World Famous Comics: Quantitative Trading: How to Build Your Own Algorithmic Trading Business (Wiley Trading)
Quantitative Trading: How to Build Your Own Algorithmic Trading Business (Wiley Trading)
By: Ernie Chan Publisher: Wiley Average Rating: Binding: Hardcover Number of Items: 1 Number of Pages: 208 Publication Date: November 17, 2008 Studio: Wiley
Product Description: While institutional traders continue to implement quantitative (or algorithmic) trading, many independent traders have wondered if they can still challenge powerful industry professionals at their own game? The answer is "yes," and in Quantitative Trading, Dr. Ernest Chan, a respected independent trader and consultant, will show you how. Whether you're an independent "retail" trader looking to start your own quantitative trading business or an individual who aspires to work as a quantitative trader at a major financial institution, this practical guide contains the information you need to succeed.
Good although Basic ^ The author considers the main basic issues in this area. Experienced trader will find little new. My rate is 4 - it IS a nice and readable book.
I would have gone for something more advanced though. As an example for a (relatively) basic concept that gets a lot of attention, the data snooping/mining, i.e. - check 100 (say) trading rules, you are bound to come with a couple that produce nice results, one might find this trivial.
The book is not in any way related to the liquidity pool algorithmic trading practice, It has a section regarding high frequency but in relation to the same strategies implemeted on just shorter horizon, and thus more frequent.
The writing is clear, concepts are concise, not much fooling around. The book also contain some matlab code - easy enough to understand and reconstruct in case matlab is you favourite software.
For Practitioners ^ Quantitative Trading: How to Build Your Own Algorithmic Trading Business (Wiley Trading), is a book written by a practitioner for practitioners. A mix of practical advices, some sample code, and a fair amount of experience, this book is a good summary, although a bit unstructured, what one needs to think about when it comes to starting your own quant trading firm or simply running your own capital in a systematic way.
While there is no ready-made, plug-and-play strategies inside the book, it does contain a number of potential strategy ideas that is worth testing. Chan is mostly focused on long/short equity strategies, mostly because that's is where he has his background. A good read, would read it again.
Great self-start guide to algorithmic trading ^ Ernest Chan's guide is inspirational and full of lesson's he's had to learn the hard way.
He covers many topics necessary to set up your own automated-trading business from home.
Although many skills are necessary for this, he covers the basics of them all without dwelling too much on excessive detail.
Like most trading books, the content is US-centric but not annoyingly so.
A very inspiring read, I now a lot more about how to measure the performance of my existing portfolio and more carefully choose how much to invest in each strategy. I also feel confident to begin my own algorithmic research and hopefully trading (currently I'm not using algorithmic methods).
Basic knowledge, not worth the price ^ It is not that 'Quantitative' though it does describe ' how to build your own algorithmic trading business', in one word - disappointed !
Excellent book for private investors ^ I just finished reading the book and I really like it. Yes there are more technical books and some topics could have been covered more in detail. But overall the book is a really nice start for someone who is contemplating to do his/her own trading. What I especially like is the message: You don't need large investments to start trading neither do you need extensive programming or modeling skills.
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