a program almost all traders are familiar with, can be utilized to measure virtually every important aspect of trading system performance and to search for tradable market patterns. In addition, the book includes several applications that will allow you to calculate current market conditions and market patterns based on time of day, intermarket relationships, and other factors. * Advocates an analytical approach which evolves in concert with changing market conditions * Explains why it's hard to make money from off-the-shelf systems and indicators * Provides in-depth analysis of other major industries generating worthwhile IPOs * Includes applications that allow users to calculate recent market patterns Underlying Trongone's approach is the conviction that traders must constantly innovate in response to the market, and those that rely on static analysis, will fail to achieve the results they expect.

About this title

About the Author

Dr. Anthony Trongone earned his PhD from NYU in 1987. He is a Certified Financial Planner as well as a Commodity Trading Advisor. He is one of the Master Educators for eSignal and has written over sixty articles for various trading publications, including twenty-three articles for Technical Analysis of Stocks & Commodities. Besides his extensive trading experience that includes trading equity futures in the commodity pits, his twenty-five years teaching graduate courses in finance, psychology, and quantitative methods in the United States as well as many cities in China and Taiwan, has given him a dynamic perspective on trading the equity markets. Trongone is an intraday trader who attributes much of his success to consistently playing the percentages along with making trading decisions without the emotional distractions, which often hamper our ability to achieve mastery over the markets.

From the Back Cover

Praise for Trade with the Odds

"In this book, Dr. Trongone takes you on a journey to build your trading system strategy. He uses simple, well known market examples and quotes from historical figures that you can understand and relate to. Because of his experience and knowledge, he is able to expand your understanding of solid trading techniques. You'll gain confidence in knowing you are in control of your trades and that, through determination and self-discipline, you can, not only succeed, but learn to recognize your market opportunities."
Cynthia Crossland, VP, Marketing, eSignal

"There couldn't be a better title for this book. In Trade with the Odds, author Anthony Trongone looks at how traders can improve their trading systems by statistically measuring performance of systems. He makes statistics easy to understand and enjoyable as he walks you through the implementation of various statistical performance measures using an Excel spreadsheet. This is a must read for anyone who creates trading systems. It gives you a deeper insight into your trading system so you can confidently make better trading decisions."
Jayanthi Gopalakrishnan, Editor, Technical Analysis of Stocks & Commodities

"A true master always interprets complicated things in a simple way. The author of this book is absolutely such a master. In addition to the plenty of amazingly persuasive charts developed with Excel that you can never see elsewhere, there are quotes at the beginning of each chapter, precisely cited to enlighten readers with philosophy and wisdom. It hits what others can neither hit nor see. For those who are determined to invest in themselves for greater success in trading, this book is really a must."
Edna Yang, Vice General Manager, International Business Development, Jiangsu Boli Bioproducts Co., Ltd.

From the Inside Flap

Trading is all about managing probabilities. But when the variables keep changing at a breakneck pace, as they do in today's mercurial markets, managing probabilities can be like herding cats. Which is why, as Dr. Anthony Trongone avers in this refreshingly unconventional guide to trading (and beating) the markets, the quest for the perfect trading system is, at best, a sucker's bet.

Instead of chasing after the impossible, he explains, you need to focus your energies on continually evolving and fine-tuning your analytical and trading skills so you can keep up with the unrelenting change in the financial markets. You should be ever on the lookout for fresh ways to calculate the odds and play the percentages. And you must continually test and monitor your trading system and the raw market data that drive it?which will give you a commanding edge over traders who aren't willing to get their hands dirty digging into the data.

Trongone doesn't just talk the talk, he walks the walk, arming you with powerful analytical tools?tools that you can adapt to your trading style, risk tolerance, emotional makeup, and time constraints?that help keep you focused, primed, and ready to pull the trigger when opportunity looms in your crosshairs and the moment is right.

For example, you'll learn how to transform Excel into a highly reliable tool for defining market patterns and for monitoring and measuring all your trading system's major components as well as its overall performance. And, on a companion website, you'll find time-tested proprietary applications for statistically analyzing current market conditions and identifying tradable patterns based on the time-of-day, inter-market relationships, and other key factors.

The approach you'll learn about in this book is based on the conviction that constant innovation is the key to trading success. Adapt or die is evolution's motto, and those who lack the will or the creative flexibility to adapt, who rigidly adhere to the same one or two technical indicators and spend their time chewing over static data, or who are unwilling to abandon their grail quest for the perfect system, are doomed to go the way of the dinosaur.

Edition details

• Publisher: John Wiley & Sons
• Publication date: 2012
• ISBN 10: 1118164342
• ISBN 13: 9781118164341
• Binding: Hardcover
• Language: English
• Number of pages: 336