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How does trading work?



How does trading work?
 
Deals can be made all day up to 2pm?
 
Then deals can also be made during the draft?
 
That's what I read in an Orlando newspaper?
 
"The NBA draft begins at 7:30 tonight, but no trades will be allowed between 2 p.m. and the draft."
 
Is was just wondering, if anyone can tell me, that would be great!
 
Thanks!
 
Josh