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The Mathematics of Money Management: Risk Analysis Techniques for Traders, 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: #588254 in Books
- Published on: 1992-04-17
- Original language: English
- Number of items: 1
- Dimensions: 9.41" h x 1.22" w x 6.34" l, 1.63 pounds
- Binding: Hardcover
- 400 pages
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
24 of 30 people found the following review helpful.
Not For the Innumerate
By William Baehr
I would have given this book 5 stars if it was written with more examples to demonstrate the theories and formulas that it contains. The author certainly doesn't "spoon feed" his material to the reader. If you are innumerate stay away from this book. Of course, if you are innumerate stay out of trading the markets. What the author has to say regarding the correct amount of contracts or shares to buy based upon the calculation of optimal f is very important in order to keep from going broke and to receive expotential gains. It is loaded with concepts to facilitate the money mangament element of trading. I would say that a good prerequisite for reading this book would be an engineering degree something like advanced rocket science.
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.
4 of 4 people found the following review helpful.
Most Comprehensive Analysis of Money Managament I Have Encountered
By NYC Trader
Set aside all your pre-concieved notions of money management being about risk/reward. Whilst it is definately a good idea to keep r&r in mind, it's not very mathematically defined. Everything Ralph Vince presents in this book is applicable to trading at an optimal level (for maximum gains).
He begins the book by reviewing the concept presented in his previous book on empiral optimal f. This serves as a primer to the coming chapter where the idea of parametric optimal f is detailed, allowing any trader (even without empiral data) to determine his/her optimal quantity to trade. Vince makes a clear distinction between the classical portfolio theory of defining optimal weights, with the notion in mind that optimal quantity and optimal weights are different for leveraged accounts. Following on from parametric optimal f, we are introduced to the 'optimal of the optimal' theory where he combines optimal f with modern portfolio theory (markowitz e-v theory) to obtain a construction for an unconstrained geomtrically optimal portfolio. Vince discusses the Black-Scholes Options Pricing Mode, and the Black Futures Option Pricing Model, among other things to incorporate into his framework for this 'optimal of the optimal' portfolio.
This is definately not a book that can be read in a few days, unlike the majority of books I've encountered on trading. It would serve the reader best if he/she were to summarise the ideas Vince presents, along with following what he is doing by creating their own statistical representations (in Excel, Minitab,... though this did pose a problem because some ideas are very challenging to formulate into a statistical package). Finally I thought that I should point this out - I am quite confident in the fact that Vince makes a mistake with one of his partial derivatives in the introductory chapter on E-V Theory (when employing the Lagrange method).
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