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TradersRisks, Decisions, and Management in Financial Markets$
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Mark Fenton-O'Creevy, Nigel Nicholson, Emma Soane, and Paul Willman

Print publication date: 2004

Print ISBN-13: 9780199269488

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780199269488.001.0001

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Traders and Their Theories

Traders and Their Theories

Chapter:
(p.51) Chapter 4 Traders and Their Theories
Source:
Traders
Author(s):

Mark Fenton-O'Creevy

Nigel Nicholson

Emma Soane

Paul Willman

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199269488.003.0004

Professional traders in financial markets are generally aware of the finance theory that uses powerful analytical tools to model the operations of financial markets and the set of practitioner theories that describe trading strategies that may result in large profits. This chapter examines the relationship between the general theories of the market and the specific theories that traders use through explaining the following: the behaviours of individuals in the market and how these behaviours have effects on the aggregate, the properties of these individual theories, the notions of intuition, reflexivity, and the emergence of contrarian beliefs, noise trading, and the relationship between formal theories and the theories that are actually applied in the market.

Keywords:   finance theory, practitioner theories, individual behaviours, intuition, reflexivity, contrarian beliefs, noise trading

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