Trading Fundamentals: Developing a Conceptual Approach

By Chainika Thakar (Originally written by Gaurav Raizada and Varun Divakar)

When someone sets out to learn how to trade, they often ask, “Where do I start?” “Which markets should I focus on?” and “What patterns should I look for?” These are all valid questions, but there are better ones to begin with.

In this blog, we will go through the essentials of trading in a way that is easy to understand and apply. We will cover the basics of financial markets and explore different trading-related concepts which are fundamental to every trader. Whether you are new to trading or looking to refine your skills, this blog is here to help you navigate the trading world with confidence and clarity.

Let us find out more about trading with this blog that covers:

Overview of financial markets
Types of Trading strategies
Types of Securities in Trading
Market Analysis Techniques in the Trading Domain
Importance of Risk Management in Trading
Techniques to manage risks in trading
Common psychological pitfalls in Trading
Creating a Trading Plan
Introduction to Algorithmic Trading
Impact of Technology on Trading
Regulations in Trading
Ethics in Trading
Future trends in Trading technology
Portfolio Management in Trading
Financial Statements and Ratios in Trading

Overview of financial markets

Financial markets facilitate the exchange of capital globally, involving stocks, bonds, commodities, and forex. Stocks (part of stock market) represent company ownership; bonds are debt instruments; commodities include goods like oil and gold; and forex trading is the currency market. Central banks, regulatory bodies, and financial institutions ensure market stability and transparency, while global events (such as earnings announcements, changes in government etc.) significantly influence market dynamics and prices.

AI in trading stocks is revolutionizing how traders analyze and respond to these market shifts. By leveraging advanced algorithms, AI can process vast amounts of market data quickly, identifying trends and optimizing trading decisions for improved outcomes.

Financial markets are an integral part of the trading journey for any trader. This comprehensive video having Dr. Chan (CEO of the financial machine learning firm Predictnow. ai), Prof. Mitra (Founder and the MD of OptiRisk Systems) and Dr. Matteo Campellone (Co-founder and Executive Chairman of Brain) explains the financial markets behaviour in detail:

Going forward, let us discuss the different types of trading strategies next which every trader chooses from.

Types of Trading Strategies

Below are some popular types of trading styles and strategies.

Day Trading

Day trading involves buying and selling financial instruments within the same trading day, closing all positions before the market closes. Day traders focus on short-term price movements and use technical analysis and real-time data to make quick decisions. This type of trading can be highly stressful due to its fast-paced nature and requires constant monitoring of the markets.

Swing Trading

Swing trading is a medium-term approach where traders hold positions for several days to weeks. The goal is to profit from price swings or "swings" in the market. Swing traders use a combination of technical and fundamental analysis to identify entry and exit points. This method requires less time commitment compared to day trading but still demands a good understanding of market trends.

Position Sizing in Trading

Position trading involves holding positions for weeks, months, or even years, aiming to profit from long-term trends. Position traders rely heavily on fundamental analysis, including economic indicators and company financials. This type of trading is less affected by short-term market fluctuations and focuses on the broader market picture.

Scalping

Scalping is a short-term trading strategy that aims to make numerous small profits from minor price changes throughout the day. Scalpers typically hold positions for a few seconds to minutes and often use high leverage. This strategy requires a deep understanding of market mechanics and quick decision-making skills.

Momentum Trading

Momentum trading involves buying securities that are showing strong upward trends and selling those that are showing downward trends. Traders look for stocks moving significantly in one direction with high volume and try to capitalise on the momentum. This strategy is based on the idea that strong price movements in a particular direction will continue for some time.

Arbitrage

Arbitrage trading exploits price differences of the same asset in different markets or forms. Traders buy the asset in the cheaper market and sell it in the more expensive market simultaneously. This requires sophisticated systems and quick execution to be profitable and is typically practised by institutional traders.

High-Frequency Trading (HFT)

High-frequency trading is a subset of algorithmic trading that involves executing a large number of orders at extremely high speeds. HFT firms use powerful computers and complex algorithms to capitalise on tiny price discrepancies that exist for very short periods. This type of trading requires significant technological infrastructure and regulatory compliance.

Event-Driven Trading

Event-driven trading strategies focus on trading opportunities that arise from specific events, such as earnings reports, mergers and acquisitions, or regulatory announcements. Traders analyse the potential impact of these events on the market and position themselves to gain from the resulting price movements.

Options Trading

Options trading involves buying and selling options contracts, which give the right but not the obligation to buy or sell an asset at a predetermined price within a specified period. Options traders use strategies like buying calls or puts, spreads, and straddles to profit from market movements. This type of trading requires an understanding of options pricing and the factors influencing it.

Quantitative Trading

Quantitative trading uses mathematical models and statistical techniques to identify trading opportunities. Quantitative traders, or quants, develop algorithms and trading systems based on historical data and market patterns. This approach requires a strong background in mathematics, statistics, and programming.

Trend Following

Trend following is a strategy where traders seek to capitalise on long-term trends in the market. They buy when prices are rising and sell when prices are falling, aiming to ride the trend until it shows signs of reversal. This strategy relies on technical analysis and indicators to identify and follow trends.

Each type of trading requires different skills, knowledge, and resources. By understanding the various approaches, traders can choose the one that best fits their personality, risk tolerance, and financial goals.

The video below covers the 15 most popular types of algo trading strategies.

Let us now check the securities which are utilised by the traders in trading.

Suggested reads:

Types of Securities in Trading

Various types of securities can be traded in the financial market. The selection of the security depends on factors such as a trader’s risk tolerance, liquidity needs, market knowledge, understanding of the regulatory requirements, market volatility, etc.

Here are the various types of securities that can be traded in the market.

Types of securities in trading for introduction to trading

Stocks

Stocks represent ownership in a company. Trading stocks involves buying and selling shares to profit from price movements. Stock traders use various strategies, including day trading, swing trading, and position trading, depending on their goals and risk tolerance. Analysing company financials, industry trends, and broader market conditions is crucial for successful stock trading.

Bonds

Bonds are debt instruments issued by corporations or governments. Bond traders buy and sell bonds to profit from interest rate changes and price movements. They often focus on economic indicators, central bank policies, and credit ratings to make informed trading decisions. Bonds are generally considered lower risk than stocks but offer lower potential returns.

Forex

Forex (foreign exchange) trading involves buying and selling currencies to profit from exchange rate fluctuations. The forex market is the largest and most liquid financial market globally, operating 24 hours a day. Forex traders use technical and fundamental analysis to predict currency movements and often employ leverage to enhance returns. Understanding global economic trends and geopolitical events is crucial for successful forex trading.

Commodities

Commodities include physical goods like gold, oil, and agricultural products. Commodity trading involves buying and selling these goods to profit from price changes. Traders use futures contracts, options, and other derivatives to trade commodities. Factors like supply and demand, weather conditions, and geopolitical events significantly influence commodity prices.

Cryptocurrencies

Cryptocurrencies are digital or virtual currencies that use cryptography for security. Cryptocurrency trading involves buying and selling digital coins like Bitcoin, Ethereum, and others. The market is highly volatile and influenced by technological developments, regulatory news, and market sentiment. Traders use technical analysis and stay updated with industry news to navigate this fast-paced market.

Understanding these different types of securities is essential for developing a diversified trading strategy and managing risk effectively. Each type has its unique characteristics and requires a specific set of skills and knowledge.

To advance your skills, consider an intermediate crypto trading course that focuses on strategies like calendar anomalies, Ichimoku Cloud, RSI, and Aroon indicators.

Now that we have discussed the markets, trading styles and securities, let us move to the part which is important for creating the trading strategies which is “market analysis”.

Market Analysis Techniques in the Trading Domain

By conducting the market analysis, you can create strategies based on factors such as volatility (current and predicted) in the market, trends, price patterns, any regulatory or economic changes etc.

Below are the market analysis techniques in the trading domain.

Market analysis techniques for introduction to trading

Fundamental analysis

Fundamental analysis involves evaluating a security's intrinsic value by examining related economic, financial, and other qualitative and quantitative factors. This includes analysing company financial statements, industry conditions, economic indicators, and management performance. The goal is to determine whether a security is undervalued or overvalued compared to its current market price, guiding long-term investment decisions.

Technical analysis

Technical analysis focuses on studying past market data, primarily price and volume, to forecast future price movements. It involves using charts and technical indicators, such as moving averages, relative strength index (RSI), and MACD, to identify patterns and trends. Technical analysts believe that historical price movements can provide insights into future price behaviour, making it a popular approach for short-term trading.

Sentiment analysis

Sentiment analysis gauges the overall mood or attitude of investors towards a particular security or the market as a whole. This involves analysing news articles, social media posts, and investor sentiment indicators to assess whether the market sentiment is bullish (positive) or bearish (negative). Sentiment analysis helps traders understand market psychology and anticipate potential market movements based on the prevailing sentiment.

In the video below, the explanation is more detailed for quick learning about fundamental analysis and quantitative analysis:

Next, let us discuss the importance of risk management in trading.

Importance of Risk Management in Trading

Below is a small table to help you understand the importance of risk management in trading briefly.

Importance	Explanation
Preserving Capital	Protects trading capital and ensures sustainability.
Managing Risk-to-Reward Ratio	Maintains a favourable risk-to-reward ratio for each trade.
Avoiding Emotional Decisions	Reduces emotional decision-making for more objective trading.
Protecting Against Market Volatility	Manages market volatility to maintain stability during price fluctuations.
Ensuring Long-Term Success	Supports long-term success and portfolio growth by avoiding large losses.
Reducing Exposure to Unexpected Events	Prepare for unexpected events to mitigate their impact on your trading account.
Improving Trading Discipline	Enforces discipline and adherence to trading plans and rules.

Next, we will see the techniques to manage risks in trading.

Techniques to manage risks in trading

Below you can see the risk management techniques in trading briefly in tabular format.

Technique	Description
Stop-Loss Orders	Limits losses by setting an automatic exit price.
Take-Profit Orders	Secures gains by setting a profit-taking price.
Position Sizing	Manages risk by adjusting trade size based on risk tolerance.
Diversification	Reduces risk by spreading investments across assets.
Risk-to-Reward Ratio	Ensures potential rewards outweigh risks.
Trailing Stop Orders	Adjusts stop-loss level to protect gains.
Risk Limits	Sets maximum loss thresholds for trades.
Hedging	Offsets risks using financial instruments.
Regularly Review Trades	Analyses past trades to improve risk management.
Using Leverage Cautiously	Limits leverage to manage potential losses.

These techniques help manage risk effectively, enhancing your chances of success in trading. But there are some common psychological pitfalls which traders usually fall into. However, an awareness of this can help the trader avoid it.

Common psychological pitfalls in Trading

Below are the common psychological pitfalls that one must avoid in trading.

Common psychological pitfalls	Description	Impact
Overconfidence	Believing you can consistently predict market movements accurately.	Leads to excessive risk-taking and potentially large losses.
Fear of Missing Out (FOMO)	The anxiety of missing out on potential profits.	Results in impulsive and poorly planned trades.
Loss Aversion	The tendency to prefer avoiding losses over acquiring equivalent gains.	Causes traders to hold onto losing positions for too long, hoping they will recover.
Chasing Losses	Attempting to recover losses by taking on additional risk.	Often leads to even greater losses as trades become increasingly desperate.
Confirmation Bias	Seeking out information that confirms pre-existing beliefs.	Ignoring contrary evidence can lead to poor trading decisions.
Recency Bias	Giving undue weight to recent events or trends.	Can cause traders to overreact to short-term market movements.
Herding	Following the actions of the majority without independent analysis.	Leads to buying at peaks and selling at troughs, resulting in poor performance.
Impatience	Wanting immediate results and not allowing trades to develop.	Results in premature exits and missed profit opportunities.
Overtrading	Making too many trades in a short period.	Increases transaction costs and reduces overall profitability.
Emotional Trading	Making decisions based on emotions rather than logic and analysis.	Leads to inconsistent and often detrimental trading results.

Next, we will discuss how to create a trading plan for a smooth trading journey.

Creating a Trading Plan

Step 1: Clarify financial objectives and set measurable targets.
Step 2: As discussed above, there are certain trading styles such as day trading, swing trading etc. which the trader can choose from.
Step 3: Define maximum risk tolerance per trade and establish stop-loss levels.
Step 4: Choose assets (stocks, forex, etc.)
Step 5: Define criteria for entering and exiting trades.
Step 6: Test strategies on historical data.
Step 7: Start trading and track performance.
Step 8: Regularly evaluate and refine strategies.

Creating a structured trading plan helps ensure disciplined and informed decision-making, ultimately leading to more consistent trading results.

In the trading domain, the inclusion of algorithmic trading is a contemporary practice which most traders have shifted towards. Let us briefly discuss algorithmic trading in the next section.

Introduction to Algorithmic Trading

Algorithmic trading, often referred to as algo trading, involves using computer algorithms to execute trades at high speeds and with precision. These algorithms follow predefined instructions based on various factors like timing, price, and volume.

For detailed information on algorithmic trading, this webinar video covers a lot of important aspects such as the industry landscape, strategy building with algorithms, types of data in algorithmic trading and utilisation of the same and much more.

As we know, technology advancements are happening swiftly in the economy and the impact of the same is tremendous. So, let us discuss the impact of technology on trading next.

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Impact of Technology on Trading

Technology has revolutionised trading, impacting it in several ways.

As quoted by Forbes in Feb 2023,

“Advanced algorithms and software are continuously being developed to help formulate investment ideas and execute complex strategies. These are usually built within institutional investment firms, and their use can range from simulations to automated execution (e.g., systematic investing). Many funds are evolving toward a mix of automated software with limited human intervention.

In short, new technologies and data availability are opening the industry to opportunities never thought of before.”

The internet has revolutionised the stock market, fundamentally changing how traders interact, information flows, and the overall market mechanics. Let's explore some of the most impactful technological advancements: ⁽¹⁾

Electronic Trading Platforms: Gone are the days of bustling trading floors. Today, electronic platforms facilitate lightning-fast order execution, increased trading volume, and improved market liquidity. Traders can now participate from anywhere with an internet connection, fostering a more accessible and dynamic market.
High-Frequency Trading (HFT): HFT leverages sophisticated algorithms to exploit fleeting market inefficiencies at incredible speeds. This has led to greater market efficiency by narrowing bid-ask spreads, but it also raises concerns about potential manipulation and market stability.
Algorithmic Trading: Algorithms are no longer science fiction in trading. These intelligent programs analyse vast amounts of historical and real-time data to make automated trading decisions. Their ability to process massive information allows them to identify optimal entry and exit points, often surpassing human capabilities.
Real-Time Information and Market Data: Technological advancements democratise access to information. Investors now have instant access to real-time market data, news, and announcements, empowering them to make informed decisions and react swiftly to market movements.
Predictive Modeling and Data Analytics: Cutting-edge data analysis tools like machine learning and artificial intelligence are transforming the way investors approach the market. These tools assist in identifying patterns, correlations, and trends within historical and current market data, providing valuable insights to inform trading strategies and investment decisions.

Going forward, it is important to know the regulations and ethics while trading to remain out of any legal troubles as a trader. Let us discuss the regulations and ethics next.

Regulations in Trading

Trading in financial markets involves regulations to take care of, which are mentioned below.

Market Integrity: Regulatory bodies like the Securities and Exchange Commission (SEC) set rules to ensure fair and orderly markets. These rules aim to prevent insider trading, market manipulation, and other fraudulent activities.
Investor Protection: Regulations also focus on protecting investors from misleading information and unfair practices. This includes ensuring transparency in financial disclosures and broker-dealer conduct.
Capital Adequacy: Regulatory frameworks set minimum capital requirements for market participants to ensure financial stability and prevent excessive risk-taking.
Reporting and Compliance: Regulations mandate reporting trades and financial holdings to regulatory bodies. This helps them monitor market activity and identify potential misconduct.

Now, let us also take a look at the ethics in trading.

Ethics in Trading

The below-mentioned ethics are a must in the trading domain.

Fairness and Disclosure: Ethical traders avoid taking advantage of others through insider information or manipulative practices. Transparency and honest disclosure of information are crucial.
Conflicts of Interest: Ethical behaviour involves managing conflicts of interest that could compromise objectivity. For example, a broker shouldn't recommend investments based on personal gain instead of client suitability.
Risk Management: Ethical traders have a responsibility to understand and manage their own risk tolerance and that of their clients. This includes avoiding excessive leverage and reckless strategies.
Sustainable Practices: Ethical considerations extend beyond immediate gains. Investors might choose companies that promote environmental and social responsibility alongside financial performance.

The Intersection:

Regulations and ethics often overlap. Following regulations is inherently ethical, but ethical behaviour can go beyond the bare minimum required by law. A good trader strives for both: adhering to regulations and upholding ethical principles.

Here are some additional points to consider:

Grey Areas: There can be grey areas in ethical decision-making. Consulting with a financial advisor or compliance professional can help navigate these uncertainties.
Constant Evolution: Regulations and ethical considerations evolve as markets and technology change. Staying informed about these changes is crucial.

Now what are the future trends in trading technology? Let us go ahead and discuss this interesting section.

Future trends in trading technology

Below, we have mentioned some potential future trends on the basis of some current trends and research in the trading domain.

1. Continued Rise of Artificial Intelligence (AI) and Machine Learning (ML): ⁽²⁾

Enhanced Algorithmic Trading: Expect more sophisticated algorithms using AI and ML to analyse vast datasets, identify complex patterns, and execute trades with greater precision and speed.
Personalised Trading Strategies: AI could personalise trading strategies based on individual risk tolerance, investment goals, and market conditions.
Advanced Risk Management: AI-powered risk management tools could dynamically adjust positions and mitigate potential losses in real time.

2. Increased Focus on Big Data and Alternative Data: ⁽³⁾

Harnessing Unstructured Data: Extracting insights from non-traditional sources like social media sentiment, news feeds, and satellite imagery could become more prevalent.
Predictive Analytics: Advanced analytics with big data could help predict market movements and identify new trading opportunities.
Smarter Order Routing: Algorithmic routing could analyse market data and liquidity in real time to ensure optimal order execution.

3. The Rise of Quantum Computing: ⁽⁴⁾

Complex Simulations: While still in its early stages, quantum computing could enable the simulation of intricate financial models and risk scenarios.
Portfolio Optimisation: Quantum algorithms could potentially optimise investment portfolios with unmatched speed and efficiency.

4. Blockchain and Decentralised Finance (DeFi): ⁽⁵⁾

Enhanced Transparency and Security: Blockchain technology could provide a secure and transparent way to record and track trades in financial markets.
Fractional Ownership: Blockchain could facilitate fractional ownership of assets, making them more accessible to a wider range of investors.
New Investment Opportunities: DeFi could open doors to new decentralised investment instruments and protocols.

5. Continued Focus on User Experience (UX): ⁽⁶⁾

Intuitive Trading Platforms: Trading platforms will likely become even more user-friendly and intuitive, catering to both experienced and novice traders.
Advanced Visualisation Tools: Interactive dashboards and data visualisations could make market trends and portfolio performance easier to understand.
Voice-Activated Trading: Voice-enabled interfaces could offer a more convenient way to interact with trading platforms.

**Note: It's important to remember that these are just some potential future trends. The actual trajectory of trading technology will depend on various factors, including technological advancements, regulatory changes, and market needs.**

Moving ahead, next, we will discuss another integral topic in the trading domain, known as portfolio management.

Portfolio Management in Trading

Portfolio management is the art and science of selecting and overseeing a group of investments that meet the long-term financial objectives and risk tolerance of an investor. It involves building and managing an investment mix to balance risk and return while considering factors such as investment goals, market conditions, and individual preferences.

Here’s a detailed breakdown of the key components of portfolio management in trading:

Setting Investment Objectives
Define clear, realistic financial goals. This step involves understanding what you aim to achieve through trading, such as retirement savings, wealth growth, or generating regular income. Clear objectives provide direction and benchmarks for measuring success, helping to tailor your trading strategies to meet these specific targets.
Asset Allocation
Distribute investments across various asset classes such as stocks, bonds, commodities, and forex. Asset allocation is crucial for diversifying risk and capitalising on different market opportunities. It involves deciding the proportion of your portfolio to invest in each asset class based on factors like risk tolerance, investment horizon, and market conditions. Both strategic (long-term) and tactical (short-term) allocations are considered.
Diversification
Invest in a variety of securities within each asset class. Diversification reduces the impact of any single investment’s poor performance on the overall portfolio. By spreading investments across different sectors, industries, and geographical regions, you can mitigate specific risks and enhance the stability of returns. This strategy ensures that the portfolio is not overly reliant on the success of any single investment.
Risk Management
Identify and mitigate potential risks associated with trading. Effective risk management involves several techniques, such as setting stop-loss orders to automatically sell securities at predetermined loss levels, adjusting position sizes based on risk tolerance, and using hedging strategies with derivatives like options and futures. These measures protect the portfolio from significant losses and ensure long-term sustainability.
Performance Monitoring
Regularly track and review portfolio performance. This involves measuring profitability through Return on Investment (ROI), assessing the stability of returns via volatility analysis, and comparing the portfolio’s performance against relevant market benchmarks. Regular performance monitoring helps identify areas for improvement and ensures that the portfolio remains aligned with investment goals.
Rebalancing
Adjust the portfolio periodically to maintain the desired asset allocation. Rebalancing involves buying or selling assets to return the portfolio to its original risk profile and asset distribution. This process can be done quarterly, semi-annually, or annually, and it ensures that the portfolio remains aligned with your investment objectives and risk tolerance, regardless of market fluctuations.
Tax Efficiency
Optimise the portfolio to minimise tax liabilities. Tax-efficient strategies include using tax-advantaged accounts like IRAs and 401(k)s, practising tax-loss harvesting to offset gains with losses, and strategically placing investments in accounts that offer the best tax benefits. These practices help retain more of your investment returns by reducing the amount paid in taxes.

Last, but not least, let us check out the financial statements and ratios in trading which are useful for traders’ successful journey.

Financial Statements and Ratios in Trading

Financial statements and ratios are crucial tools for traders to analyse companies and make informed investment decisions. Here's how they play a role in trading:

Financial Statements

Balance Sheet: This snapshot of a company's financial health at a specific point in time shows what the company owns (assets) and owes (liabilities) along with shareholder equity.
Income Statement: This statement details a company's revenue, expenses, and net income over a specific period.
Cash Flow Statement: This statement details the cash inflows and outflows from a company's operating, investing, and financing activities during a period.

Traders analyse these statements to assess a company's:

Financial Stability: By looking at debt levels and asset composition on the balance sheet, traders can gauge a company's ability to meet its financial obligations.
Profitability: The income statement reveals a company's revenue generation and expense management, indicating its earning potential.
Liquidity: The cash flow statement shows a company's ability to generate cash to cover its short-term obligations and invest in growth.

Financial Ratios

Financial ratios are mathematical calculations that use data from financial statements to provide a more concise picture of a company's performance and financial health. Here are some common ratios used by traders:

Liquidity Ratios: These ratios measure a company's ability to meet its short-term debts. Examples include the current ratio (current assets / current liabilities) and quick ratio (current assets - inventory / current liabilities).
Solvency Ratios: These ratios assess a company's long-term debt repayment ability. Examples include the debt-to-equity ratio (total liabilities/shareholder equity) and interest coverage ratio (operating income/interest expense).
Profitability Ratios: These ratios measure a company's efficiency in generating profits. Examples include the profit margin (net income/revenue), return on equity (net income/shareholder equity), and price-to-earnings ratio (P/E ratio) (stock price/earnings per share).

By analysing financial statements and applying relevant ratios, traders can:

Compare companies within the same industry: Financial ratios allow for standardised comparisons between companies in a similar sector, even if their absolute financial figures differ.
Identify undervalued or overvalued stocks: Ratios can help identify companies whose stock price may not accurately reflect their true financial health.
Track a company's performance over time: By analysing trends in financial ratios over several quarters or years, traders can gauge a company's progress and prospects.

Conclusion

To succeed in trading, you need a solid understanding of financial markets and the basics of trading. Get to know different trading styles and strategies, and understand the various securities you can trade. Good market analysis and a strong trading plan are key. Don't forget the importance of managing risks and avoiding common psychological traps.

Algorithmic trading and technology are game-changers, so stay updated on these trends and always follow regulations and ethical guidelines. Effective portfolio management and understanding financial statements and ratios are also crucial. As trading evolves, keeping up with new technologies and rules will help you stay ahead.

If you are looking for job opportunities in the trading domain, starting a trading desk, or advancing in your current organisation? EPAT offers a comprehensive algorithmic trading course, taught by top faculty like Dr. Ernest P. Chan, to support your algorithmic trading journey. With this course, you will gain hands-on experience with real-market trading using leading APIs and brokers like Alpaca. Moreover, you will receive personalised support for specialising in trading strategies through live project mentorship. So don’t wait—start your algorithmic trading journey online here!

Note: The original post has been revamped on 19^th August 2024 for recentness, and accuracy.

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