books:

	• Smarter Trading: Improving Performance in Changing Markets Perry Kaufman McGraw-Hill, 1995 - 252 pages average customer review:based on 9 reviews view larger image
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highly recommended

Kaufman's whole treatise on RISK is really worth the price of the book. Understanding risk and it's effect on your psychology is an important and very valuable treatise. Kaufman does a very good job on the subject. Also of benefit, is the Adaptive Moving Average algorithm. While this is also part of Metastock
having the formula is invaluable for those of us who want to modify it.

The weakest part is the computerized system analysis at the end is old and rather simplistic; I would not recommend it. Some of the ideas are interesting but Pardo's book is much much better.

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Kaufman dislikes stop loss?

Kaufman is one of my favorite author. But in this book he seems to have an idea that stop loss is not a good thing! I really cannot agree with him. Except this point the book is quite good. But the other book by the same author contains similar contents. I would perfer the later.

Now, aside from the trading methodology which is well written, there is a lot and I mean a lot of Programming Language in the text. I don't want to take away from the concepts which were great, but if you are not planning on writing a computerized trading program you may want to search elsewhere. On the other hand, if you are working on a "Black Box" trading system, I would highly recommend this text.

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OK but no cigar

I bought this book from Amazon in 1998 so I probably bought it on the basis of the only review at the time (which gave it 5 stars). It has remained idle on my shelf from the day it arrived until last week when I found reason to have a closer look into it. I was not particulary impressed. The book seems more dated than merely 10 years.

Another review mentions the " sections on "neural networks", "fuzzy logic", and "expert systems" are basically filler material and of not much practical use". I agree. I also believe that there is more filler material than that. There is, for example, a Fortran program proudly trotted out which allegedly creates a "shock-adjusted price series". I doubt that many readers would be interested in that. Also, inexplicably, the spreadsheet formulas are from Lotus and Quattro (none for Excel).

I got the impression that Perry wanted to write a book to impress others with his nerdiness, but when it came to really gritty detail (like what he might have found that actually provided an edge) either he was holding something back or he simply didn't know. All the formulas and technobabble in the world are to little avail if we ultimately cant find grip where the rubber hits the road. I haven't been able to find anything in the disjointed discussions on market noise and stoploss that I can actually apply to a practical end.

If the main value in the book is about risk management I think the material in any of Ralph Vince's books (from where Kaufman sources some of his best material) would be more insightful.

I'm sorry I couldn't be more generous, Perry.

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reviews: page 1, 2



As a direct result of economic globalization and computerized trading, today's professional stock, bond, and futures traders face a career-making--or breaking--challenge: to track and immediately comprehend the bewildering place of market, volume, and price changes, then some how profit from this unexpected volatility. In Smarter Trading distinguished author and trader Perry Kaufman helps harried financial pros cope with financial market uncertainty by creating a ``robust'' trading model that adapts quickly to market changes and yields stronger, more predictable results. And he shows them how to make sense of the current barrage of sophisticated, hi-tech trading technologies--neural networks, fuzzy logic, expert systems, chaos, and fractals, to name a few--and align these weapons with their own trading strategies.

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