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The Prop Trader's Chronicles will unveil the strategies and techniques used at proprietary trading firms and by other professional stock traders. The book will describe the author's experience as a prop trader in an engaging narrative, but at the same time will provide an in-depth explanation of strategies employed by prop traders utilizing direct access technologies, Level II quotes, time & sales feeds, and electronic communication networks. The book will describe a variety of trading strategies involved in rapid day trading of stocks, including: scalping, rebate trading, and advanced reading of time & sales transactions to detect short-term swings; and statistical arbitrage. The author will describe how to use time & sales data as the modern-day equivalent of "reading the tape." Long the province of professional traders, the price/transaction data and leverage-dependent strategies discussed in the book are now available to individual traders through a select number of direct-access brokers. In short, the book will show active independent traders how to trade at a professional level and will provide a foundation for aspiring professional traders.
Sommario
Preface ix
CHAPTER 1 Eat a Percentage of What You Kill 1
CHAPTER 2 A Swift Reality Check 9
CHAPTER 3 The Basics of Double Auction Markets in the Real World 21
CHAPTER 4 Introduction to the ECN Platforms and Order Routing 29
CHAPTER 5 Dark Pool Liquidity and Alternative Trading Systems 41
CHAPTER 6 Combining Level 2 and Time & Sales: Reading the Consolidated Tape 47
CHAPTER 7 Week One on Live Trading 55
CHAPTER 8 Losing $30,000 in Under a Minute 71
CHAPTER 9 Trading with a Real Edge 79
CHAPTER 10 The Psychology of Profitable Trading 91
CHAPTER 11 Choosing a Proprietary Trading Firm 107
CHAPTER 12 Strategy Diversification 117
CHAPTER 13 Volatility and the Crash of 2008 127
CHAPTER 14 Building Blocks of Trading Strategies 133
Glossary 141
About the Author 149
Index 151
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