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

Praise for Mastering the Art of Equity Trading Through Simulation + Web-Based Software: The TraderEx Course This book is not about abstract models of trading, or theoretical 'if's,' or purely academic analysis. It puts you right in the middle of simulated markets and successfully shows you how financial markets operate, how to handle your strategic decisions, how to react to market conditions, how to be honest, and on top of all of that, how to trade with a long-run perspective. -From the Foreword by Dr. Reto Francioni, CEO, Deutsche Börse The TraderEx simulation software very much succeeds in capturing the dynamics of trading in today's fast moving markets. A number of us at ISE, including me, have used it, found it most informative, and are very pleased to see it being made available with this excellent book. -Gary Katz, President and CEO, International Securities Exchange This book covers every major aspect of today's electronic markets of importance to a trader. Auctions, order books, dealer markets, and dark pools are all treated with the depth and insight that reflect the authors' deep knowledge and understanding of modern equity trading. The TraderEx course will challenge, intrigue, and reward those who successfully master its principles and concepts. -Frank Hatheway, Chief Economist, NASDAQ OMX Group, Inc. TraderEx is a fantastic hands-on tool that brings electronic trading to?life without the risk of losing your shirt! From the experienced trader to?the student of market structure, TraderEx simulations are as addictive to?play as they are educational. Only TraderEx has the most current market?models and trading strategies that are being used right now in today's?marketplace. The simulations are TraderEx's, but the awesome experience and?insight are all yours! -James Ross, Vice President, NYSE Crossings, NYSE Euronext Mastering the Art of Equity Trading Through Simulation is a guidebook to interactive computer trading simulation designed to provide hands-on experience in making tactical decisions and implementing them in different market structures-from continuous order-driven markets and call auction markets to quote-driven dealer markets and negotiated block markets. Part One establishes a background on trading and markets from an economic perspective and provides an overview of the simulation model and TraderEx software. Part Two then presents a sequence of exercises in which you will trade in different market environments created by the TraderEx software and its settings. By showing you how to operate in these different environments, you'll quickly discover a good deal about what trading involves and how market design impacts trading decisions. Don't forget to pick up the companion to this book-Micro Markets: A Market Structure Approach to Microeconomic Analysis. It includes a computer simulation exercise that can be undertaken with the TraderEx software.