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8 Reviews
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4.0 out of 5 stars An Honest Work
This book contains a research work done by a practitioner. It maily used the theory of probability and the assumption of normal or lognormal distribution of the market prices, though with some game theory interpretations. I have to say that it is an honest and interesting work. Also it is inspiring for further study in that direction. There are also some disappointments:...
Published on March 8 2002

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2.0 out of 5 stars Creates questions, provides no answers.
This book confuses the beginner and is of no use to the experienced trader. Treating the market as a game against nature ignores the fact the the market is a collection of individuals and that the market is really a game between bulls and bears, not the reader and the market. The model is almost useless and provides no guidance on the most important aspect--WHEN to...
Published on July 3 1998


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2.0 out of 5 stars Creates questions, provides no answers., July 3 1998
By A Customer
This review is from: Gaming the Market: Applying Game Theory to Create Winning Trading Strategies (Hardcover)
This book confuses the beginner and is of no use to the experienced trader. Treating the market as a game against nature ignores the fact the the market is a collection of individuals and that the market is really a game between bulls and bears, not the reader and the market. The model is almost useless and provides no guidance on the most important aspect--WHEN to enter and leave the market (given historical data/volatility). He limits the concept of risk (which meams volatility) to downside risk and uses the term "normal distribution" too liberally. The only redeeming points are that he points out the importance of looking at market volatility and planning your trading strategy accordingly--knowing how much to risk and when; but for this he does not provide any measurable or quantifiable solutions (like a technical indicator would). The auther is obviously very intelligent but has reduced this idea so far to the common denominator that he has lost the essence. The book could have been so much more. I hope to see more work in the future.
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1.0 out of 5 stars This book is complete garbage, Oct. 10 1999
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This review is from: Gaming the Market: Applying Game Theory to Create Winning Trading Strategies (Hardcover)
The author is obviously in way over his head. This pathetic mockery of game theory is filled with errors. I'll only present the two most egregious ones:1.Incredibly, the author doesn't seem to realize that the probability of a major adversity (as defined in the book) is greater than or equal to the probabilty of a minor adversity. This restricts the applicable section of his model.2.The slope for determining profitable trades (according to the author's model) is given by (w+x)/(y-x). By choosing x arbitrarily close to y the slope can be infinite.Conditions 1 and 2 imply that a profitable trade on any and all stocks can be made under any market conditions with no risk whatsoever.This inept, incompetent book is so bad that it casts doubt upon the entire line of technical books from Wiley and Sons and their editorial process.
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4.0 out of 5 stars An Honest Work, March 8 2002
By A Customer
This review is from: Gaming the Market: Applying Game Theory to Create Winning Trading Strategies (Hardcover)
This book contains a research work done by a practitioner. It maily used the theory of probability and the assumption of normal or lognormal distribution of the market prices, though with some game theory interpretations. I have to say that it is an honest and interesting work. Also it is inspiring for further study in that direction. There are also some disappointments: i) the mathematics and the overall material are presented poorly; ii) some of the results need more clarification and explanations, and are not complete at the level as published.
As ironic as it sounds, I was drawn into reading the book after I read the previous negative reviews on this board. I would say that those comments are either irrelevant, or ignorant. Any one interested in developping a feasible trading system could learn something from this book.
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1.0 out of 5 stars Misleading, Wrong, Oversimplified..., Dec 27 1998
By A Customer
This review is from: Gaming the Market: Applying Game Theory to Create Winning Trading Strategies (Hardcover)
The author confuses game theory with decision theory. The model has nothing related with game theory in it. The author defines the whole market as a game between the speculator and the remaining market, but does not take the remaining market's (the second player's) utility into consideration. Therefore the market's strategies are not utility-dependent but history-dependent which contradicts with the notion of game theory. This makes the model a simple choice selection of the speculator from just two alternatives faced with a market-move guess, not an equilibrium analysis as should be in a game-theoretic approach. Simply DO NOT WASTE YOUR MONEY by buying this book, and if you don't know much about game theory, don't read this book even if it was for free as you will misunderstand what game theory is.
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5.0 out of 5 stars Do not buy this book, Jan. 15 1998
This review is from: Gaming the Market: Applying Game Theory to Create Winning Trading Strategies (Hardcover)
I would prefer it if nobody else purchased this book. My only question is how long it will be before the techniques discribed in this book are discounted by the markets. Fortunately, if you have been banging your head on statistics, time series analysis, neural nets, genetic algorithms, etc. with respect to the markets as long as I have, certain embellishments to the logical principles explained in this work will suggest themselves. In this I take some comfort. I also take some comfort in the fact that not many will recognize these ideas for what they truly are. Congratulations and kudos to Ronald B. Shelton on this work. Of the several hundred books I have on the subject of mathematics and technical analysis of time series this fits in the top 2 or 3. Again, do not buy this book.
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5.0 out of 5 stars Like math and poker? This one's for you!, April 4 1998
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Kurt Rasmussen (Torrance, CA United States) - See all my reviews
This review is from: Gaming the Market: Applying Game Theory to Create Winning Trading Strategies (Hardcover)
I bought this one on an earlier review, "Don't Buy this book". The book is great for mathematically inclined strategists. It is readable and thought provoking. If you are ready to do your own modeling and develop you own trading system, this book is a must.
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2.0 out of 5 stars Over simplifying..., April 30 1998
By A Customer
This review is from: Gaming the Market: Applying Game Theory to Create Winning Trading Strategies (Hardcover)
I bought that book on the previous "don't buy this book" review. I feel like should have listened to it.
In my opinion, the analysis is oversimplyfing the problem so the whole thing has not much theoretical meaning nor practical use.
Only my opinion.
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1.0 out of 5 stars Don't waste time and money on this book!, Oct. 26 2003
By A Customer
This review is from: Gaming the Market: Applying Game Theory to Create Winning Trading Strategies (Hardcover)
I waste my time to read this book which I borrowed from library. Anyone who trade more than six months will find nothing valuable in the book. I am surprised that John Wiley & Sons, which has a lot good books on trading and finace, would publish this book.
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