Mastering the Art of Equity Trading Through Simulation, + Web-Based Software

Robert A. Schwartz 지음

Wiley 2010년 06월 22일 출간

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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 decisionsShows exactly how prices are established in the marketplaceTeaches 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.

목차

Foreword (Professor Dr. Reto Francioni).Preface.How TraderEx Works.Who This Book is For.Overview of the Book.Downloading the TraderEx Software.How TraderEx Works with Micro Markets.Acknowledgements.Part One: An Overview of Equity Market Trading.Chapter 1: Equity Market Trading.The Costs of Trading.Liquidity.Market Structure.Informational Efficiency (or the Lack Thereof).Expectations.The Players.Summary.Chapter 2: Simulation as a Learning Tool.Canned versus Computer Generated Prices and Quotes.Appendix: Intertemporal Returns Correlation.Summary.Chapter 3: 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.Chapter 4: Introduction to the Trading Exercises.The Buy-Side Perspective.The Sell-Side Intermediary Perspective.TraderEx Performance Measures.Summary.Part Two: TraderEx Exercises.Chapter 5: Microeconomics Goes to Market.Exercise 5.1: The Look of a Financial Market.Exercise 5.2: What Are Your Attitudes Toward Risk?Exercise 5.3: Call Market Trading.Exercise 5.4: Trading Costs in Action.Exercise 5.5: Dealer Costs and Inventory Control.Exercise 5.6: Inter-Market Competition for a Stock Exchange.Exercise 5.7: Finding an Equilibrium Value.Exercise 5.8: Economic Effects of an Order Protection Rule.Conclusion.Chapter 6: The Order Book Market Structure.Exercise 6.1: Entering Limit Orders.Exercise 6.2: Entering Market Orders.Exercise 6.3: Adjusting Limit Orders.Exercise 6.4: Sizing your Orders &~ Markets and Limits.Exercise 6.5: Post-Trade Analysis.Exercise 6.6: A Really Big Order.Exercise 6.8: Illiquidity.Exercise 6.9: Heightened Volatility.Exercise 6.10: News and Changing Expectations.Exercise 6.11: Endogen

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저자(글) Robert A. Schwartz

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Robert A. Schwartz is Marvin M. Speiser Professor of Finance and University Distinguished Professor in the Zicklin School of Business, Baruch College, CUNY. He is the developer, with Bruce Weber and Gregory Sipress, of the trading and market structure simulation, TraderEx.Gregory M. Sipress is the head of software development at TraderEx, LLC.Bruce W. Weber is a Professor of Information Management at the London Business School.