Direct Access Futures : A Complete Guide to Trading Electronically,9780471121992

Direct Access Futures : A Complete Guide to Trading Electronically

by
ISBN13: 9780471121992
ISBN10: 0471121991
Format: Hardcover
Pub. Date: 2001-12-21
Publisher(s): Wiley
  • Free Shipping Icon

    This Item Qualifies for Free Shipping!*

    *Excludes marketplace orders.

List Price: $73.45

Rent Book

Select for Price
Add to Cart
There was a problem. Please try again later.

New Book

We're Sorry
Sold Out

Used Book

We're Sorry
Sold Out

eBook

We're Sorry
Not Available

Buy from our Marketplace starting at $79.76

How Marketplace Works:

  • This item is offered by an independent seller and not shipped from our warehouse
  • Item details like edition and cover design may differ from our description; see seller's comments before ordering.
  • Sellers much confirm and ship within two business days; otherwise, the order will be cancelled and refunded.
  • Marketplace purchases cannot be returned to eCampus.com. Contact the seller directly for inquiries; if no response within two days, contact customer service.
  • Additional shipping costs apply to Marketplace purchases. Review shipping costs at checkout.

Summary

To survive and thrive in the futures markets, experienced and novice futures traders alike need to educate themselves with the ins and outs of the electronic trading environment. Silverman, former board member of the Chicago Mercantile Exchange who has successfully made the transition from trading on the floor to trading electronically, acquaints readers with his proven strategies for playing both the long and short sides of the futures market and profiting in all market conditions.

Author Biography

DAVID I. SILVERMAN is a longtime member of the Chicago Mercantile Exchange and has traded futures since 1982, both on the floor and using electronic systems. Mr. Silverman recently finished his eighth year as a member of the Board of Directors of the CME. In that capacity, he filled many important exchange positions, such as chairman and vice chairman of various technology and product committees. During his tenure as a board member, he helped develop order-routing and communications technology geared toward making the trading floor more efficient; chaired committees that developed a handheld trading device and wireless headset technology; and participated in the development of GLOBEX®, the CME’s electronic trading network. Silverman also served as Chairman of the Board of the GFX, the CME’s online foreign exchange market-making division. An accomplished public speaker, Silverman has participated on panels and delivered a number of keynote addresses at industry conferences.

Table of Contents

Foreword.
Introduction: The Impact of Technology on Futures Trading.
1. Direct Access.
Direct Access and Why It Is Important.
Defining Direct Access.
Types of Direct Access.
Direct Access and the NASDAQ Electronic Market.
Fragmentation and the Central Limit Order Book.
Trading Arcades.
2. Discussions about Direct Acess.
Direct Access and the Broker.
Direct Access and the Network Engineer.
Direct Access and the Trader.
The Trade Matching Engine: GLOBEX2ùA Case Study.
3. The Case for Futures Trading.
Everybody Needs Insurance.
Hedging 101: The Basics.
The Speculators.
Organized Futures Exchanges: An Abridged History.
The Birth of Financial Futures Markets.
Open Outcry.
Liquidity.
Illiquidity.
The Role of the Exchange.
4. The Exchanges.
The Chicago Mercantile Exchange, Inc. (www.cme.com).
The Chicago Board of Trade (www.cbot.com).
The Sydney Futures Exchange (www.sfe.com.au).
EUREX (www.eurexchange.com).
LIFFE (www.liffe.com).
The eSpeed Exchange (www.cx.cantor.com).
5. Software.
Independent Software Vendors.
Questions to Ask Before Choosing a Front-End.
The Vendors.
6. Stock Index Futures.
The S&P 500 Index.
The S&P 500 Futures Contract.
Using S&P Futures to Hedge Portfolio Risk.
Fair Value.
Index Arbitrage (Program Trading).
The Tick Indicator.
The NASDAQ 100 Index.
The E-Mini S&P 500 and E-Mini NASDAQ Futures Contracts.
So You Want to Be a Market-Maker.
Trading the ôLevelsö.
The Privileges of Membership.
E-Minis: The Day TraderÆs Dream Come True.
Tax Considerations.
Single Stock Futures.
7. Foreign Exchange.
Foreign Exchange and Electronic Trading Systems.
The Interbank Market.
The Foreign Exchange Dealer.
Interbank Pricing Conventions.
Spot and Forwards.
FOREX Swaps.
Macroeconomic Factors That Affect Currency Values.
Trading Currencies Electronically.
The GLOBEX Foreign Exchange Facility.
8. Treasury Futures.
The Need for Treasury Futures.
The Basics of CBOT Treasury Futures.
The Significance of the Cheapest to Deliver.
Some Real World Applications.
The Federal Reserve.
9. Becoming a Successful Trader.
Do You Have What It Takes to Become a Successful Trader?
ItÆs Going to Take Some Time.
There Are No Shortcuts.
Develop a Trading Methodology.
The Ten Commandments.
What Type of Methodology Should I Use?
Find Your Edge.
Systems-Based Trading versus Discretionary Trading.
Understand the Value of Capturing the ôSpreadö.
Control Your Risk.
Understand What You Are Getting Yourself into.
The InvestorÆs Bill of Rights.
Losses: CanÆt Live with æem, CanÆt Live without æem.
Technical Analysis.
These Boots Are Made for Random Walking.
10. Twenty-five Frequently Asked Questions about Electronic Trading.
1. How Much Money Do I Need in Order to Trade Actively?.
2. How Long Will It Take Me to Begin Making Money?
3. How Much Money Can I Make?
4. How Much Money Can I Lose?
5. Assuming One Has to Pay His or Her Dues, How Much Money Can I Expect to Lose in the First Few Months of Online Trading?
6. How Many Contracts Should I Trade?
7. When I Begin, How Many Contracts Should I Trade?
8. How Much Should I Try to Make on a Trade?
9. What Is the Maximum Loss I Should Take on a Trade?
10. What Are the Best Electronic Futures Markets to Trade?
11. How Much Should I Pay in Commission?
12. What Are My Connectivity Choices?
13. Which Connection Is Best?
14. What Is the First Step I Have to Take in Order to Get Connected?
15. If I Do Decide to Trade over the Internet, Which Service Provider Should I Choose?
16. Can I Connect to the Internet through a 56K Dial-Up Line or Do I Need a High-Speed Line?
17. What Type of PC Do I Need?
18. How Much Money Do I Need to Invest in the First Six Months of Online Trading?
19. Do I Have to Trade Full-time in Order to Become Successful?
20. How Do I Choose a Broker?
21. I Have Traded Securities Online before, but am New to the Futures Markets. What Are the Differences between Them and What Makes Futures Better?
22. When Can I Trade Single Stock Futures?
23. There Are a Number of Internet-Based Foreign Exchange Trading Sites. Why Should I Trade Currencies at the CME?
24. How Can I Get Started Studying Technical Analysis?
25. What Is the Best Technical Strategy for Me to Use to Make Money Trading Online?
APPENDIX A: GLOSSARY.
APPENDIX B: INDEX COMPONENTS: S&P 500 AND NASDAQ 100.
APPENDIX C: CONTRACT SPECIFICATIONS: S&P AND NASDAQ FUTURES CONTRACTS.
APPENDIX D: TAX TREATMENT OF FUTURES.
APPENDIX E: THE INVESTORÆS BILL OF RIGHTS.
APPENDIX F: USING THE WORLD WIDE WEB.
APPENDIX G: SUGGESTED READING.
Index.

An electronic version of this book is available through VitalSource.

This book is viewable on PC, Mac, iPhone, iPad, iPod Touch, and most smartphones.

By purchasing, you will be able to view this book online, as well as download it, for the chosen number of days.

Digital License

You are licensing a digital product for a set duration. Durations are set forth in the product description, with "Lifetime" typically meaning five (5) years of online access and permanent download to a supported device. All licenses are non-transferable.

More details can be found here.

A downloadable version of this book is available through the eCampus Reader or compatible Adobe readers.

Applications are available on iOS, Android, PC, Mac, and Windows Mobile platforms.

Please view the compatibility matrix prior to purchase.