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Tactical trading is an investment style short term trades based on anticipated market trends. It usually involves taking long or short positions in a broad range of markets. 

 

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Without recourse is a phrase that has several meanings. In general, it refers to the buyer of a promissory note or other negotiable instrument assuming the risk of default. 

 

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Witching hour is the last hour of trading on the third Friday of every month. It is the day when options and futures on stocks and stock indexes expire. 

 

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An estate is one’s total net worth. It includes land all of the possessions, and other assets that the individual owns or has a controlling interest over.

 

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