The Equity Trader Course

“Explains in plain English the trading process in stocktransactions while providing a clear explanation of the variousmarket structures available in the stock market….an excellentread for anyone interested in learning how stocks are traded, theparticipants in the equity markets, and the issues faced byinstitutional traders as they attempt to leave the smallestfootprint in buying and selling large share quantities. I recommendit to both new traders as well as experienced traders who areundergoing fast change in their profession.”—DavidKrell, President & CEO, International Securities Exchange

“Vision is not enough when writing about the complex world ofequity trading – clear writing and compelling delivery are alsorequired. This book has all three.” —Walter Kielholz,Chairman of the Board of Directors, Credit Suisse Group

“This authoritative and fascinating book is must readingfor all professional investors, not justtraders.”—Peter L. Bernstein, author of CapitalIdeas and Against the Gods

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

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

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

“An excellent update on the theory and practice of equitytrading….a highly useful reference for today’sprofessionals.”—Dr. Josef Ackerman, Chairman, GroupExecutive Committee, Deutsche Bank AG

“…superbly illuminates the picture for both thenovice 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 theequity trading environment'” —Andrew M. Brooks, VicePresident, Head of Equity Trading, T. Rowe Price Group

“…one of the best guides available through theintricate environment that we face today.” —KurtViermetz, Chairman of the Supervisory Board, Hypo Real EstateHolding 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 deepinsights in to what is a cornerstone of the American economy;stocks and the market.”—John C. Giesea, President &CEO, Security Traders Association

If you are intent on enhancing your trading performance in today’smarkets, you must find a way to quickly exploit tradingopportunities that arise from pricing inefficiencies as well asdrive 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 whohave contributed special pieces for the chapters of thisbook—provide a comprehensive course in equity trading for boththe seasoned professional and serious independent trader. Thisdetailed guide delivers key information on the dynamics of equitytrading and shows you how to make the most of your time in themarkets.

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

• The basic features of equity trading—fromorder arrival tothe 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 regimeand 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 ofthe trading moment, this book’s companion CD-ROM contains acomputer-based simulation model, TraderEx, which gives you thechance to make hands-ontrading decisions and see the results liveon your computer screen. These simulations help you hone yourknowledge and decision-making skills before you put them to work inreal-world situations.

Trading has never been an easy endeavor, but with The EquityTrader Course as your guide, you can learn how to make betterdecisions—as well as lower your costs—by becomingfamiliar with the dynamics of today’s markets and the mechanicsbehind the trades you make.