Can anyone recommend any good books on statictics in relation to trading, risk (and or) risk management in relation, and money management? Thanks.
van tharp's book has a good section on expectancy and risk. Also, There is a phantom of the pits article that gives examples of position size depending on your time frame.
My favorite of the Van K. Tharp books is "Trade Your Way to Financial Freedom: The Search for the Holy Grail" (TYWTFF). It has quite a bit on expectancy and risk management along with lots of other good stuff. I've looked at "Financial Freedom Through Electronic Day Trading" (FFTEDT) which a friend of mine bought by accident. He didn't know I was recommending the other book. It (FFTEDT) looks good but IMO it didn't seem to cover as much on the risk and expectancy as the other book (TYWTFF). Instead FFTEDT seemed to have more on day trading aspects of reading the level II minder, etc. which wasn't what I was looking for at the time. The first book (TYWTFF) suited my needs better - I liked the more in depth coverage of the expectancy and risk topics in the TYWTFF book. - David
There are other Van K. Tharp books/publications as well. I only mentioned the ones I was familar with at bookstores. His other works like the Peak Performance course etc. may also be great but I don't have information on them. - David
There are so many shitty books out there, I really can't give you a rec for any particular one. One book to completely avoid though is 'The Stock Trader' by Tony Oz. What a waste of money! JMHO
greetings, i suggest "fooled by randomness" by taleb--not a trading book per-se but an excellent treatise on the market and how to think about it. secondly--"winner take all" by gallacher--- you internalize the material in these two books and the market will open to you totally. best, surf
Of all the "shitty books," Oz's is the one to avoid? Nothing personal, but what gives you the idea that a statement like that is valulble or useful in any way? No reasons, no explanations, not even the slightest indication of anything you've ever gotten from any book, or of what you imagine that a good book might contain just a singling out of a particular book. What a waste pixels. As trading books go, I think THE STOCK TRADER is one of the better ones, and certainly one of the more interesting even from a broader perspective - as one record of a unique period in the history of equity markets from the perspective of a typically exceptional observer. I believe there were other useful lessons and insights captured in the book, even though I can't say that I've found much direct use for whatever may be unique about his particular trading methods.