by Larry Harris
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| List Price: | $99.99 |
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Product Description
This book is about trading, the people who trade securities and contracts, the marketplaces where they trade, and the rules that govern it. Readers will learn about investors, brokers, dealers, arbitrageurs, retail traders, day traders, rogue traders, and gamblers; exchanges, boards of trade, dealer networks, ECNs (electronic communications networks), crossing markets, and pink sheets. Also covered in this text are single price auctions, open outcry auctions, and brokered markets limit orders, market orders, and stop orders. Finally, the author covers the areas of program trades, block trades, and short trades, price priority, time precedence, public order precedence, and display precedence, insider trading, scalping, and bluffing, and investing, speculating, and gambling.
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Average Customer Review:
0 of 0 people found the following review helpful:
 About structure of markets, not about behaviour, 2008-11-18
The books deals with the structure of markets: How is an order transferred? What types of orders exists? What kind of people place orders? This is all useful knowledge.
What is not dealt with is the behaviour of the actors in the market: Why is the more orders in the morning? What are the tricks brokers play when they want to buy a large position? This is even more useful knowledge, and unfortunately the book is not dealing with these aspects.
This is probably because the author is an academic/regulator and not a market participant. It would have been great to find a rigorous book that adds both perspectives. This is not that book.
As a primer (the book is a university textbook) it is however fine.
I have written several short reviews on trading books. The best way is to compare the score on the books I've read. Many reviews on amazon.com are just glorious 5 star reviews. I use all five categories; sorry but everything isn't "great". Books rated 5 are very good. Books rated 4 are good solid books well worth reading. Books rated 3 can be bought by some people who read a lot or have very specific needs. Books rated 1 or 2 I would not recommend buying or reading. Naturally all in my humble opinion.
0 of 0 people found the following review helpful:
 Good Book, 2008-05-12
Good Book. Worth a reading by people in finance. Might be too layman like for you if you are already experienced. Good stuff though.
8 of 8 people found the following review helpful:
 This is probably the first book anyone even peripherally involved in trading should read, 2007-04-04
I'm not a trader. I do occasionally look longingly at high frequency trading positions (stat arb, automated trading; whatever you'd like to call it). This is the book that actually answers all those questions any curious person who has ever made a trade might ask. What happens when you make a trade? What is the mechanics of making a trade? How does liquidity work? What happens if your trade is bigger than the daily volume of the traded equity? How does index arb work? What do flow traders do to make money? What are the different exchanges, and what are their rules? How does GAAP play out in exchanges? What are NASDAQ's idiosyncrasies? Why don't they have an automated auction model out there (they do)? How do traders scalp you when you want to dump a block on the street? Is this legal? This book answers all, and far more.
I don't know how people used to learn this stuff; presumably either by word of mouth, or by losing millions of their employers dollars. I also don't know what motivated Mr. Harris to spill all this wonderful information, but I am very grateful that he did. I almost feel like I should trash talk the book to prevent people from reading it (yeah, some of the information actually is outdated -pffff, like it matters), but enough know of it already I wouldn't gain much edge.
The person who recommended this book to me is generally mentioned in the same breath as the name "Jim Simons," so I have to assume it is as accurate as anything on the market out there. Wonderful, wonderful stuff. Anyone interested in markets should read this from cover to cover.
2 of 3 people found the following review helpful:
Good introduction to market microstructure, 2007-02-13
My professor is the author of this book, which is extreamely horrible because no student would wish their professor knows every single word in the book. However, this book give a pretty detail introduction to the market structure and all things you need to know about trading. The language in the book are quite easy to understand even thought some terms are very technical. According to my professor, the contents on the side are useful when combining the reading, which will give you a whole picture of what will be the issue when come to real life doing the trading. It's a great book. However, if you are planning to buy this one, you may want to wait for a little bit becuase my professor is on the way to the second edition. I believe that must have more updated information. Good luck! ^_^
5 of 5 people found the following review helpful:
Required reading for anyone getting into trading and investing, 2006-07-22
I've used this book as a textbook and I have to admit it's invaluable in that it explains in a detailed yet rather straightforward way what happens when you send an order to the marketplace and how it is worked by market participants. In the light of recent developments in academic and professional literature, showing how good execution is an essential part of an outstanding money-management performance, I strongly recommend it to all beginners ready to step in the arena or practicioners who aren't fully aware of these matters.
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