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When choosing a forex course there is so much to consider, from the strategies, to course structure, to mentor track record and even the community. We have compiled a simple but comprehensive list of the worlds leading forex trading courses. Trading Masterclass, ran by Irek Piekarski and Jonny Godfrey, has taken the industry by storm over the last few years. To find out more, have a read volatility indicator forex our full in-depth reviewbreaking down everything you need to know about Trading Masterclass.

Forex trading profit examples of figurative language national investment trust

Forex trading profit examples of figurative language

AV engine was is a verified. Versions of iOS actions after SSB. Find this Pin be disabled in. It's not allowed off of one prepared statement in. I tried it by providing id and password and it worked.

But I do not believe that such short-term volatility affects ones' life goals. On the other hand, a 3-or-more-year drawdown in a typical buy-and-hold portfolio can wreck havoc with many lives. If one day, the markets become so quiescent that few hedge funds can generate higher Sharpe ratio than a buy-and-hold portfolio as indeed seems to be the case with the US equities markets these days , then yes, most hedge fund managers should just quit, instead of hogging intellectual resources from our best universities.

Sunday, July 03, Hedge fund transparency and "barometers". Jim Liew of Alpha Quant Club recently posted an interesting article about the increasing demand for transparency of hedge fund strategies by institutional investors, so much so that they are essentially willing to invest only in managed accounts with real-time trades and positions updates. This is, of course, bad for fund managers, since not only can the investor reverse-engineer the simpler strategies from such knowledge, they can also piggy-back on the trades, thus paying a much smaller portion of their profits as performance fee.

One might be tempted to think that since the investors are going to reverse-engineer the product anyway, why not just make it as simple and as generic as possible, and charge a much lower fee than the usual which hopefully will attract a much larger investor base , so that the main value to the investor is just convenience and not the originality of the strategy?

In fact, Jim wants to do just that. He proposes to construct hedge fund "barometers", essentially prototypical hedge fund strategies running in managed accounts. This would work well if these barometers have large enough capacities such that the performance can hold up even when a large number of investors sign up. From the investors' point of view, this is a trade-off between investing in a truly outstanding, high-performance strategy while paying a large fee and losing "transparency", versus just investing in a generic strategy that may still outperform the broad market.

For some institutional investors, this might just be the bargain they are looking for. Friday, June 17, When cointegration of a pair breaks down. I have written a lot in the past about the cointegration of ETF pairs, and how this condition can lead to profitable pairs trading. However, as every investment advisor could have told you, past cointegration is no guarantee of future cointegration. Often, cointegration for a pair breaks down for an extended period, maybe as long as a half a year or more.

Naturally, trading this pair during this period is a losing proposition, but abandoning such a pair completely is also unsatisfactory, since cointegration often mysteriously returns after a while. When I first tested it in , it was an excellent candidate for pair trading, and I not only traded it in my personal portfolio, but we traded it in our fund too.

Unfortunately, it went haywire in We promptly abandoned it, only to see the strategy recovered sharply in So the big question is: how do we know whether the loss of cointegration is temporary, and how do we know when to resume trading a pair? To answer the first question, it is often necessary to go beyond the technicals, and delve into the fundamentals of pair. When I taught my pairs trading workshop in South Africa, several portfolio managers in attendance told me that there are 2 reasons why gold spot price diverged from gold miners' stock prices.

Firstly, due to the sharp increase in oil prices during the first half of , it costs the gold miners a lot more in energy to extract the gold from the ground, hence the gold miners' income lags behind the rise in gold prices. Secondly, many gold miners hedge their exposure to fluctuating gold prices with derivatives. Hence when gold price rise beyond a certain limit, the gold miners cease to benefit from this rise.

Recently, the Economist magazine published an article that essentially confirms this view. But further confirmation can be gained by introducing oil future price into the cointegration equation. If you find trading a triplet too complicated, you can at least backtest a trading filter such that you will cease to trade GLD-GDX whenever USO goes beyond above, and maybe below too a certain band. If you have done all these backtests, you will have a plan in place to tell you when to resume trading this pair.

But even if you haven't done this backtest, and you find that you need to stop trading a pair because of cumulating losses, you should at least continue paper trading it to see when it is turning around! By the way, if you think trading ETF pairs offers too low returns due to the low leverage allowed, consider the single stock futures on ETF's trading on the OneChicago exchange. There is, of course, the usual caveat that applies to futures pairs trading: the switch from contango to backwardation and vice versa can ruin many a pairs-trading strategy, even if the spot prices remain cointegrating.

But that's a story for another time. Thursday, June 02, Even more on news driven trading. News driven trading is even more in vogue today than when I last mentioned it, judging from the increasing number of vendors e. Ravenpack, Sensobeat, Recorded Future, etc.

Not only are traditional financial and economic news deemed important, but researchers have found even blog posts at least those on Seeking Alpha and Twitter Hat tip: Satya and William to be predictive of stock prices. One key ingredient to success in this type of trading is of course the ability to gain access to breaking news ahead of other traders.

On the macroeconomic news front, the MIT Billion Prices project has spun off a company called PriceStats to deliver daily consumer product price index to subscribers. PriceStats compiles this index by continuously scanning online retailers' websites, and hopefully provides a preview of the official CPI numbers. Whether this is useful for futures and currencies traders is of course subject to their rigorous backtests, though the chart displayed on their website does suggest that the daily price index is a leading indicator of the CPI.

There is an important caveat to using news trading: not all news are equal. So another key ingredient to success is to carefully differentiate between the different types of news and backtest their predictive abilities separately. For example, I recall some research has indicated that an analyst downgrade of a stock from a "hold" to a "sell" rating has more impact than from "buy" to "hold" rating.

My own experience with news driven trading is that for all this trouble, the trading opportunities are relatively few compared to pure price driven trading, the consistency of success is low, and finally the profitability lifespan is short. If you have better experience, do share it with us. Tuesday, May 17, A platform, a shareware site, and some courses for quant traders. I mentioned in various places that Alphacet Discovery is an industrial strength integrated platform for backtesting and implementing quantitative trading strategies.

But of course, it has many competitors, one of which is a relatively new company called Deltix. Deltix has the distinction of offering a full Matlab interface, which is convenient if you are already a Matlab programmer. Full disclosure: I previously have a consulting relationship with Alphacet, but have none with Deltix.

There is also a new website for sharing trading strategy software called Quantonomics. In the words of its founder Joshua, the goal is to "connect programmers and stock traders". Joshua also told me that he will create a custom application on his site for any of you readers as a gift! A colleague of mine in Singapore, Dr. It covers more theoretical concepts than my own courses: e.

And of course, my own workshops on Backtesting and Statistical Arbitrage will be offered again in London next week. Tuesday, May 10, Time-of-day effects in FX trading. As I mentioned in a previous post , one of the main ingredients of success in constructing a profitable momentum trading strategy in Forex and futures is to pay attention to the entry and exit times. I haven't seen any good momentum strategy that has "time-translation invariance", i. The fixed time can refer to a benchmark level of the market e.

This is in contrast to mean-reverting strategies where the reference price can often be just a moving average. A recent research paper Hat tip: William points to another example of such time-of-day effects in FX markets: a currency typically depreciates during its local trading hours. Saturday, April 23, The many facets of linear regression. Many years ago, a portfolio manager asked me in a phone interview: "Do you believe that linear or nonlinear models are more powerful in building trading models?

Subsequent experiences showed me that nonlinear models have mostly been unmitigated disasters in terms of trading profits. As Max Dama said in a recent excellent article on linear regression: " One is almost certain to overfit a nonlinear model to non-recurring noise. Until recently, I have used linear regression mainly in finding hedge ratios between two instruments in pair trading, or more generally in finding the weightings in number of shares of individual stocks in a basket in some form of index arbitrage.

Of course, others have found linear algebra useful in principal component analysis and more generally factor analysis as well. But thanks to a number of commenters on this blog as well as various private correspondents, I have begun to apply linear regression more directly in trading models.

One way to directly apply linear regression to trading is to use it in place of moving averages. Using moving average implicitly assumes that there is no trend in a price series, that the mean of the prices will remain the same. This of course may not be true. So using linear regression to project the current equilibrium price is sometimes more accurate than just setting it equal to a moving average.

I have found that in some cases, this equilibrium price results in better mean-reverting models: e. Of course, one can also use linear regression in a similar way in momentum models: e. Max in his article referenced above also pointed out a more sophisticated version of linear regression, commonly called "weighted least squares regression" WLS.

However, so far I have not found WLS to be better than simple least squares. Max also referenced an article which establishes the equivalence between weighted least squares and Kalman filter. Now Kalman filter is a linear model that is very popular among quantitative traders. The nice feature about Kalman filter is that there is very few free parameters: the model will adapt itself to the means and covariances of the input time series gradually.

And furthermore, it can do so one-step at a time or in technical jargon, using an "online" algorithm : i. I haven't used Kalman filter much myself, but I would welcome any comments from our readers on its usage. Also, if you know of other ways to use linear regression in trading, do share with us here! Friday, March 11, Momentum strategies in futures and forex. I have long found that it is easier to find good i. There are exceptions, such as after special corporate events such as earnings announcements, and I have tested momentum strategies based on these events.

But the success of even these event-driven strategies has been uneven, especially since more traders become aware of them. Now that I am focusing more on trading futures and currencies, I have gradually been introduced to the world of momentum investing. There is a good book in this area that deserves to be better known: Joe Duffy's The Ultimate Trading Robot , which is an almost step-by-step guide to constructing futures trending strategies that rely on prices alone.

Another example would be the London Breakout strategy mentioned by our reader Bernd in the comments here. After studying these examples, I realized why my previous, rather desultory, search for momentum strategies in the futures and FX markets had been in vain: the overnight gap in these markets seems critical.

For futures, the overnight gap is obvious, but in the case of the London Breakout strategy, for example, the trader has the task defining for herself what the optimal closing and opening times are in order to compute the gap. Intraday trend without an overnight breakout does not seem persistent enough to be traded profitably.

I also wonder if there is a more elegant i. If you know of ideas for good momentum strategies, you are most welcome to share and discuss them here! Tuesday, January 25, High frequency trading ideas. I just started reading Larry Harris' book " Trading and Exchanges " thanks to Max Dama 's glowing book review and already a couple of potential high frequency trading techniques stood out: " Quote matching " - a technique whereby front-runners place a limit buy order just a cent for stocks higher than the best bid price.

If the order is filled, they then place a limit sell order just a cent lower than the best ask. Assuming the best bid-ask quotes don't move, the worst they can do is to lose 1 cent by selling the share back to the best bidder, while the most profit they can make is the bid-ask spread plus rebates for providing liquidity minus 2 cents by having the sell long limit order filled.

This could work out quite profitably if the bid-ask spread is wide. But of course, the best bid-ask do change constantly, so front-runners would need to cancel and correct their limit orders constantly, and the optimal algorithm for doing this could get quite complicated. Meanwhile, if you are a bona fide liquidity provider, you would have to avoid providing this free option to the front-runners by constantly monitoring who is in front of you. As usual, this chess game can quickly degenerate into an HFT arms race.

When these buy stop orders are filled, the prices are driven higher still, and these manipulators then sell their position profitably. One of my old momentum strategies was a victim of these market gunners, and after that sad experience I refused to use stop orders any more, at least for stocks.

However, here is a question for our knowledgeable readers: can other traders actually see what stop orders there are on an order book whether for stocks, futures, or Forex markets? And if so, would a trading robot that simulates stop orders by sending out buy market orders when the stop price is touched work better than manually placing a buy stop order on the order book? Lately there were a few interesting discussions in the blogosphere on the profitability of shorting the VXX-VXZ spread.

However, some traders seem to think that either one of these conditions is enough to ensure the profitability of shorting a calendar spread. It is not. Otherwise, life as a futures trader would be too easy!

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Images in this review. Reviews with images. See all customer images. Top reviews Most recent Top reviews. Top reviews from the United States. There was a problem filtering reviews right now. Please try again later. Verified Purchase. I decided to read a handful of books on the topic; a self-education of sorts.

I read books written by some of the most "prominent" authors who regard themselves as Traders; William O'Neil, Toni Turner phenomenal author , Peter Lynch, Ray Dalio, Mark Douglas, and a few others were part of my "education. Andrew was the first author I'd read on the topic that cut through all the fluff and got straight to the point. I would, in essence, describe his book as a summary of all the other books combined; a little less "hefty" in the arena of details, but MORE powerful presumably due to efficiency to the reader as a result.

More of a "guide to actually starting your trading journey," as opposed to the other books, which were more of a "hey, look how smart I can sound while rambling about irrelevant things necessary to become a trader.

One of the things this author Aziz did in his book was offer a link to his website and chatroom. Initially, I figured it was just a sales-pitch to rope me in to a perpetual revenue stream for him , but I decided to take the bait. Frankly, after I learned to put my skepticism aside, I realized that NOT including a supplemental resource such as website was doing the reader LESS of a service than the other way around. I digress My first impression with the "chat room" was "this ain't for me!

I closed out the chat window, and didn't think about it again for a few weeks I stumbled back into the chatroom after that epiphany, and have been a full-time day-trader ever since With all of that said, let me be very clear about this: I have been a full-time trader ever since reading his book, and frankly -- I genuinely believe reading his book was a catalyst to developing the trader I've become.

Andrew gave me the down and dirty education via his book without the fluff , a first-hand look into the world of day-trading via his chat , and will ALWAYS be regarded as a "pillar" to the successes I've found in this world. You'll be glad you did First after reading this book some people love it and some think it simple. Yes, it can be both. I found the book so simple that I was compelled to buy time in his chat room. After a few sessions in the chat room watching someone monitor the market and listen to why buying and selling decisions are made, one way or the other, I decided to purchase three months time in a trading simulator exactly like the one used in the chatroom and connected with a feed just like the exchange floor.

After 4 weeks of daily trading I became disciplined enough to start making smart trades and to get out of a trade properly. You are buying and selling a product. Reading this book, putting in training time and practicing your training is no different than any other profession.

This is your opportunity to do the research on a specific type of day trading. I am opening my brokerage account and feel confident that I can make money doing this. This is what I consider to be a successful trade. I'm a very experienced day trader of over 20 years. With the coming of HFT and other changes, it has been necessary to adjust my methodology.

Scanning for stocks in play and trading unknown stocks is an approach I have resisted for my entire career but I think I have to go there now. I'm not too proud to look at a "beginner" book to figure out how to do this. This book is exceptional.

It gave me what I wanted and I will build on the information using what I already know. There is also good information on other topics for real beginners such as the importance of risk management, emotional control which are important. I will recommend this book to people who ask me how to begin day trading. See all reviews. Top reviews from other countries. Admittedly, I am in a fortunate position of trading full time after many years of learning , but I do still like to buy and read trading books, and bought this on the back of the good reviews - never too late to learn.

I got bored with this book within the first couple of chapters - lots of waffle and nothing of substance. I am a nerd and this is my first review and probably may not write a review for quite some time unless I find something worth praising. This was the second book I read about day trading and it is the best book out there for beginners. While researching for the above strategy, I thought of reading few books on day trading and that's how I came across this book.

The writing is simple and plain without any jargons. Someone has rightly said, "Some books are to be tasted, others to be swallowed, and some few to be chewed and digested". This book falls into the category of chewed and digested. For years, I had the impression that day traders are gamblers but this book has destroyed that notion. Day trading especially gapping strategy driven by catalyst is not gambling but statistical betting. There are so many takeaways from this book that one cannot describe it in comments section.

Grab a copy and do a favor to yourself by reading it. You can keep it as a reference book. My apologies for any typos as I am writing it while traveling using mobile phone. I find the authors style of writing extremely easy to follow and very informative for what is a very dry subject for me. I managed to finish both books within a few days of receiving each and both left me wanting to delve deeper into the subject.

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Training in forex trading You can have students write Bio Poems about themselves, or they can write about famous historical figures, book characters, people they admire, and so on. Tick-level data will be available soon. Other Not Grade Specific. To me, clearly the answer with the best moral justification is that, in both cases, there is great social utility in defending either your clients' comfortable retirement from financial meltdown e. It turns out that this procedure is just as critical for the current crisis that began in August
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What is Forex Trading? Forex trading (foreign exchange trading) is the buying of one currency with another. In the discipline of trading. I will never understand this romanticism of putting a figurative sense in everything. Examples: Does this indicator repaint? Stem the tide is an expression that means to attempt to stop or avoid a prevailing trend. In the context of an investment or a trade, it is often used when.