I read this 10-12 years ago. It’s an extremely niche book. But folk don’t really understand markets if you can’t wade through something like this. The market is the microstructure, not the macro stuff.

I couldn’t get through this book today, but at the time it was a revelation. Trading isn’t about predicting anything, it’s basically akin to fishing.

You just have to sit patiently and wait until you detect a big investor trying to move a lot of capital (either buying or selling) in tight liquidity and then you front run them in small volume for a razor thin premium. Get greedy and they stop the flow and you’re left holding someone elses baby. But most big funds will tolerate some traders leading them.

Eventually you can even end up communicating through the limit order book, using game theory.

The likes of Citadel automated the “fishing” and they scaled up by spreading it thinly across many instruments. AFAIK.

Turned it into an engineering problem.