Trading is all about managing probabilities. In Trading withthe Odds, Anthony Trongone explains that the quest fordeveloping a perfect system, which drives most traders, isfruitless. Instead, traders should focus on developing the analyticand trading skills necessary to stay in tune with the constantevolution of the financial markets. In this book, Trongoneemphasizes the importance of testing and monitoring tradingstrategies and raw market data as a means of developing an edgeover other traders who are unwilling to get their hands dirty anddig into the data on a continuing basis.
Importantly, he shows that Excel, a program almost all tradersare familiar with, can be utilized to measure virtually everyimportant aspect of trading system performance and to search fortradable market patterns. In addition, the book includes severalapplications that will allow you to calculate current marketconditions and market patterns based on time of day, intermarketrelationships, and other factors.Advocates an analytical approach which evolves in concert withchanging market conditions Explains why it's hard to make money from off-the-shelf systemsand indicators Provides in-depth analysis of other major industries generatingworthwhile IPOs Includes applications that allow users to calculate recentmarket patterns
Underlying Trongone's approach is the conviction that tradersmust constantly innovate in response to the market, and those thatrely on static analysis, will fail to achieve the results theyexpect.