Free PDF Systematic Trading: A unique new method for designing trading and investing systems, by Robert Carver
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Systematic Trading: A unique new method for designing trading and investing systems, by Robert Carver
Free PDF Systematic Trading: A unique new method for designing trading and investing systems, by Robert Carver
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Review
"The days of Richard Dennis and his "turtles" with their alleged 100% per year profit are long gone... Robert Carver is more modest--and more realistic. At the same time he has more to offer the investor or trader who has a spark of creativity and intellectual curiosity. .... (Carver) isn't just some ordinary Joe with a computer and a bunch of back-testing software. He has clearly thought about what makes a good systematic trader and a good systematically-driven portfolio. We can be grateful that he decided to share his insights with us. " Brenda Jubin, Reading the markets
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About the Author
Robert Carver worked in the City of London for over a decade. He initially traded exotic derivative products for Barclays investment bank and then worked as a portfolio manager for AHL - one of the world's largest systematic hedge funds - before, during and after the global financial meltdown of 2008. He was responsible for the creation of AHL's fundamental global macro strategy and then managed the fund's multi-billion dollar fixed income portfolio before retiring from the industry in 2013. Robert, who has bachelors and masters degrees in Economics, now systematically trades his own portfolios of futures and equities.
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Product details
Hardcover: 325 pages
Publisher: Harriman House; 1st edition (September 14, 2015)
Language: English
ISBN-10: 0857194453
ISBN-13: 978-0857194459
Product Dimensions:
7 x 0.8 x 9.5 inches
Shipping Weight: 1.6 pounds (View shipping rates and policies)
Average Customer Review:
4.2 out of 5 stars
26 customer reviews
Amazon Best Sellers Rank:
#101,539 in Books (See Top 100 in Books)
I have just finished reading this book for a second time. If you subscribe to the notion that money management is the most important part of any trading system ... this one is for you. This book does an excellent job of laying out a compartmentalized approach to building a systematic money management overlay for a quantitative trading system. In full disclosure, this book is not an easy read by any means but the substantive content is excellent.If you are a novice to trading and investing then this book probably isn't the first, second, or even tenth book you should read on trading. However, if you are experienced trader looking for some fresh approaches to logically evaluating and developing a systematic approach to trading then you may find this one worth your time. For example, there are a few books and plenty of information on the internet regarding fixed fractional position sizing methods. However, this book is the most detailed manuscript that I have come across in regards to constructing a trading system based on a volatility targeting position sizing method. If you liked Following The Trend by Andreas Clenow and Trend Following With Managed Futures by Greyserman and Kaminiski then you will probably like this book. The writing style is more in-line with the latter than the former.This book is by no means an easy read and has an academic text feel at times, but I am giving it 5 stars based on the substantive content, the look-behind-the-curtain perspective that the author provides to institutional trading, and the overall value of information provided for the price paid. I also agree with the other reviews that the author's website is a nice bonus.
Solid book on real systematic trading. Rob goes into a level of depth which most trading book authors either deliberately avoids or simply lack knowledge of. Rob's background in the industry is beyond reproach and the informational contents of his book shows his experience and depth of knowledge. It is rare with authors willing to take the time to explain at this level.It is also very refreshing to see a realistic discussion of what is possible, and what is not. There are too many books targeting retail traders, promising impossible gains. Rob rightly explains what kind of results are realistic and why.The single most important difference between amateurs and professionals, is that amateurs take on far too high risks, in pursuit of impossible returns. This is the reason why most amateurs fail.If you want to enter the professional systematic trading field, Rob's book is a must.
This book covers many aspects of systematic trading from a practitioner's perspective. You will find many books, blogs, etc. that cover how to build trading rules. This book goes much beyond trading rules and answers very crucial questions for people with many backgrounds. How do you evaluate trading rules? Are there any rules of thumb that would tell you all you are doing is backtest voodoo, with no real promise of out of sample performance? How do you put your vetted trading rules together into a system and make sure they play nicely with each other?While the book is not math heavy, it is clear that the author has the proper maths background to verify his claims through both formulating close form solutions and by simulating toy models.My only complaint about this book is its title. I think the title does not do the book any justice. It sounds like the book was written only for people interested in systematic trading, but it was not. The author diligently expands each topic for three kinds of investors: asset allocating investor (TAA), semi automatic trader, and the staunch systems trader. Whichever category your investing style falls into, I think this book has something to tell you. Mr Carver provides an excellent treatment of decision making, and removing emotion from investing. Many of the topics described in this book have their background in Kelly criterion. I strongly encourage interested readers to check out "Fortune's Formula", which is not a trading book.Also on what this book is not: if you are looking for a heavy maths formulation of why certain trading styles might work, any kind of secret sauce that will put you ahead of others, or just empty promises on how to get rich; then you are looking at the wrong place. Whether you are a conservative individual investor looking to make decision on how to invest your retirement funds (as long as you understand how markets work) or if you are hedge fund portfolio manager, you have a lot to learn from this book.
I don't have much to add that hasn't already been said. It is not an easy book to read, not because it is hard to understand or the writing is poor but because it is dense in a good way. I very much liked the extensive before and end of chapter summaries which are unusual to the extent they are used but also incredibly helpful. I'm guessing Mr. Carver understood the depth of material in the book and the "tell them what you are going to say, say it and summarize it again works quite well. I'm in the process of writing a Cliff Note's version in OneNote and multiple light bulbs and connections are being made. Finally, adapting the material to asset allocators, discretionary and systems traders is a great approach for getting into nuance and the purpose for it.The only criticism I have is that for whatever reason the tables almost never land on a single page in the Kindle PC and iPad versions. A bit annoying, but the content more than makes up for it
I'm a stock trader and I've read a ton of trading books. A little background, I would call myself a discretionary, semi-automatic trader. This book is a good example of a comparison between a full fledged systems trader and a semi-automatic trader. It reads like a manual in some spots and then does relate to all traders in others, which makes it valuable and relatable. But if you are new to trading, look elsewhere. This book is for someone who has made mistakes, been beat up, learned more about themselves, and is looking to make trading a business rather than a hobby.
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