Trading

The Back Swan

This latest step in Taleb's migration from derivatives trader to bubble-gum philosopher comes on the heals of his hedge fund, which folded after years of poor performance. Similar to his Fooled by Randomness, this book is even less about trading. Mostly, Taleb tells us that unanticipated things sometimes happen. When that tapers out, he retrieves fractals from the scrap heap of applied math to wow his hopefully uninformed readers. Fractals flopped because no one ever found a use for them. Come to think of it, that may be a problem with this book ...

Valuing Fixed Income Futures

David Boberski
		2006

This book's title is wrong. It is not a book about valuing fixed income futures. It is a book for traders—and a wonderful book at that. It targets experienced traders who are familiar with concepts such as Libor or repo but may be new to trading fixed income futures. Anyone entering these markets for the first time may be confused about two issues ... Read more

Introduction to Options Trading

This is an introduction that starts with the basics: "What is a call?" "What is a strike price?" but soon is explaining concepts from a dealer's perspective: "What is dynamic hedging?" "When should you buy or sell volatility?" There is a huge gap between the simple pros the author uses to introduce concepts and the smattering of calculus formulas he deploys to clarify them. The unsophisticated readers he targets will find the formulas impenetrable, but perhaps unnecessary ...

Coping With Institutional Order Flow

R. Schwartz, J. A. Byrne, A. Colaninno
		2005

In 2003, CUNY hosted a conference entitled Coping With Institutional Order Flow. This book contains carefully edited transcripts from several sessions of that conference. The discussions provide a window on the practical issues institutional shareholders confront in transaction large trades ... Read more

Strategic Trading in Illiquid Markets

Burkart Monh
		2005

This short book presents the author's doctoral thesis. Following an introduction, it is broken into three chapters. These build on a growing literature about optimal trading strategies for institutional investors in stock markets. The investor's goal is not to profit from trading, but to minimize impact costs of acquiring or liquidating large equity positions ... Read more

Fooled by Randomness
The Hidden Role of Chance in the Markets and in Life

Nassim Taleb
		2004

You have heard of cult movies? Well this is a cult book. Now in its second edition (only minor changes from the first edition), the book has been translated into fourteen languages. Written for (primarily unsophisticated) traders, it competes with that other cult classic Market Wizards, which I won't review on principle ... Read more

Options and Options Trading

Robert W. Ward
		2004

Books for beginner-traders come a dime a dozen. Most will teach you bad lessons you will never unlearn. This book is an exception. It doesn't so much compete with Natenberg's (1994) classic as complement it. While Natenberg focuses on qualitative aspects of options markets and trading, Ward focuses primarily on communicating the mathematics ... Read more

Trading and Exchanges
Market Microstructure for Practitioners

Larry Harris
		2003

There are hundreds of books available on trading. Most cater to individual investors with more testosterone than brains. There are a few good books that cater to pros. Some are gems. One is a bible. This is the bible ... Read more

Optimal Trading Strategies

Robert Kissell and Morton Glantz
		2003

Suppose you are a trader for a mutual fund. You need to unload 100,000 shares of a thinly traded stock—fast. How do you do it? If you are two aggressive, you will move the market against you. If you are too passive, it may take days to fill the order. This is the traders' dilemma ... Read more

Trading Natural Gas

Fletcher J. Sturm
		1997

This is the definitive book on natural gas trading. Starting off with an historical introduction, Sturm then delves into the physical market. You learn of business activity, supply and demand fundamentals, the intricacies of transportation and how physical transactions are conducted. Next, you learn of ... Read more

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Dynamic Hedging

Nassim Taleb
		1996

Nassim Taleb's Dynamic Hedging is an extraordinarily authoritative and informative book. Balancing essential theory with the realities of markets, Taleb explains the strategy, tactics and risks—both on-model and off-model—of managing derivatives portfolios. Cautions, insights and essential techniques jumble together with anecdotes ... Read more

Option Volatility & Pricing
Advanced Trading Strategies and Techniques

Sheldon Natenberg
		1994

If you are new to options trading, Natenberg's Option Volatility & Pricing should be the first book you read ... Read more

Option Market Making
Trading and Risk Analysis for the Financial and Commodity Option Markets

Allen Jan Baird
		1993

Make this the second book you read on options trading. It delivers exactly what it promises, detailing how professional traders make markets in options ... Read more

For related books, also see sections:

Markets - General

Markets - Commodities

Markets - Derivatives

Markets - Energy & Power

Markets - Equities

Markets - Fixed Income

Markets - Money Market, FX

Portfolio Management - General

Portfolio Management - Specialty Strategies

Portfolio Management - Hedge Funds

Risk Management - Market Risk