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Option Valuation: A First Course in Financial Mathematics by Hugo D. Junghenn : the book
Option Valuation: A First Course in Financial Mathematics provides a straightforward introduction to the mathematics and models used in the valuation of financial derivatives. It examines the principles of option pricing in detail via standard binomial and stochastic calculus models. Developing the requisite mathematical background as needed, the text presents an introduction to probability theory and stochastic calculus suitable for undergraduate students in mathematics, economics, and finance.
The first nine chapters of the book describe option valuation techniques in discrete time, focusing on the binomial model. The author shows how the binomial model offers a practical method for pricing options using relatively elementary mathematical tools. The binomial model also enables a clear, concrete exposition of fundamental principles of finance, such as arbitrage and hedging, without the distraction of complex mathematical constructs. The remaining chapters illustrate the theory in continuous time, with an emphasis on the more mathematically sophisticated Black-Scholes-Merton model.
Largely self-contained, this classroom-tested text offers a sound introduction to applied probability through a mathematical finance perspective. Numerous examples and exercises help students gain expertise with financial calculus methods and increase their general mathematical sophistication. The exercises range from routine applications to spreadsheet projects to the pricing of a variety of complex financial instruments. Hints and solutions to odd-numbered problems are given in an appendix and a full solutions manual is available for qualifying instructors.Paskalis Glabadanidis, "Absence of Arbitrage Valuation" : the book
Models at Work: A Practitioner's Guide to Risk Management (Global Financial Markets) by Jawwad Farid : the book
A central theme of the book it is that we need sophistication in analysis, not complexity in modeling; that risk models don't work in isolation and for a risk function to be successful it needs to focus on presenting results that are understood by broader audiences, not just the mathematically inclined.
Models at Work addresses these challenges and will demonstrate:
• how to measure the impact of volatility using simple and incrementally complex tools.
• how to translate the impact to changes in business results under stressed conditions, looking toward the distribution of volatility and Monte Carlo simulations rather than static value at risk models.
• the multiple flavors of value at risk as well as additional portfolio metrics.
• how to link target accounts and risk policy and examine the impact of both on designing risk systems.
• Monte Carlo simulation in Excel for simulating commodity prices, projecting business P&L and analyzing hedge effectiveness.
• price swaps, vanilla and exotic options in Excel.
If you have been searching for market relevant, background material on risk that can be shared with board members and business line managers, with technology, implementation and audit teams, with new arrivals in the compliance function or even business school students, this book is for you. It fills in the missing context that kills conversations around risk management. How do you measure and manage risk? How do you link risk to business drivers? How does risk work outside the financial services industry? Why doesn't Value at Risk work?
Using lay person language and simple tools, Models at Work answers questions raised by risk management practitioners and students around the world and will become a valuable resource for both audiences.Ravi Batra - Greenspan's Fraud: How Two Decades of His Policies Have Undermined the Global Economy : the book
Nathaniel Popper, "Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money" :the book
A New York Times technology and business reporter charts the dramatic rise of Bitcoin and the fascinating personalities who are striving to create a new global money for the Internet age.
Digital Gold is New York Times reporter Nathaniel Popper’s brilliant and engrossing history of Bitcoin, the landmark digital money and financial technology that has spawned a global social movement.
The notion of a new currency, maintained by the computers of users around the world, has been the butt of many jokes, but that has not stopped it from growing into a technology worth billions of dollars, supported by the hordes of followers who have come to view it as the most important new idea since the creation of the Internet. Believers from Beijing to Buenos Aires see the potential for a financial system free from banks and governments. More than just a tech industry fad, Bitcoin has threatened to decentralize some of society’s most basic institutions.
An unusual tale of group invention, Digital Gold charts the rise of the Bitcoin technology through the eyes of the movement’s colorful central characters, including an Argentinian millionaire, a Chinese entrepreneur, Tyler and Cameron Winklevoss, and Bitcoin’s elusive creator, Satoshi Nakamoto. Already, Bitcoin has led to untold riches for some, and prison terms for others.Howard Abell, "Spread Trading: Low Risk Strategies for Profiting from Market Relationships" : the book
Spread Trading. It's exciting. Stimulating. Highly profitable. Yet - it remains a mystery to most traders. Despite the benefits offered by this dynamic hedge tool, many traders don't understand how to recognize relationships in the commodity and financial markets - and use them to enhance their trading performance.
Now, renowned market maker Howard Abell offers the definitive book on this exciting technique, outlining strategies for analyzing opportunities, tactics for implementation, and savvy advice on overcoming the psychological barriers that hold most spread traders back. Four easy-to-follow sections reveal exactly what it takes to trade based on the concept of differential - or the relationship between commodities or similar products - including …
1) Psychological factors that make for the most successful spreaders, and developing a strategic game plan for spreading success.
2) Technical analysis and spread trading - seasonal, cyclical and historical spread relationships to exploit, such as using spreads in the grain market to profit from summer drought.
3) Spread trading methods of the top market experts. Specific strategies that have proved successful by the specialists in various asset classes.
4) Every principle & benefit spread trading affords from discovering opportunities in seemingly dull markets to earning greater long-term profits with highly calculated risk.
Good spreaders are daring yet disciplined, focused yet flexible, well-prepared yet able to think on their feet - and Abell arms readers with the analytical and psychological skills required to be not just good, but great traders, as he outlines techniques for …
Trading to win, instead of trading not to lose
Building the inevitability of draw downs into your strategy
Identify the market signal, or "spread entry point"
And many more important tools for winning big by spreading trading.
With a foreword by the CBOT's chairman Patrick Arbor, this timely handbook will equip you to face head-on the challenge of spread trading in the real world.An Introduction to Forex Trading - A Guide for Beginners By Matthew Driver : the book
The Little Book of Bull Moves in Bear Markets: How to Keep Your Portfolio Up When the Market is Down by Peter D. Schiff : the book
Robert G. Hagstrom, "The Warren Buffett Way, 3rd Edition" : the book
New material includes:
How to think like a long–term investor just like Buffett
Why loss aversion , the tendency of most investors to overweight the pain of losing money, is one of the biggest obstacles that investors must overcome.
Why behaving rationally in the face of the ups and downs of the market has been the key to Buffett s investing success
Analysis of Buffett s recent acquisition of H.J. Heinz and his investment in IBM stock
The greatest challenge to emulating Buffett is not in the selection of the right stocks, Hagstrom writes, but in having the fortitude to stick with sound investments in the face of economic and market uncertainty. The new edition explains the psychological foundations of Buffett s approach, thus giving readers the best roadmap yet for mastering both the principles and behaviors that have made Buffett the greatest investor of our generation.Silver Investor, "Silver Investing 101 (The Beginner's Guide to Easy, Fast and Cheap Investing in Silver)" : the book