TY - JOUR T1 - A Practitioner Perspective on Trading and the Implementation of Investment Strategies JF - The Journal of Portfolio Management SP - 30 LP - 44 DO - 10.3905/jpm.2022.1.371 VL - 48 IS - 6 AU - Joseph A. Cerniglia AU - Frank J. Fabozzi Y1 - 2022/06/30 UR - https://pm-research.com/content/48/6/30.abstract N2 - 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. ER -