This text is about trading, the people who trade securities and contracts, the marketplaces where they trade and the rules that govern it. Readers should learn about investors, brokers, dealers, arbitrageurs, retail traders, day traders, rogue traders and gamblers; exchanges, boards of trade, dealer networks, ECNs (electronic communications networks), crossing markets and pink sheets. Also covered in this text are single price auctions, open outcry auctions and brokered markets limit orders, market orders and stop orders. Finally, the author covers the areas of programme trades, block trades and short trades, price priority, time precedence, public order precedence and display precedence, insider trading, scalping and bluffing and investing, speculating and gambling.