Great discussion. I was a reviewer for Howard's book and found it an incredible source to help me think "logically and scientifically" about Quantitative Trading. Howard is a lot like your favorite college professor, he knows his stuff but is also very patient as he helps you find your way through the vast amount of information needed to be successful. I think the detailed way he explores the idea of having your own personal "objective function" (which measures the goodness of a system) is worth the price of the book. If Van Tharp is right that the "Holy Grail" to trading is designing a system that FITS you, then Howard's "objective function" is what gives you a very meaningul and measurable way of doing it. It helps you to design a system that you will psychologically be more apt to follow.
The beginner may struggle from time to time, since Howard does not hold back his intellectual punches, but it is really perfect for that person since it gives him or her a set of really good habits to learn at the beginning. Unfortunately, Howard's book taught me there are no shortcuts. You must be statistically rigorous. You must walk-forward (which I strongly recommend doing with Fred Tonetti's breakthrough "Intelligent Optimizer" software). No sloppy thinking allowed in Howard's world. You simply have to do the design and validation process correctly or you are simply gambling blind. The book really does give you less to "unlearn" later. I have also attended the Bill Barack and Bruce Robinson courses. If I were starting this learning process all over again (and I am still a novice with much to learn), I would buy the Howard book and attend or get a copy of the Amibroker conference CDS featuring Bill Barack and Bruce Robinson. They are a great complement and can give you some solid Amibroker footing for future intermediate or advanced work. I go back to Bill and Bruce's material over and over again when I get stuck or need to get clear on something. They are that good!!! Unlike years ago, the beginner Amibroker Quantitative trader has a lot more available to get them up to speed. But the rest of the learning seems to be only acquired through much experimentation and extensive trial and error experience. Read the book, watch the videos and then practice, practice, practice. Nhat8888/Tim
