{"product_id":"the-art-and-business-of-professional-trading-hardback-9781394391745","title":"The Art and Business of Professional Trading (Hardback) 9781394391745","description":"\u003cfont face=\"Georgia\"\u003e\r\n\u003cp\u003e\u003cfont size=\"6\"\u003eThe Art and Business of Professional Trading\u003c\/font\u003e\u003cbr\u003e\r\n\r\n\r\n\r\n\r\n\r\n\u003c\/p\u003e\n\u003cp\u003e\u003cfont size=\"4\"\u003eRyan Wright (Author)\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e9781394391745, Wiley\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eHardback, published 30 April 2026\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e272 pages\u003cbr\u003e23.1 x 15.8 x 2.3 cm, 0.454 kg\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\r\n\r\n\u003cp align=\"justify\"\u003e\u003cstrong\u003e\u003cfont size=\"3\"\u003e\u003cp\u003eThe library of trading literature falls into three largely useless categories. Pop-psychology books focus on mindset and discipline, but psychology is downstream of process. If you lack edge, no amount of mental work saves you. Paint-by-numbers manuals promise certainty through precise setups and mechanical rules, but in an adversarial, reflexive market, widely-known patterns become traps, and the playbook becomes a liability. Academic tomes provide mathematical rigor disconnected from the reality of execution under uncertainty.\u003c\/p\u003e \u003cp\u003e\u003ci\u003eThe Art and Business of Professional Trading\u003c\/i\u003e occupies the void between them. It is what has been missing for the ambitious trader ready to move beyond hobbyist speculation and think with the rigor of an institutional desk.\u003c\/p\u003e \u003cp\u003eRyan Wright is founder and CEO of a principal trading firm whose traders include veterans of Jane Street, Point72, and DRW. He argues that the amateur's obsession with predicting price direction is a trap. In a market dominated by algorithms and institutional flow, prediction is fragile, but structure is robust. Professional trading is not a game of prophecy. The market is a hostile, negative-sum environment where the primary threat is adverse selection. If you cannot identify the constrained player on the other side of your trade, you are the liquidity they are hunting.\u003c\/p\u003e \u003cp\u003eThe book is organized into four parts: Foundations, Mental Models, The Professional's Edge, and The Business of Trading. Wright explains the Operator's Equation for calculating true expectancy after friction, the concept of \"forced players\" whose constraints create genuine edge, how to decompose your returns to understand what's actually driving them, and regime awareness for recognizing when your strategy's environment has shifted. Vague advice about discipline is replaced with mechanism design: external systems that enforce rational behavior when biology fails.\u003c\/p\u003e \u003cp\u003eThe method draws from decision science, behavioral economics, and lessons from high-stakes fields where being wrong has immediate consequences: aviation, military strategy, and engineering. This is not a collection of chart patterns. It is a guide to building a trading business that is robust to uncertainty and resistant to emotional error.\u003c\/p\u003e This book belongs alongside Taleb's \u003ci\u003eFooled by Randomness\u003c\/i\u003e, Lebrón's \u003ci\u003eThe Laws of Trading\u003c\/i\u003e, Donnelly's \u003ci\u003eAlpha Trader\u003c\/i\u003e, and Carver's work on systematic trading. It respects your intelligence enough to tell you the truth: the market is not fair, and survival requires a fundamental reconstruction of how you think, size risk, and interpret reality.\u003c\/font\u003e\u003c\/strong\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e\u003cp\u003eAcknowledgments vii\u003c\/p\u003e \u003cp\u003eAbout the Author ix\u003c\/p\u003e \u003cp\u003eIntroduction 1\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart I: First Principles 7\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 1: The Invisible Opponent 9\u003c\/p\u003e \u003cp\u003eChapter 2: Process Over Outcome 23\u003c\/p\u003e \u003cp\u003eChapter 3: Adverse Selection 37\u003c\/p\u003e \u003cp\u003eChapter 4: The Mirage of Certainty 51\u003c\/p\u003e \u003cp\u003eChapter 5: Probabilistic Thinking and Expectancy 67\u003c\/p\u003e \u003cp\u003eChapter 6: The Operator’s Equation 79\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart II: Mental Models 95\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 7: Where Edge Comes From 97\u003c\/p\u003e \u003cp\u003eChapter 8: Structural Discipline 115\u003c\/p\u003e \u003cp\u003eChapter 9: Position Sizing 129\u003c\/p\u003e \u003cp\u003eChapter 10: Risk Definition 149\u003c\/p\u003e \u003cp\u003eChapter 11: Decomposition 163\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart III: The Professional’s Edge 177\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 12: Second-order Thinking 179\u003c\/p\u003e \u003cp\u003eChapter 13: Mathematics of Survival 193\u003c\/p\u003e \u003cp\u003eChapter 14: Regime Awareness 205\u003c\/p\u003e \u003cp\u003eChapter 15: Operating System 221\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart IV: The Business of Trading 227\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 16: Tactical Protocols 229\u003c\/p\u003e \u003cp\u003eChapter 17: Building a Professional Future 241\u003c\/p\u003e \u003cp\u003eGlossary 255\u003c\/p\u003e \u003cp\u003eIndex 261\u003c\/p\u003e\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eSubject Areas: Finance \u0026amp; accounting [\u003ca title=\"See our other books on Finance \u0026amp; accounting\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Finance%20\u0026amp;%20accounting%20%5BKF%5D%22\"\u003eKF\u003c\/a\u003e]\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003c\/font\u003e","brand":"Wiley","offers":[{"title":"Brand New","offer_id":52449460453656,"sku":"9781394391745","price":23.19,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0730\/2037\/5320\/files\/9781394391745.jpg?v=1785200659","url":"https:\/\/freshlyprintedbooks.co.uk\/products\/the-art-and-business-of-professional-trading-hardback-9781394391745","provider":"Freshly Printed Books","version":"1.0","type":"link"}