Ebook Download Rocket Science for Traders: Digital Signal Processing Applications
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Rocket Science for Traders: Digital Signal Processing Applications
Ebook Download Rocket Science for Traders: Digital Signal Processing Applications
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From the Inside Flap
Author John Ehlers sums up his book perfectly in saying, "Truth and science triumph over ignorance and superstition." Rocket Science for Traders adapts digital signal processing techniques from the physical sciences for use in the field of trading. This thorough guide develops unique indicators to view the market from a new perspective and will help you expand the use of traditional indicators to achieve more precise computations. As one of the first technical analysts to apply digital signal analysis to the markets, Ehlers brings the expertise, knowledge, and vision of this method to light in a way that nobody else can. An introduction to the science of digital signal analysis is quickly followed by an explanation of the two main "modes" of the market: Trend and Cycle, plus what tools to use while trading in these modes. From there, you'll learn about the moving averages most commonly used by traders, properties of momentum functions, and other important aspects of using digital signal processing techniques to trade. Rocket Science for Traders moves quickly from the basic building blocks to the heart and soul of this technical analysis method. Unique indicators, including Signal-to-Noise Ratio and the Sinewave Indicator, are discussed. Finite Impulse Response (FIR) and Infinite Impulse Response (IIR) filters are thoroughly described. Learn how to generate predictive filters and when to use them for optimum effectiveness. In his goal to revolutionize the art of trading, John Ehlers has uncovered effective new trading tools by introducing the concept of modern digital signal processing. Whether you're looking for "cookbook" codes to help you begin trading immediately, or new analysis tools such as the Homodyne cycle period measurer and the Instantaneous Trendline, once you've read this groundbreaking book, you'll be able to view the market from a new perspective and profit from it.
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From the Back Cover
A Revolutionary Way to Trade "John Ehlers, 'master of cycles, 'delivers more than just the definitive work on cycle analysis and adaptive techniques; he raises financial mathematics to a higher level. The book solves the problem of identifying sideways and trending markets, and teaches how to minimize lag. For nonmathematicians, Ehlers provides clear chapter summaries and fully programmed systems that make this book a prize."-Perry J. Kaufman, President of Strategic Market Systems, Author of Trading Systems and Methods "John Ehlers combines innovative insights into price behavior with a powerful, concrete approach to trading. The result is a unique blend of high theory and hands-on, practical trading systems and methods."-Nelson Freeburg, Editor of Formula Research "John Ehlers has made more original, analytically sound contributions to the study of technical analysis than anyone except Art Merrill. This volume caps years of development and makes available to traders successful techniques they would have little chance of creating on their own. I recommend it to all advanced traders without hesitation." -John Sweeney, Editor of Technical Analysis of Stocks & Commodities magazine "John Ehlers has been a regular standout in trading system rankings for many years. Now we know why! Rocket Science for Traders is a true tour de force!"-David Brown, retired CEO of Telescan Visit our Web site at www.wileyfinance.com
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Product details
Hardcover: 264 pages
Publisher: Wiley; 1st edition (July 20, 2001)
Language: English
ISBN-10: 9780471405672
ISBN-13: 978-0471405672
ASIN: 0471405671
Product Dimensions:
6.2 x 0.9 x 9.3 inches
Shipping Weight: 1.3 pounds (View shipping rates and policies)
Average Customer Review:
3.8 out of 5 stars
20 customer reviews
Amazon Best Sellers Rank:
#997,077 in Books (See Top 100 in Books)
The contents were too deep for me. I observed the book was well written and presented thecovered material in great detail. It's an excellent read for the right market technician.
Very good and highly useful equations applying signal theory to financial time series.
Whoever reads the reviews for this book will note the polarity: people either think it's wonderful or it's horrid. I'll try to give a more balanced review here. * This book is for the mathematically/analytically inclined. If you don't consider yourself in this category, I would not suggest this book. At the VERY least you should have a solid background in trigonometry. * This book is exactly what is says: Digital-Signal Processing (DSP) applied to stock trading. I myself am an Electrical Engineer who's day-job consists of about 90% DSP-work / 10% other tasks. For this reason, I believe I can fairly say that the DSP concepts presented are done so in a fairly clear and fairly accurate manner (this varies from time-to-time). * Most of the concepts presented in Ehlers' book would be what I consider "traditional" DSP. There is a problem here (that is almost completely overlooked in the book): "Traditional" DSP is based on a series of assumptions that must be at least approximately fulfilled. Recent academic research has tended to show that stock-market "signals" tend NOT to fulfill these assumptions very well. In some ways, this puts a significant dent (in my view) in the theory used as the basis for the indicators derived. * The attention to detail at times is very obtrusive to a reader with a keen eye and understanding of what is being described. For example: there is (what I consider to be) a glaring error in the MAMA filter that no one has ever pointed out and that is not corrected on his website. How has this escaped notice for so long? [Side note: be careful about his claim that MAMA's avoid whipsaws - they DON'T at all in ranging markets!] * Two mechanical systems are described in detail in the book: the SineTrend Automatic System and the ZeroLag Intraday System. I have EXTENSIVELY tested both systems, exactly as described in the book, on a very-wide range of stocks, commodities, and currencies. These simulations were carried out using a test suite I had developed for my own use to simulate trading conditions as realistically as possible. This includes conservative, but realistic allowances for slippage, commissions ($15 round-turn), and signal reaction.Ehlers results for the SineTrend Automatic System grab your attention in the book (greater than $100,000). However, no initial investment is listed in the book and one should be careful to note that these results are over a 15 year period. Assuming a $10000 initial investment (though this isn't specified in the book), this is a 17% annual return. Not bad, not great.The REAL problem here is that a more realistic simulation shows that one is hard-pressed to show ANY profit on ANY type of stock/commodity/currency. I've tried the system (unaltered) on dozens of instruments, with a couple rather moderate successes and the rest losing money terribly, even with reasonable stop losses and money management. * Almost (if not all) of Ehler's graphs in his book are from the same time series: specifically the US96H (March 1996 Treasury Bond contracts). I HAVE been able to reproduce all of the graphs in his book using the indicators: so there is no falsification in them, as implied in other reviews. However, the time period under consideration shows a series with nearly ideal characteristics for Ehlers systems, while almost all other series I've tested his indicators and systems on do not exhibit the same performance. * MOST ALL of the information presented in his book is available for FREE download on his website as Word DOCs. There is also a lot of other papers he has written available on the site. * Ehlers is doing what I think needs to be done in the trading industry: trying new techniques and methods. He has a good grasp of the electrical-engineering concepts and how to apply them to trading, but the results presented in his book are NOT indicative of TYPICAL results of the performance of his systems. The ideas and the theory behind them are, generally, good, though he is a bit prone in parts to handwaving and glossing-over of some obvious pitfalls (obvious, at least, to another electrical engineer). * For the mathematically-inclined who enjoy working on their own ideas and own systems, this book could give you a lot of insight into technical trading and provide some good jumping-off points to developing systems that are TRULY profitable. I have yet to see (or develop) one that I would be willing to risk real money on and I would caution readers from thinking that either of the two systems presented will provide the type of profits described in the book.To all others (probably the vast majority of those interested in this book!) I would say be very careful before spending your money on this. There is no reliably turn-key system provided in this book, even though there are two that are purported to be such.
Fine book for what it is, but this is just not the right technique for systematic trading because the models proposed are misspecified for the signal over the time series (as another reviewer pointed out, price time series do not conform to the conditions of electrical and telecommunications signals).Still, many of the skills needed to isolate real signals and deploy real strategies are built through exercising with these methods, so all is not lost if you wade through this, deploy something, and come back with knowledge but little cash.Who is the book not for: phynance-lite Excel-based users.Who is the book for? Do you use Matlab or Mathematica or Maple? Do you know what an Active X link is for data feeds? Do you look at the tick data of the currency and swaps market and see gold? Are you laughing at me because these questions are inefficient baby-level stuff? (Hint: you've outgrown this book).
In this day and age of readily available information, super computers and advances in computational tools, the markets are becoming extremely efficient. If a trader or investor wants to keep pace or even "beat the market", he must become more sophisticated. Rocket Science for Traders offers traders the tools necessary to survive in the equity and commodity markets.The math and accompanying monologue may be difficult but the premise is simple. If the markets are somewhat inefficient then past prices contain information that is exploitable by the trader. But the past prices will also contain unwanted "noise". John Ehlers book provides the tools necessary to eliminate the noise offering traders a clearer picture of where the markets are heading. If someone understands this they can skip the math and derivations and simply copy the code into TradeStation and immediately use the indicators and systems. Or, better yet, use the indicators and cycle length measurements as inputs into other systems and indicators making them truly adaptive and powerful.I agree with the reviewer who said to "keep it simple." However, we should remember Einstein's recommendation that a model should be "as simple as possible, but not simpler." This book offers traders the ability to use state of the art signal extraction in their simple models. Anyone that develops his or her own trading strategies based on technical analysis must have and USE this book.
John Ehlers has taken important steps in expanding fully mechanical techanical systems. This book is written at several levels, with my appreciation growing each time I go back to get more details in my system development. His book is a great reference to developing indicators and systems that complement your own trading style. As I firmly believe that a trader has to develop a system that he understands and has confidence in, the adaptive philosophy embodied by his systems are necessary in todays constantly changing environment. This book is essential for those involved in system development of their own.
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