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Systematic Trading: A unique new method for designing trading and investing systems, by Robert Carver
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This is not just another book with yet another trading system. This is a complete guide to developing your own systems to help you make and execute trading and investing decisions. It is intended for everyone who wishes to systematise their financial decision making, either completely or to some degree.
Author Robert Carver draws on financial theory, his experience managing systematic hedge fund strategies and his own in-depth research to explain why systematic trading makes sense and demonstrates how it can be done safely and profitably. Every aspect, from creating trading rules to position sizing, is thoroughly explained. The framework described here can be used with all assets, including equities, bonds, forex and commodities.
There is no magic formula that will guarantee success, but cutting out simple mistakes will improve your performance. You'll learn how to avoid common pitfalls such as over-complicating your strategy, being too optimistic about likely returns, taking excessive risks and trading too frequently.
Important features include:
- The theory behind systematic trading: why and when it works, and when it doesn't.
- Simple and effective ways to design effective strategies.
- A complete position management framework which can be adapted for your needs.
- How fully systematic traders can create or adapt trading rules to forecast prices.
- Making discretionary trading decisions within a systematic framework for position management.
- Why traditional long only investors should use systems to ensure proper diversification, and avoid costly and unnecessary portfolio churn.
- Adapting strategies depending on the cost of trading and how much capital is being used.
- Practical examples from UK, US and international markets showing how the framework can be used.
Systematic Trading is detailed, comprehensive and full of practical advice. It provides a unique new approach to system development and a must for anyone considering using systems to make some, or all, of their investment decisions.
- Sales Rank: #142371 in Books
- Published on: 2015-09-14
- Original language: English
- Number of items: 1
- Dimensions: 9.61" h x .75" w x 6.69" l, 1.58 pounds
- Binding: Hardcover
- 325 pages
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
"A remarkable look inside systematic trading never seen before, spanning the range from small to institutional traders. This isn't only for algorithmic traders, it's valuable for anyone needing a structure - which is all of us. Carver explains how to properly test, apply constant risk, size positions and portfolios, and my favorite, his "no rule" trading rule, all explained with scenarios. Reading this will benefit all traders." - Perry Kaufman, author of Trading Systems and Methods, 5th Edition (Wiley, 2013);
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.
Most helpful customer reviews
15 of 15 people found the following review helpful.
Substance over Style
By RB Johnson
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.
10 of 10 people found the following review helpful.
One of the best trading books of all time
By Amazon Customer
Absolutely the best book I've read to date. I've gone through it 3-4 times now and I'm still uncovering new ideas and information. I'm not sure how anyone could call it simple, as I'm pretty sure most people would have trouble coding this up properly. Luckily, Robert has code examples and even just released the beginnings on a full system framework on his site that includes the very system in the book. Not having binary(in or out) entries and exits was definitely eye opening, in addition to combining multiple signals to get a forecast and using account volatility to aid in position sizing. It's the perfect book for everyone who has done some research and started their foray into quant trading but doesn't know where to go next and wants to know what level the big guys are playing at. I can't recommend it enough.
Oh, and to the guy who says there is no good info or rules. I'm pretty sure he gives you a FULL system in the book that is at least a bit similar(if not very) to something they were or are trading at AHL, one of the largest and most successful hedgefunds of all time. Can lead a horse to water I guess...
9 of 9 people found the following review helpful.
In-depth Review of Rule-Based Non-Emotional Trading Methods
By L. Masonson
The book is best suited to self-directed traders/investors and individuals who are mathematically inclined and who are looking for a systematic rule-based methodology to manage their money while eliminating the emotional component of the equation. The author provides methods for three trader types: asset-allocators, semi-automatic traders comfortable with leverage and derivatives, and staunch systems traders using trading rules. Readers need to understand that they need to have adequate time available to develop and then back-test a rule-based approach. This book provides everything needed to develop a sound trading approach.
Over the course of 300 pages, Carver divides the text into four-parts consisting of detailed explanations of how to set up a systematic trading system covering first the theory behind it, then how to use the toolbox safely, followed by the specific framework to use, and lastly the practice needed to make it work effectively.
As the author illustrates, developing a profitable trading system is not a simple task that can be completed in a couple of hours. It is a time-consuming learning process containing critical elements that must be weaved together, tested, and then tried out in real-time. It is not for the faint of heart or those that give up easily because of the time commitment. Above all, it is necessary to spend the time to develop an objective trading system that will work well going forward, not just back-test very well.
Carver believes that one of the keys to making money in the markets is to avoid mistakes such as making your trading system to complex, being overly optimistic concerning likely returns, taking unnecessary risks, and trading too frequently.
Most of the chapters begin with a short summary, then use examples, charts, tables, and explanations to bring home the key points. All the key components and concepts of developing a systematic trading system are explored including: trading rule development, position sizing, forecasting, risk management, Sharpe ratios, skew, standard deviation, volatility, back-testing and over-fitting, asset allocation, correlation, curve fitting, and much more. Additionally, there is an appendix that contains useful resources – books and data sources, as well as a nine-page glossary of terms. Readers can also download a complimentary copy of the eBook edition.
Individuals who are serious about developing a personalized systematic trading approach will find this book to be a complete guide to the subject matter with unique insights of the author. He was previously a portfolio manager for a large systematic-oriented hedge fund, who now trades his own money in the futures and equities markets.
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