Product Description

Get a comprehensive course in equity trading with this book and CD-ROM combination. Providing in-depth insight and practical knowledge, the authors walk you through the dynamics of this market and the mechanics of trading -- from entering a trade to following the market and profitably exiting a position. The companion TraderEx CD-ROM features a computer-driven trade simulator that offers hands-on experience in making tactical trading decisions in different market situations. Each chapter of the book works in combination with the simulation software so both novice and experienced traders learn to be versatile and successful in their purchasing and selling decisions.

Product Details

• Amazon Sales Rank: #630417 in Books
• Published on: 2006-05-19
• Original language: English
• Number of items: 1
• Binding: Hardcover
• 410 pages

Review
"Explains in plain English the trading process in stock transactions while providing a clear explanation of the various market structures available in the stock market...an excellent read for anyone interested in learning how stocks are traded, the participants in the equity markets, and the issues faced by institutional traders as they attempt to leave the smallest footprint in buying and selling large share quantities. I recommend it to both new traders as well as experienced traders who are undergoing fast change in their profession."-David Krell, President & CEO, International Securities Exchange "Vision is not enough when writing about the complex world of equity trading - clear writing and compelling delivery are also required. This book has all three." -Walter Kielholz, Chairman of the Board of Directors, Credit Suisse Group "This authoritative and fascinating book is must reading for all professional investors, not just traders."-Peter L. Bernstein, author of Capital Ideas and Against the Gods "...should be required reading for traders, old and new...Ignore this book at your investing peril!" -Theodore R. Aronson, CFA, Aronson+Johnson+Ortiz, and former chair of the Board of Governors, CFA Institute "...tomorrow's traders can benefit from this comprehensive overview of stock trading." -Matt Andresen, President, Citadel Execution Services, and former CEO, Island ECN "...guide[s] the reader toward the discipline of risk management and the goal of best execution." -Ralph J. Acampora, CUT, Managing Director, Knight Research, Knight Equity Markets, L.P. "An excellent update on the theory and practice of equity trading...a highly useful reference for today's professionals."-Dr. Josef Ackerman, Chairman, Group Executive Committee, Deutsche Bank AG "...superbly illuminates the picture for both the novice and the seasoned trader." -Peter Forstmoser, Chairman, Swiss Re, University Zurich "...[a] wonderfully insightful book." -Dr. Stefan Jentzsch, Member of the Board of Managing Directors, Dresdner Bank AG "...a clear, concise, and compelling assessment of the equity trading environment'" -Andrew M. Brooks, Vice President, Head of Equity Trading, T. Rowe Price Group "...one of the best guides available through the intricate environment that we face today." -Kurt Viermetz, Chairman of the Supervisory Board, Hypo Real Estate Holding AG and Deutsche Borse AG "...impressively fills a critical need." -Raymond J. Bar, Chairman of the Board of Directors, Julius Bar Holding AG "...represents a unique opportunity to gain deep insights in to what is a cornerstone of the American economy; stocks and the market."-John C. Giesea, President & CEO, Security Traders Association

“Explains in plain English the trading process in stock transactions while providing a clear explanation of the various market structures available in the stock market….an excellent read for anyone interested in learning how stocks are traded, the participants in the equity markets, and the issues faced by institutional traders as they attempt to leave the smallest footprint in buying and selling large share quantities. I recommend it to both new traders as well as experienced traders who are undergoing fast change in their profession.”—David Krell, President & CEO, International Securities Exchange

"Vision is not enough when writing about the complex world of equity trading - clear writing and compelling delivery are also required. This book has all three." —Walter Kielholz, Chairman of the Board of Directors, Credit Suisse Group

“This authoritative and fascinating book is must reading for all professional investors, not just traders.”—Peter L. Bernstein, author of Capital Ideas and Against the Gods

“…should be required reading for traders, old and new....Ignore this book at your investing peril!” —Theodore R. Aronson, CFA, Aronson+Johnson+Ortiz, and former chair of the Board of Governors, CFA Institute

“…tomorrow’s traders can benefit from this comprehensive overview of stock trading.” —Matt Andresen, President, Citadel Execution Services, and former CEO, Island ECN

“…guide[s] the reader toward the discipline of risk management and the goal of best execution.” —Ralph J. Acampora, CUT, Managing Director, Knight Research, Knight Equity Markets, L.P.

“An excellent update on the theory and practice of equity trading….a highly useful reference for today’s professionals.”—Dr. Josef Ackerman, Chairman, Group Executive Committee, Deutsche Bank AG

“…superbly illuminates the picture for both the novice and the seasoned trader.” —Peter Forstmoser, Chairman, Swiss Re, University Zurich

“…[a] wonderfully insightful book.” —Dr. Stefan Jentzsch, Member of the Board of Managing Directors, Dresdner Bank AG

“…a clear, concise, and compelling assessment of the equity trading environment'" —Andrew M. Brooks, Vice President, Head of Equity Trading, T. Rowe Price Group

“…one of the best guides available through the intricate environment that we face today.” —Kurt Viermetz, Chairman of the Supervisory Board, Hypo Real Estate Holding AG and Deutsche Börse AG

“…impressively fills a critical need." —Raymond J. Bär, Chairman of the Board of Directors, Julius Bär Holding AG

“…represents a unique opportunity to gain deep insights in to what is a cornerstone of the American economy; stocks and the market.”—John C. Giesea, President & CEO, Security Traders Association

From the Inside Flap
If you are intent on enhancing your trading performance in today's markets, you must find a way to quickly exploit trading opportunities that arise from pricing inefficiencies as well as drive down costs associated with your trades.

In The Equity Trader Course, Robert Schwartz, Reto Francioni, and Bruce Weber—along with a number of industry leaders who have contributed special pieces for the chapters of this book—provide a comprehensive course in equity trading for both the seasoned professional and serious independent trader. This detailed guide delivers key information on the dynamics of equity trading and shows you how to make the most of your time in the markets.

Filled with in-depth insights and practical advice, The Equity Trader Course examines:

• The basic features of equity trading—fromorder arrival to the bid-ask spread
• The importance and intricacies of liquidity
• The use of limit and market orders
• Order entry and trade execution in a continuous trading regime and a periodic call auction
• The various roles of market intermediaries
• The value of technical analysis and algorithmic trading
• The complexity of performance measurement

Because the most valuable market lessons occur in the heat of the trading moment, this book's companion CD-ROM contains a computer-based simulation model, TraderEx, which gives you the chance to make hands-ontrading decisions and see the results live on your computer screen. These simulations help you hone your knowledge and decision-making skills before you put them to work in real-world situations.

Trading has never been an easy endeavor, but with The Equity Trader Course as your guide, you can learn how to make better decisions—as well as lower your costs—by becoming familiar with the dynamics of today's markets and the mechanics behind the trades you make.

From the Back Cover
Praise for The Equity Trader Course +CD

"Without trading, investing is an academic exercise. This book and its computer simulation bridge the gap and should be required reading for traders, old and new, and anyone who wants to understand why America's equity markets are the richest and deepest in the world. Part primer and part advanced discussion of modern trading techniques and technology, this book should be in every trading room. Authors Schwartz, Francioni, and Weber—along with a slew of important contributors—have created the definitive course on equity trading. Ignore this book at your investing peril!"
—Theodore R. Aronson, CFA, Aronson+Johnson+Ortiz, and former chair of the board of governors, CFA Institute

"Back in the early days of Island, we all read Bob Schwartz's articles on limit order trading. Now, with The Equity Trader Course, tomorrow's traders can benefit from this comprehensive overview of stock trading."
—Matt Andresen, President, Citadel Execution Services, and former CEO, Island ECN

"In the world of trading, letting others make their move first pays. This is but one bit of salient advice found in this book. The authors reinforce the importance of liquidity and the placement of limit and market orders. Their appreciation for technical analysis and the need for algorithmic trading guide the reader toward the discipline of risk management and the goal of best execution."
—Ralph J. Acampora, CMT, Managing Director, Knight Research, Knight Equity Markets, L.P.

"An excellent update on the theory and practice of equity trading. The authors present the state of the art of the business. This is a highly useful reference for today's professionals."
—Dr. Josef Ackerman, Chairman, Group Executive Committee, Deutsche Bank AG

"The world's equity markets are large, intricate, and rapidly evolving. Yet, drill down below the surface and there is structure and logic. This book, with clear and insightful text, superbly illuminates the picture for both the novice and the seasoned trader."
—Peter Forstmoser, Chairman, Swiss Re, and Professor, University of Zurich

Customer Reviews

Piece written for London Business School website
Seat-of-the-pants trading is history. Data from Neonet, an agency broker, show that over 28 percent of trades in U.S. stock markets are the result of automated trading strategies. The Boston-based Tabb Group forecasts 34 percent annual growth in global money managers' use of trading algorithms.

So, in an industry increasingly governed by computerization, algorithmic trading, and fully electronic markets, an appreciation of the theory and operations of equity trading is critically important. A new book from Bruce Weber, Professor of Information Management at London Business School, along with Professor Robert A. Schwartz of Baruch College in New York, and Reto Francioni, CEO of Deutsche Börse, offers a comprehensive course in equity trading for professional and serious independent traders.

The world's equity trading markets are large, complicated, and constantly evolving. In this new book, The Equity Trader Course, Professor Weber and his co-authors manage to give a comprehensive overview of the final, critical step in turning market ideas into realized profits. Even in the richest and deepest markets in the world, liquidity is costly, and hidden trading costs can erode profits. Salient advice in the book covers how to place orders optimally, how to react to volatility, and ways to avoid moving the market when buying or selling.

The book includes insights into trading, liquidity pools, and markets, and tools to apply when using auctions, submitting limit orders, and measuring trader performance. The role of technical analysis and the advantages of algorithmic trading are covered. Each chapter of the book teaches both novice and experienced traders how to be adaptive and successful in their purchasing and selling decisions. The Equity Trader Course comes with a companion CD containing the TraderEx simulation, which walks readers through the dynamics of various market structures, and the mechanics of trading - from entering orders to monitoring the market, and profitably exiting a position.

Created 1 June 2006

Love this book or stop trading
Too many people want to offer opinions about what they THINK is the trading and its tenants rather than coming to understand its components and how they create a the whole. Market Analysis [fundamental and technical], Behavioral Finance and Personal Psychology, Technology, and Liquidity are all apart of the equation of what makes a true professional successful. This book does not intend to teach you how to analyze a security -- there are plenty of scribes in the market place that do this; rather, it focuses on orders and order execution as they affect your trading. This is invaluable because it essentially gives you the foundation upon which you can become much more accurate at "reading the tape" because you know market tendancies. If you had an opportunity to know a sepcific order type gives you a greater chance of exiting a loosing position or capitalizing price action that is providing a discounted entry point, wouldn't you jump at it? That's where this book shines -- the actual mechanics of order entry and exiting [without basis toward certain markets or analysis {even setting profit targets}] ... you know... "trading"??? Knowing the difference between analysis, strategy development, and actual trading/trade execution makes you complete.

Falls Way Short of its Claims and High Price
I'm sorry, but this book simply does not live up to its title. If you really want to learn trading it is only best done by gaining experience and understanding both technical analysis and market psychology. I find it amazing that big name publishers rush to publish any book when a professor is behind the name although we all know they have no expereince in the market and they are speaking on theory, which wont get you anywhere in the market. In addition, mutual fund and money managers do not know how to trade. The just buy buy buy and rebalance. For non-professional traders to write a book about trading is about as appropriate as me writing a book on physics and I have not had physics. Trading is an art, not a science. Trading is based on behavioral indicators not on theory.

Dont think that big name publishers always provide quality books because they usually do not. All they are is marketing machines thats why they love to publish diet books, books written by celebrities and other useless material that is marketed to make you think reading their book will change your life! If you want really good books you have to search very hard and they are almost always publsihed by specialty shops. The big publishers have one goal--to sell as many books as possible. Therefore, the quality of their books usually matches a mass audience and that is never good for a difficult topic because you will get short-changed.