Professional Electronic Trading

Book Description

This book tackles the concepts, technical architecture, recent developments, and future opportunities in the new field of "direct access" electronic markets. The author provides a comprehensive coverage of electronic market models, exchange platforms and networks, while describing ways in which professional electronic traders make money.

Professional Electronic Trading is one of the few books that deals directly with the issues that industry professionals confront every day, making it an ideal reference and training tool.

David James Norman (Chicago, IL) is Director of Electronic Markets Development at the Center for Law and Financial Markets at IIT.

New technology and the advent of electronic trading have opened the floodgates to both foreign and domestic markets. Traders need the wisdom of industry veterans and the vision of innovators in today's volatile financial marketplace. The Wiley Trading series features books by traders who have survived the market's ever changing temperament and have prospered - some by reinventing systems, others by getting back to basics. Whether a novice trader, professional or somewhere in-between, these books will provide the advice and strategies that are needed to succeed today as well as in the future.

Customer Reviews:

This book is not worth buying. It's worthless. .......2006-03-28

The book is for general information. It's over priced and gives no explanation on "how to" setup electronic trading. This book is basically worthless.

Not worth the money.......2005-08-03

This book was a huge disappointment and not worth the money I paid for it. The text is mostly an unstructured collection of historical and often outdated facts about the development of electronic exchanges. It barely touches on onlly a few aspects of the subject but without any structure, depth or valuable insight. The author's anecdotal style of writing does not do justice to what is a very interesting and challenging subject. Not recommended for serious industry professionals.

Big disappointment.......2005-04-28

I bought a used copy of this book at %30 discount, and I still think it was not worth the money.

The book is very hard to read, the author puts his personal opinions all over the place very frequently and presents them as facts. Moreover, the content is also all over the place, on one page you are reading about the deep details of IP address formats, a few pages later you encounter the author's opinion about the way oriental people work, and then you read about why so-and-so project failed in 1970s, etc.

Most of the bits and pieces of information are related to Chicago Merchantile exchange. The book is full of acronyms, you need to go to the index page at the end of the book to figure out what they mean, yet the explanations in the index sometimes lead to even further confusion.

I work in the finance industry, developing trading applications. In my opinion, there are a whole lot of other books that you can better use your time on.

A must read for market professionals........2002-08-07

This book is absolutely a must read for anyone who wants to succeed in tomorrow's totally-electronic trading environment. Like it or not, technology is the future of trading and the sooner you learn about it the better.

A must read for market professionals........2002-08-07

The Electronic Day Trader: Successful Strategies for On-line Trading

Average customer rating:

Another book with old strategies, however....
What became of Broadway Trading, LLC??
Obsolete
good
essentially obsolete

The Electronic Day Trader: Successful Strategies for On-line Trading
George West
Manufacturer: McGraw-Hill
ProductGroup: Book
Binding: Paperback

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ASIN: 0071364285

Amazon.com

Most of us have been conditioned to approach the stock market as a long-term proposition. Many of the bestselling investment books coach readers to seek value in the best companies for long periods of time. Day trading, a recent phenomenon brought on by the reform of the financial markets and by the growth of online trading, goes in just the opposite direction. Instead of buying and holding stocks for years, successful day traders make money by dipping in and out of the market in a matter of minutes, finding profit in the tiny fractions between the bid and asking price of a stock or by catching the ups and downs of stock prices, which are driven by everything including the latest news from CNBC or speculation on what Alan Greenspan ate for breakfast.

In The Electronic Day Trader, authors Marc Friedfertig and George West explain the rationale behind day trading and offer strategies that can help you become successful at this fast game of speculation and timing. The authors write, "Day trading appears so deceptively easy, yet in reality it is a never-ending challenge. It is a game, an opportunity to match wits against the majority and thereby prosper. Day trading the stock market is the ultimate opportunity to speculate and the ultimate game."

The book goes into great detail about how the various stock exchanges work and shows how to get direct access to the NASDAQ through various electronic trading systems. If you're looking for an investment book that will help you build a retirement portfolio, look elsewhere. But if the daily fluctuations in the price of a stock make your heart beat faster and if you're seriously interested in honing your skill as day trader or want to become one, The Electronic Day Trader is definitely worth a look. --Harry C. Edwards

Book Description

In 1998, McGraw-Hill’s The Electronic Day Trader became a worldwide phenomenon—and spent months on the Wall Street Journal, BusinessWeek, and New York Times bestseller lists. Now, this new paperback edition revisits the hardcover edition’s electronic day trading techniques and mechanics, and adds a new introduction discussing today’s evolving electronic day trading environment.

The Electronic Day Trader continues to give the reader a firsthand, no-holds-barred introduction to the world of electronic trading. The authors—accomplished veterans in this hot field—share trading philosophies and strategies that include:
• Workings of the various electronic order entry systems
• Effective trading techniques based on technical analysis
• All-important psychological aspects of day trading

Marc Friedfertig and George West (New York, NY) wrote Electronic Day Traders’ Secrets, and offer seminars on electronic day trading. Friedfertig is a registered principal for Broadway Trading. He formerly traded index futures with the New York Futures Exchange. West is the president of Broadway Consulting Group.

Customer Reviews:

Another book with old strategies, however...........2005-02-06

There are some good ideas that you can rescue from this book. Therefore I think you should buy it since you can make much more money and certainly recoup your small investment if you employ 2 o 3 good tips.

Any way, from my point of view a trader must always read as much as he can. There is simply no other way to prepare one self for this difficult yet incredibly rewarding activity, but to learn and put into practice as much ideas as you can, at least by paper trading first.

The are a lot of books on the subject, however many of them where written 2 o 4 years ago and that kind of makes them obsolete in this constantly changing field.

The internet offers great places where you can learn more specialized trading techniques. One of those places that I have found to be worthy is ProfitableStockmarket dotcom.

They focus mainly on momentum trading and employ a rather simple yet effective strategy. I think that for a trader to survive and be profitable, its neccessary to keep their trading as simple as possible. To much confussion and technical indicators will most of the time make you slow in your decisions and froze you up when a good opportunity is right in front of you.

In the end it's all about buying or selling with out hesitation, and doing it over an over again according to your set ups.

What became of Broadway Trading, LLC??.......2004-01-27

They went bankrupt, which is where you would be if you followed West and Friedfertig's methods. The book was a copy of Jack Schwager's Market Wizards series, due to the interviews conducted with "traders". You would be amazed if you saw some of these people and didnt read their words in print. Somehow they would not come off so sharp. Trust me!

Also do you think our authors would be able to spot "managerial talent" over a few aspiring proprietory traders? No they hire guys who have previously filed bankruptcy in their past and pipe up their accomplishments, which are a joke when you realized they bailed on creditors!!

Save yourself a dime and avoid it-if someone gives it to you, and you can't return it, use to start the BBQ grill. I could go on and on about SEC/NASD violation, getting short on a downtick, etc but I wont!

Obsolete.......2003-06-28

This book completely fails to realistically convey the relative risks and profit potential for the average wannabe day trader. Im talking about someone with less than a few thousand to play the market. Unless you have big bucks and Level II quotes forget day trading unless you are very lucky. In the trading parlance, I wish I had a short position on this book at its current price, and could cover my short at the current used price! Save your money.

good.......2001-07-11

good book , nice condition

essentially obsolete.......2001-05-07

This book is essentially obsolete just three years after its publication. Stocks are now traded in decimals, and the spreads on heavily traded stocks are now almost nonexistent, sometimes being less than one cent a share. Consequently, you can forget about any of the strategies or information regarding "pocketing the spread", "getting between the spread", etc. With the proliferation of ECN trading, the influence of the market makers in a stock has been markedly reduced. In a stock that trades 80 million shares per day, a market maker with a 100,000 share block is not going to be able to move the stock significantly, and ECN trading can overwhelm his influence. Likewise, information gleaned from the Level II screen, while still useful if one knows what to look for, is no longer the Holy Grail. Also, day trading firms, like the authors' "Broadway Trading" are on the way to extinction, now that some big online brokers offer direct-access trades for less than a quarter of what day trading firms charge, as well as offering free Level II quotes and other information not available to the day trading firms.

Amazon.com

Day trading such stocks as Amazon.com, eBay, and Yahoo! sounds like a game for the gun slinger: jump into the fray and pull the trigger. Is that really the case? No, according to author Christopher Farrell, who earns his money just as Wall Street does--by making very small, short-term, high-percentage trades. Farrell, who works from home, has traded over 15,000,000 shares of stock via the Internet, producing a 65 percent annual return for his investment fund in its first year. Using detailed, user-friendly examples, Farrell shows how to place orders online and then sell minutes later for small profits that can potentially add up to thousands of dollars a day--if you pick the right stocks. He explains how the New York Stock Exchange allows traders to buy on the bid and sell at the offer, just like the professionals. Farrell also includes loads of tips, such as how to choose an online broker, how much to pay for commissions, and how to cope with a technology that's still in its infancy. If you've been thinking about joining the estimated 5 million online traders, then this book is for you. --Thom Hartle

Book Description

A one-stop, step-by-step overview of how to make a successful living trading via the Internet (indispensable for anyone seeking to enter this popular arena).

Customer Reviews:

you will not be a day trader if you read this book.......2007-09-11

The content of the book can be sumed as: In low volatility stocks, a day trader exploits the spread by using limit orders instead of market orders. In this way, the day trader trades with the market maker and makes teenie profit everyday.
This book tells it over 230 pages. It repeats himself many times. It was not useful. You had better choose another book.

help me I have fallen and I can't Get up!!!!.......2007-08-29

This book is had way to me fractions for me!
But 1/8 this, Buy 1/9 this, sell 5/10 that

WHO IS THE AUTHOR TRYING TO ATTRACT AS READERS!

Also the author tells you not to do home work, Sorry people but even a day trader should now whats going on in the market. You invest time knowing your trade (profession) and no matter if I choose to be a day trader or long term investor, I believe you must know your profession and how it works.

I do not recommend this book to beginners or mild investors wanting to day trade. This book is for someone???? Well I am sure it is for someone, just not me. AND I DO MAKE MONEY DAY TRADING!

Motivational.......2006-11-11

After reading the book, I was so motivated to go and make money. However when I went to trade I discovered that the spread is so thin ! A cent for that matter. Has the rules changed or am I doing something wrong?

The Concepts are cool even if they be tricky..........2006-04-02

Christopher's strong suit is not concise writing. The repetition may push you over the edge but if you can hang with it, you will get several insights about the inside of the market. I've been trading for a little over a year but have not yet attempted this method. I'm sure that even in 2006 it will work but it will be more work than when the book was written.

I think one of the most important contributions this books makes is the insight it provides to the 'specialist.' That's a guy that we all need to know about, whether we're trading teenies or pennies!!

It's a CRIME that this book is still for sale........2006-03-19

The publishers should be sued. Maybe we should get a class-action together.

Imagine taking an instruction manual for the very first Apple computer and putting a new title on it "How to use your new home computer" and selling it in bookstores today. This book is doing EXACTLY that!

Also, it is highly doubtful that the tactic ever worked in the first place. The author's website vanished years ago. In a thinly traded NYSE stock if you try to repeatedly front the specialist with 2000 share orders he will simply move the price 50 cents against you immediately following your next purchase. Game over.

[...]

Electronic Swing Trading for Maximum Profit: Discover the Professional Trading Strategy that Combines Day Trading with Long-Term Investing Techniques

Average customer rating:

Best Begginers Trading Book That I Own
I found it!
Waste Of Money!!
No hype--just the facts
Sarkovich Review

Electronic Swing Trading for Maximum Profit: Discover the Professional Trading Strategy that Combines Day Trading with Long-Term Investing Techniques
Misha T. Sarkovich
Manufacturer: Prima Lifestyles
ProductGroup: Book
Binding: Hardcover

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ASIN: 0761525181
Release Date: 2000-08-31

Book Description

Are you an active investor who holds stocks overnight or for a few weeks or months? If you trade actively without going "flat" each day, then you're a swing trader—part of the growing number of investors and traders who buy and sell on momentum, trends, and short-term price movements.

Today's serious swing trader needs more than a beginner's guide to electronic stock trading. Electronic Swing Trading for Maximum Profit gives you the advanced skills, discipline, and knowledge necessary to achieve your trading goals. Author and trading instructor Misha Sarkovich, Ph.D., teaches you step-by-step what the professionals look for in the markets and how you can use swing-trading techniques to reduce trading risk and improve accuracy. Whether you're trading through an online broker or with direct access, you will discover invaluable lessons on how to:

• Develop buy, sell, and short trade signals
• Recognize price momentum
• Learn Japanese candlestick charting
• Protect your overnight positions
• Master fundamental and technical analysis
• And much more!

Complete with information on software upgrades, trade execution, ECNs, tax issues, and more, the lessons here will help you take your trading skills to the next level.

"Once again, Dr. Sarkovich has shown how individual traders can use the same strategies the pros have tried to keep secret for years. Reading this step-by-step guide is like having your own personal trading coach." —Tim Bourquin, Cofounder, TraderInterviews.com and the Online Trading Expo

"Find everything from reading Level II to analyzing charts in one easy place.
Electronic Swing Trading for Maximum Profit is a one-stop bible for today's swing trader." —Philip Berber, Founder, CyBerCorp.com

Customer Reviews:

Best Begginers Trading Book That I Own.......2007-03-24

I bought this book some years ago and I still love it. It was the first book that I bought on trading and I did not appreciate how good it was until I started buying and checking out regular investing books at the library. You know the kind of lame books like Susan Orman's book 9 steps to financial freedom. The kind of book that's all fluff and no substance other than the same advice that my grandfather had told me (use your home equity, lower your expenses, balance your portfolio, ect, ect.). Most investing books are all about personal finance and not investing. As well, most trading books that I have read or looked at are more about market mechanics than actual case studies or trades themselves. Also, Dr. Sarkovich does not waste your time or money on stories from his past to fill up his book. You will not find chapters here about how trading was at a desk somewhere back in the day. Why? Because he has spent the time telling you what you need to know to start trading, not his past life in the field.

That review on here about the book being for beginners really chaps my hide. It says right on the friggen cover "From Beginner to Advanced Trading". And that is exactly what I need. Heck, I still read it from time to time because I am still learning how to do this correctly and not lose money at it. I practically need to memorize this book since I look at it so much. I have post it notes sticking out of about 30 pages of it right now. And its so easy to find what I need when I need it. I mean the sections are , How to trade, When to trade, What to trade, and in those sections is all the info and explanations about what you are seeing on the screen (level 1 and 2 info, trade order and execution, candlestick charting, charting patterns, moving averages, Bollinger bands, market measures and volume, and much more).

What I needed at the time was a book that would explain to me everything going on the screen when I had my scottrade account opened, and that is exactly what this book did for me. I could just sit there, make theoretical trades, and watch what happens, then go back to the book, read some, and then get that ha-ha moment when I finally figured out what was going on. This was possible because unlike many other books, this one tells you what things are going to look like when moves happen. Other books just give a brief basic description of how the screens work, this one goes the next step and tells you what things will look like when something happens.

One other review complained that it is more about day trading than swing trading. Once again, man, read the darn cover. It says, "Day-trading with long term techniques". What do you think Swing Trading is anyway? That reviewer is an idiot in my opinion for that remark. If you want to learn trading then read this book. However, if you want to learn investing then go read Graham and Dodds "Security Analysis."

PS. I bought it back when it was 40 bucks + tax. It's a steal today.

I found it!.......2001-07-18

One of the best on the subject I have read... and I have read a lot. I particually enjoyed his charting and mathmatical explorations. Very good analysis on the importance and uses of MACD, EMA, and Bollinger Bands. This book took my trading to a new level.

Waste Of Money!!.......2001-05-07

Iam looking for a good book and this one is a real waste of money. First 12 chapters are very general. If you want a hardcore book on swing trading this not the one for you.

No hype--just the facts.......2001-04-01

Since I lived in Nevada I tend to compare stock trading, whether it is day trading or swing trading, to speculation. If you are inclined to speculate and take a short term stock position, I recommend that you read the book before you engage in stock trading. It will help you understand the risk, tools and strategies required to survive in the business of stock trading.

I like the book a lot because it was an honest introduction to short term stock trading. The book did not contain any hype or promises of returns or road map to fortunes. All of the trading risks in specualting on the stock price movements were disclosed upfront. Most importantly, the tools to manage such risk were introduced.

Secondly, the book has more than 400 pages of stock trading information and so the book is complete. In my opinion, all of the trading information, from technical and fundamental analysis to Level II screen, was systematically presented in an easy to understand language. The book was also well organized and well illustrated so it was easy to read.

In short, this book is one of the most complete introductory texts to stock trading that I have read. I particularly recommend the book to novice stock traders, although experienced traders will also benefit by reading it.

Sarkovich Review.......2001-01-28

I read a lot about stock trading, maintain a portfolio and occasionally do what I now know to be "swing trading". After reading the authors first book, "Electronic Day Trading Made Easy I did not hesitate purchasing his second "Electronic Swing Trading for Maximum Profit". I was correct in doing so.

As expected, the swing trading book was well written and organized and easy to understand. All illustrations were sharp and professionally done. The author expanded the material to include additional technical analysis tools and trading alerts for the short-term traders, as well as the new material on fundamental analysis and IPOs. There is a lot of good stock trading information packed in this book for the beginners as well as the seasoned traders, including the appendix list of the best swing trading stocks in 2000.

Book Description

When Getting Rich Quick Just Isn't Fast Enough!Many day trading books on the market today contain dubious advice, but never before has there been a book guaranteed to contain 100 percent dubious advice--until now.

The Trillionaire Next Door is that book. Inside you'll find: The rock-solid, scientific principles of day trading explained in language so clear and concise it's almost insulting A glossary of key economic terms for the day trader, like "mousepad" and "click" Advice for the long-term investor: which stocks to hold in your portfolio for five, ten, fifteen minutes or more Confusing, meaningless graphs and charts Bad math And much, much more--but since day traders have short attention spans, not too much more

"If The Trillionaire Next Door were a stock, I'd buy it, sell it, buy it, sell it, and buy it again--it's that good!" --Stacy Gellman, day trader

Customer Reviews:

This is why the stock market crashed q;o).......2004-06-18

I LOVE this book. The author's tongue-in-cheek humour is similar to that of Dilbert Creator Scott Adams in many of his early [non-comic] books. The book is a laugh-a-second and for the relatively cheap price, it's worth it.

The Trillionaire Where?.......2004-03-26

When you get tired of reading through dreary stock market books, grab this one and head off to the park. Relax for an hour or so as humorist Andy Borowitz makes light of even the most serious of Wall Street's protestations as he educates you to his "The Ten Principles of Day Trading." Drum roll, please.
Of course, stocks have always been a favorite target of humorists. Mark Twain: "October: This is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August, and February." Or try Will Rogers: "Don't gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don't go up, don't buy it." The strange thing about humor is that there's usually a lot of truth underneath.
Now we get Borowitz, the satirist, in his best form to expose The *Recent* Emperor's New Clothes. From the computer cowboys riding their monitors from dawn to dusk (and into the night), to the official corporate and governmental pronouncements, to the analysts' hype, to the media's cheerleading, to our own self-delusions, everything and everyone comes in for a good drubbing. Reminds me of taking what we thought we were supposed to be serious about during the mania and hanging it out on the line for sport. Makes us look silly. And looking back at it with 5 years hindsight, you really wouldn't want to see that home movie showing how you explained to the children that you were getting rich in the great boom either. About the only sign of the times Borowitz didn't pulverize was the major TV network news programs profiling movie stars and taxicab drivers as prescient stock pickers. That just had to be the final signal that a top was near, and ranks right up there with the bellhops of 1929. A good, quick read, and a lot of fun too. Refer back to it next time things get too good to be true.

Borowitz is a funny man. But this shorts out near the end........2003-11-12

Well, Andy Borowitz probably doesn't need this book to get rich. He wrote a few better ones and has this funny website borowitzreport.com. But this is definitely a strong effort. TBnD has aged much better than the tech stock boom it pillories. It contains all the hackneyed stuff you'd expect from your average self help book. Only the narrator giving the advice? A clearly deceitful jerk who claims to be a trillionaire.

TBnD starts as a brilliant parody of self-help and obviously scammy Financial Success books, starting with a vision of what it's like to be a trillionaire--because hey, even billionaires have to answer to Congress. The writer seems in command--until he inadvertently reveals details of his personal life through carefully chosen 'examples to the reader.' Useless diagrams and five-point strategies abound--quite impressive for such a thin book. Belly laughs are guaranteed--at the start.

But then the jokes about how the writer's just a loser living with his family pile up. It's a bit too obvious. The humor about why to buy a stock gets a bit too random or falls back on overused images or replays something that had shock value the first time. If you've ever read a satirical article where the caption said it all and the rest is on autopilot, this runs out of gas in the same way, but it takes longer to. Borowitz didn't really find his groove until Who Moved My Soap, about people who really did find ways to make money in stocks. But wound up in prison. And still had a life affirming story.

Overall TBnD takes less time to peruse than one of those looping infomercials, and any humor is actually intentional. For a small investment you're guaranteed a few belly laughs, so why not. Might even help you laugh at a speculation you want to forget from the tech boom days. Borowitz deserves credit for skewering the tech boom for what it was before many actual economists, but the humor does fizzle near the end.

Simply Awesome.......2001-06-24

I just graduated from college and received this as a gift. It takes some guts to admit that you're a day trader these days, but I still am, and I thought this book was awesome! Very funny and scarily, scarily true. Read it for yourself and see, the writer here doesn't miss any targets.

This Book Made My Father's Day Complete.......2001-06-22

I've been a stockbroker and an investor for over twenty-five years. My daughter says that I'm difficult to shop for, but this past Father's Day she hit the nail on the head with "The Trillionaire Next Door." A funny, FUNNY book! But it's more than that: it's a satiric catalogue of just about every stupid mistake investors (and, okay, stockbrokers, too) often make. Now I'm buying copies to give to all of my clients. It has a unique brand of humor that's really hard to describe in a review, but trust me -- if you're even a novice investor, you'll find plenty to laugh about (and learn from) in this book. Thank you, Nina (my lovely daughter)!

Electronic Trading: A Practical Handbook (Computerweekly Professional Series)

Average customer rating:

Electronic Trading: A Practical Handbook (Computerweekly Professional Series)
Pete Gardner
Manufacturer: Butterworth-Heinemann
ProductGroup: Book
Binding: Paperback

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Professional Electronic Trading
David James Norman
Manufacturer: John Wiley & Sons
ProductGroup: Book
Binding: Hardcover
ASIN: B000N7566S

Average customer rating:

Professional Electronic Trading
NORMAN
Manufacturer: NY
ProductGroup: Book
Binding: Paperback
ASIN: B000N5HZZK

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