Perry J. Kaufman

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By Perry Kaufman
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The solution to all this risk and uncertainty, says world-renowned trading systems expert Perry Kaufman, is to take market positions that are not exposed to directional risk. Trading a spread or market neutral position takes price shocks out of the picture completely. In Alpha Trading, Kaufman shows how to make trading profits even when there are no market trends and price shocks rock the markets every day. His strategies, long shown to be profitable, are called statistical arbitrage, or stat-arb, and they can be traded by holding positions for a few days, as he suggests, or for milliseconds as implemented by the big investment houses. They include all forms of stat-arb trading, from spreads to yield-curve trading to program trading, and from the simplest pairs trade to large-scale market neutral strategies. Kaufman covers each one in detail, ultimately showing you how to change the shape of your risk and drastically increase your probability of profiting under any market conditions. With his decades of experience in almost every type of market, Kaufman's guidance, strategies, and lessons will be a welcome addition to the trading literature for professional and serious individual traders for years to come. A companion website includes spreadsheets to perform the calculations found in the book, including those for pairs trading, risk-adjusted spreads, cross-market trading, traditional market neutral trading, and other stat-arb methods. Alpha Trading will help serious investors and traders make money when markets make no sense. With tested strategies and systems for profitably trading in directionless markets, Kaufman shows traders how to exploit new highs and lows, hedge primary risk components, find robustness, craft a diversification program, and much more, complete with spreadsheets to do the calculations. Each step of the process is explained and illustrated with examples of how the numbers should look.
AuthorPerry Kaufman BindingHardcover
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By Perry J. Kaufman
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With recent advances in institutional trading strategies—most notably high-frequency trading and artificial intelligence—generating rewards against high-tech competition has seemed next to impossible. In this updated  Sixth Edition  of the bestselling classic  Trading Systems and Methods , market guru Perry Kaufman provides investors with tools they can use to make large gains, even in today's complex markets. For nearly three decades,  Trading Systems and Methods  has provided investors with basic knowledge (starting with an introduction to technical analysis, statistics, and market charting) and detailed strategies (from behavioral techniques to advanced approaches like neural networks) enabling them to identify big-picture trends and capture extreme price moves. Unlike many books on market trading,  Trading Systems and Methods  takes the approach that, applied the right way, many systems can be successful under different market conditions. It shows you how to identify and evaluate those conditions, and how to apply the strategies. Tools available on the Companion Website allow for valuable hands-on experimentation, so you can enter the market with a sound plan. Today's traders need the confidence to take on risk more than they ever have, thanks to current market conditions and technological advances. A basic understanding of risk management and volatility stabilization must now be replaced by more advanced knowledge. Kaufman recognizes risk acceptance as one of the most important aspects of any trading system, and this  Sixth Edition  is accordingly more focused on risk profiling and complex risk modeling, than its predecessors. To make way for this new emphasis, Kaufman has also completely revised the text to be better organized and shares more concise, with to-the-point trading explanations. Busy professionals and international traders will especially appreciate this new text.
AuthorPerry J. Kaufman BindingHardcover