Forex Books - page 91

[seekers]

The True Gold Standard - A Monetary Reform Plan without Official Reserve Currencies by Lewis E. Lehrman : the books

In the Newly Revised and Enlarged Second Edition There are a few lessons to take away. One lesson of this book is that, contrary to conventional academic opinion, the quantity of money in circulation is not the problem. The problem of monetary disorder is how money is issued.

A second lesson of this book is the pernicious falsehood, spread worldwide, by the trendy quotation drawn from John Maynard Keynes: In the long run we are all dead. Such indifference or cynicism towards future generations may characterize a few self-centered individuals. But throughout the world, for parents and grandparents and most individuals, the long-run common good is an essential preoccupation of every generation sharing the human condition and its hope for the future.

A third lesson of this book is that there is a time-tested way out of the present world financial crisis.

This Monetary Reform Plan proposes to establish the framework for an enduring, stable value for the United States dollar; that is, to define the dollar by statute as a certain weight unit of gold to be coined into lawful money.

A dollar convertible to gold is warranted by the United States Constitution in Article I, Sections 8 and 10. A monetary standard of precious metal (gold and silver) was the monetary foundation, the gyroscope of the great Industrial Revolution of the western world, giving rise, after the Coinage Act of 1792, to a stable American currency. For two centuries, free markets, free prices, and international trade were gradually integrated worldwide by the gradual adoption among nations of the international gold standard. Major wars did interrupt. But over the long run, sound money, free prices, and economic productivity led to population expansion, unprecedented growth of international trade, and prosperity.

Employment growth, a rising standard of living, and a reasonably stable price level became the economic hallmarks of the United States from the Coinage Act of 1792 until 1971 when the last vestige of dollar linkage to gold was suspended. The rise of thirteen impoverished colonies by the sea to world leadership was associated with a stable dollar, that is, a dollar convertible to gold.

After 1971, floating-paper currencies, mixed with pegged and manipulated exchange rates, have caused alternating episodes of inflation, deflation, and protectionism to this very day. There has, it is true, been economic growth since 1971, but the real (inflation-adjusted) American standard of living has been falling. Average, hourly, real wages have stagnated since 1971, only compensated by more family members at work. Average, real family income has fallen for more than a decade making the American paper money era, during its most recent chapter, a false inflationary prosperity except for the very rich.

Throughout ancient and modern history it was the unique properties of the gold monetary standard which made it universally acceptable to trading peoples in the market. The test of what The Purpose of The True Gold Standard will endure as honest money can only be studied in the empirical laboratory of human history; mathematical abstractions, drawn from the blackboards of academic economists, will not do. Because trust and universal acceptability are the trademarks of honest money these virtues must be affirmed, in the long run, by the tests of the open market, and then reinforced by wise, limited, and prudent governments which understand and embrace the inductive, tested verdict of the market.

[seekers]

Dynamic Hedging: Managing Vanilla and Exotic Options by Nassim Nicholas Taleb : https://www.nitroflare.com/view/F9A8A407D09687E/0471152803.epub

Dynamic Hedging is the definitive source on derivatives risk. It provides a real-world methodology for managing portfolios containing any nonlinear security. It presents risks from the vantage point of the option market maker and arbitrage operator. The only book about derivatives risk written by an experienced trader with theoretical training, it remolds option theory to fit the practitioner's environment. As a larger share of market exposure cannot be properly captured by mathematical models, noted option arbitrageur Nassim Taleb uniquely covers both on-model and off-model derivatives risks.

The author discusses, in plain English, vital issues, including:

The generalized option, which encompasses all instruments with convex payoff, including a trader's potential bonus.

The techniques for trading exotic options, including binary, barrier, multiasset, and Asian options, as well as methods to take into account the wrinkles of actual, non-bellshaped distributions.

Market dynamics viewed from the practitioner's vantage point, including liquidity holes, portfolio insurance, squeezes, fat tails, volatility surface, GARCH, curve evolution, static option replication, correlation instability, Pareto-Levy, regime shifts, autocorrelation of price changes, and the severe flaws in the value at risk method.

New tools to detect risks, such as higher moment analysis, topography exposure, and nonparametric techniques.

The path dependence of all options hedged dynamically.

Dynamic Hedging is replete with helpful tools, market anecdotes, at-a-glance risk management rules distilling years of market lore, and important definitions. The book contains modules in which the fundamental mathematics of derivatives, such as the Brownian motion, Ito's lemma, the numeraire paradox, the Girsanov change of measure, and the Feynman-Kac solution are presented in intuitive practitioner's language.

Dynamic Hedging is an indispensable and definitive reference for market makers, academics, finance students, risk managers, and regulators.

The definitive book on options trading and risk management

"If pricing is a science and hedging is an art, Taleb is a virtuoso." -Bruno Dupire, Head of Swaps and Options Research, Paribas Capital Markets

"This is not merely the best book on how options trade, it is the only book." -Stan Jonas, Managing Director, FIMAT-Society GARCH

"Dynamic Hedging bridges the gap between what the best traders know and what the best scholars can prove." -William Margrabe, President, The William Margrabe Group, Inc.

"The most comprehensive, insightful, intuitive work on the subject. It is instrumental for both beginning and experienced traders."-

"A tour de force. That rare find, a book of great practical and theoretical value. Taleb successfully bridges the gap between the academic and the real world. Interesting, provocative, well written. Each chapter worth a fortune to any current or prospective derivatives trader."-Victor Niederhoffer, Chairman, Niederhoffer Investments

[seekers]

Private Equity Investing in Emerging Markets: Opportunities for Value Creation (Global Financial Markets) by Roger Leeds : the book

Private equity is a financing tool uniquely suited to unlocking value in and strengthening the performance of businesses in emerging market countries. Professionally managed private equity funds invest in companies of all sizes, which investors perceive as undervalued and ripe for restructuring, while private equity investors offer their portfolio companies their business expertise. These professionals have the experience and the financial incentives to be active, hands-on partners with a company's management and to strengthen long-term company performance. It is the application of this scarce non-financial, performance enhancing know-how, combined with the injection of capital that makes private equity unique and especially compelling in developing countries.

Drawing heavily on the author's almost four decades of experience as both a practitioner and academician working with private equity investors, entrepreneurs and policymakers in over 100 developing countries around the world, Private Equity Investing in Emerging Markets uses anecdotes and case studies to illustrate and reinforce the key arguments for private equity investment in emerging economies.

[seekers]

Van Tharp's Definitive Guide to Position Sizing : the book

The "How Much" Factor

Your success as a trader has little to do with selecting the right investment or even having a great system. Instead, it has everything to do with the “how much” factor when you invest or trade.

Investment professionals have called this factor “asset allocation” or “money management.” However, they failed to understand that the key aspect was “how much” to invest in any position. Others work so hard to get themselves a good system, but fail to realize that position sizing strategies are the key to getting what they really want.

When you have a great trading system, it is certainly easier to meet your system objectives through your position sizing method; however, you still have a chance to meet your objectives and profit with an average system if you understand how to position size properly. Yes, your position sizing strategy is that important.

For many years Dr. Tharp has specialized in helping traders and investors understand position sizing strategies and how to use them effectively. He originally published The Money Management Report as his guide to position sizing methods. But thanks to an overwhelming demand from his clients, we’ve now published the book you’ve all been waiting for, Dr. Tharp’s Definitive Guide to Position Sizing.

What You'll Learn

When Dr. Tharp’s clients reviewed this book for publication, many found it so valuable that they did not want to return it once they finished their review.

In the Definitive Guide to Position Sizing Strategies you’ll discover the following:

• Psychological biases that discourage your use of position sizing strategies
• How to understand low-risk ideas.
• Systematic approaches to evaluate your system’s performance including a thorough explanation of Van’s System Quality Number® rating process
• Van’s method for defining the six market types and how you can determine in which markets your system will work best – or at all.
• Some simple and some complex ways how to let your winners win big and cut your losses short.
• How you use position sizing strategies to meet your objectives.
• How to create effective and robust objectives for your trading.
• Six realistic methods that you could use to limit your potential for ruin or to limit large drawdowns in your account.
• 96 different position sizing models (actually, there’s well over 100 possible because several of the individual models encompass multiple variations!).
• Your position sizing questions answered.

What's New in the Second Edition

Before updating the book for the second edition, we polled readers of the first edition to find out what they liked and how they thought the book could be improved. While most readers ranked the 1st edition at 10 out of 10, we did get some valuable suggestions which we incorporated.

Here’s a list of the second edition improvements:

• Edited the style to be a little less academic and easier to read.
• Revised, expanded, and updated the market type classification section.
• Replaced a number of the original graphs with new ones which are easier to interpret.
• Added a number of new graphs to help visually oriented traders better see the data
• Added additional examples and case studies to more clearly illustrate various concepts and models.
• Added a new chapter on next steps to take so you can apply the ideas in the book more quickly.
• Added several new position sizing models derived from the existing models and added two entirely new models, one provided by Ken Long and the other provided by one of Van’s Super Traders.
• Removed two chapters that were less than essential to the central lessons (though they are still available for download).

Finally, for the second edition, some of the Excel files used in the book are available for download. Interested readers will have the ability to study some of the data from the book and experiment with it if they like.

[Ashwell John]

I am interested about Forex trading. But don't get available source for that. Can anyone suggest me what should I follow to learn about Forex Trading?

[whisperer]

Ashwell John:
I am interested about Forex trading. But don't get available source for that. Can anyone suggest me what should I follow to learn about Forex Trading?

Why don't you try with some of the books from this thread?

[seekers]

Thierry Foucault, Marco Pagano, "Market Liquidity: Theory, Evidence, and Policy" : the book

The way in which securities are traded is very different from the idealized picture of a frictionless and self-equilibrating market offered by the typical finance textbook. Market Liquidity offers a more accurate and authoritative take on liquidity and price discovery. The authors start from the assumption that not everyone is present at all times simultaneously on the market, and that even the limited number of participants who are have quite diverse information about the security's fundamentals. As a result, the order flow is a complex mix of information and noise, and a consensus price only emerges gradually over time as the trading process evolves and the participants interpret the actions of other traders. Thus a security's actual transaction price may deviate from its fundamental value, as it would be assessed by a fully informed set of investors. This book takes these deviations seriously, and explains why and how they emerge in the trading process and are eventually eliminated. The authors draw on a vast body of theoretical insights and empirical findings on security price formation that have accumulated in the last thirty years, and have come to form a well-defined field within financial economics known as 'market microstructure.' Focusing on liquidity and price discovery, they analyze the tension between the two, pointing out that when price-relevant information reaches the market through trading pressure rather than through a public announcement, liquidity suffers. The book also confronts many puzzling phenomena in securities markets and uses the analytical tools and empirical methods of market microstructure to understand them. These include issues such as why liquidity changes over time, why large trades move prices up or down, and why these price changes are subsequently reversed, why we see concentration of securities trading, why some traders willingly disclose their intended trades while others hide them, and why we observe temporary deviations from arbitrage prices.

[seekers]

David Iverson, "Strategic Risk Management: A Practical Guide to Portfolio Risk Management" : the book

A comprehensive guide to the key investment decisions all investors must make and how to manage the risk that entails Since all investors seek maximize returns balanced against acceptable risks, successful investment management is all about successful risk management. Strategic Risk Management uses that reality as a starting point, showing investors how to make risk management a process rather than just another tool in the investor′s kit. The book highlights and explains primary investment risks and shows readers how to manage them across the key areas of any fund, including investment objectives, asset allocation, asset class strategy, and manager selection. With a strong focus on risk management at the time of asset allocation and at the time of implementation, the book offers important guidance for managers of benefit plans, endowments, defined contribution schemes, and family trusts. Offers a thorough examination of the role of risk management in the decision–making process for asset allocation, manager selection, and other duties of fund managers Written by the current head of portfolio design for the New Zealand Superannuation Fund Addresses the fundamental importance of risk management in today′s post–crisis fund management landscape Strategic Risk Management is a comprehensive and easy–to–read guide that identifies the primary risks investors face and reveals how best to manage them.

[seekers]

Probability and Statistics for Finance by Svetlozar T. Rachev : the book

A comprehensive look at how probability and statistics is applied to the investment process Finance has become increasingly more quantitative, drawing on techniques in probability and statistics that many finance practitioners have not had exposure to before. In order to keep up, you need a firm understanding of this discipline. Probability and Statistics for Finance addresses this issue by showing you how to apply quantitative methods to portfolios, and in all matter of your practices, in a clear, concise manner. Informative and accessible, this guide starts off with the basics and builds to an intermediate level of mastery. • Outlines an array of topics in probability and statistics and how to apply them in the world of finance • Includes detailed discussions of descriptive statistics, basic probability theory, inductive statistics, and multivariate analysis • Offers real-world illustrations of the issues addressed throughout the text The authors cover a wide range of topics in this book, which can be used by all finance professionals as well as students aspiring to enter the field of finance.

[seekers]

Market Timing For Dummies by Joe Duarte : the book

Want to improve your market timing so you can send your investment returns soaring? Market Timing For Dummies takes the guesswork out of developing a trading strategy and provides all of the tools you need to forecast, prepare for, and take advantage of market trends and changes.