By Michael Durbin

ISBN-10: 0071743448

ISBN-13: 9780071743440

ISBN-10: 0071743456

ISBN-13: 9780071743457

A distinctive PRIMER ON contemporary so much refined AND debatable buying and selling TECHNIQUE

Unfair . . . fantastic . . . unlawful . . . inevitable. High-frequency buying and selling has been defined in lots of alternative ways, yet something is for sure--it has remodeled making an investment as we all know it.

All approximately High-Frequency Trading examines the perform of deploying complex machine algorithms to learn and interpret industry job, make trades, and pull in large profi ts―all inside of milliseconds. no matter what your point of making an investment services, you will achieve beneficial perception from All approximately High-Frequency Trading's sober, target motives of:

  • The markets during which high-frequency investors function
  • How high-frequency investors profi t from mispriced securities
  • Statistical and algorithmic concepts utilized by high-frequency investors
  • Technology and strategies for construction a high-frequency buying and selling procedure
  • The ongoing debate over the benefi ts, dangers, and ever-evolving way forward for high-frequency trading

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Sample text

A firm might trade wearing more than one of these hats—subject to rules and regulations that would fill a book of their own. Still, the archetypes will facilitate the making of sense when we get to trading strategies. 25 The key thing is this: Investors increase or decrease their position in a security for the inherent benefit of doing so. They buy a stock because they think it will appreciate in value, or short it with the opposite view, or sell it out of their portfolio because they no longer expect it to appreciate or appreciate enough for their liking.

The essential goal of this sell-side trader is the same as market-makers in the days way before the machines took over, that is, to buy on the bid and sell on the offer, buying low and selling high, in order to earn the spread. Due to things like decimalization, advancements in computing technology, and increased competition, however, the high-frequency trader must resort to more innovative, aggressive, and (some would say) predatory strategies than those of traditional market-makers. We’ll examine some of those strategies in the next chapter.

24 All About High-Frequency Trading marked improvement in market liquidity, a claim we’ll be in a position to evaluate later on. ” A large order (known sometimes as a block,22 or a size order) to sell will tend to depress prices; an order to buy will tend to push them up. This phenomenon is central to trading, known intuitively by veteran traders, and one without which one could argue there would be no high-frequency trading in the first place. It all derives from simple rules of supply and demand.

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All About High-Frequency Trading (All About Series) by Michael Durbin


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