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9780470642498

Mastering the Art of Equity Trading Through Simulation, + Web-Based Software : The TraderEx Course

by ; ;
  • ISBN13:

    9780470642498

  • ISBN10:

    0470642491

  • Format: eBook
  • Copyright: 2010-06-01
  • Publisher: Wiley
  • Purchase Benefits
List Price: $75.00
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Summary

An interactive guide to successfully trading in today's marketsMastering the Art of Equity Trading Through Simulation is a guidebook to interactive computer trading simulation designed to provide participants with hands-on experience in making tactical decisions and implementing them in different market environments-from continuous order drive markets to call auction markets, and from dealer markets to dark liquidity pools.By showing traders how to operate in these different markets, this reliable resource quickly reveals a good deal about what trading involves and how market design impacts trading decisions. Provides a virtual platform that gives users hands-on experience in making tactical trading decisions Shows exactly how prices are established in the marketplace Teaches how the structure of a marketplace influences participant decisionsLearning to trade through study is like learning about a roller coaster ride verbally. You may get the idea of going up and down and around curves, but will lack the actual experience. Mastering the Art of Equity Trading Through Simulation will get you as close as possible to the markets-without actually going in them-and prepare you to profit once you're really there.

Table of Contents

Foreword
Preface
How TraderEx Works
Who This Book is For
Overview of the Book
Downloading the TraderEx Software
How TraderEx Works with Micro Markets
Acknowledgements
An Overview of Equity Market Trading
Equity Market Trading
The Costs of Trading
Liquidity
Market Structure
Informational Efficiency (or the Lack Thereof)
Expectations
The Players
Summary
Simulation as a Learning Tool
Canned versus Computer Generated Prices and Quotes
Appendix: Intertemporal Returns Correlation
Summary
How to Use TraderEx
An Overview of the TraderEx Environment
The Continuous Order Book Market
The Dealer Market
Call Auctions
Block Trading Facility
Crossing Network
Hybrid Markets
Summary
Introduction to the Trading Exercises
The Buy-Side Perspective
The Sell-Side Intermediary Perspective
TraderEx Performance Measures
Summary
TraderEx Exercises
Microeconomics Goes to Market
The Look of a Financial Market
What Are Your Attitudes Toward Risk?
Call Market Trading
Trading Costs in Action
Dealer Costs and Inventory Control
Inter-Market Competition for a Stock Exchange
Finding an Equilibrium Value
Economic Effects of an Order Protection Rule
Conclusion
The Order Book Market Structure
Entering Limit Orders
Entering Market Orders
Adjusting Limit Orders
Sizing your Orders - Markets and Limits
Post-Trade Analysis
A Really Big Order
Illiquidity
Heightened Volatility
News and Changing Expectations
Endogenous Expectations
A One-Year Holding Period
Crossing Networks
A Networked Simulation
Conclusion
The Call Auction Market Structure
The Price Setting Mechanism in TraderEx Call Auctions
Mechanics of the Opening Call Auction
Your TraderEx Call Auction Orders
Your Influence on TraderEx Call Auction Prices
Participating in the Opening Call Auction
Working a Large Order with Call Auctions
Proprietary Trading with Call Auction, and News Releases
Emphasizing Different Dimensions of Trading Performance
A Partially Disclosed Call Auction
Conclusion
Dealer Markets: What Do the Trading Intermediaries Do?
Operations of Quote Driven Markets
Changing Quotes to Control Your Inventory
Market Maker Performance
Market Maker Risk Performance
Preferencing in Market Maker Systems
Volatility and Market Making
Low Liquidity and Market Making
Alternative Trading Systems and Market Making
Conclusion
Dark Pools: How Undisclosed Liquidity Works
Mechanics of the Dark Pool
Seeking Advantages from Dark Pool Pricing
Working a Large Order with a Dark Pool
Proprietary Trading with Call Auction, and News Releases
Emphasizing Different Dimensions of Trading Performance
Dark Pools and Trade-Through Rules
Conclusion
About the Authors
Index
Table of Contents provided by Publisher. All Rights Reserved.

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