Book Description
This graduate text provides an intuitive but rigorous treatment of contemporary methods used in microeconometric research. The book makes clear that applied microeconometrics is about the estimation of marginal and treatment effects, and that parametric estimation is simply a means to this end. It also clarifies the distinction between causality and statistical association.
The book focuses specifically on cross section and panel data methods. Population assumptions are stated separately from sampling assumptions, leading to simple statements as well as to important insights. The unified approach to linear and nonlinear models and to cross section and panel data enables straightforward coverage of more advanced methods. The numerous end-of-chapter problems are an important component of the book. Some problems contain important points not fully described in the text, and others cover new ideas that can be analyzed using tools presented in the current and previous chapters. Several problems require the use of the data sets located at the author's website.
Customer Reviews:
Everything people say is true, but..........2007-09-05
This book has no graphs - not one. As long there are no graphs or figures, this work will remain incomplete.
The missing link for cross section, panel data and program evaluation.......2007-06-02
This book fills a real gap for those who are interested in things like ATE, ATET and topics related to impact evaluation that are only talked about now in research papers. The explanations are very very clear and they walk you through the thinking process by which the different methods were developed. Of course, it has the traditional coverage of panel data and cross section but with the clarity that Wooldridge always delivers on his books. For all that, this is a perfect addition to your econometric libraries as it covers topics that are not discussed in traditional and introductory econometric books.
A comprehensive survey.......2007-05-12
This book provides an excellent overview about state-of-the-art methodologies in econometrics. Instead of other textbooks it stresses more on conditionals and explains potential problems with underlying assumptions in more detail. As I find it sometimes hard to orientate myself, I give 4 stars.
Very good coverage on cross-sectional, but not enough of panel data.......2006-08-18
This book does an excellent job in covering cross-sectional and microeconometric models (Stata codes for all examples in the book are available from UCLA's webside). However, the exposure to panel data is limited. For a theoretical overview of panel data econometrics, I'd recommend Hsiao and Baltagi. For applied work, Edward Frees wrote a good book, although his book is more from the social science perspective (SAS and Stata codes are provided).
The best? Not for me (and everyone I know)........2005-09-30
Clearly this product is overrated. In my opinion the book is a complete mess, with definitions, propositions and theorems mixed with the main text and not clearly evidenced from it.
It's funny, because the book uses a panoplia of bolds, italics, etc in the main text (well, there is only main text here) which I dislike and think is unnecessary, and then do not use it to evidence the important results. As a result I think this is probably the worst book that I can remember of for reference.
There are better books and it's almost impossible to get one worse than this one.
Book Description
Market Models provides an authoritative and up-to-date treatment of the use of market data to develop models for financial analysis. Written by a leading figure in the field of financial data analysis, this book is the first of its kind to address the vital techniques required for model selection and development. Model developers are faced with many decisions, about the pricing, the data, the statistical methodology and the calibration and testing of the model prior to implementation. It is important to make the right choices and Carol Alexander's clear exposition provides valuable insights at every stage.
In each of the 13 Chapters, Market Models presents real world illustrations to motivate theoretical developments. The accompanying CD contains spreadsheets with data and programs; this enables you to implement and adapt many of the examples. The pricing of options using normal mixture density functions to model returns; the use of Monte Carlo simulation to calculate the VaR of an options portfolio; modifying the covariance VaR to allow for fat-tailed P&L distributions; the calculation of implied, EWMA and 'historic' volatilities; GARCH volatility term structure forecasting; principal components analysis; and many more are all included.
Carol Alexander brings many new insights to the pricing and hedging of options with her understanding of volatility and correlation, and the uncertainty which surrounds these key determinants of option portfolio risk. Modelling the market risk of portfolios is covered where the main focus is on a linear algebraic approach; the covariance matrix and principal component analysis are developed as key tools for the analysis of financial systems. The traditional time series econometric approach is also explained with coverage ranging from the application cointegration to long-short equity hedge funds, to high-frequency data prediction using neural networks and nearest neighbour algorithms.
Throughout this text the emphasis is on understanding concepts and implementing solutions. It has been designed to be accessible to a very wide audience: the coverage is comprehensive and complete and the technical appendix makes the book largely self-contained.
Market Models: A Guide to Financial Data Analysis is the ideal reference for all those involved in market risk measurement, quantitative trading and investment analysis.
Customer Reviews:
Very shallow.......2005-03-11
You can google in 10 minutes more relevant information than this book is able to provide. It's OK if you need to pick up some terminology and get a rough idea of what it all means before an interview. Totally useless if you need it for work.
Comprehensive, lack in depth and poor organization.......2005-01-23
For a starter, this book does offer a broad spectrum of subjects, volatility/variance measurement, PCAs, Factor Models, Time Series analysis, high frequency data modeling, etc, at the expense of rigor and depth.
Desipite the academic pedigree the author enjoys and the educational career she had, the book is rather poorly organized from a pedagogical point of view. She seems to have a tendency to refer to expressions, notions, ideas, data which appear much later than where the reference takes place. This makes first-timers cringe as they go through the chapters as they are laid out. It reads much like some published papers got dumbed down, and bundled together.
If you are looking for comprehensive introduction, without the gory details of mathematical mumblejumble, this book might be of help. But it may not be used as a reference book, for its organization and for its lack of rigor.
Worth the money.......2003-08-28
If you are looking for detailed rigorous mathematical development then look elsewhere, that is not the reason to purchase this book. It is targeted towards application and there it excels. I have not seen any other book on this topic that so effectively presents a level-headed applied approach that keeps the basic assumptions of the models firmly in sight.
What tool fits when is nicely discussed.
Nice book.......2003-06-21
I will consider this book as a good introduction to different ways to analyze market data (covering mainly equity but do touch on fixed income as well as currency). I would emphasize that the book model the market more from an empirical point of view. The author gives a good description of the GARCH model as well as PCA analysis. Being a fixed income derivatives trading, I find both sections particularly useful for real world trading. The risk modeling section should expand into topics other than VAR such as coherent risk measures which are more useful. The co-integration section is a must for any traders who want to trade mean-reversion or stats arbitrage.
Overall, I think that the book covers all basic to intermediate mathematics, econometrics and finance necessary for anyone who wants to model market data. The book explains how to use such model for trading, risk management as well as market data visualization / understanding.
Nice book.......2003-06-21
I will consider this book as a good introduction to different ways to analyze market data (covering mainly equity but do touch on fixed income as well as currency). I would emphasize that the book model the market more from an empirical point of view. The author gives a good description of the GARCH model as well as PCA analysis. Being a fixed income derivatives trading, I find both sections particularly useful for real world trading. The risk modeling section should expand into topics other than VAR such as coherent risk measures which are more useful. The co-integration section is a must for any traders who want to trade mean-reversion or stats arbitrage.
Overall, I think that the book covers all basic to intermediate mathematics, econometrics and finance necessary for anyone who wants to model market data. The book explains how to use such model for trading, risk management as well as market data visualization / understanding.
Book Description
Governmental and Nonprofit Accounting, Revised Sixth Edition provides a better balance between theory and practice than other texts, with the most up-to-date coverage. It provides readers with a thorough basis for understanding the logic for and nature of all of the funds and account groups of a government, with a unique approach that enables readers to grasp the entire accounting and reporting framework for a government before focusing on specific individual fund types and account groups. Includes coverage of the new reporting model standard: GASB
Statement 34. Includes illustrations of government-wide financial statements and fund-based financial statements presented using the major fund approach. Points out the major changes required from the current guidance and explains and illustrates the requirements of the new model. Explains and illustrates the GASB Statement 31. Contains the latest revision of OMB Circular A-133 on single audits. Appropriate for undergraduate Accounting courses, such as Governmental Accounting, Public Sector accounting, Government and Nonprofit Accounting, and Fund Accounting.
Customer Reviews:
Please *read* this review.......2005-05-17
This textbook does not cause me any frustration due to its inherent lack of color or boring tedious material. As the professor who wrote a review above said, those people should have majored in something that is interesting to them (although, accounting, by definition, can definitely become boring and tedious at times). It is up to the student to instead decide whether working through the material is worth the reward (i.e. an Accounting degree) and if it is what they want to do as a career afterward... anyways, on to the book review:
This book gives me problems in one **major** area, which is that it is simply edited poorly. By this I mean that it is not presented logically, instead in a jumbled-together fashion that makes it difficult to read.
One big issue is that the chapters are not arranged in a logical order to where chapter 1 builds to chapter 2, and so on. We skipped chapters 2-4 and came back to them so we would be able to understand what the book was talking about...
Another problem with this book's organization is its use of references: it tells the reader, within the paragraph, to "refer to examples 1-4, 1-5, and 1-6" to gain further insight on a subject. This sort of reference would be fine, except that the examples it refers to are usually on different pages, often 7-10 pages apart from one another. Any insight that might have been gained from loking up the examples is lost in the process of flipping pages back and forth, over and over.
In conclusion, the main problem with this textbook is the shoddy job of editing that was done. This is partly due to the fact that subsequent revisions chose to keep certain parts, add others, and delete some more, while the author's original intent was most likely to give the student an encompassing view of the subject through the detail and order of the content.
Prentice Hall is notorious for putting out textbooks just like this one. I remember teaching myself Tax due to many of these same reasons, and it too was published by Prentice Hall. Many of their texts are highly technical and do contain good information, but the poor organization of the book itself just plain ruins it. It can be compared to trying to read a newspaper article without the intro or conclusion paragraphs. Sometimes you get lost trying to figure it all out on your own.
In short, try to gain as much knowledge as you can from your instructor in class, because it won't help you one bit to try to read this book. Don't take notes in class, just listen to what the professor says and copy down the problems in class for study later on.
While it is possible to scrape by in class by spending hours on end trying to read *&* comprehend this book, one should not have to. That is not the purpose of education. If this book was written and edited like it should have been, students should be able to open up the chapter and find an easy reference to concepts that they may not understand completely. This book does not provide such references.
Customer review.......2005-01-28
I am also a Master level student. I read this book and it is a great shame to the profession and a great insult to the public at large, let alone students who have to pay dearly for this textbook with a low rate of return. When discussing Accounting, Ethics should be close at heart to these experts. Unfortunately, it shows none here whatsoever. In general, I find it is a great disturbance for these self-pronounced" experts in Accounting to write such a low quality textbook with a great violation of the technical writing 's ethical category, ie, repetitive, clustered, hard to understand, contradictory sometimes; but most of all the English language used in certain introductory chapters, ie, chapters one and two, full of grammatical errors, punctuations, paragraphs and sentences are ambiguous, vague, and copied directly from the code law book. etc... We have zillions law in the USA, one more to make these authors accountable for their writings and so-called expertise in the field would NOT hurt too much. We, the students are YOUR customers, not the Professors who force your book in our throats! Be ethical, be responsible so we can avoid FRAUD, UNETHICAL practices in the real world. After all, we learn from your textbook for God's sake. Treat us with decency, and kindness, and the world shall be better if not in this generation. And remember when you die, you do not take the earthly paper of award or recognition with you. Leave your good name with a good morality instead. In the commercial world of Capitalism, the customers thrive the demand and supply. Think about it....
Found it to be quite informative.......2003-09-04
I am not sure why the other reviewers had problems with this book. I actually found it to be quite easy to read and understandble in its explanations of terminology. I work for a software company which sells a budgeting tool. Since realigning over to our public sector division, I decided to buy this book in order to hone my governmental accounting skills. My accounting degree certainly helped and this books assumes a minimal set of accounting skills. The problems were quite helpful in reinforcing the concepts.
Certainly not the book to use.......2003-03-06
In general, this is the worst accounting book I have EVER been forced to decipher (didn't like our cost accounting book either). At my school, and probably elsewhere, ,everybody seems to think Acct 405 (Financial Acct 2) is the "hard" course, but Fin Acct 2, at least to me, has NOTHING on trying to learn governmental accounting from using this awful book.
Dazed and Confused..........2003-01-31
I am currently a Masters level student who is taking a Governmental Accounting course. I have found this text to be somewhat confusing. The chapters and the information are very detailed however, the study questions introduce new terms and are hard to follow. This makes for a complicated and frustrating process for anyone who has not had a previous accounting course. I understand that there are not many books out there on this topic. However, a study guide or even the assistance of a glossary and some consistency in phrasing questions to be similar to the text would help. If I can't understand what the question is asking how am I to know if I understand what I thought I just read. The lack of pictures and graphics does not bother me and the blue ink while hard to get used to is easier on my eyes. The Powerpoint presentations were also helpful.
Book Description
Accounting Theory clearly identifies the elements of accounting theory, then relates those elements to specific problem areas in accounting.
Book Description
Millions of traders participating in today’s financial markets have shot interest and involvement in technical analysis to an all-time high. This updated edition of Technical Analysis from A to Z combines a detailed explanation of what technical analysis is and how it works with overviews, interpretations, calculations, and examples of over 135 technical indicators—and how they perform under actual market conditions. Enhanced with more details to make it easier to use and understand, this book reflects the latest research findings and advances. A complete summary of major indicators that can be used in any market, it covers:
• Every trading tool from the Absolute Breadth Index to the Zig Zag
• Indicators include Arms Index, Dow Theory, and Elliott Wave Theory
• Over 35 new indicators
Customer Reviews:
Technical tool encyclopedia.......2007-06-10
If you are looking for a technical tool reference book for your investing/trading library this is the one. This book covers (in alphabetical order) every trading tool I am aware of including the O' Neal CAN SLIM method, trend lines, volume, stochastics, Williams %R, every kind of moving average, candlestick charting, decline/advance, oscillators and just about everything else you will run across in trading stocks. The author gives an overview of the indicator, the interpretation, an example, then shows how to calculate it with the mathematical formulas used and a table for reference. I read this book from cover to cover and learned a great deal. I believe it is a must have for beginners if you are serious about using technical tools to time your trades correctly at proper buy points.
Good perspective on technical analysis........2007-05-25
Steven Achelis does a pretty decent job of showing what the stock market really is: just a big jumble of numbers completely determined by human emotion. And because pretty much anything involving human emotion is cyclical, it also becomes somewhat predictable.
This book presents an excellent selection of technical indicators that do a number of different things. It also presents formulas for most of the indicators.
Not only Technical Analysis..........2007-04-30
... but also a well written understanding of the mathematical models that make them work. If you trade with indicators, you need this book along with "Pring".
Good Reference, but weak on advice........2007-02-01
As the title says, this covers technical analysis (the analysis of securities based on price patterns) from A to Z, that is to say all the various approaches are covered alphabetically. Everything is covered but not in extensive detail. Each approach is covered in terms of an overview of the approach, an interpretation of the approach, and an example (generally with suitable graphs). No attempt is made to inject the author's preferences or any statistical analysis of the effectiveness of the approach. As such, this is more of a dictionary than a book on investment advice. This is not to say that dictionaries are useless, they are very useful, but they are not the same as a book on how to write. This book will tell you what the particular system is, not whether it is any good. Also, there are many variations of most of the systems and many different values for the parameters used by the systems, so other references will be required if you actually want to apply any of these approaches. The reader should be forewarned, however, that Technical Analysis is only one approach to the market. Many believe that this approach is little more than tealeaf reading and they rely on the analysis of the fundamentals of the balance sheet of the company and its prospects for future growth.
Dictionary with concise commentary and examples.......2006-12-17
Extremely pleased with the purchase and reading experience. The book covers everything I know about and much more that I didn't. I was able to make oscillators, from the explanations given, on excel and was able to make the charts. The Chande Momentum Oscillator is an added, and needed, tool for my analysis for investment. I bought this book because it was the one called out in the Yahoo charts trying to explain the Stoch Oscillator; which, I wanted to understand, and now do.
Book Description
Learn how to forecast the market with Elliott Wave Theory
In Applying Elliott Wave Theory Profitably author Steven Poser shows readers how to trade using Elliott Wave Theory-a powerful technical analysis tool used to forecast the stock market-through easy-to-follow trading strategies, while offering clear explanations on how to interpret this method's numerous patterns. Step-by-step guidance breaks down the Elliott Wave Theory and provides strategies that a trader can put into action along with a complete explanation of how and why the Elliott Wave Theory works. Applying Elliott Wave Theory Profitably shows readers where to look for external clues, and how to use these to improve their trading performance.
Steven W. Poser (Upper Saddle River, NJ) is President and founder of Poser Global Market Strategies Inc., an international stock, bond, and currency markets trading advisory firm. Mr. Poser publishes a daily newsletter that covers these markets from a technical and fundamental perspective. He holds a post-MBA degree in finance, as well as an MBA in economics and a BA in mathematics and computer science.
Customer Reviews:
Outstanding Book on Elliott Wave Analysis.......2007-05-04
I am a CMT (Chartered Market Technician) -- for the exam process of the CMT, which is a professional exam for technical analysis that demands a significant amount of knowledge on Elliott Wave analysis, I had to read many books on this subject and it was difficult to ascertain a useful book on this subject; this book undeniably gives you a credible approach to Elliott Wave analysis. Indeed, in terms giving the reader an approach to any market (e.g. bonds, equities, commodities or currencies) this book is written in the most useful manner that I have read on this subject. In particular, it gives the reader a practicle methodology in approaching the markets so as to enable you, the practitioner, to break the market down within this type of analysis on a step by step basis, if you will, that is logical. I recommend this book without reservation!
Well Written.......2006-07-18
I recently completed the CMT (Chartered Market Technician) exam process- this is a professional exam for technical analysis, consists of three levels. The third level has a substantial section on Elliott Wave. I have read other books on Elliott, but this book was in my opinion the best written. Mr. Poser made a difficult subject much easier to digest. The real strength here is in discussing what NOT to do when using Elliott Wave- by keeping these tips in mind you will find you can readily apply the techniques to charts from various financial markets.
I highly recommend this book to anyone taking the CMT exam, especially those who don't use Elliott Wave in their trading and/or analysis.
Highly disorganized book without real value.......2006-07-04
The book is easy to read but there isn't much of a content in it. There is no definite EW analysis system step-by-step. Just some elaboration on the topic all the way through and some examples. It doesn't teach anything. And there is definitely no trading system. It was probably intended as a tool for general prediction only. The book is not for traders at all. Perhaps, it is for market analysts.
The author shows how others use or interpret Elliot Waves Theory improperly. But he doesn't tell how to use it properly instead.
I don't understand what other reviewers with positive feedbacks talk about. The don't seem to refer to the right book. There is something fishy going on.
No Practical Value........2006-05-26
I buy books that include trading strategies source code that you can apply and trade, books like this have no practical value. If the author have BS comouter science, he should be able to write the source code.
A REVELATION IN TRADING.......2006-01-18
I've traded off and on for years now (Forex) and though I've done moderately well, it wasn't worth the anxiety I suffered watching each tick play out.
I need to feel comfortable and confident with my trading. I also needed to know when to anticipate best entry/exit.
This book not only allowed me to do that but it GREATLY decreased the size of my losing trades. No matter what, you will have losers but with this book you will know when your trade has taken a turn for the worst and get out quickly.
Another huge advatage I gained by reading this book is that I no longer sit by my computer watching the ticks go by. I now enter a trade and forget about it. I check in every morning and evening to see if my limit or stop was hit and to review my charts a bit but that's about it.
Charting has become entertaining rather than a task. It's amazing when you start seeing these patterns jumping out at you.
Now I will also add here that Wave Theory alone is NOT enough. You've got to use indicators as well to determine whether your wave count is even accurate but do this and you will be on your way to profitable trading.
Bottom Line: This is definitely a GREAT book and well worth the money.
Book Description
Successful methodology for identifying earnings-related reporting indiscretions
Creative Cash Flow Reporting and Analysis capitalizes on current concerns with misleading financial reporting on misleading financial reporting. It identifies the common steps used to yield misleading cash flow amounts, demonstrates how to adjust the cash flow statement for more effective analysis, and how to use adjusted operating cash flow to uncover earnings that have been misreported using aggressive or fraudulent accounting practices.
Charles W. Mulford, PhD, CPA (Atlanta, GA), is the coauthor of three books, including the bestselling The Financial Numbers Game: Identifying Creative Accounting Practices. Eugene E. Comiskey, PhD, CPA, CMA (Atlanta, GA), is the coauthor of the bestselling The Financial Numbers Game: Identifying Creative Accounting Practices.
Download Description
"Successful methodology for identifying earnings-related reporting indiscretions
Creative Cash Flow Reporting and Analysis capitalizes on current concerns with misleading financial reporting on misleading financial reporting. It identifies the common steps used to yield misleading cash flow amounts, demonstrates how to adjust the cash flow statement for more effective analysis, and how to use adjusted operating cash flow to uncover earnings that have been misreported using aggressive or fraudulent accounting practices.
Charles W. Mulford, PhD, CPA (Atlanta, GA), is the coauthor of three books, including the bestselling The Financial Numbers Game: Identifying Creative Accounting Practices. Eugene E. Comiskey, PhD, CPA, CMA (Atlanta, GA), is the coauthor of the bestselling The Financial Numbers Game: Identifying Creative Accounting Practices."
Customer Reviews:
The best book on the subject.......2007-10-01
I was a student of Dr. Mulford during my MBA, and I can say that the book is as great as his class. He definitvely was one of the best professors I ever had.
We are used to see in many valuation books to take Free Cash Flow as a given; therefore not understanding the real implication of FCF manipulation in enterprise value.
This book explains how the FCF can be calculated and what are the usual "tricks" that companies do in order to show better (or worse?) results. And that is what is all about: building financial criteria for managers in order to make the best decisions.
The best: meaty, well-written and thorough.......2007-08-23
This is not your typical accounting/finance book (i.e., unclear, unfocused and boring). Creative Cash Flow Reporting is the best and most important accounting/finance book I've read in many years. The authors are certainly focused on the right area (determining sustainable cash flow from operations). The interesting nuances of cash flow reporting are laid out in simple terms (e.g., debt funding and repayments are reported with Financing cash flows, but the related interest expense is reported with Operating cash flows). The authors also go beyond the numbers to provide good background re: a number of strategic alternatives (e.g., why one might enter into a sale/leaseback transaction). There are many other reasons to recommend the book.
In summary, this book is a "must have" for accountants and financial analysts, and I would strongly recommend for CEOs, COOs, corporate and securities attorneys, and corporate middle managers.
Nothing new in here.......2006-12-13
this book serves more as a dictionary of cash flow related items rather than offering any prescription for active monitoring of cash flow related mischief.
save your time and money.
Groundbreaking book.......2006-03-18
Mulford and Comiskey have delivered a tour de force for the financial and accounting community in this book. Whether you are a financial analyst, corporate accountant, auditor or an executive with a small or large firm, you absolutely will benefit from this book. It is one of the most important books of the last 20 years, and in my opinion, it is the finest book ever written on the concepts and methods of deciphering Operating Cash Flow, it's relationship to earnings, calibrating and measuring free cash flow, as well as the mechanics and drivers (and sometimes deliberate manipulation by unscrupulous management) within the business system that can lead to distortions in the Cash Flow statement.
What about earnings supported by artificial means? What are the core drivers of cash flows? What should our view be, vis a vis the Operating Cash flows, regarding non recurring charges and depreciation? Are capital expenditures really as cut and dry as we like to think they are, under GAAP? How does it impact our cash flows, in the real world? How is it sometimes manipulated, to distort the underlying cash flow realities?
If you are a financial or accounting professional, read this book. Read it twice. Read it three times. An absolutely extraordinary book. Well written, insightfull, never boring, always intriguing with unique content. The authors have such an extraordinary grasp of accounting and financial flows, and bring such groundbreaking concepts and ideas to the field, that you won't put this book down, and there are not many accounting or finance books we can say that about !! "Creative Cash Flow" by Mulford and Comiskey is absolutely a virtuoso performance. Amongst, and compared to, the entire literature that exists in the field of accounting and financial analysis, this book is an extraordinary achievement.
Simply the best book on the subject........2005-09-04
Messers Mulford and Comiskey have released a primer on what has lately become a messy subject. Unlike other books with a focus on cash--Hackel's book, for example--this one delves a little bit deeper into the subject of financial misreporting. The reader is given a synopsis of how companies say that their cash is operating, whereas it ought to be put under financing or investing cash flow. There is a multitude of similarly constructed arguments. The examples are lucid, apropos, and contemporary. The book also has a deterministic model for calculating CFFO. Read it.
Book Description
TRADING CHAOS APPLYING EXPERT TECHNIQUES TO MAXIMIZE YOUR PROFITS
Chaos theory now stands at the cutting edge of financial decision-making methods. The product of years of scientific investigation into unpredictable phenomena, it has the potential to offer traders entirely new perspectives on the movements of markets—and less risky routes to greater, more consistent profitability. Unlike other books on the subject, Trading Chaos takes chaos analysis out of the realm of the abstract and makes complex concepts easy to understand and use. It offers you the most practical, comprehensive guide available to applying chaos theory to the real world of trading and investing.
In this breakthrough work, author Bill Williams gives you the benefit of his unique qualifications: 35 years of successful trading and a PhD in psychology. The instructional techniques used in Trading Chaos have been tested and refined in the workshops, seminars, and private tutoring sessions Dr. Williams has conducted in 12 different countries.
Designed for all traders—from beginner to experienced professional—Trading Chaos introduces you to the financial applications of chaos in five graduated stages, starting with a clear, nontechnical introduction (Level One: The Novice Trader) all the way to chart analysis, fractals, Elliott wave, and advanced nonlinear dynamics (Level Five: The Expert Trader).
Trading Chaos probes depths of human and economic behavior that other books do not even mention, including:
- A detailed examination of the underlying structure of the market
- How individual belief systems affect the way we trade
- How to determine "what the market wants"
- Most importantly—"how to want what the market wants"
Numerous charts, trading models, analysis spreadsheets, and review questions reinforce the key concepts and help insure full comprehension of the material.
Regardless of your current degree of expertise, Trading Chaos will take you to new levels of trading confidence and increased profit.
This practical guide to the powerful tools of chaos theory will help you make better, more profitable trades
"Bill Williams brings a unique background and experience to the commodity trading world. His approach to becoming a successful trader includes many fresh and fascinating concepts for traders of all experience levels."—Bruce Babcock Editor, Commodity Traders Consumer Report
"Bill Williams has demystified the Elliott Wave. His technical approach is an innovative and effective way to trade markets for novice and expert traders alike."—Bob Koppel Skylane Trading Group
"Trading Chaos by Bill Williams is an excellent guide to profiting from a market which is nonlinear in structure. The book is divided into logical levels of trading techniques useful to the novice and expert trader. I was genuinely surprised that the expert can still learn refreshingly new techniques at each level presented."—Timothy C. Slater Managing Director of Dow Jones Telerate Seminars
Trading Chaos takes chaos theory out of the abstract realm and into the real world of practical investment decision-making. Using the techniques in this remarkable book, you will uncover the hidden patterns of what appear to be the random, unpredictable movements of the commodity, futures, and options markets. Regardless of your current level of experience, expert commodity trader and trainer Bill Williams will give you the skills and insights to move to levels of trading ability you would not have imagined possible.
Clear, practical, and nontechnical—Unlike other books on chaos theory, Trading Chaos is designed to be easy to understand and use
Unique organizational format—Introduces the reader to the financial applications of chaos in five graduated stages, from Novice to Expert Trader
Expert advice on avoiding common psychological traps and pitfalls—Including such self-limiting afflictions as the "paralysis of analysis," "opinionitis," and the dangers of trading on individual belief systems
A wealth of supplementary materials—Charts, trading models, trade plans, analysis spreadsheets, and trading diaries illustrate and reinforce key concepts
Customer Reviews:
As Simple as it is Powerful.......2006-12-18
I am a BIG believer in Bill Williams and his body of work.
I will admit, this book is the most confusing of his three. It is also the FIRST book of his three. If you buy this now, buy it to "fill in the blanks" but use his later works as the backbone of your trading.
I have personally met with Bill, taken his home study course and even attended a private tutorial. Bill is the real deal. He is a *highly* profitable trader and Bill trades EXACTLY like he describes in his books (simplified over time, so Trading Chaos, 2nd Ed. is the LATEST and most refined method).
READ THE FIRST CHAPTER OF THIS BOOK (it's free online here, just click on excerpts). This chapter alone is worth the entire book. If you just want to trade with no other background information, Buy Trading Chaos, 2nd Edition (not this book) and start with chapter seven. When you get to the end of the book, you'll say, "That's it?!?! Than can't be it!" That's what I said. I then went on to take his home study course (13 weeks) and then went to a private tutorial. 95% of the methodology is IN THE BOOK! The more advanced stuff is for those who are scaling into positions and want more aggressive money management techniques.
Who am I to say this works? I started trading Bill's techniques from scratch. In LESS than 6 months I was up 95% in a medium sized account. I found some like-minded investors and we started our own Hedge Fund (more specifically, a commodity pool). I called Bill personally and he spoke with me at length about how I should flow into and out of my positions, etc. He went far above and beyond the call of duty. I cannot speak to how well my Pool is doing (not legal to disclose - considered solicitation of investors), so I cannot give figures of returns for the Pool.
Buy Trading Chaos 2nd Edition (not this book) and then buy "New Trading Dim mentions" (his second book) and read chapters 9 - 11. Those chapters will give you more ideas of the SCOPE of just what is possible when you simplify your trading and align it with natural market tendencies (chaos principles).
Good luck and Good Trading!
-- Q
Incomprehensible.......2005-11-07
I am a lawyer and have spent most of my life reading, and had read many books on trading before I read this one. It looked like the holy grail, so the three or four key chapters, I read over and over trying to determine 3 simple things: Where to buy/sell short, where to place the stop loss, where to exit the trade. I confess, I was never able to determine that, from the text, although the author seems to assume that he has made that clear to the reader.
Joke.......2003-10-21
The five stars is only for the cover. However, the content of the book is pathetic. I have read many trading books and several chaos books and I can honestly say this book is neither. I fell for the enlightened self-similar structure cover and wasted my money. Don't repeat my mistake.
If you are interested in chaos and trading, start with Edgar Peters books such as Chaos and the Capital Markets.
The publisher, Wiley, should be ashamed to put out this sort of drivel. Bill Williams is a joke. If you think your trading style is based on your body type, then maybe this book will help you feel better about losing; otherwise skip it and Bill Williams, PhD.'s other lobotomized treatises on trading.
Trader Development.......2003-06-27
This book really is mistitled. Chaos theory for markets is not presented, so look elsewhere for that. The book does present a good theory for the psychology of trading such as "traders differ on value but agree on price" as motivation and explains the development of traders from novice, intermediate, and advanced (skip master and expert level)and the goals for each level. Unfortunately, the methodology for trading with a Chaos background is not touched upon.
Good filler read for background on trading and personal development. Poor on methodology for trading with Chaos. Perhaps Mr. Williams had an epiphany and contends all trades are done in Chaos, so traders should relax. To borrow a line from another author, "some trades will, some trades won't, so what, next trade please."
Donate your money to charity.......2003-03-25
In the first few chapters, he sounds so attractive, after that, you will find the author using new technical analysis words to describe the breakthrough of the resistance/support and claims this a new concept/idea, but he saying nothing on the book and if you are using his method to trade, you are not far from bankruptcy.
Eventually, you waste your money, then why don't send cheque to charities.
Book Description
Asset allocation has long been viewed as a safe bet for reducing risk in a portfolio. Asset allocators strive to buy when prices are low and sell when prices rise. Tactical asset allocation (TAA) practitioners tend to emphasize shorter-term adjustments, reducing exposure when recent market performance has been good, and increasing exposure in a slipping market (in contrast to dynamic asset allocation, or portfolio insurance). As interest in this technique continues to grow, J.P. Morgan's Wai Lee provides comprehensive coverage of the analytical tools needed to successfully implement and monitor tactical asset allocation.
Customer Reviews:
Mathematical approach to tactical asset allocation.......2005-06-02
This book describles a very interesting approach to tactical asset allocation. Detailed mathematics are developed for processing information and allocating risk such as to maximize the expected information ratio of a given asset allocation. The book is very condensed and requires a very good understanding to fully appreciate the quality.
Book Description
It presents a comprehensive and organized collection of the evidence contradicting market efficiency. Sets forth and synthesizes a paradigm shift in financial economics, exploring rational finance, behavioral finance, and the new finance. This book provides revolutionary and controversial ideas lending to the acceptance of the notion that capital markets are inefficient. Portfolio Managers, Financial Analysts, and Security Analysts.
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Books Index
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Econometrics
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Solutions Manual and Supplementary Materials for Econometric Analysis of Cross Section and Panel Data
Microeconometrics: Methods and Applications
Econometric Analysis (5th Edition)
Introductory Econometrics: A Modern Approach (with Economic Applications Online, Econometrics Data Sets with Solutions Manual Web Site Printed Access Card)
Time Series Analysis
