%0 Journal Article %A Joseph A. Cerniglia %A Frank J. Fabozzi %T A Practitioner Perspective on Trading and the Implementation of Investment Strategies %D 2022 %R 10.3905/jpm.2022.1.371 %J The Journal of Portfolio Management %P 30-44 %V 48 %N 6 %X In this article, we discuss the fundamentals of the market structure and trading, along with how these impact the execution of investment strategies. From a practitioner perspective, we bring together this information to explore different models and processes to assist in achieving optimal execution of trading strategies. After providing a taxonomy of trading costs, we discuss how these costs, particularly market impact costs, are estimated and forecasted. Proposed models for optimal execution designed to get the best execution of a single trade, or sometimes a sequence of trades, are reviewed. %U https://jpm.pm-research.com/content/iijpormgmt/48/6/30.full.pdf