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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
MARKET FUNCTION (2)
Market Order
§ A market order is an order – buy or sell - that will get filled at the best price available
o The order can get filled at a different price than the trader thought he or she would get
o This is a dangerous order to use – should only be used as a panic button because if may get filled well away from the assumed price
Limit Order
§ A limit order is an order – buy or sell – that will be executed at the market price or better
o It is limited to being executed at a specific price
Quote Level 1
§ This shows the highest bid and lowest offer as defined by the NASDAQ
Inside Price/Market Price
§ These prices refer to the best price on the National market – all ECNs and markets
Bull Market
§ A bull market is a general upward trend in security prices
o Higher highs and higher lows
Bear Market
§ A bear market is a general downward trend in security prices
o Lower lows and lower highs
§ For prop traders bull and bear markets happen multiple times a day
Crossed Market
§ A crossed market occurs when the inside bid is higher than the inside offer
§ Crossed markets happen in pre- and post-market trading as well as on stocks that move quickly
Locked Market
§ A locked market occurs when the inside price is equal to the inside offer
§ Locked markets occur in pre- and post-market trading and quite often during the course of regular trading on all stocks
Execution System
§ An execution system is a piece of software that traders use to execute trades
§ At swift trade, traders used to have 4 different execution systems, now we have one – Prosper Pro
Spread
§ The difference between the inside offer and the inside bid
§ The larger the spread the riskier the stock
Price Levels
§ Price levels are groups of bids and offers at the same price
§ Bids from financial firms and ECNs are sorted on the level 2 according to price
§ The thinner the price levels are, the riskier a stock is to trade
§ The price level 1 can be different from the quote level 1 because of ECNs
Intraday Range
§ The difference between the price of the highest trade and the price of the lowest trade
Rip
§ A rip is a dramatic upward movement in the price of a security
o This is relative to each stock
§ It is difficult to execute trades when a stock is ripping
Tank
§ A tank is a dramatic downward movement in stock price
o Also relative for each stock
§ It is difficult to execute trades when a stock is tanking
Tick
§ A tick is a stock transaction at any price
o Also called a print
Uptick
§ An uptick, as defined by the NASD, occurs when the current level 1 bid is higher than the previous level 1 bid
§ An uptick, as defined by the NYSE and the AMEX occurs when the current tick is higher than the previous tick
§ You may only short sell on an uptick
Downtick
§ A downtick, as defined by the NASD, occurs when the current level 1 bid is lower than the previous level 1 bid
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