Trading Strategies for the 21st Century (Audio Book) by Charles E.Mellon

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In finance, a trading strategy is a fixed plan that is designed to achieve profitable performance by going long or short in the markets. The main reasons why a properly researched business strategy helps are its verifiability, quantifiability, consistency and objectivity. The development and application of a business strategy follows eight steps: [1] (1) Formulation, (2) Specification in computer verifiable form, (3) Preliminary tests, (4) Optimization, (5) Evaluation of performance and robustness , [2] (6) Trading strategy, (7) Monitoring of business performance, (8) Refinement and evolution.

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For each trading strategy, one needs to define assets to trade, entry / exit points and money management rules. Poor money management can make a potentially profitable strategy unprofitable. [3]

Trading strategies are based on fundamental or technical analysis, or compromise both. Technical strategies can be broadly divide into mean reversal and impulse groups. There are also specific strategies, such as “Sell in May and disappear, but remember to come back in September.” Trading strategies are generally verified through backtesting where the process must follow the scientific method.

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