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Business One Irwin Guide to Trading Systems by Bruce Babcock
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    Description of Business One Irwin Guide to Trading Systems

    The Business One Irwin Guide to Trading Systems provides in one easy-to-understand volume the most comprehensive and authoritative description of the theory, creation and use of mechanical trading systems ever published. Whether or not you have previous commodity futures trading experience, Babcock shows you:
    • what you need to know to understand the problems of speculative trading
    • why such a high percentage of traders lose
    • why a completely mechanical approach is your best route to profits
    • how to create your own system, step by step
    • how to evaluate expensive commodity trading systems and system software created by others Written in a readable conversational style, The Business one Irwin Guide to Trading Systems gives you a systematic examination of what does and what does not work. Babcock presents historical tests of various trading system approaches in 10 markets over a five-year period and offers you a simple yet highly effective long-term system created especially for this book.


    Reviews

    'Successful books become that way because they fill an important need among the investing public. This comprehensive, practical and insightful book, written by an acknowledged authority on trading systems, fills such a need and should become one of the most important books of the year. It should be read by all serious futures traders and will undoubtedly become one of the standard references in the field.'
    John Murphy
    'A most thorough analysis of the world of trading systems by the leading authority in this area. Even if you never purchase a trading system, The Guide will teach you a good deal about technical analysis.'
    Gerald Appel, President Signalert
    'Until this book, trading system construction has been in the hands of maybe 20 to 100 people in America. Thanks to Bruce Babcock, now everyone can understand how systems are put together.'
    Larry Williams

    Contents of Business One Irwin Guide to Trading Systems

    1. An Introduction to the Commodity Trading Problem
  • You never really buy or sell anything You are gambling on price movement
  • The effect of leverage
  • The costs of trading
  • Trends
  • Trading time frame
  • Predicting the market
  • The three cardinal rules of successful commodity trading 2. Why People Fail at Commodity Trading
  • Lack of understanding
  • Lack of capital
  • Unrealistic expectations
  • Lack of patience
  • Lack of discipline
  • High risk aversion 3. The Mechanical Approach to Trading 4. Creating Mechanical Trading Systems
  • Curve-fitted systems
  • Non-curve-fitted systems
  • Optimization 5. Testing Commodity Trading Methods
  • Data interval
  • Types of data
  • The test period using different time segments
  • Using different markets
  • Costs of trading
  • Special problems of testing with daily data
  • Evaluating tests results 6. Optimization 7. A Short history of Systems Merchandising 8. How Well Do Popular Methods Perform - A Frame of Reference
  • The test markets
  • The test period and data type
  • Performance standards and methodology
  • Four popular systems
  • The two percent system
  • The Babcock long-term system 9. Entry Methods
  • Trend indicators
  • Oscillators
  • Entry triggers
  • Price patterns
  • Combinations of entry concepts 10. Stop-Loss Methods
  • Price (volatility) stops
  • Time stops
  • Money management stops
  • Intraday or close-only stops
  • Reversing stops 11. Exit Methods
  • Breakeven stops
  • Trailing stops
  • Fixed and variable profit objectives
  • Oscillator profit objectives 12. Systems and Methods
  • System specialization
  • The effect of price action on system performance
  • Trading a portfolio of markets
  • Trading all the markets at once with the Dennis Commodity Rating Technique
  • Using trading systems on common stocks
  • Answers to the market identification quiz 13. Commodity System Software
  • Buying hardware
  • Commodity trading software 14. Creating Your Own System 15. Follow Your Own System
  • Greed and fear
  • Coping with drawdowns
  • Underestimating the impact of drawdowns
  • When has a system failed?
  • Traders just want to have fun
  • Understanding the role of luck 16. Money Management
  • Proper account size
  • Diversification in markets and systems
  • Risk management
  • Trading multiple contracts 17. Trade Management
  • Varying the number of contracts traded
  • Equity curve management 18. Summary and Conclusion Appendices 1. Long-term weekly charts (1978-1988) 2. Bread and butter S&P day trading system 3. Babcock long-term system hypothetical Trades


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