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The Mathematics of Money Management: Risk Analysis Techniques for Traders (Wiley Finance), by Ralph Vince
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Every futures, options, and stock markets trader operates under a set of highly suspect rules and assumptions. Are you risking your career on yours? Exceptionally clear and easy to use, The Mathematics of Money Management substitutes precise mathematical modeling for the subjective decision-making processes many traders and serious investors depend on. Step-by-step, it unveils powerful strategies for creating and using key money management formulas--based on the rules of probability and modern portfolio theory--that maximizes the potential gains for the level of risk you are assuming. With them, you'll determine the payoffs and consequences of any potential trading decision and obtain the highest potential growth for your specified level of risk. You'll quickly decide: What markets to trade in and at what quantities When to add or subtract funds from an account How to reinvest trading profits for maximum yield The Mathematics of Money Management provides the missing element in modern portfolio theory that weds optimal f to the optimal portfolio.
- Sales Rank: #1480886 in eBooks
- Published on: 2009-05-18
- Released on: 2009-05-18
- Format: Kindle eBook
From the Publisher
Permits traders in the futures, options and stock markets to create profitable trading formulas based on the rules of probability and modern portfolio theory. Shows how to develop and utilize key formulas which minimize losses, maximize profits and avoid excessive risk. Reintroduces the idea of ``optimal-f'' and its use in weighing and assigning values to the components of a trader's portfolio. Includes a computer program for immediate hands-on usage of techniques described.
From the Inside Flap
Until now, money management practices have been driven by a loose collection of highly subjective rules of thumb. By failing to accurately understand the outcomes of their potential actions, many traders and serious investors have been operating blind. The Mathematics of Money Management injects a new degree of precision into your trading strategies. Based on the rules of probability and modern portfolio theory, it shows you how to create and use these money management techniques in the futures, options, and stock markets. And you don’t need to be a PhD to exploit these strategies. Every equation and formula is easy to understand, and practical examples are provided for immediate hands-on use of the trading techniques discussed. By wedding the precepts and practices of modern portfolio theory to the concept of optimal f, The Mathematics of Money Management shows how to gauge the payoffs and consequences of every potential trading action, before you take it. Armed with this information, you’ll obtain the greatest potential investment growth for your specified level of risk, no matter what your chosen market. You’ll use these time-tested strategies to:
- Evaluate the risks and rewards of any potential trading decision
- Accurately weigh and assign values to the components of any portfolio
- Determine exactly how many contracts to trade for a specific market and/or system
- Maximize profits under reinvestment trading
- Prognosticate future system performance
From the Back Cover
Every futures, options, and stock markets trader operates under a set of highly suspect rules and assumptions. Are you risking your career on yours? Exceptionally clear and easy to use, The Mathematics of Money Management substitutes precise mathematical modeling for the subjective decision-making processes many traders and serious investors depend on. Step-by-step, it unveils powerful strategies for creating and using key money management formulas—based on the rules of probability and modern portfolio theory—that maximizes the potential gains for the level of risk you are assuming. With them, you’ll determine the payoffs and consequences of any potential trading decision and obtain the highest potential growth for your specified level of risk. You’ll quickly decide: What markets to trade in and at what quantities When to add or subtract funds from an account How to reinvest trading profits for maximum yield The Mathematics of Money Management provides the missing element in modern portfolio theory that weds optimal f to the optimal portfolio.
Most helpful customer reviews
32 of 33 people found the following review helpful.
Not for the risk averse
By A Customer
This book intelligent and is well written. However, it's discussion is contingent on accepting that maximizing the geometric growth rate (i.e. logarithmic utility) is the best objective function for a trader. This produces a very aggressive betting strategy. I would advise finding out a little more on "Kelly Betting" (try Blackjack resources) before going ahead with this.
44 of 50 people found the following review helpful.
Some gems, but very poorly presented
By A Customer
I just read the "not for the innumerate" review on this book, and I agree. But I would like to clarify why the book disappoints. It's not that there are too many equations, but that there are too few equations and way too much jargon-laden hand waving. The hand waving, unfortunately, does not compensate for the clarity sacrificed by omitting the math. Vince's thesis that optimal f will maximize geometric returns is a valuable one, as is the concept of trading at dynamic fractional f to control risk. Unfortunately, he does not get specific enough to show us how to define and use optimal f in real life stock trading. I have an extensive math background, but I cannot get convincing quantitative results in Excel using his presentation, even after re-deriving for myself all the equations he deigns to show us. Perhaps if I had a futures trading background I would find his prose easier to follow, but I would have been much better off with the equations, in an appendix at least.
57 of 70 people found the following review helpful.
Optimal f will make your trading go belly up
By A Customer
Optimal F is Ralph Vince's baby but it doesn't take into consideration that there is a trade out there that will take you out of the market. I trade professionally and would never trade anywhere near with the risk he talks about. The best traders I know are always prepared for the worst case secenario and just want to keep playing the game. Optimal F will take you out of the market very quickly.
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