Foundations of Trading: Developing Profitable Trading Systems

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Foundations of Trading: Developing Profitable Trading Systems using Scientific Techniques

The trader's universal goal:
To have confidence that the signals generated by the trading system precede trades that provide rewards adequate to compensate for the risk.
... The key word is confidence.
... The primary limitation is risk.

This book presents an approach to developing profitable trading systems using scientific techniques, melding together several key aspects:
... Personal risk tolerance.
... Profit potential of the financial issue being traded.
... Data analysis.
... Adjusting the model to fit the data.
... Validation to estimate future performance.
... Comparing alternative use of funds.
... Determining whether the system is working or broken.
... Computing a proper position size to maximize account growth while holding drawdown within the trader's tolerance.

Foundations of Trading: Developing Profitable Trading Systems using Scientific Techniques