NexusFi: Find Your Edge


Home Menu

 





Some highly recommended books


Discussion in Traders Hideout

Updated
      Top Posters
    1. looks_one Fat Tails with 49 posts (98 thanks)
    2. looks_two Big Mike with 37 posts (82 thanks)
    3. looks_3 wh with 13 posts (15 thanks)
    4. looks_4 cunparis with 13 posts (31 thanks)
      Best Posters
    1. looks_one SMCJB with 2.7 thanks per post
    2. looks_two cunparis with 2.4 thanks per post
    3. looks_3 Big Mike with 2.2 thanks per post
    4. looks_4 Fat Tails with 2 thanks per post
    1. trending_up 342,183 views
    2. thumb_up 727 thanks given
    3. group 264 followers
    1. forum 527 posts
    2. attach_file 47 attachments




 
Search this Thread

Some highly recommended books

  #491 (permalink)
 
AllSeeker's Avatar
 AllSeeker 
Mumbai, India
Legendary Pratik_4Clover
 
Experience: Beginner
Platform: TradingView & ZerodhaKite
Trading: NIFTY, BANKNIFTY
Frequency: Daily
Duration: Minutes
Posts: 1,423 since Jan 2019
Thanks Given: 5,245
Thanks Received: 5,006


vmodus View Post
The latest book that I recommend is: Building Winning Algorithmic Trading Systems, by Kevin Davey



I just finished reading it this morning and did not want to pass judgement until I finished. This book is honest, well written and edited, and relatable. There is no hubris, no fluff, and no BS.

Although the primary audience is those who want to learn to build or get better at building algorithmic systems, I wanted to see if there was anything in the book that is useful for discretionary traders. Here are two items for discretionary traders:
  • Chapter 25 is pure gold, providing archetypes of different types of people you may come across in the trading world, how to identify them, and hopefully avoid them.
  • Kevin offers a path for discretionary traders to algorithmic trading, if that is a
For those of us who are algorithmic traders, this book has a ton of value. It is sobering, but realistic. The methodology is solid. There is ton of information to absorb and there is not a lot of fluff. You may be surprised by the amount of tracking and analysis that is required, so if you are lazy about doing the grunt work, you might get discouraged.

If you are a discretionary trader, I would borrow it to read. If you are an algorithmic trader or an aspiring one, this should be in your library.

~vmodus

Will order one for this holiday reading

Visit my NexusFi Trade Journal Reply With Quote
The following user says Thank You to AllSeeker for this post:

Can you help answer these questions
from other members on NexusFi?
NexusFi Journal Challenge - April 2024
Feedback and Announcements
Request for MACD with option to use different MAs for fa …
NinjaTrader
ZombieSqueeze
Platforms and Indicators
My NT8 Volume Profile Split by Asian/Euro/Open
NinjaTrader
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Retail Trading As An Industry
58 thanks
Battlestations: Show us your trading desks!
55 thanks
NexusFi site changelog and issues/problem reporting
48 thanks
What percentage per day is possible? [Poll]
31 thanks
GFIs1 1 DAX trade per day journal
29 thanks

  #492 (permalink)
Tom1978
Houston Texas
 
Posts: 15 since Dec 2019
Thanks Given: 6
Thanks Received: 11

I agree, the book contains a lot of good information for beginning and advanced traders.

The book describes what steps you have to take to develop profitable trading systems.

But from the moment the book was released the equity lines of the two strategies mentioned in the book went down and never recovered.

Reply With Quote
  #493 (permalink)
 kevinkdog   is a Vendor
 
Posts: 3,645 since Jul 2012
Thanks Given: 1,890
Thanks Received: 7,336



Tom1978 View Post
I agree, the book contains a lot of good information for beginning and advanced traders.

The book describes what steps you have to take to develop profitable trading systems.

But from the moment the book was released the equity lines of the two strategies mentioned in the book went down and never recovered.

Thanks for the review.

Yes, I no longer trade the 2 strategies in the book. They performed well in walkforward and live before December 2013, when I finished writing the book.

They continued to do well up until book release in July 2014.

Once the book was released, of course they started to flatten out and go into drawdown. It figures!


Kevin

Follow me on Twitter Reply With Quote
The following 2 users say Thank You to kevinkdog for this post:
  #494 (permalink)
 
trendisyourfriend's Avatar
 trendisyourfriend 
Quebec Canada
Market Wizard
 
Experience: Intermediate
Platform: NinjaTrader
Broker: AMP/CQG
Trading: ES, NQ, YM
Frequency: Daily
Duration: Minutes
Posts: 4,526 since Oct 2009
Thanks Given: 4,167
Thanks Received: 6,018


kevinkdog View Post
Thanks for the review.

Yes, I no longer trade the 2 strategies in the book. They performed well in walkforward and live before December 2013, when I finished writing the book.

They continued to do well up until book release in July 2014.

Once the book was released, of course they started to flatten out and go into drawdown. It figures!


Kevin

Kevin,

Don't you have a site dedicated to this book which you update once in a while to let your readers know if something has changed or is no more relevant?

Reply With Quote
The following 2 users say Thank You to trendisyourfriend for this post:
  #495 (permalink)
 kevinkdog   is a Vendor
 
Posts: 3,645 since Jul 2012
Thanks Given: 1,890
Thanks Received: 7,336


trendisyourfriend View Post
Kevin,

Don't you have a site dedicated to this book which you update once in a while to let your readers know if something has changed or is no more relevant?

Thanks for the question. I stopped updating the book strategies a few years ago. I'd say more, but I do not want to self promote.

Kevin

Follow me on Twitter Reply With Quote
The following 4 users say Thank You to kevinkdog for this post:
  #496 (permalink)
 smtlaissezfaire 
Oakland, CA
 
Experience: Intermediate
Platform: Phone
Trading: US Treasuries Futures
Posts: 83 since Jun 2018
Thanks Given: 95
Thanks Received: 120


Fat Tails View Post
It is interesting to know who are the guys you are playing against. It also will prevent you from ascending the Mount Everest with a pair of sandals.

What did you mean by this?

Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
The following 2 users say Thank You to smtlaissezfaire for this post:
  #497 (permalink)
 
Fat Tails's Avatar
 Fat Tails 
Berlin, Europe
Market Wizard
 
Experience: Advanced
Platform: NinjaTrader, MultiCharts
Broker: Interactive Brokers
Trading: Keyboard
Posts: 9,888 since Mar 2010
Thanks Given: 4,242
Thanks Received: 27,102


smtlaissezfaire View Post
What did you mean by this?

The post you are referring to is close to 10 years old. I had made it back in 2010 when recommending a book "Algorithmic Trading & DMA" by Barry Johnson. By the way I would still recommend it as I think that it is a good introduction to market microstructure.

The book explains differents types of algorithms, some of which are exploiting other algorithms or the behavior of other market participants. When thinking about markets I have the picture in mind that Robert Axelrod has described in his groundbreaking book "The Evolution of Cooperation". It is a world dominated by algorithms, and you need to know what the other players are doing in this universe. Some of the other trading strategies can be exploited and you can feed on them, such as the trend following strategies exploited by the Turtles gave birth to new trading strategies called "Turtle Soup" or similar.

As a retail trader I am not trying to compete with the big guys - high frequency trading is not for me, because of the high commissions I would be paying and because I am not a trained mathematician. But I am trying to feed on the big players. Trying to compete with the big guys is like trying to climb Mount Everst with a pair of sandals. Feeding on them means to stay on the sidelines and wait until there is an opportunity. My fixed cost is close to zero, therefore I can afford to wait. The big guys can't.

Reply With Quote
The following 7 users say Thank You to Fat Tails for this post:
  #498 (permalink)
 smtlaissezfaire 
Oakland, CA
 
Experience: Intermediate
Platform: Phone
Trading: US Treasuries Futures
Posts: 83 since Jun 2018
Thanks Given: 95
Thanks Received: 120


Fat Tails View Post
The post you are referring to is close to 10 years old. I had made it back in 2010 when recommending a book "Algorithmic Trading & DMA" by Barry Johnson. By the way I would still recommend it as I think that it is a good introduction to market microstructure.

Thanks for the recommendations.

How do you think that compares to Harris - "Trading and Exchanges" ?

https://www.amazon.com/Trading-Exchanges-Market-Microstructure-Practitioners/dp/0195144708/ref=sr_1_1?keywords=Larry+Harris&qid=1581921707&sr=8-1

These books seem really thick; it doesn't seem like where one would start with algorithmic trading.

Also re: turtle soup. I understand what you mean by mutually beneficial / symbiotic relationships. I even thought of this the other day when I went to a rodeo and there were protesters (animal rights activists) outside.

I thought immediately of a concept I had learned recently about how animals + humans actually live a mutually symbiotic relationship.

On the surface, it appears that we just constrict animals from living how they would want to live, "in the wild" and consume their resources (kill + eat them + eat their products). But when you think further about it, they are actually benefiting a ton from us; we provide them with a steady source of food, as well as safety from danger, etc. So clearly one resource feeds on another and yet it is mutually beneficial to both parties.

I've never backtested it, but I've assume that any edge from the turtle soup setup has been arbed away (presumably there are algos that are fading the turtle soup setup, and so on); curious what your thought are in terms of how far the conceptual rabbit hole goes.

Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
The following user says Thank You to smtlaissezfaire for this post:
  #499 (permalink)
 
SBtrader82's Avatar
 SBtrader82   is a Vendor
 
Posts: 587 since Feb 2018
Thanks Given: 222
Thanks Received: 1,333


Ozquant View Post
Trading in the Zone is the most over rated book there is . Seriously i can't stand Mark Douglas books or video

This quote makes the entire Douglas collection redundant " Positive expectancy leads to a positive mindset " No need to thank me ..

I like the scientific approach and measure EVERYTHING , this a great book if you go down the systematic/algo style road



Finally someone that has the same opinion I have. Mark Douglas stopped trading to make money selling books and doing seminars, so all his psychological material is not backed by any results. Also his all theory about "anything can happen in the market" and the way he talks about probabilities is plain wrong from a math perspective.
To me he brought nothing useful, actually when I adopted the mindset that anything can happen I started to do stupid trades and lost an awful lot of money.

He was good to sell seminars but he never made any money trading (he said because he devoted to teaching and writing)....he could just take 3 trades per day and prove to the world how good he was, but he had zero time, though he wrote on 300 pages in his entire life.

If you want to read something about psychology read Steenbarger or Gary Dayton.

Sent using the nexusfi.com mobile app

Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
The following 4 users say Thank You to SBtrader82 for this post:
  #500 (permalink)
 
SBtrader82's Avatar
 SBtrader82   is a Vendor
 
Posts: 587 since Feb 2018
Thanks Given: 222
Thanks Received: 1,333


There are so many good books mentions in this thread!!
I gave a look at almost all posts and I think I haven't see the following books that in my opinion are very interesting.

They are not books about trading specifically, they are about the broader aspect of rational decision making.
I think they can give traders some insights that are quite important.

The books are: "the success equation" and "more than you know", both by prof. Michael Mauboussin.


Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
The following 4 users say Thank You to SBtrader82 for this post:





Last Updated on October 12, 2023


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts