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Learn/Market making and trading games

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Learn Market making and trading games

0 of 6 lessons, sign in to save

B Basic

Quoting on anything9m
Updating as information arrivesPro10m
Running an inventory and keeping scorePro9m

A Advanced

Adverse selection and the informed traderPro12m
Sizing many betsPro12m
Arbitrage across quotes and how games are scoredPro11m

FlashcardsPro0/15
Basic quizPro80% passes
Advanced quizPro80% passes
Terms

Market making and trading games

0
of 6 lessons: 0
of 15 cards

Flashcards Start the first lesson

Quote on anything, update as cards turn over, run an inventory, price the informed trader, size the bet, and spot the free money in a set of quotes. The trader round, end to end.

BBasic3 lessons

1Quoting on anythingA market is a fair value plus a width. The fair value comes from expected value; the width comes from how unsure you are and who might be on the other side.9 min
2Updating as information arrivesProTrading games reveal information in pieces. Each reveal changes the fair value, and the fastest traders update with one line of arithmetic, not a recount.10 min
3Running an inventory and keeping scoreProEvery trade leaves you holding something. Know your position, mark it to fair value, and let it pull your quotes.9 min
Basic quizPro10 questions, 80% passes

AAdvanced3 lessons

4Adverse selection and the informed traderProThe people who trade with you are not random. If some of them know more, every fill is a hint that you are wrong, and the spread is how you get paid for that.12 min
5Sizing many betsProEdge says whether to bet; sizing says how much. The log growth rate explains Kelly, why overbetting hurts, and how to size when the bets are continuous.12 min
6Arbitrage across quotes and how games are scoredProWhen a set of contracts covers every outcome, their prices must add up. Spotting the gap is free money, and spotting it fast is what the team games test.11 min
Advanced quizPro10 questions, 80% passes