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Praise for THE LAWS OF TRADING
> ?Tim??Harford, author of??The Undercover Economist??and??Fifty Things That Made the Modern Economy
> ?Dr. Paul Wilmott, creator of [...] and the Certificate in Quantitative Finance
TRADING IS AT THE CORE OF THE MODERN WORLD, FROM FINANCE TO THE GIG ECONOMY. LEARN FROM A PROFESSIONAL TRADER HOW TO SEE YOUR DECISIONS AS TRADING EXCHANGES?DO MORE OF THE TRADES YOU WANT AND FEWER OF THE ONES YOU DON'T.
Trading is the act of buying and selling. Whenever you buy groceries, you are trading. Purchasing a car, ordering dinner, selling an item on eBay?all trades. Going to work is a trade, exchanging your labor for a wage. Trading is as old as civilization, and it's more ubiquitous today than ever. Unfortunately, accurate, reliable information on trading, particularly in financial markets, is hard to find. It's common for books on trading to try to sell you products and services.
The Laws of Trading is different. Its purpose is to teach specific mental skills that extend far beyond the trading floor to wherever rational decision-making is important.
Science tells us that human decision-making is flawed, biased, and irrational. Learn to avoid these problems in day-to-day decisions. React in real-time with the appropriate decision. Leverage your unique skills and knowledge. Make profitable trades in your personal, professional, and financial life. Think like a trader.
Praise for THE LAWS OF TRADING
> ?Tim??Harford, author of??The Undercover Economist??and??Fifty Things That Made the Modern Economy
> ?Dr. Paul Wilmott, creator of [...] and the Certificate in Quantitative Finance
TRADING IS AT THE CORE OF THE MODERN WORLD, FROM FINANCE TO THE GIG ECONOMY. LEARN FROM A PROFESSIONAL TRADER HOW TO SEE YOUR DECISIONS AS TRADING EXCHANGES?DO MORE OF THE TRADES YOU WANT AND FEWER OF THE ONES YOU DON'T.
Trading is the act of buying and selling. Whenever you buy groceries, you are trading. Purchasing a car, ordering dinner, selling an item on eBay?all trades. Going to work is a trade, exchanging your labor for a wage. Trading is as old as civilization, and it's more ubiquitous today than ever. Unfortunately, accurate, reliable information on trading, particularly in financial markets, is hard to find. It's common for books on trading to try to sell you products and services.
The Laws of Trading is different. Its purpose is to teach specific mental skills that extend far beyond the trading floor to wherever rational decision-making is important.
Science tells us that human decision-making is flawed, biased, and irrational. Learn to avoid these problems in day-to-day decisions. React in real-time with the appropriate decision. Leverage your unique skills and knowledge. Make profitable trades in your personal, professional, and financial life. Think like a trader.
AGUSTIN LEBRON began his career as a trader and researcher at Jane Street Capital, one of the largest market-making firms in the world. Over the years he traded many kinds of securities: equities, futures, commodities, options, and an assortment of other derivatives, and has created, developed and implemented several successful trading strategies. He currently runs the consulting firm Essilen Research, where he is dedicated to helping clients integrate modern decision-making approaches in their business.
Acknowledgments vii
Foreword ix
Aaron Brown
Introduction xiii
Chapter 1 Motivation 1
Know why you are doing a trade before you trade 1
Chapter 2 Adverse Selection 21
You're never happy with the amount you traded 22
Chapter 3 Risk 41
Take only the risks you're being paid to take Hedge the others 41
Chapter 4 Liquidity 71
Put on a risk using the most liquid instrument for that risk 72
Chapter 5 Edge 93
If you can't explain your edge in five minutes, you don't have a very good one 95
Chapter 6 Models 115
The model expresses the edge 115
Chapter 7 Costs and Capacity 141
If you think your costs are negligible relative to your edge, you're wrong about at least one of them 142
Chapter 8 Possibility 167
Just because something has never happened doesn't mean it can't 171
Chapter 9 Alignment 197
Working to align everyone's interests is time well spent 198
Chapter 10 Technology 217
If you don't master technology and data, you're losing to someone who does 220
Chapter 11 Adaptation 239
If you're not getting better, you're getting worse 240
Notes 261
Index 271
| Erscheinungsjahr: | 2019 |
|---|---|
| Fachbereich: | Betriebswirtschaft |
| Genre: | Importe, Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Buch |
| Inhalt: | 304 S. |
| ISBN-13: | 9781119574217 |
| ISBN-10: | 1119574218 |
| Sprache: | Englisch |
| Einband: | Gebunden |
| Autor: | Lebron, Agustin |
| Hersteller: | Wiley |
| Verantwortliche Person für die EU: | Wiley-VCH GmbH, Boschstr. 12, D-69469 Weinheim, product-safety@wiley.com |
| Maße: | 237 x 162 x 27 mm |
| Von/Mit: | Agustin Lebron |
| Erscheinungsdatum: | 18.06.2019 |
| Gewicht: | 0,603 kg |
AGUSTIN LEBRON began his career as a trader and researcher at Jane Street Capital, one of the largest market-making firms in the world. Over the years he traded many kinds of securities: equities, futures, commodities, options, and an assortment of other derivatives, and has created, developed and implemented several successful trading strategies. He currently runs the consulting firm Essilen Research, where he is dedicated to helping clients integrate modern decision-making approaches in their business.
Acknowledgments vii
Foreword ix
Aaron Brown
Introduction xiii
Chapter 1 Motivation 1
Know why you are doing a trade before you trade 1
Chapter 2 Adverse Selection 21
You're never happy with the amount you traded 22
Chapter 3 Risk 41
Take only the risks you're being paid to take Hedge the others 41
Chapter 4 Liquidity 71
Put on a risk using the most liquid instrument for that risk 72
Chapter 5 Edge 93
If you can't explain your edge in five minutes, you don't have a very good one 95
Chapter 6 Models 115
The model expresses the edge 115
Chapter 7 Costs and Capacity 141
If you think your costs are negligible relative to your edge, you're wrong about at least one of them 142
Chapter 8 Possibility 167
Just because something has never happened doesn't mean it can't 171
Chapter 9 Alignment 197
Working to align everyone's interests is time well spent 198
Chapter 10 Technology 217
If you don't master technology and data, you're losing to someone who does 220
Chapter 11 Adaptation 239
If you're not getting better, you're getting worse 240
Notes 261
Index 271
| Erscheinungsjahr: | 2019 |
|---|---|
| Fachbereich: | Betriebswirtschaft |
| Genre: | Importe, Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Buch |
| Inhalt: | 304 S. |
| ISBN-13: | 9781119574217 |
| ISBN-10: | 1119574218 |
| Sprache: | Englisch |
| Einband: | Gebunden |
| Autor: | Lebron, Agustin |
| Hersteller: | Wiley |
| Verantwortliche Person für die EU: | Wiley-VCH GmbH, Boschstr. 12, D-69469 Weinheim, product-safety@wiley.com |
| Maße: | 237 x 162 x 27 mm |
| Von/Mit: | Agustin Lebron |
| Erscheinungsdatum: | 18.06.2019 |
| Gewicht: | 0,603 kg |
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