- Hardcover: 224 pages
- Publisher: John Wiley & Sons; 1 edition (31 Jan. 2014)
- Language: English
- ISBN-10: 1118251830
- ISBN-13: 978-1118251836
- Product Dimensions: 16.1 x 2.3 x 23.6 cm
- Amazon Bestsellers Rank: 1,335,682 in Books (See Top 100 in Books)
- See Complete Table of Contents
Trading the Measured Move: A Path to Trading Success in a World of Algos and High Frequency Trading (Wiley Trading) Hardcover – 31 Jan 2014
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More About the Author
From the Inside Flap
If you are an individual retail trader, you are competing with traders who have access to massive amounts of capital allocated by algorithms designed by brilliant mathematical minds and running on the ultrafast computers of the world′s largest financial institutions. These traders have changed the rules for the foreseeable future and have placed you at an unprecedented disadvantage. Trading the Measured Move offers individual retail traders a big–picture understanding of today′s market, plus the necessary details of how to trade fearlessly and profit in such a competitive marketplace.
With Trading the Measured Move, investing expert David Halsey founder of the popular website EminiAddict.com outlines a new and unique approach to investing success that draws on Fibonacci retracements (Fibs) within a series of measured moves across multiple time frames. Based on years of research and Halsey′s own experience, Trading the Measured Move identifies a set of trading rules commonly used by quants and unveils the personalities of a wide range of trading instruments each created by the movement of substantial amounts of institutional capital every trading day. The book offers a step–by–step blueprint for creating a trading plan built upon a dynamic framework of fundamental principles flexible enough to support an individual′s trading personality. Once mastered, Halsey′s powerful method can help any trader successfully navigate this new and previously uncharted trading environment.
In addition to the technical explanations of his winning process, David Halsey includes compelling sidebars where he talks about personal experiences that led to specific discoveries and the "aha!" moments in the development of this proven methodology. Written to be an accessible resource, this clear and precise guide can be used by both novice and seasoned traders.
Trading the Measured Move offers traders at all levels a new method for riding the coattails of massive amounts of institutional money and will put them in a better position to make substantial profits along the way.
From the Back Cover
Today′s high–profile traders, who work for large financial institutions, have access to almost unlimited amounts of capital allocated by algorithms that are designed by skilled mathematicians to run on super computers. In Trading the Measured Move, David Halsey founder of the website EminiAddict.com offers individual retail traders a method for meeting the challenge of competing with these high–flying traders and shows what it takes to profit in this highly competitive marketplace.
Now traders at all levels of expertise can learn how tap into Halsey′s unique approach to investment success by drawing on Fibonacci retracements (Fibs) within a series of measured moves across multiple time frames. Drawing on Halsey′s personal experience as well as years of research, this important resource outlines a set of trading rules used by sophisticated traders who commonly rely on algorithmic trading strategies based on quantitative analysis.
Filled with illustrative examples, solid data, and a fresh approach to investing, Trading the Measured Move will put you in a better position to achieve financial success.See all Product Description
Inside This Book(Learn More)
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Most Helpful Customer Reviews on Amazon.com (beta)
Problem #2: To many acronyms. This becomes an issue when you don't use the keywords enough for you to follow easily, unless you read the book straight through. Not that it's a huge problem as he usually is just referring to measured move as MM.
Problem #3: For a book titled "Trading the measured move" you would think the author would have spent more time quantifying what a measured move is. Basically it's just using fibs from recent swing highs and lows, not really saying anything useful here, no additional filters or heuristics hard won by a veteran trader.
Problem #4: The books subtitle, 'A Path to Trading Success in a World of Algos' is in general not really effectively addressed, which you might expect since they put it on the cover of the book.
So basically this book is pretty worthless.
Based on that, he has developed a mechanical trading system based on Fibonacci levels. That is great. Except there is only one small problem. He's trading it discretionary, i.e there's actually a thought process involved before he makes a trading decision.
If this trading system is indeed being used by computers and algos as he claims, then it should be written in code, put through a rigorous back test and simply turned on at 6. pm on Sunday EST and turned off on Friday 6 pm EST. No human intervention - period. There is none of that in this book. There is no back test, and historical results to proof that this system is even profitable over a period of time.
I hope now, after reading the review so far, you are starting to see a very fundamental flaw in this authors trading system. On one hand, he claims it's being used by HFT programs all over the world, on the other hand he trades it directionally and he has no back test results to at least put some validity to it.
I think that most of us that have traded for some time can agree, that if a system is supposed to be purely mechanical, then human intervention will simply lead to disaster.
That being said, I want to elaborate a little bit more on this point. Although the "front-end" of his system is mechanical, e.g. A measure move is from the 50% retracement to it's -23.3% and a series of measured moves is valid until the 61.8% is broken by 1 single tic. He introduces many discretionary rules and caveats based on pure observation. E.g. a setup is still valid because although a 61.8% level broke, it was due to high impact news, and during that time the HFT programs were shut down so technically that 61.8 level wasn't broken and the programs are still using it. Another good one is that a 50% level from a previous setup traded again, so the HFT programs are still stuck in that section of their code and still using that level to trade. Does this sound like a discretionary trade or a mechanical trade? You be the judge of this.
Bottom line is, the author presents a mechanical trading system, but then advocates you NOT to trade it mechanically. I personally think, such an approach is thus flawed from the start. How can you even make it work then?
So then, what really is the key take away point from this book? He's definitely not trying to explain how HFT programs work, he's definitely not trying to show you that this indeed is a system that can be coded and used as a black box trading system.
So what does that leave? Fibonacci levels do work in futures trading, and are a valid tool to use in your trade analysis. BUT they have to be used with DISCRETION.
A very misleading title for the book.
Some ebooks publish a list of charts used in the book on the internet or website that are easier to read and more clearly identified.
That would make this good book even better
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