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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.
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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
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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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