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THE STEP-BY-STEP, PRACTICAL GUIDE TO MAKING TREND TRADING WORK FOR YOU
The Universal Tactics of Successful Trend Trading will show you how to build a sensible, sustainable trading strategy that will work for you in good times and bad. Many people fail at trend trading. You can avoid becoming one of them, if you follow the guidance in this book.
In his signature, no-nonsense style, full-time trader Brent Penfold helps you discover whether you really have the chops to make money by trend trading. Like any trading strategy, trend trading is a risky business, and it takes a strong stomach to weather the losing streaks that will inevitably occur. But if you can stay the course - which is mapped out in detail inside - there is substantial profit to be had.
The Universal Tactics of Successful Trend Trading will show you, with hands-on examples, how to account for the risks inherent to trend trading, so you can succeed no matter what happens on the global scene. The book includes a toolkit that you can use to help you review, select and develop trend trading strategies that work for you. Regardless of whether you supplement this book with Brent's classic book The Universal Principles of Successful Trading, or just pick it up as a standalone, it'll be a decision you will not regret.
THE STEP-BY-STEP, PRACTICAL GUIDE TO MAKING TREND TRADING WORK FOR YOU
The Universal Tactics of Successful Trend Trading will show you how to build a sensible, sustainable trading strategy that will work for you in good times and bad. Many people fail at trend trading. You can avoid becoming one of them, if you follow the guidance in this book.
In his signature, no-nonsense style, full-time trader Brent Penfold helps you discover whether you really have the chops to make money by trend trading. Like any trading strategy, trend trading is a risky business, and it takes a strong stomach to weather the losing streaks that will inevitably occur. But if you can stay the course - which is mapped out in detail inside - there is substantial profit to be had.
The Universal Tactics of Successful Trend Trading will show you, with hands-on examples, how to account for the risks inherent to trend trading, so you can succeed no matter what happens on the global scene. The book includes a toolkit that you can use to help you review, select and develop trend trading strategies that work for you. Regardless of whether you supplement this book with Brent's classic book The Universal Principles of Successful Trading, or just pick it up as a standalone, it'll be a decision you will not regret.
BRENT PENFOLD is a full-time trader, author, educator and advisor. He began his career in 1983 as an institutional dealer with Bank America and today specializes in trading global forex, index and commodity markets. He is the author of two Wiley books, The Universal Principles of Successful Trading (2010) and Trading the SPI (2005). Brent publishes daily newsletters for active futures traders and is a popular and sought-after international speaker.
Acknowledgements xiii
Preface xv
Introduction xix
Chapter 1 The Paradox 1
Nirvana and Despair 1
It's Also a Confusing Time 2
How I Can Help You 3
How to Trade Successfully 4
Summary 4
Chapter 2 Key Messages 5
Knowledge 6
Risk 24
Application 36
Execution 54
Summary 63
Chapter 3 The Appeal of Trend Trading 64
It's a Punch and Judy Show 64
What is Trend Trading? 65
Why are Trends so Important? 67
The Appeal of Trend Trading 67
Summary 119
Chapter 4 Why Do Trends Exist? 120
Confusion Reigns 120
Behavioural Finance 120
Path Dependency 125
And the Winner is? 126
Summary 126
Chapter 5 Why Do So Many Fail? 127
Science Says We Can't Lose 127
Overview of Trend Trading 127
WhydosoManyFailatit? 130
Variability Kills Indicators 137
Popular Indicators 137
Rsi 139
Strategy Robust Review 139
Rtt 140
Traders Always Change Variable Values 156
Universe of Alternative Equity Curves, Expectancies and ROR 156
Best Set of Variable Values Always Change 158
Know Your Strategy's Universe of Alternative Equity Curve's Upper and Lower Bands 160
Stratgey Robustness Review 161
The More Variables, the More Alternatives, the More Risk 161
Variable and Subjective Tools 163
Independent Objective Tools 164
So, What to Do? 165
Summary 165
Chapter 6 Strategies 167
Markets 168
Trading Naked without Technical Analysis 169
Trend-Trading Strategies 177
Momentum Trend Trading 177
Relative Strength Trend Trading 178
Hypothetical Results 180
Relative Momentum Trend Trading 180
Absolute Momentum Trend Trading 195
Retracement Trend Trading 223
Return of Random Trend Trader (2020) 230
Summary 232
Chapter 7 Measuring Risk 234
How to Measure Strategy Performance 234
Risk-Adjusted Return Measurements 235
Standard Deviation-Proxy for Risk 238
The Ulcer Index-a Superior Risk Proxy 245
The Ulcer Performance Index-a Superior Risk-Adjusted Return Measurement 246
Not all Strategies are Created Equal 257
Summary 259
Chapter 8 Moving Forward 260
The Toolkit 260
Portfolio Construction 261
Data 263
Software 263
Attributes of Winning Strategies 264
Strategy Review 267
Strategy Benchmark 279
Strategy Development 300
Summary 302
Chapter 9 Back to the Future 303
Strategy Development 303
Find a Methodology 304
Code the Methodology 311
Review the Methodology 312
Compare the Methodology 312
Adjust the Methodology 314
Equity Curve Stability Review 359
Sensible Trading Destination 360
Drawdown 361
Charles Dow (1851-1902) 364
Back to the Future to Move Forward 364
Embrace Diversification 365
Thank You 365
Appendix A Literature on Trend Trading 368
Cowles and Jones (1933) 368
Levy (1967) 368
Jegadeesh and Titman (1993) 369
Asness, Liew and Stevens (1997) 369
Rouwenhorst and Geert (1998) 369
LeBaron (1999) 370
Moskowitz and Grinblatt (1999) 370
Rouwenhorst (1999) 370
Griffin, Ji and Martin (2003) 370
Hwang and George (2004) 370
Wilcox and Crittenden (2005) 371
Faber (2006) 371
Szakmary, Shen and Sharma (2010) 371
Liu, Liu and Ma (2010) 371
Hurst, Ooi and Pedersen (2010) 372
Moskowitz, Ooi, Hua and Pedersen (2011) 372
Antonacci (2012) 372
Luu and Yu (2012) 372
Hurst, Ooi and Pedersen (2012) 373
Lempérière, Deremble, Seager, Potters and Bouchard (2014) 373
Greyserman and Kaminski (2014) 373
Clare, Seaton, Smith and Thomas (2014) 373
Glabadanidis (2016) 374
Georgopoulou and Wang (2016) 374
Hamill, Rattray and Van Hemert (2016) 374
D'Souza, Srichanachaichok, Wang and Yao (2016) 374
Geczy and Samonov (2017) 375
Hurst, Ooi and Pedersen (2017) 375
Index 377
| Erscheinungsjahr: | 2020 |
|---|---|
| Fachbereich: | Betriebswirtschaft |
| Genre: | Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Buch |
| Inhalt: | 416 S. |
| ISBN-13: | 9781119734512 |
| ISBN-10: | 1119734517 |
| Sprache: | Englisch |
| Einband: | Gebunden |
| Autor: | Penfold, Brent |
| Hersteller: | Wiley |
| Maße: | 223 x 146 x 35 mm |
| Von/Mit: | Brent Penfold |
| Erscheinungsdatum: | 02.12.2020 |
| Gewicht: | 0,661 kg |
BRENT PENFOLD is a full-time trader, author, educator and advisor. He began his career in 1983 as an institutional dealer with Bank America and today specializes in trading global forex, index and commodity markets. He is the author of two Wiley books, The Universal Principles of Successful Trading (2010) and Trading the SPI (2005). Brent publishes daily newsletters for active futures traders and is a popular and sought-after international speaker.
Acknowledgements xiii
Preface xv
Introduction xix
Chapter 1 The Paradox 1
Nirvana and Despair 1
It's Also a Confusing Time 2
How I Can Help You 3
How to Trade Successfully 4
Summary 4
Chapter 2 Key Messages 5
Knowledge 6
Risk 24
Application 36
Execution 54
Summary 63
Chapter 3 The Appeal of Trend Trading 64
It's a Punch and Judy Show 64
What is Trend Trading? 65
Why are Trends so Important? 67
The Appeal of Trend Trading 67
Summary 119
Chapter 4 Why Do Trends Exist? 120
Confusion Reigns 120
Behavioural Finance 120
Path Dependency 125
And the Winner is? 126
Summary 126
Chapter 5 Why Do So Many Fail? 127
Science Says We Can't Lose 127
Overview of Trend Trading 127
WhydosoManyFailatit? 130
Variability Kills Indicators 137
Popular Indicators 137
Rsi 139
Strategy Robust Review 139
Rtt 140
Traders Always Change Variable Values 156
Universe of Alternative Equity Curves, Expectancies and ROR 156
Best Set of Variable Values Always Change 158
Know Your Strategy's Universe of Alternative Equity Curve's Upper and Lower Bands 160
Stratgey Robustness Review 161
The More Variables, the More Alternatives, the More Risk 161
Variable and Subjective Tools 163
Independent Objective Tools 164
So, What to Do? 165
Summary 165
Chapter 6 Strategies 167
Markets 168
Trading Naked without Technical Analysis 169
Trend-Trading Strategies 177
Momentum Trend Trading 177
Relative Strength Trend Trading 178
Hypothetical Results 180
Relative Momentum Trend Trading 180
Absolute Momentum Trend Trading 195
Retracement Trend Trading 223
Return of Random Trend Trader (2020) 230
Summary 232
Chapter 7 Measuring Risk 234
How to Measure Strategy Performance 234
Risk-Adjusted Return Measurements 235
Standard Deviation-Proxy for Risk 238
The Ulcer Index-a Superior Risk Proxy 245
The Ulcer Performance Index-a Superior Risk-Adjusted Return Measurement 246
Not all Strategies are Created Equal 257
Summary 259
Chapter 8 Moving Forward 260
The Toolkit 260
Portfolio Construction 261
Data 263
Software 263
Attributes of Winning Strategies 264
Strategy Review 267
Strategy Benchmark 279
Strategy Development 300
Summary 302
Chapter 9 Back to the Future 303
Strategy Development 303
Find a Methodology 304
Code the Methodology 311
Review the Methodology 312
Compare the Methodology 312
Adjust the Methodology 314
Equity Curve Stability Review 359
Sensible Trading Destination 360
Drawdown 361
Charles Dow (1851-1902) 364
Back to the Future to Move Forward 364
Embrace Diversification 365
Thank You 365
Appendix A Literature on Trend Trading 368
Cowles and Jones (1933) 368
Levy (1967) 368
Jegadeesh and Titman (1993) 369
Asness, Liew and Stevens (1997) 369
Rouwenhorst and Geert (1998) 369
LeBaron (1999) 370
Moskowitz and Grinblatt (1999) 370
Rouwenhorst (1999) 370
Griffin, Ji and Martin (2003) 370
Hwang and George (2004) 370
Wilcox and Crittenden (2005) 371
Faber (2006) 371
Szakmary, Shen and Sharma (2010) 371
Liu, Liu and Ma (2010) 371
Hurst, Ooi and Pedersen (2010) 372
Moskowitz, Ooi, Hua and Pedersen (2011) 372
Antonacci (2012) 372
Luu and Yu (2012) 372
Hurst, Ooi and Pedersen (2012) 373
Lempérière, Deremble, Seager, Potters and Bouchard (2014) 373
Greyserman and Kaminski (2014) 373
Clare, Seaton, Smith and Thomas (2014) 373
Glabadanidis (2016) 374
Georgopoulou and Wang (2016) 374
Hamill, Rattray and Van Hemert (2016) 374
D'Souza, Srichanachaichok, Wang and Yao (2016) 374
Geczy and Samonov (2017) 375
Hurst, Ooi and Pedersen (2017) 375
Index 377
| Erscheinungsjahr: | 2020 |
|---|---|
| Fachbereich: | Betriebswirtschaft |
| Genre: | Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Buch |
| Inhalt: | 416 S. |
| ISBN-13: | 9781119734512 |
| ISBN-10: | 1119734517 |
| Sprache: | Englisch |
| Einband: | Gebunden |
| Autor: | Penfold, Brent |
| Hersteller: | Wiley |
| Maße: | 223 x 146 x 35 mm |
| Von/Mit: | Brent Penfold |
| Erscheinungsdatum: | 02.12.2020 |
| Gewicht: | 0,661 kg |
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