{"product_id":"9780471730972","title":"Mechanical Trading Systems: Pairing Trader Psychology with Technical Analysis","description":"\u003cp\u003eWhen mechanical trading systems were first introduced into the arsenal of trading tools, the trader interested in utilizing these tools would have needed programming expertise, a strong background in mathematical technical analysis, and iron-willed discipline. Today, trading system software developed by market-data vendors has become so user-friendly, that nonprogrammers with only a rudimentary understanding of mathematical technical analysis can successfully create and backtest simple trading systems like those offered throughout this book.\u003c\/p\u003e\u003cp\u003eIn Mechanical Trading Systems, Richard Weissman uses his experiences as a trader and trading systems expert to take this concept to a new level.  Filled with in-depth insight and practical advice, this book examines the development process for choosing and using mechanical trading techniques in conjunction with trader psychology. Mechanical Trading Systems skillfully explores the dangers in system development and how to avoid them; how backtesting and forward testing of trading systems aids in quantification of price risk; and the methods of improving rates of return on investments without significantly increasing risk. It also provides a detailed examination of the personality traits common to the three basic types of trader—trend-following (long to intermediate term), mean reversion (intermediate-term), and short-term (swing and day traders)—and illustrates how a strict adherence to specific types of trading systems can foster a psychological flexibility that will allow you to succeed in all kinds of trading environments: countertrending, choppy, or trending. \u003c\/p\u003e\u003cp\u003eSome of the other issues discussed within these pages include:\u003c\/p\u003e\u003cul\u003e \u003cli\u003eWhy mathematical technical analysis is anideal building block in the development of mechanical trading systems\u003c\/li\u003e \u003cli\u003eHow various flaws in trader psychology—fearfulness, impatience, greed, and lack of discipline—can be overcome\u003c\/li\u003e \u003cli\u003eThe pros and cons of various traditional price risk management methods, such as stop loss and volumetric price risk management\u003c\/li\u003e \u003cli\u003eThe psychological aspects of price risk management and how utilization of mechanical trading systems can aid in fostering confidence during drawdowns\u003c\/li\u003e \u003cli\u003eHow your knowledge and experience can be utilized within the framework of a mechanical trading system\u003c\/li\u003e\n\u003c\/ul\u003e\u003cp\u003eMechanical Trading Systems offers a wide variety of flexible trading systems that combine sophisticated technical analysis with trading psychology theory. If you plan on improving your trading skills, this comprehensive resource can help you succeed.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47172436984048,"sku":"9780471730972","price":105.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0737\/7593\/9824\/files\/9780471730972_p0.jpg?v=1763707833","url":"https:\/\/shop-qa.barnesandnoble.com\/products\/9780471730972","provider":"Barnes \u0026 Noble (DEV)","version":"1.0","type":"link"}