The manager of a trading business. He or she is responsible for the positions, risk and ultimate profitability of that business. In a registered securities firm, the head trader supervises all traders and other personnel within his or her purview. Most notably, the head trader is charged with insuring regulatory and internal compliance for every employee who is part of the trading operation (i.e., not just traders). Any head trader in a securities operation with supervisory and/or approval responsibilities must be a registered principal, meaning they must hold all the basic securities licenses and possess one of the following: a series 4, 9, 10, 23, 24, 51 and/or 53 license. The exact principal exams required depend on the scope of the head trader’s responsibilities. In smaller firms, there may only be one or two head traders, but in large firms there are frequently many head traders, each in charge of a specific market. The head trader for municipal securities, for example, would have, at a minimum, a series 53 license. Different licenses apply for futures and commodities trading operations. A registered options principal, for example, will hold a series 4 license.
A price level that, if reached, will trigger an order to sell an underlying security. Hard stops are set at a constant price and are inherently good until cancelled. A hard stop is used to protect the downside of holding an investment by always being active, and is only triggered once the price reaches the specified stop level. A hard stop is placed in advance of an adverse move and remains active until the price of the underlying security moves beyond the stop level. Many traders will choose to set a hard stop once the price of their investment becomes profitable and will leave the order active until it reaches the price target.
Formerly located in Hanover, Germany, this stock exchange is now defunct. The HAN merged with the Hamburg Stock Exchange in 1999 to form the BOAG Borsen AG. This new entity has been overshadowed by the Frankfurt Exchange.
This now-defunct exchange was located in Hamburg, Germany. It traded stocks, bonds and other securities and was a financial pillar of the city. It offered investment plans such as FONDS-X that impacted both open and closed-end funds. The HAM was the oldest stock exchange in Germany, founded in 1558. The Hamburg Stock Exchange merged with the Hanover Stock Exchange in 1999 to form the BOAG Borgen AG. However, the Frankfurt exchange has made this new entity virtually obsolete. The former exchange ran from 9:00 AM to 8:00 PM.
A charting term used by technical analysts and day traders. Inside days are days where the high point of the bar is lower than the previous day's high, and the low point is higher than the previous day's low. Inside days denote reduced volatility in the stock price for that day. Also known as "inside bars." Inside days apply to candlestick charting analysis. When several inside days occur consecutively, there is a higher probability that the stock will soon break out of its trading range.
In trading terms, the difference between the prevailing price or value when a buy or sell decision is made with regard to a security and the final execution price or value after taking into consideration all commissions, fees and taxes. As such, implementation shortfall is the sum of execution costs and the opportunity cost incurred in case of adverse market movement between the time of the trading decision and order execution. In order to maximize the potential for profit, investors aim to keep implementation shortfall as low as possible. Investors have been helped in this endeavor over the past two decades by developments such as discount brokerages, online trading and access to real-time quotes and information.
A hedge fund strategy that involves buying certain stocks long and selling others short. There usually isn't a restriction on the country that the stocks trade in either. This type of hedge fund basically has free reign to buy or sell what it likes. A long/short equity hedge fund is usually considered to be higher risk.
Liquidation margin refers to the value of all of the equity positions in a margin account. If an investor or trader holds a long position, the liquidation margin is equal to what the investor or trader would retain if the position was closed. If an investor or trader has a short position, the liquidation margin is equal to what the investor or trader would owe to purchase the stock or other trading instrument. Liquidation margin applies to investors or traders who use margin (leverage) to increase the potential profit of a trade. When the equity of a margin account falls below the liquidation margin level requirement, the broker may automatically close any open positions in the account.
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