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Some highly recommended books


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Some highly recommended books

  #501 (permalink)
OAlejandro314159
Las Vegas, Nevada
 
Posts: 16 since Jan 2021
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I would recommend good C# programming books to program for Ninja Trader if you are able....

Then also DR. VAN K THARPS books are great....


But most trading books actually suck....

You really just need to get in the flow and trade

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  #502 (permalink)
Losch1
Aripeka, Florida
 
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After owning well over 100physical books & 100s of ebooks/audibles Id agree with you.

Theres a quick point you reach where you stop learning.
OAlejandro314159 View Post
I would recommend good C# programming books to program for Ninja Trader if you are able....

Then also DR. VAN K THARPS books are great....


But most trading books actually suck....

You really just need to get in the flow and trade

Id recommend to other beginners to limit yourself to:

1 highly rated psychology book
1 Price action + online articles

The book "7 habits of highly successful people" + "outliers"

After this point I feel like each book is a reiteration or different point of view of the same principles.



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  #503 (permalink)
 quantstyle 
Hong Kong
 
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Losch1 View Post
After owning well over 100physical books & 100s of ebooks/audibles Id agree with you.

Theres a quick point you reach where you stop learning. Id recommend to other beginners to limit yourself to:

1 highly rated psychology book
1 Price action + online articles

The book "7 habits of highly successful people" + "outliers"

After this point I feel like each book is a reiteration or different point of view of the same principles.



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Can you suggest a good price action book?

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  #504 (permalink)
 
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 Sandpaddict 
Vancouver, Canada
 
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Losch1 View Post
After owning well over 100physical books & 100s of ebooks/audibles Id agree with you.

Theres a quick point you reach where you stop learning. Id recommend to other beginners to limit yourself to:

1 highly rated psychology book
1 Price action + online articles

The book "7 habits of highly successful people" + "outliers"

After this point I feel like each book is a reiteration or different point of view of the same principles.



Sent using the NexusFi mobile app


Losch1 View Post
Theres a quick point you reach where you stop learning.

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Thought this was a super interesting thing to say.

After reading literally thousands of non-fiction books in my life I feel like whole books are rehashes now.

It comes to a point where you've heard it enough that you know it.

Now I never stop reading, studying and learning because learning itself is a flounder... flounder... jump to the next level of understanding type of process but now its more just about adding more pieces to the the puzzle. Adding more clarity.

I agree those are good books and advice but there are hundreds of thousands of fabulous books out there to read and REREAD!!!

Going back and reading books you haven't read for awhile is also good practice as you'll see things you didn't before with your new understanding.

I can't tell you how many times I've reread Reminiscences of a Stock Operator. Or Jack Schwagers books. I ALWAYS come out with a new understanding.

Cheers

P.S. if your not a "reader" you can download a "text reader" that will read ebooks to you. These days they sound... almost real.

The other bonus is I have slowly gotten to the point where I can listen appx twice as fast as I could ever read. I can usually finish a full book in less than a day.

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  #505 (permalink)
razle
Westland
 
Posts: 5 since Jan 2021
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" A systematic trader " by Robert Carver is a very good book to learn from. The book consists of many topics discussed on this forum such as using the correct fractional kelly based off of your holding period and sharpe ratio. It also goes really in depth about creating your own trading system with python.

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  #506 (permalink)
Ozquant
Brisbane Queensland Australia
 
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razle View Post
" A systematic trader " by Robert Carver is a very good book to learn from. The book consists of many topics discussed on this forum such as using the correct fractional kelly based off of your holding period and sharpe ratio. It also goes really in depth about creating your own trading system with python.

Systematic is the way to go , learn to quantify setups .


Sharpe ratio is a flawed metric and best avoided imo .

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  #507 (permalink)
 
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 Sandpaddict 
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Ozquant View Post
Systematic is the way to go , learn to quantify setups .


Sharpe ratio is a flawed metric and best avoided imo .

I don't agree with only systematic but I agree with the Sharpe ratio comment.

As many have purported the Sharpe ratio penalizes upside volatility equity swings as much as it does for downside volatility.

As a retail trader how does this help us?

Oh my God NO!... my standard deviation to the upside is really skewed. What I really need to do is bring my upside deviation down to the same level as my downside deviation!?!!

SQN is better for retail traders.

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  #508 (permalink)
 
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 SMCJB 
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Simple example of the problem with Sharpe.

System A
10 Trades
-1 -1 -1 0 0 +1 +1 +1 +2 +3 +4
Total Profit +8
Average +0.8
Std Dev +1.75
Sharpe 0.46

System B
10 Trades
-1 -1 -1 0 0 +1 +1 +1 +2 +3 +30
Total Profit +34
Average +3.4
Std Dev +9.44
Sharpe 0.36

So even though System B is vastly superior it has a lower Sharpe.


Sandpaddict View Post
SQN is better for retail traders.

SQN is "basically" Sharpe * SQRT(# of Trades) and has all the same issues that Sharpe has.

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  #509 (permalink)
 
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 Sandpaddict 
Vancouver, Canada
 
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SMCJB View Post
Simple example of the problem with Sharpe.

System A
10 Trades
-1 -1 -1 0 0 +1 +1 +1 +2 +3 +4
Total Profit +8
Average +0.8
Std Dev +1.75
Sharpe 0.46

System B
10 Trades
-1 -1 -1 0 0 +1 +1 +1 +2 +3 +30
Total Profit +34
Average +3.4
Std Dev +9.44
Sharpe 0.36

So even though System B is vastly superior it has a lower Sharpe.


SQN is "basically" Sharpe * SQRT(# of Trades) and has all the same issues that Sharpe has.

Ya I agree with you there. They are both basically just a deviation of the return of a system over a given period of time.

But you pointed out the exactly the problem.

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  #510 (permalink)
 corpraider 
New York, NY, United States
 
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New book on HFT out on Amazon yesterday, called Trading at the Speed of Light. Written by an academic guy, so I bought the audiobook immediately hoping he'd approach it from less of a "pop finance" perspective as many of these books tend to do. However, he's a social science guy so he keeps going on these tirades tying HFT to all of these social science concepts and it's weird. Still good listening because he actually interviewed actual HFT shops and isn't trying to stretch a book out by referencing Bloomberg articles like many do.

I've listened to 40 audiobooks so far in 2021 and my general assumption is that 99% of books that are also published as audiobooks are mostly fluff. Especially in finance, so many of them are "pop finance," and go over the same Kahneman/Traversky findings over and over again at the most basic level, etc. One that has stood out from the pack is Drobny's The Invisible Hands, a book of interviews with global macro traders. Touches a lot on how 2008 changed the "real money" world (pension funds, endowments) and whatnot. Another is Scott Paterson's Dark Pools. So good that I've read it twice.

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