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The Trading Game: Playing by the Numbers to Make Millions (Wiley Trading), by Ryan Jones
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Clear, concise, and practical, The Trading Game shows you how to harness the power of money management for any trading method "The goal of most futures traders is to make a million dollars as fast and as painlessly as possible. Unfortunately, few traders achieve this goal. In The Trading Game, Ryan Jones demonstrates how the proper application of his new money management strategy, Fixed Ratio Trading, can enable an average trading system to earn spectacular profits. My advice? Don't trade until you've spent as much time and effort on money management as you've spent on developing your entry and exit rules." -Tom Bierovic, Manager System Trading & Development Education, Omega Research, Inc. "Ryan Jones is on the cutting edge of the most important element in the art of speculation-be it stocks or commodities-money management." -Larry Williams, trader and author Long-Term Secrets to Shot-Term Trading "Money management is the most overlooked part of trading but is the key to building enormous wealth. Ryan Jones first overviews classical methods and then discusses a new paradigm which, combined with a reliable trading method, can lead to financial security." -Murray Ruggiero, President Ruggiero & Associates; contributing editor, Futures magazine "At last-a money management book that is not intimidating or boring. Ryan Jones has made a complex subject easier to understand and follow. I am especially excited for all independent traders." -Glen Ring, President, Glen Ring Enterprises editor of the widely respected View on Futures newsletter "Ryan Jones has always been one of the most innovative traders and creative minds in the industry. With the writing of The Trading Game: Playing by the Numbers to Make Millions, he has taken the science of money management and risk control to another level. I wholeheartedly endorse his efforts and recommend this new work required reading to anyone either just entering the trading arena, or already participating in it." -Ted Tesser, CPA and author, The Trader's Tax Survival Guide
- Sales Rank: #979489 in eBooks
- Published on: 2008-04-21
- Released on: 2008-04-21
- Format: Kindle eBook
Review
"At last - a money management book that is not intimidating or boring. Ryan Jones has made a complex subject easier to understand and follow. I am especially excited for all independent traders" -- Glen Ring, President, Glen Ring Enterprises editor of View on Futures newsletter
"Money management is the most overlooked part of trading, but is the key to building enormous wealth. Ryan Jones first overviews classical methods and then discusses a new paradigm which, combined with a reliable trading method, can lead to financial security." -- Murray Ruggiero, President, Ruggiero & Associates contributing editor, Futures magazine
From the Inside Flap
"If traders plan on making serious money in [the] markets, it will boil down to one thing: how they manage their money. Outside of sheer luck, no one will make a tremendous amount of money.without a proper money management strategy. This is the basis of this book." -from the Preface Not a week goes by that investment experts don't offer us more "winning" trading methods and systems. Some work better than others, but they all seem to stop working sooner or later. To obtain-and maintain-an edge on a regular basis, savvy traders need an effective money/risk management plan. Based on sound trading principles, The Trading Game gives investors proven risk management techniques that are not only easy to understand and apply, but can lead to consistent and regular profits. Written by Ryan Jones, whose seminars on risk management are eagerly attended by traders nationally, this groundbreaking book shows you step-by-step how to increase your trading profits without necessarily increasing the performance of your trading system or method. By using the management techniques described, you can reap greater profits whether the method wins 25 percent of the time, 40 percent of the time, or 90 percent of the time. Unlike other books on risk management that tend to be loaded down with complicated formulas and technical jargon, The Trading Game presents the topic in a way that is clear, concise, and practical. Covering the why's, what's, when's, and how's, it walks you through the entire risk management process with complete details on everything from margin requirements and fixed fractional trading to market weighting and protecting profits. Along with a complete, workable method for making $1 million in five years or less, you'll find straightforward guidelines on determining how many trades to place, analyzing what their maximum drawdowns should be, and combining different markets and different systems for diversification. You'll also learn to assess whether you're a conservative or aggressive trader, what your goals are, and the degree to which you're able to tolerate risk. An invaluable guide for every trader and sophisticated investor, The Trading Game offers a powerful array of solutions to one of the most puzzling problems in trading: how to keep losses small so that profits accrue.
From the Back Cover
Clear, concise, and practical, The Trading Game shows you how to harness the power of money management for any trading method "The goal of most futures traders is to make a million dollars as fast and as painlessly as possible. Unfortunately, few traders achieve this goal. In The Trading Game, Ryan Jones demonstrates how the proper application of his new money management strategy, Fixed Ratio Trading, can enable an average trading system to earn spectacular profits. My advice? Don't trade until you've spent as much time and effort on money management as you've spent on developing your entry and exit rules." -Tom Bierovic, Manager System Trading & Development Education, Omega Research, Inc. "Ryan Jones is on the cutting edge of the most important element in the art of speculation-be it stocks or commodities-money management." -Larry Williams, trader and author Long-Term Secrets to Shot-Term Trading "Money management is the most overlooked part of trading but is the key to building enormous wealth. Ryan Jones first overviews classical methods and then discusses a new paradigm which, combined with a reliable trading method, can lead to financial security." -Murray Ruggiero, President Ruggiero & Associates; contributing editor, Futures magazine "At last-a money management book that is not intimidating or boring. Ryan Jones has made a complex subject easier to understand and follow. I am especially excited for all independent traders." -Glen Ring, President, Glen Ring Enterprises editor of the widely respected View on Futures newsletter "Ryan Jones has always been one of the most innovative traders and creative minds in the industry. With the writing of The Trading Game: Playing by the Numbers to Make Millions, he has taken the science of money management and risk control to another level. I wholeheartedly endorse his efforts and recommend this new work required reading to anyone either just entering the trading arena, or already participating in it." -Ted Tesser, CPA and author, The Trader's Tax Survival Guide
Most helpful customer reviews
7 of 7 people found the following review helpful.
Get A Nauzer Balsara, Bennett McDowell, Or Ralph Vince Book Before Getting This One
By Amazon Book Lover
It's always been surprising to me that this book sells so well and the classics are not as popular. The sensational sub-title "Playing by the Numbers to Make MILLIONS" must convince readers that Jones can give them the secret to becoming a millionaire.
Thing is he doesn't give you any secrets to success, instead he sends you in the wrong direction by stating that "risk of ruin" isn't important and that the "Jones Fixed Fractional" approach is better than the standard "optimal F". Neither claims are true, and you'd be better off learning about "risk of ruin" from Balsara and about "optimal F" from Vince, the true grand daddy's of money management. If Vince and Balsara are too complicated, a newer author, McDowell, simplifies both of these concepts so that you can get on the right track.
A Trader's Money Management System: How to Ensure Profit and Avoid the Risk of Ruin (Wiley Trading)
The Handbook of Portfolio Mathematics: Formulas for Optimal Allocation & Leverage (Wiley Trading)
Money Management Strategies for Futures Traders (Wiley Finance)
Check out the review of Ryan Jones book "Apples and Oranges" dated July 7, 2001, that reviewer has a real understanding of money management and what works and explains the flaws of Jones' book with great clarity. At the end of the day, you'd be better off getting a Vince, Balsara or McDowell book if you want to improve your trading results.
PS: If you look at the back flap of Jones's book jacket in "The Trading Game - Playing by the Numbers to Make MILLIONS" you will see him say that he says his book gives you "...a complete, workable method for making $1 million in five years or less..." then on page 232 in his "A Final Thought" he says "...Open a $10,000 account and day-trade the S&P when you feel lucky if you want. But when that money is gone (and it most likely will be) do not alter the plan. Do not pollute the plan...".
If he is teaching effective money management - then why on earth does he believe that his students will lose their entire trading capital? Very odd indeed -- he lures readers in to buy the book with a "get rich quick" title and book jacket text -- then tells them that they'll "most likely" lose all of their money -- but remember -- even after they lose all their money he doesn't want them to alter the plan or pollute the plan.
That just doesn't make any sense.
19 of 22 people found the following review helpful.
compulsory book
By observer
This book contains virtually all information on money management methods. And more. And though the tables are at times tiring, overall presentation is clear, short and no-nonsense. The author presents existing methods of position sizing and then presents his, Fixed Ratio. I think that for small trading accounts this method is the most suitable in terms of the balance of risk and reward.
Other parts of the book are equally good. The chapters on consecutive wins/losses, optimisation, trading systems, portfolios are valuable and interesting. The whole book is written from probabilistic point of view. It is based on maths, even though the examples and calculations are very basic.
Even if one disagrees with author's ideas, this book is one of those few that are compulsory for serious traders.
3 of 5 people found the following review helpful.
Gestion Monetaria - Excelente
By Antonio Mangas
Como ya sabeis los que me conoceis, no me gusta un pelo lo de usar la F optima como estrategia de gestion monetaria. De hecho, ni me gusta a mi, ni le gusta a los que la usan, y por eso la diluyen.
Te lias a hacer calculos para determinar que la F optima es 30, pero como te acojona (y a quien no) jugarte el 30% de tu capital en el proximo trade, pues, nada, dividimos por 10 y nos jugamos el 3%. Nunca he entendido para que tanto calculo si al final nos vamos a rajar.
Total, que dado que las estrategias de usar siempre un 2%, lo de la F optima o lo de arriesgar X por cada Y que tenga en la cuenta nunca me ha convencido, me he pasado el tiempo buscando un metodo de gestion monetaria que me convenciera, en teoria y que no me diera miedo poner en practica.
No se si como ni de donde saque el nombre de Ryan Jones y, buscando por internet, encontre su libro: The trading Game.
El libro es excelente.
Comienza describiendo las diferentes estrategias de money management existentes y las analiza una a una, destacando sus ventajas e inconvenientes. Todo en un lenguaje nada matematico y muy comprensible.
Poco a poco va evolucionando de unas a otras hasta que llega a la suya: El Fixed Ratio, la cual explica detalladamente.
A mi me ha parecido de una elegancia y sencillez conceptual asombrosa y muy implementable en el dia a dia.
Sinceramente os lo recomiendo.
El libro es muy bueno en lo suyo, le doy 4 estrellas. Estoy harto de puntuaciones de 5 estrellas para libros mediocres.
Mi escala es:
1* MALO, a evitar
2* NORMAL, no cuenta nada nuevo
3* BUENO, sin ser una obra maestra esta bien
4* MUY BUENO. Hay que leerlo
5* OBRA MAESTRA. Imprescindible
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