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An Introduction to Trading in the Financial Markets: Global Markets, Risk, Compliance, and Regulation by R. Tee Williams

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1

Step 1: Pre-Trade Decisions

As noted previously, the purpose of Step 1 in our example is not to investigate the investment strategy or thinking that goes into the decision to buy or sell; rather, our goal is to describe how the order is initiated and what preliminary instructions are given (see Figure 5.1).

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Figure 5.1 Pre-trade decisions are made by portfolio managers, quantitative traders, or algorithms to initiate the trading process.

The Portfolio Manager

Fiona Browne is the global head of portfolio management for the firm TIM, Ltd. As the senior portfolio manager, she would typically delegate most portfolio-management decisions to others ...

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