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Definitions And Other Relevant information (Part I)
MARKET STRUCTURE NYSE § NYSE stands for the New York Stock Exchange § It was established in 1792 § It is an auction market NASD § NASD stands for National Association of Securities Dealers § It is an SRO (self regulatory organization) § Members of the NASD are mostly market makers (financial institutions); however, Swift Trade Securities Inc. is also a member NASDAQ § National Association of Securities Dealers Automated Quotation system § Trading began on the NASDAQ in 1971 § It is a dealer market ECN § Electronic Communication Network § An ECN is a private area of cyber space where people meet to buy and sell securities § At swift trade, we have access to virtually all ECNs National Market § Could be called the ‘world market’ § Refers to quotes on a certain security regardless of the exchange DAET/EDAT/DAD § Direct Access Electronic Trading § Electronic Direct Access Trading § Direct Access Trading § All mean the same thing – day trading Market Capitalization (Cap) § Refers to a company’s total outstanding shares (the number of shares available to the public) multiplied by the price (the day’s closing price) of that stock Large/Medium/Small Cap Company § Large cap > $1B § Medium – between $500M and $1B § Small - < $500M CME § The Chicago Mercantile Exchange § Trades futures on interest rates, stock indexes, foreign exchange and agricultural commodities contracts and options on futures contracts SEC § The Securities and Exchange Commission § Their mission: to protect investors and maintain the integrity of the securities markets § Set rules for trading that must be followed – not an SRO – a government body – LAW MARKET FUNCTION (1) Bid § An advertisement to buy a specific number of shares as a specific price § Located on the left side of the level 2 screen Offer/Ask § An advertisement to sell a specific number of shares as a specific price § Located on the right side of the level 2 screen Long § If a trader is long in a security means that a trader has bought shares and now owns them Short § To be short means to have borrowed a stock, then sold it § This allows traders to take advantage of a declining stock price – sell high, buy low § There are specific rules that apply to short selling securities that we will discuss later in the course § Short selling is an invaluable tool. Without it, traders would not be able to make money 50% of the time. § Stock prices fluctuate every day – if a trader can only go long, he or she will miss out on at least half of the opportunities to make money each day § Most of the investing public does not know about short selling – this results in a long bias towards investments – we have more knowledge than the general public in this area Flat § To be flat in a security means to have no positions SOFTWARE Prosper Pro § This is Swift Trade’s execution system – the software we use to trade Level 2 Screen § This shows the aligned bids and offers on a particular security o Bids are on the left, offers on the right § This is the screen that traders will watch all day long Time and Sales § This shows every transaction on a security – on every market and ecn Blotter § This screen shows all positions a trader currently holds along with the summary of the trader’s day, and the trade list Order Log § The order log shows all of the orders that have been executed or cancelled fWww Foreign Exchange Trader Forex Forex Robot World Cup Royal Trader Review World Forex Robot Contest Foreign Exchange Trader Trading Nasdaq & NYSE-●●相拥●夕桥●●-我的搜狐i s o Foreign Exchange Trader Webcam Foreign Exchange Trader qWww Foreign Exchange Trader Forex Forex Robot World Cup Royal Trader Review World Forex Robot Contest Foreign Exchange Trader Trading Nasdaq & NYSE-●●相拥●夕桥●●-我的搜狐d Foreign Exchange Trader |