Book Description

The Mathematics of Options Trading shows options traders how to improve their overall trading performance by first understanding and harnessing options mathematics. This detailed manual introduces the math needed to understand options and how they work and provides step-by-step instructions on how to use that math to analyze intended trades before committing capital. Traders learn how to use moving averages, curve fitting, extreme values, skewness, and other techniques to augment trading profits. The valuable accompanying CD-ROM contains programs for analyzing opportunities using several strategies, creating spreadsheets, and more.

Book Description

Advanced Option Pricing Models details specific conditions under which current option pricing models fail to provide accurate price estimates and then shows option traders how to construct improved models for better pricing in a wider range of market conditions. Model-building steps cover options pricing under conditional or marginal distributions, using polynomial approximations and “curve fitting,” and compensating for mean reversion. The authors also develop effective prototype models that can be put to immediate use, with real-time examples of the models in action.

Book Description

This book analyzes and integrates the latest developments in this rapidly changing fields. Chapters by financial officers at major corporations such as Rolls Royce, PepsiCo, United Technology and Siemens Electronics further enhance the value of this truly unique book. Topics include: New products, such as indexed and cross-rate swaps; Managing swap credit risk; Liability hedging using swaps; Risk management at major corporations; Financial risk management for developing countries. ... Read more

Reviews (1)

Informative
This book is a good review of the subject. Regards, Jerry Green, Green Interest Rate Swap Management, http://home.earthlink.net/~green/ ... Read more

Book Description

With lease options and subject-to deals, investors can control properties worth much more than what they could normally afford to purchase. The potential for profit is great and the costs of getting started are low.

This book shows novice investors how author Wendy Patton and thousands of other Americans—including well-known real estate developers and business moguls—use lease options and subject-to deals to control valuable property without necessarily owning it. The cost of purchasing an option or subject-to deal is a fraction of what it costs to buy a home. That's why these kinds of deals are typically found in every serious investor's portfolio. Sharing the secrets and strategies investors use to profit from low- and no-money-down deals, Patton gives investors all the information they need to succeed.

"Finally, a book that explains lease option and subject-to deals in depth and detail. This book is essential for anyone who wants to make money in real estate without using a lot of cash or taking on a lot of risk. A gold mine of great information."
—Robert Shemin, New York Times bestselling author of Secrets of Buying and Selling Real Estate¿Without Using Your Own Money!

"Few can rival Wendy's knowledge and experience with lease option and subject-to deals. This is a must-read for beginning and advanced investors and the real estate agents who serve them."
—Gary Keller, New York Times bestselling author of The Millionaire Real Estate Investor

"The techniques Patton teaches here are invaluable—especially for working with Realtors and still getting properties for little- or no-money-down. The detail in this book will make you want to read every page."
—Albert Lowry, PhD, New York Times bestselling author of How You Can Become Financially Independent by Investing in Real Estate ... Read more

Book Description

In modern financial practice, asset prices are modelled by means of stochastic processes, and continuous-time stochastic calculus thus plays a central role in financial modelling. This approach has its roots in the foundational work of the Nobel laureates Black, Scholes and Merton. Asset prices are further assumed to be rationalizable, that is, determined by equality of demand and supply on some market. This approach has its roots in the foundational work on General Equilibrium of the Nobel laureates Arrow and Debreu and in the work of McKenzie. This book has four parts. The first brings together a number of results from discrete-time models. The second develops stochastic continuous-time models for the valuation of financial assets (the Black-Scholes formula and its extensions), for optimal portfolio and consumption choice, and for obtaining the yield curve and pricing interest rate products. The third part recalls some concepts and results of general equilibrium theory, and applies this in financial markets. The last part is more advanced and tackles market incompleteness and the valuation of exotic options in a complete market. ... Read more

Book Description

Since 1992’s first edition of this bestselling book, the futures market has changed incredibly—Internet access and electronic trading dominate the market, options have grown in importance, and a greater number of futures markets exist worldwide. All About Futures, Second Edition, covers all the updated basics of futures trading for the beginner, and illustrates trading strategies from the simple to the complex for experienced traders who need to brush up on their skills.

An integral element in McGraw-Hill’s All About series, this completely revised and updated book discusses:
*Detailed Internet strategies for effectiveelectronic trading
*Basic approaches to technical analysisand anticipating price direction
*Insights on working with a broker anddeveloping a trading strategy ... Read more

Book Description

The first comprehensive guide on maximum adverse excursion — a powerful new tool for dramatically lessening trading risks

"Trading successfully, like everything else, is built upon solid preparation. It is the well-prepared individual who will be able to cope in today's competitive market. John Sweeney's Maximum Adverse Excursion will provide you with the steps to perform the analytical review of your trading system that you should undertake before you ever risk your capital." — Thomas Hartle, Editor Technical Analysis of Stocks & Commodities magazine

"Maximum Adverse Excursion deals with a much overlooked subject: how to minimize losses. If every trader took John Sweeney's advice and learned how to minimize losses before trying to make profits, they would be financially ahead." — Martin J. Pring, President The International Institute for Economic Research

"John Sweeney has done it again. As with Campaign Trading, he takes a complex set of ideas and explains them in a simple, easy-to-understand manner, in a form that traders can use to help them make informed and profitable buy-sell decisions." — Clifford Sherry, PhD, author The Mathematics of Technical Analysis

Most successful traders have a "sixth sense" that alerts them to loss points and amounts. But what happens when intuition fails?

When the potential loss incurred on a trade is significant, you need more than guesswork. But is it possible to estimate the loss point accurately—quantitatively? With maximum adverse excursion (MAE), the answer is a resounding "YES". This innovative method of risk management enables traders to steer clear of potentially devastating results by pinpointing loss points before implementing trading decisions. Now, in the first book to provide an in-depth examination of this vital trading tool, John Sweeney, MAE developer and Technical Editor of the highly regarded Technical Analysis of Stocks & Commodities magazine, takes you step by step through its various intricacies.

In this comprehensive and accessible reference, Sweeney shows how the key to successful MAE implementation lies in determining whether there is any consistency in market behavior. By measuring and charting price excursion from a set point of entry, you can establish—quickly and easily—whether prices show consistent behavior over a finite time frame. If, in fact, some regularity, some pattern in price changes is revealed, you can then exploit it while in the trade. The bottom line is a more reliable system for discerning whether your trade is going in your direction or not, and—in either case—what likely events are next. By replacing guesswork with statistical descriptions, you can objectively determine when to cut off a loser, or put in a protective stop . . . or take profits.

Maximum Adverse Excursion can give you "the elusive edge that traders seek . . . a line all your own, from which profits can flow with minimized, quantifiable risk." This comprehensive, accessible reference gives you the tools you need to employ MAE successfully, including detailed information on:

• Defining and calculating adverse, minimum, and maximum favorable excursion (MinFE and MaxFE)
• Displaying MAE—aggregation, frequency diagrams, stop size
• Determining specific capital requirements—capital conservation, defining drawdowns
• Profit definition by stop level—profit tradeoffs, profit curves, interpretation
• Impact of volatility changes—tweaks, changing stops by range or volatility
• Trading management—portfolio impacts, day-to-day management, elaborations

Complete with sample calculations, practical examples, and EXCEL programs for creating your own charts, this is the definitive guide to using MAE effectively—and profitably. ... Read more

Reviews (4)

Interesting money management ideas.
As a professional futures trader, I bought this book in the search for new ideas to refine my money management rules.I have been utilizing the same trading system for years, but this book has enabled me to capture more of my systems open profit, while also limiting the size of potential losing trades.

If you do not currently have a trading system, this book will not give you one.The purpose of this book is to help the trader eliminate some of the rough edges of an existing system's money management procedures.

If you are trading a system, or wish to learn more about money management rules, pick up a copy of this book, as many new ideas are discussed.Also, be sure you are using Microsoft Excel, as spreadsheets are used frequently throughout the book, and duplicating the examples is useful.

A good start but...
Warning: Read book very slowly

The idea is a sound one but requires that the reader provides a working system AND is able to backtest it. Otherwise, the reader is left with a concept that on paper makes sense but it is very hard to implement into his/her trading system.

A good start but...
Warning: Read book very slowly

The concept requires total concentration-while reading in order to throughly understand MAE. The idea is a sound one but requires that the reader provides a working system AND is able to backtest it. Otherwise, the reader is left with a concept that on paper makes sense but it is very hard to implement into his/her trading system.

OK but not a pre-requisite
The adverse excursion evaluation and exploitation does play an important role in systematic trading, however, the book later on skin-deep touches trading management and betting strategies, which in turn do not have much to do with the title of the book. ... Read more

Reviews (2)

errors, errors, errors
This book is clearly written and thorough. I would have given it at least 4 stars, except for one thing: it has more errors than any book I've ever read (and I've read thousands).It has sentences that make no sense or that you have to interpret because words or phrases are misplaced or jumbled.It has math misprints and math errors all throughout.You would not notice many of the math errors unless you worked through the equations and examples in the book.

Otherwise, this book is good enough that is should be updated and rewritten.

Trading in Options on Futures
There are lots of books on options but this book stands out above all the rest.It is clearly written with lots of practicle examples.It also is one of the only option books which shows how market makers make markers.Also, risk managers would be interested in the portfolio analysis section. This is a great book for option traders. ... Read more

Book Description

Masters of the Futures is the first book to give you direct access toNand take you inside the minds ofNthe leaders and key players in todayOs futures industry. Written in an accessible and conversational Q&A format, it is packed with the amazingly candid insights and opinions of Pat Arbor, chairman of the Chicago Board of Trade; Jack Sandner, former chairman of the Chicago Mercantile Exchange; Barry Lind, influential chairman of Lind-Waldock & Company, and other global futures leaders. Broaden your understanding of the futures industryNwhere it is going, and what you will need to succeed in the next millenniumNwith the timely and entertaining Masters of the Futures. ... Read more

Reviews (13)

Good Writing For A Good Author
I have known Scott for many years and his material keeps getting better and better.I am proud to be a trader right now in NYC and things have gotten rough since 9/11.But this book helped me earn over $500,000 in net worth to this day.I recommend this book to anyone that has ever been interested in the trading enviroment and who wants to make money fast!!!

Not a futures trading book at all
To my very surprise, this book is nothing about trading, but the opinion of senior Exchange executives about the future of Exchanges. If you are a floor trader, you might be interested to know what technology, globalization and govt regulations will affect your job. Otherwise, you will find this book of zero value. The title is definitely misleading. It should be management of the futures exchange, categorized under business management.

Save you money.
I would give this book zero stars if I could. There is very little information of any real value. I can't believe I paid good money for this pile of scrap paper.

Very Educational, quick easy reading
I like the way Scott put this book together.It's easy reading and very educational.The people in this book are truly the people who put futures into play.I really enjoyed Leo Melamed's foreword, and the comments byHal Hansen.

The Worst Trading Book Ever Written?
This book is lacking in so many areas incuding but not limited to substance, accuracy,interest and relevance.The writing and editing are laughable(check out the author's comments above)!

This book offerscompelling proof in one area:The random typing of chimpanzees is rapidlyevolving towards Shakespeare! ... Read more

Book Description

This clear, concise, and practical guide explains how to use agricultural options as a safe, effective component of any trading portfolio. Outlining different strategies­­based on whether traders are seeking to reduce risk, increase income, or control costs­­it provides nuts-and-bolts examples and techniques for effective use of these versatile tools. It also covers option basics, special software, the differences between hedging and trading strategies, understanding price behavior and the importance of volatility, and more. ... Read more

Reviews (1)

OK but too basic on ags ...
I had great expectations of this book and thought that it would be a good primer to understanding ags futures, their behaviour & ideas (seasonality, calendar spreads, etc) on how to exploit them. However, it is more the traditional academic introduction on how to hedge ags futures, and the knowledge is very similar to any other options book. It is a good book for beginners & has some interesting intermediate strategies to explore. Well written but as an advanced options user, it adds little to persons who already knows futures & options in depth. ... Read more

Book Description

The second edition of Consider Your Options includes the features that made the first edition so popular and much more. It provides plain language guidance for all the popular forms of equity compensation: stock grants, nonqualified options, incentive stock options and employee stock purchase plans. It tells how to avoid mistakes that can result in paying too much tax or otherwise failing to get the maximum investment return from these benefits. The book assumes no knowledge, explaining all the basic terminology and concepts from the ground up. Yet it also includes more advanced material for those seeking to render professional advice -- or evaluate the advice they've received.

The second edition covers the latest tax changes and includes ten new chapters on stock option planning. These begin with basics of investing and move on to cover investment risk and reward, stock option valuation, and strategies for handling different types of options. Included are instructions on how to build your own spreadsheet to calculate Black-Scholes stock option values. ... Read more

Reviews (23)

Waste no time getting up to speed on Stock Options
One of the few books available today on incentive (ISO) and non-qualified (NQ) stock options this does an excellent job of describing the basic ins and outs of how each type of employee stock option works. Unlike "Stock Options" by Robert Pastore, which is quite dry, this introductory book presents the material concisely and in a well-organized manner to quickly get up to speed. Of course a significant amount of the material found in this book can be read for free on the publisher's website. I would also highly recommend purchasing Pastore's book since it provides more strategies that you can actually apply, but read "Considering Your Options" first and then just flip through Pastore's book this to look at the strategies.

Just keep in mind that both of these books are only a first step at figuring out what you plan on doing. There is no substitute for a good tax account who is knowledgeable in the areas of stock options and estate planning. In addition there are many strategies that exist which aren't covered in either of these books. If you are trying to sort out what your strategy is for exercising your stock options it is well worth your time to read both of these. And you can't beat the price. If nothing else it saves you from shelling out $175/hour to hear an experienced tax accountant educate you on the basics.

Money well spent
No matter how well you think you understand the world of stock options, there's a good chance you will find some nugget of information in here that could save you A LOT of money.

In my case, I work for a small company. I actually had the company amend their stock option agreement based on information I found in this book. Based on the projected IPO price, this amendment will likely save me over $100,000 in the future.

A prior reviewer complained about the book and recommended a "tax professional". First, I have read this and Pastore's book, and this is hands down a better treatment of the subject. Second, if you are outside of Silicon Valley, then I wish you the best of luck in finding a CPA that knows anything beyond the basics as far as ISOs and 83(b) elections are concerned.

Buy the book AND find a tax professional. A tax professional does not have such a vested interest in your financial future, and you don't have his vast knowledge of the tax codes. I found that working together with my CPA and this book, we were able to do some excellent tax planning.

Covers the basics, but not strategy or advice
This book is good in that it covers all the basic mechanics of stock options -- Incentive and Non-Qualified, and ESPP plans. However, this basic information can easily be found on the web or from your employer.

What is sadly lacking from this book is advice on strategy on how to manage options, e.g., ideas on when to exercise and sell. Because of this, the book is quite disappointing to me and not very useful.

If you have any stock options, GET THIS BOOK!
This is the perfect book for anyone who has any stock options or who can participate in their company's Employee Stock Purchase Plan (ESPP). It starts very simply, and in a series of short, but complete chapters, covers the spectrum of stock ownership, vesting, ISOs vs. NQOs, the effect of AMT, and much more.

Did you know that stock purchased in an ESPP is treated by the IRS in almost the same way that an ISO is? That there is usually no long-term advantage to buying and holding Non-qualified options? That you only have 30 days to file your 83b exclusion? (If you don't know what an 83b exclusion is, you need this book).

The book does its best to explain Alternative Minimum Tax (AMT), and althought this chapter fried my brain, its because of the complexities of the AMT (simplify it IRS!), not because of the book.

A must have for people with equity in their company...
An excellent resource for anyone seeking to understand and be involved in planning strategies to maximize the after-tax value of your stock compensation. Covers restricted stock grants, options (ISOs & NQSOs), employee stock purchase programs (ESPP). Various areas of tax planning are covered in detail: strategies to minimize AMT, effects of early exercise thru 83b election, gifting or donating options/stock, etc.

The author describes topics in a matter that is both thorough and easy to read. The book is organized into sections devoted to specific topics making it easy to skip or skim sections that may not pertain to your particular situation (e.g. there are separate sections on NQSOs and ISOs). Additionally, the author makes good use of examples throughout the book to illustrate complex rules. This latest edition (Apr 2002) includes updated information regarding changes to tax laws as well as explanations of pitfalls that many optionees have encountered recently (e.g. ISO "wash" sales).

This book is a must have to anyone who receives a portion of their compensation in the form of equity, whether it be stock grants, options, ESPP, or any combination of these. The book is both an informative read as well as a handy resource to keep on your bookshelf. After reading this book, most people will have all or nearly all the tools & info they need to develop their own strategies for managing their stock should they so desire. For those seeking professional advice, this book serves as a great overview so that you can understand the process and ask all the right questions. I only wish I had found this book sooner :) ... Read more

Book Description

The world’s most respected trading technician explores price patterns—today’s hottest trading topic

The use of price patterns is changing the face of technical analysis and trading. In Martin Pring on Price Patterns, today’s unquestioned technical trading master covers all key aspects of technical analysis as they apply to price patterns, in text and examples that are clear, convincing, and easy to understand.

Pring then goes on to provide a complete, in-depth examination of today’s most widely used price patterns, explaining which work better than others and why. Traders will value this book, as they do all of Pring’s books, for its:

• Insights into widely used one- and two-bar patterns
• Examination of outside bars, reversals, pennants, and more
• Bonus DVD featuring recordings of Pring’s most popular seminars

Book Description

National best selling author and investment expert Wade Cook again challenges the conventional wisdom of the establishment and their one investment strategy to buy and hold. You can beat the returns of those mutual funds and bonds yourself, by using these simple yet effective and safe strategies. Safety in real estate, safety in business, and safety in the stock market has to have as a core objective the preservation of capital. Assets need to increase in value not decrease. And even before we grow our assets, we must figure out how not to lose value. Simply put, the first strategy in winning is to not lose. ... Read more

Reviews (17)

One of the best books on option trading
I completely agree with the person who said; "Do not trade options untill youread this book." This book is the manual on how to trade options--successfully.Another winner by Wade.

Should be read along with Wall Street Money Machine Vol 1
Personally, I think that Wade should have written this book right along with his first Wall Street book. The information is vital to trading options and it is information that was unavailable prior to the books release, but has been copied since.

Wall Street Money Machine Vol 4 takes the mystery out of option trading. It will help you make more successful trades. As we are going back into a 1990's type of stock market, this information is especially timely.

Learn about spreads
In this fourth installment of the Wall Street Money Machine series, financial expert Wade Cook teaches you how to work spreads. How to make money when the market goes up, down or sideways. This is the only book that I know of that deals exclusively with the topic of spreads.

Not a good book --a great book!
WSMM#4 is not a good book, it is an exellent book. This is the book for trading options and doing covered calls. Interesting is that a covered call book came out in 2003 that is almost exactly like WSMM#4 which was released over 3 years ago. Also interesting is that book also sells for about double the cost of WSMM#4. Go with WSMM#4. The original. The best.

A very good book on options trading
WSMM#4 picks up where WSMM#2-Stock Market Miracles leaves off and where no other book dares to go. This is Wade's best book on option trading previously called "Safety First Investing."

I recommend that you read WSMM#2 first, then this one. Another book that is excellent is the Complete Option Player by Trester.

Options are very powerful tools when used correctly. Wade shows how.

Godd luck with your trading! ... Read more

Book Description

A novel explaining the options strategy of selling covered calls. Most investors are not aware of this conservative risk free strategy that can generate a 25% annual return. The book explains with easy to understand examples, first how to pick the right stocks and second how to sell options on those stocks.

The basic principle involves buying solid companies as a basis for selling options and generating a steady stream of income.

Stock ownership is, of course, not risk free. But once that risk has been assumed, as millions of investor have done by owning stock, then there is no additional risk in selling call options on that stock. In fact by generating income you are mitigating the downside risk of stock ownership.

Wayne Kimball has retired to south Florida on an investment portfolio not generating enough income to support retired life. By chance at his local Rotary Club he meets his Finance Professor from 30 years back. Professor Rob Graham, now retired, has been very successful. As they renew friendships, the Professor takes Wayne step by step through the process of building a portfolio and generating an income of 25% by selling covered calls. The authors use real life examples to explain the "Money Tree" strategy. ... Read more

Reviews (6)

All reviews appear to be written by the same person
If it so good why would SOMEONE bother writing the same review over and over again. I have written many of covered calls and 25% is a bit lofty for a return. Look into more honestly reviewed/written books for details/strategies and see what you can do experientially. Start small and watch what happens to your returns on an annualized basis. Have an exit strategy before you start.

A Very Good Primer
I found this book to be very interesting and powerful in that it not only provides a simple covered call strategy but a stock selection method that complements the overall strategy. The book gives any one the basics to set up a conservative covered call portfolio that should provide a comfortable income. You can order a set of CD's that implements the book's basics and the CD's are very reasonable.
I have set up my IRA account to implement the covered call/ stock program set forth in this book.

It works!
Over the last five years, I've examined hundreds of schemes for making money in the stock market. Now, I don't want to say anything bad about all those schemes, but I will say this: The concepts in The Money Tree actually work as advertised! I am retired, and need to make my meager resources last out my lifetime. My lack of success in the market had me ready to put my money in a 2% savings account and hibernate. But then I read this book. It has literally changed my life.

Getting the most out of a personal investment advisor
The collaboration of stock options expert Ronald Groenke and former CPA Wade Keller, The Money Tree: Risk Free Options Trading is a "reader friendly" guide to using sound judgement and restraint in trading that allows even the most novice money manager to balance risk with reward. Individual chapters cogently address how to build a prospect list, getting the most out of a personal investment advisor, how to buy limits and buy ranks, and a great deal more. The Money Tree is commended to the non-specialist general reader as an extraordinarily useful and savvy resource which offering dependable frameworks to protecting and exploiting financial assets.

Piles of Money Left on the Table!!
This book is unique. As a short novel it holds the reader's interest as it explains the conservative, money making options strategy of selling covered calls. As a risk free, conservative strategy, covered calls are allowed and appropriate for IRA and 401K accounts. As a money maker, annual returns of 25% and more are common. Anyone with stock investments who is not using this strategy is leaving piles of money on the table. ... Read more

Book Description

Strategies for traders to master the most important trading tool­­their minds. Psychology is 80% of the high-stakes trader's game. And within the mind of any successful trader exist surprisingly similar emotions and psychological beliefs. The 21 Irrefutable Truths of Trading introduces these values and beliefs, then explains how traders can and must work to understand and harness these beliefs, and gain the psychological edge necessary to win in today's all-or-nothing trading battlefield. Divided into two parts, the first focusing on common strengths and weaknesses, the second on ways to enhance the strengths and control the weaknesses while trading, The 21 Irrefutable Truths of Trading introduces: Techniques to develop certainty, intuition, and discipline. Technical analysis and trading methodologies to trade more effectively. How to properly align trading with the movement of the market. ... Read more

Reviews (9)

Best Psychology I've Read!!
Generally I don't enjoy reading books on trading psychology, or any other psych for that matter. When I purchased this, I assumed it was a general book on trading. Boy was I wrong!! The first half of the book is very well written and caused me to take some action on my beliefs. I am not someone who is easily impressed or convinced of anything, that is what made it so enjoyable to me. The second half on trading methodology was good and there were a few usable bits of information.

All in all, if you want a look at yourself as a trader or investor, this book is well worth the small pricetag.

Packed with Knowledge!
Trading offers remarkable rewards and attracts many new entrants every year. Most rookie traders are sure that there is a relatively easy route to the crock of gold at the end of the rainbow. Veteran trader John Hayden, who has traded stocks, gold and U.S. Treasuries since 1976, disabuses his readers of any such notions; there is no way to short-cut the system. The book is divided into two sections: The first offers a sort of trader's self-improvement manual and concentrates on developing the attitudes needed to be a successful trader. As in many books within the personal growth oeuvre, this advice often consists of reiterating the glaringly obvious in condescending fashion. The second half is the more technical, and will be of more interest to the novice or intermediate-level trader, to whom we [...] recommend this book for its original observations and conclusions.

One of the top three trading books
Of the literally hundreds of stock market books I have read, I consider this book to be one of the top three. (The other two are: 1) How I Made $2,000,000 In The Stock Market by Darvas and 2) Zen In The Markets by Toppel). The 21 Irrefutable Truths Of Trading gives insights into how our beliefs and values influence our trading and how we can alter these beliefs and values. As the author says "The trading game is played out in the six inches of space between your ears!" This is a critically important book and I am very thankful the author wrote it.

Good Read for the Novice Trader
This book is a reality sandwich on what you will be facing in the trading world and how to best be prepared mentally. It does get a bit long winded at times but it's an easy read.

A must for the beginner.

An excellent primer!
although, I am a novice trader (trainee), I have found this book to be succintly written to motivate the reader. It reads like a memoir, yet it's instructional and insightful. I found this book to help me on my personal life, too! it's not what happens to you that counts, it's how you interpret it to mean and how you run with it....it's rationally written with easy-to-follow methodologies. If you are interested in reading a book about what's it like to be a active trader, then I would consider this book to be a "Strong BUY" for you! ... Read more

Book Description

THE PIONEER OF MESA RETURNS TO UPDATE THE MOST SUCCESSFUL APPROACH TO TRADING THE MARKET USING CYCLES

In this highly anticipated second edition of MESA and Trading Market Cycles, MESA pioneer John Ehlers updates his theories and makes them even more accessible to the entire trading community. Completely revised to reflect the most current developments in MESA–a well-known computerized analysis tool designed to trade market cycles–this Second Edition reveals more of the inner workings and hidden mechanisms of MESA, while showing you how to successfully apply it in the stock, options, and futures markets.

Topics discussed include:

• The Sinewave Indicator and the Instantaneous Trendline
• Making standard indicators adaptive: Commodity Channel Indicator (CCI), Relative Strength Indicator (RSI), and Stochastic Indicator
• Developing highly effective automatic trading systems using MESA-measured cycles
• Stock market systems
• EasyLanguage programming code that allows you to make the leap from theory to practice with ease
• And much more

If you are looking for a proven strategy to increase your chances of correctly predicting trends and making successful trades, look no further.MESA and Trading Market Cycles, Second Edition provides the expert knowledge, tools, and guidance that will enhance your probability of successful trades and increase your bottom line. ... Read more

Reviews (2)

A Theorist with communication skills problems
This book is just plain horrible. I am a trader and a cyclical investor. I am also an engineer with Engineering Mechanics background, and very familiar with the complex math explained by Ehlers. But let me tell you, for people without any background in math this book is an absolute waste of time.

The most important thing that Ehlers should have focused, he simply forgot or ignored. The book fails to show real life examples with buy-sell signals using the indicator. It goes on and on along the theoretical lines of cycle analysis and it stays at that throughout the book.

It would have been much more entertaining to explain the indicator and show real life examples. But from my experience as a researcher and writer of research articles, people from this field tend to embelish and emphasize the theoretical size while completely ignoring the pure and simple aspects.

A simple cycle analysis done with moving average detrending as explained by Pring is much easier. Also, a simple look at the charts and the drawing of a simple cycle lines is all that it takes to show you the turning points.

Important Update of a Gem of a Book
The broad trading public has been slow to recognize John Ehlers work to apply cycles methodologies (from the sciences) to trading markets .... which is good for those of use who have discovered Ehlers' work with MESA (Maximum Entropy Spectral Analysis).

The first edition of this book is still the clearest and most concise discussion of applying cycles theory to markets I've ever read. This new edition retains all of the content of the first edition, but updates it with a lot of new and additional information from Ehlers' recent research into cycles and his development of trading indicators and tools.

Many are familiar with the J.M. Hurst classic: "The Profit Magic of Stock Transaction Timing". Ehlers goes far beyond Hurst's pioneering work. Ehlers is an original thinker, applying new techniques and research using MESA to the market. Hurst was using a multi-million dollar mainframe in the 60's .... all of us have 10,000X more computer power sitting on our desktops than Hurst had .... Ehlers techniques can help the serious trader and investor turn all that "horsepower" loose on the market today, making it accessible to even us small traders.

Hurst was also constrained to using Fourier Analysis for cycles detection .... Ehlers' MESA overcomes the need of Fourier for long data spans to compute cyclic content.

If you're serious about the markets, this book needs to be part of your library .... along with Ehlers other book: "Rocket Science For Traders" ... Read more

Book Description

With Market Wizards and The New Market Wizards, two of the bestselling finance titles of all time, Jack Schwager is one of the most important and visible figures in the futures industry today. Now, in Managed Trading, the latest volume in the Schwager on Futures series, he takes an in-depth look at the increasingly prominent new asset class: managed futures, professionally managed investments in commodity and financial futures markets. Due to their potentially high returns and their diversification and inflation hedging potential, managed futures have grown rapidly in popularity and acceptance in the past decade. Today, there are over $25 million in managed futures accounts. Schwager's full-scale examination covers all aspects of this investment sector, encompassing performance evaluation, manager selection, investment timing, and portfolio considerations. In the process, he explodes many commonly held investment myths. Managed Trading is the most substantive book on the subject, and an indispensable Schwager title no investor should be without.

The following are some of the many topics covered:

• Why "actual" trading results are sometimes a misnomer
• Why many investors in managed futures lose money even when they select a winning manager
• Why shifting assets from "winners" to "losers" is often an excellent strategy
• Why it is usually better to invest in managers when they are experiencing drawdowns as opposed to when they are on winning streaks
• Why the actual performance of funds and pools routinely deteriorates dramatically from the prospectus results
• Is past performance predictive of future performance?
• Is the addition of managed futures to conventional portfolios beneficial or detrimental to performance?
• Is diversification beneficial?
• Performance measures: conventional and new
• Why all conventional CTA indexes are misleading

With numerous charts, tables, and examples illustrating key points throughout, Managed Trading is written in the informative, insightful, and nontechnical style that is Schwager's hallmark. An important addition to this landmark series by one of the world's premier authorities.

An in-depth investigation into the increasingly popular investment: managed futures—written by one of the world's leading authorities

"Jack Schwager has written the definitive book on managed futures investing. It is exhaustive in coverage, and the analysis is exceptionally rigorous. The writing is refreshingly candid and sure to provoke discussion on many important topics in the managed futures industry. This book should be required reading for anyone considering investing in managed futures." — Scott Irwin Professor, The Ohio State University

"Jack continues to be both an educator and a portfolio manager. Managed Trading is a wonderful book and much needed in the industry. I consider it required reading for investors and financial industry professionals. Finally, a road map which outlines and explores investment issues succinctly." — M. Elaine Crocker President, Moore Capital Management, Inc.

"This book is a 'must-read' for anyone thinking of investing in managed futures. Schwager combines the best of academic research on managed futures investments with his own practitioner experience to provide a comprehensive and insightful analysis of the managed futures industry." — Franklin R. Edwards Arthur F. Burns, Professor, Finance and Economics Columbia Business School

"The futures markets will continue to grow worldwide. You should read Jack Schwager whether you are contemplating such investments or are already investing, or even if you just want to understand what is happening." — Jim Rogers Author, Investment Biker

"Schwager puts managed futures in its proper perspective as a portfolio investment, providing the reader a complete and enlightening tour of the managed futures world. His writing style makes for easy reading and his common sense and good judgment shine through as he surveys the academic literature, linking the practical and the theoretical in evaluating these investments. New investors and old hands alike will find this a 'must buy and hold' book." — Mark J. Powers President, Powers & Dubin Asset Allocation and Management Co. Editor, The Journal of Futures Markets ... Read more

Reviews (3)

A MUST READ SERIES FOR WHOEVER WANTS TO TRADE IN FUTURES
This Series "Schwager on Futures" is the biggest work has ever been written on futures trading. As a Futures Trader I advise everybody to read these books before to starts any real trading in Futures, that if not taken in the proper way can be very painfull. As a Member of IFTA(International federation Of Tecnical Analisys)I suggest you to read it joint with John Murphy's "Technical Analisys f Futures Markets" and "Intermarket Technical Analisys" this will give you a integral knowledge of Futures Environment that is what you need on your Trading philosophy. I always let these books on my desk because I need them so many times during my trading day. THEY ARE A REAL REFERENCE. The good thing of this series is that you can test your comprension by the various study guides. Reading the book about "Managed Trading" You can even get able to judge the returns of the various CTA and decide when it is better to invest in them and to whom give your money.Probably you are not be interested in the Fundamental analisys book but remember, especially in the commodities markets, EVEN IF YOU ARE GOING TO TRADE TECHNICALLY IS VERY IMPORTANT TO UNDERSTAND FUNDAMENTAL ANALISYS!!! Thank you very much to have spent all this time for read me. If you still have some doubts do not hesitate to contact me at my E-mail. Buon Trading!!!

Read this book if you are considering investing in any CTA
An excellent book, not for the amateur. Prospective readers should also be aware that CTA requirements are very high; running into millions of dollars. The next best choice are pools. However even these will require at least $25,000. This is a great book for would be hedge-fund investors as well. Schwager's ideas on monthly rebalancing and investing during drawdown periods are great examples of how counter intuitive ideas are very often the correct ones in the world of investing.

This book is a must for users of managed futures!
Jack Schwager is one of the best writers around on the subject of futures and trading. Let me begin by saying that this is one of my picks for the three best books of 1996. Why? First of all, it is one of the few books on futures trading that is statistically sound and sensible. There are three main themes:

1. Performance numbers are often not what they appear to be.

2. Past performance is far less predictive of future performance than generally believed.

3. There are investment strategies that can be used to enhance expected portfolio performance.

In my opinion, no one should include managed futures in a portfolio without this book. And the techniques of measurement and analysis described here set the standard for those who would be Commodity Trading Advisors. I recommend it highly! ... Read more

Book Description

MAKE A FORTUNE IN REAL ESTATE–Without Owning Property!

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Once you understand the basics of real estate investing, you can move on to four proven strategies for making a fortune without owning property. Authors and real estate experts

Chantal and Bill Carey show you how to make a bundle by flipping properties quickly, assigning contracts, using options, and buying discounted mortgages and government tax liens for pennies on the dollar. You can control valuable contracts and properties–without the liabilities and hassles of ownership.

Packed with real-world examples and proven real estate wisdom, this handy guide proves that anyone can make money in real estate. So start investing today . . . and get on The New Path to Real Estate Wealth! ... Read more

Reviews (3)

Getting registered? Then get this book.
Are you getting NASD series 7 registered? For quick references and review this book will make a wonderful addition to your study materials. It's definitely a keeper.

Average primer but badly needs an update
For the average newcomer to investing this is an OK book, but it does focus alot on subjects you probably do not need to know unless you plan on working for a brokerage firm. It does give good descriptions and examples of all the security instruments (stocks, bonds, options, futures, etc.) but it accounts for only about 50% of the book. The rest is in my opinion redundant to the lay-person and is in places woefully out of date (especially the taxation section). If updated, I would rate this a 4, but given the age of the text, I would recommend looking elsewhere for an introduction to financial markets.

Superior intro to financial terms, processes, & instruments
If you're new to the financial world and want to understand the lingo, terrain, and equipment of pure capitalism, this book is for you. Don't let the 1991 publication date fool you. Aside from some out-of-date tax information in a later chapter, this book packs an amazing amount of useful financial clues and explanations. One of the strongest features of this text is its use of examples. Whether it's options, futures, or IPOs, the authors provide number-based scenarios to guide the reader towards understanding. This book will not excite you or show how to make $2 million in the stock market. It will help you understand many of the financial instruments which comprise capitalism. ... Read more

Book Description

Exotic options have become indispensable to financial professionals. This book explains: the theory and application of virtually every type of exotic option. Benefits and potential risks inherent in each type. Proven, effective hedging and trading strategies. ... Read more

Reviews (3)

Cogent Explanation of Exotic Options
Nelken is a clear explainer of how exotic options work. One of the key features of his work is to provoke thought about useful approaches to evaluating the products. There are no pat answers when dealing with exotics, but Nelken charts a fine road map.

good book for beginners in exotic options
good functional book. keeps things simple

Explains Motivation for Using Exotic Options
This book does a very nice job of both explaining how exotic options work and one's motivation for using complex derivatives. Good graphs, appropriate use of equations, and plenty of actual market-based examples. ... Read more