By Michael Harris
On the way to triumph over yes hindrances and make extra proficient judgements in today’s markets, you can use the ideal versions and practice cautious research. no one knows this higher than writer Michael Harris. And now, with Profitability and Systematic buying and selling, he finds the right way to do so objective, by means of discussing one of the most very important buying and selling thoughts he’s labored on in the course of two decades of analysis and improvement during this box.
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Extra resources for Profitability and Systematic Trading: A Quantitative Approach to Profitability, Risk, and Money Management (Wiley Trading)
It boils down to this: As soon as a new trading account is opened, whether a retail or corporate account, it becomes the potential target of millions of other traders. Anyone planning to participate in a zero-sum game and desires to profit from such activity must understand its mechanics and take all measures to assure that his or her funds are not redistributed to others. This translates directly into taking manageable risk while at the same time having a profitable systematic trading or investment strategy in place.
Forex market makers can do this because the market is selfregulated and transactions are over-the-counter. No times and sales report: Note that there is no time and sales report available for the forex market as a whole. Price quotes that one trader sees on his computer screen that is linked to one market maker data feed can slightly vary from those another trader sees on her screen that is linked to another market maker data feed. Thus, a limit order placed at a specific price level maybe executed by one market maker but not by another because the specific price level was never reached.
This translates directly into taking manageable risk while at the same time having a profitable systematic trading or investment strategy in place. ZERO-SUM TRADING MARKETS Commodity futures and forex trading are zero-sum games, by definition. For every buyer of a futures or currency contract there must be a seller and vice versa, because this is mandated by the operational structure of such markets. Let us say, for example, that trader A purchases one futures contract of commodity XYZ, by posting $3,000 margin, from trader B, who sells the contract by also posting $3,000 margin.