内容提要
Pairs trading—and other market-neutral strategies—have been around since the organization of listed markets. Once used only by large institutional investors and hedge funds, this approach has recently been adopted by many individual traders looking to take money out of the markets.
In The Handbook of Pairs Trading, financial professional Douglas Ehrman bines his extensive knowledge and experience within this field to provide you with the tools and techniques necessary to successfully begin managing your own pairs trading portfolio.
Divided into five parts, The Handbook of Pairs Trading explores pairs trading from a variety of angles, each with the joint goal of illustrating both the general tes of the strategy and presenting the particular approach that Ehrman believes to be superior to all others. In the first three parts, Ehrman explores the elements that make up the trading of equity pairs and the requisite skills that acpany that endeavor. You'll receive a brief history of this discipline, and then learn about some of the most important features of pairs trading, including market neutrality, arbitrage, and technical analysis. After exploring each of these three major ponents independently, Ehrman spends time pulling them all together—through Unified Pairs Trading Theory—so you can begin to integrate pairs trading into your own investment or trading style.
While pairs trading is easiest to understand when considering equities, the discussion of options, futures, and currencies in the final two parts gives you an expanded collection of tools by which to manage your portfolio. Here, Ehrman explores the application of Unified Pairs Trading Theory to these alternate asset classes and securities types, and takes you step by step through a series of trade examples across various asset classes—to both highlight the nuances of each and to solidify your understanding of the theory.
The Handbook of Pairs Trading clearly explains the theory and practice of this important discipline, and breaks down its strategy so you can gain a firm understanding of the underlying dynamics of pairs trading. Filled with in-depth insight and expert advice, The Handbook of Pairs Trading is a prehensive resource for those looking to implement this proven and profitable trading strategy.
目录
Introduction
PART ONE: The Market-Neutral Element
Chapter 1: Pairs Trading: A Brief HistoryChapter 2: Market Neutrality
Chapter 3: The Market-Neutral Investment ProcessChapter 4: Market Neutrality and Pairs TradingPART TWO: The Arbitrage Element
Chapter 5: Arbitrage Factors
Chapter 6: Arbitrage and Pairs Trading
PART THREE: The Technical Analysis ElementChapter 7: Technical Tools and IndicatorsChapter 8: The Technicals of Pairs TradingPART FOUR: The Unified Theory
Chapter 9: Reviewing the Elements
Chapter 10: Trading Pairs Fundamentally
Chapter 11: The Technical Approach
Chapter 12: The Overlays
Chapter 13: The Unified Pairs Trading TheoryPART FIVE: Advanced Strategies and ExamplesChapter 14: Options Basics: Terms and StrategiesChapter 15: Pairs Trading with Options
Chapter 16: Futures and Currencies
Chapter 17: Trade Examples
Epilogue
About the Author
Index
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