At this point, you have learned about all the components involved in a modern algorithmic trading business. You should be well-versed in all the different components involved in an end-to-end algorithmic trading setup between the trading exchange, as well as the interactions between the trading exchange and the different market participants. In addition, you should be able to understand how market participants interact with each other via the exchange matching engine and available market data.

We looked at all the different methods of incorporating intelligence into our trading signals using conventional technical analysis as well as advanced machine learning methods. We discussed the details of trading strategies and how they convert intelligence from trading signals into the order flow to manage positions and risk such that they are profitable, and then looked at some sophisticated trading strategies that incorporate a lot more intelligence available to them. We covered the extreme importance of strict risk management principles, building a risk management system, and how to adjust it over time with trading strategy performance.

We looked at all of the infrastructural components involved in a complete algorithmic trading setup. Don't forget that trading strategies sit on top of infrastructure components; hence, robust, fast, and reliable market data feed handlers, market data normalizers, and order gateways are a key aspect of a profitable algorithmic trading business and must not be overlooked.

We dedicated an entire chapter to understanding the inner workings of a backtester and explored all the challenges that come with building, maintaining, and tweaking it, another key element in quantitative automated data-driven trading strategies. Finally, you should now know what to expect when trading strategies are finally adopted by live markets and how to navigate that.

Remember, algorithmic trading is an extremely competitive and rewarding business and draws some of the brightest minds in the world. There are also risks involved in trading and it is in a constant state of evolution, so this journey will require a lot of dedication, hard work, analytical thinking, perseverance, and continuous innovation. We wish the you the best of luck as you embark on your journey into modern algorithmic trading!