The Trading Industry
44 lessons in this track so far, in the order we suggest reading them.
Regulation
IntermediateTrading Regulators: SEC, CFTC, FINRA and NFAWho regulates trading and markets: the SEC, CFTC, FINRA and NFA in the US, the FCA in the UK and ESMA in the EU. Learn what each one oversees and why it matters.IntermediateInsider TradingInsider trading means trading on material non public information in breach of a duty. Learn what counts, legal insider trades, penalties and well known cases.IntermediateMarket ManipulationMarket manipulation means artificially moving prices or volume to mislead others. Learn the main types, from pump and dumps to spoofing, and real cases.IntermediateSpoofing and LayeringSpoofing and layering use orders placed with no intent to execute to trick other traders. Learn how they work, how they are detected, key cases and the law.IntermediateWash TradingWash trading means trading with yourself to create fake volume or prices. Learn how it works, why it is illegal, its role in crypto and how to spot it.IntermediateFront-RunningFront running means trading ahead of a known pending order to profit from its impact. Learn the illegal and legal forms, crypto MEV and how to protect orders.IntermediatePattern Day Trader RuleThe US pattern day trader rule applies to margin accounts with four or more day trades in five business days. Learn the $25,000 minimum, workarounds and changes.IntermediateAccount Types and Margin RulesCash, margin, portfolio margin and retirement accounts follow different rules. Learn Regulation T, maintenance margin, settlement and good faith violations.IntermediatePosition Limits and Regulatory ReportingRegulators cap some positions and require large holdings to be reported. Learn futures position limits, 13F, 13D and 13G filings and large trader rules.
Brokers and Platforms
BeginnerTypes of BrokersBrokers range from full service firms to discount apps, ECN and market maker brokers. Learn how each type works, how they make money and which suits which trader.BeginnerFutures Commission Merchants (FCM)A futures commission merchant holds customer funds and clears futures trades. Learn how FCMs differ from introducing brokers and how funds are protected.BeginnerPrime BrokeragePrime brokers give hedge funds financing, stock lending, clearing, custody and reporting. Learn the services, how prime brokers earn money and the risks.BeginnerHow to Choose a BrokerA practical checklist for choosing a broker: regulation, safety of funds, real trading costs, markets, platforms, support and the red flags to watch for.BeginnerCharting Platforms ComparedCompare popular charting platforms: TradingView, MetaTrader, NinjaTrader, thinkorswim and others. Learn their strengths, costs, markets and which traders they suit.BeginnerTradingViewTradingView is a browser based charting and social platform covering stocks, crypto, forex and futures. Learn its features, Pine Script, alerts, plans and limits.BeginnerMetaTraderMetaTrader 4 and 5 are popular forex and CFD platforms with expert advisors for automation. Learn their differences, MQL, strategy testing and broker checks.BeginnerNinjaTraderNinjaTrader is a futures platform and brokerage known for charting, order flow tools and C# automation. Learn its features, costs and who it suits.BeginnerThinkorswimThinkorswim is Charles Schwab's trading platform, known for options analysis, charting, paperMoney and thinkScript. Learn its features and who it suits.
Professional Trading
IntermediateProprietary TradingProprietary trading means a firm trades its own capital for profit. Learn how prop firms work, the Volcker Rule, retail funded trader programs and their risks.IntermediateHedge FundsHedge funds are private investment pools using flexible strategies, leverage and short selling. Learn the main strategies, fee structures, regulation and risks.IntermediateAsset ManagementAsset managers invest money for clients through mutual funds, ETFs, pensions and separate accounts. Learn the main types, how they earn fees and how they invest.IntermediateBuy Side vs Sell SideThe buy side invests money; the sell side provides trading, research and capital raising services. Learn the main firms, roles, incentives and career differences.IntermediateTrading DesksA trading desk is a team focused on one market or activity. Learn how bank and fund desks are organised by asset class, the roles on a desk and a typical day.
Careers
IntermediateTrading Careers ExplainedA map of trading careers: traders, quants, developers, portfolio managers, risk and operations. Learn what each role does and the skills it needs.IntermediateBecoming a Retail or Day TraderWhat it really takes to trade your own money: the evidence on day trader results, capital needs, costs, a realistic learning path and warning signs to watch.IntermediateProp TraderWhat a prop trader does, how professional prop firms hire and train, how retail funded accounts work, typical rules and how to judge if it suits you.IntermediateQuant Trader and Quant ResearcherWhat quant traders and quant researchers do, the skills and education firms look for, a typical research workflow, interviews and how the two roles differ.IntermediateQuant Developer and Trading EngineerQuant developers and trading engineers build the systems that research, price and trade. Learn the main roles, technical skills, interviews and how to prepare.IntermediatePortfolio ManagerPortfolio managers decide what a fund holds and answer for its results. Learn the types of PMs, the daily work, skills needed and how people become PMs.IntermediateExecution and Sales TraderExecution traders carry out portfolio decisions at the best cost; sales traders serve clients and route their orders. Learn the work and the skills.IntermediateMarket Maker and Options TraderMarket makers quote prices on both sides and manage the risk they take on. Learn what market making and options trading roles involve, key skills and interviews.IntermediateFX, Rates, Credit and Commodity TradersWhat FX, rates, credit and commodity traders do at banks, funds and trading houses: their markets, daily drivers, skills and how these macro trading roles differ.IntermediateRisk AnalystRisk analysts measure, report and control market, credit and operational risk at trading firms. Learn the daily work, key tools, skills and the risk career path.
Operations
AdvancedTrade Accounting and ReconciliationReconciliation checks that internal records of trades, positions and cash match brokers, custodians and clearing houses. Learn the process, common breaks and fixes.AdvancedP&L and Performance AttributionPerformance attribution explains where returns came from: allocation, selection, factors, Greeks and costs. Learn Brinson attribution, P&L explain and how to use it.AdvancedClearing, Settlement and CustodyAfter a trade, clearing confirms and guarantees it, settlement exchanges cash and securities and custody holds assets safely. Learn the process, T+1 and key players.AdvancedSecurities Lending and Stock LoanSecurities lending lets short sellers borrow shares from owners for a fee. Learn how stock loans work, collateral, borrow fees, recalls, risks and who benefits.AdvancedMargin FinancingMargin financing lets traders borrow from brokers against their holdings. Learn how margin loans are priced, collateral haircuts, margin calls and financing risks.AdvancedFund Accounting and NAVNet asset value is a fund's assets minus liabilities, divided by shares. Learn how NAV is calculated, how assets are valued and how errors happen.AdvancedInvestor ReportingInvestor reporting tells clients how a fund performed and why. Learn what reports contain, GIPS standards, the key metrics and how to read a fund report critically.
Taxes and Records
BeginnerTrading Taxes and Capital GainsAn overview of how trading profits are taxed: short and long term capital gains, futures 60/40 treatment, crypto, losses, trader tax status and UK basics.BeginnerWash Sale RuleThe US wash sale rule disallows a loss if you buy the same or a substantially identical security within 30 days. Learn how it works, cost basis effects and traps.BeginnerTax-Loss HarvestingTax loss harvesting sells investments at a loss to offset gains while keeping similar exposure. Learn how it works, its real benefit and common mistakes.BeginnerRecord Keeping for TradersGood records protect traders at tax time, in disputes and in self review. Learn what to record for every trade, how long to keep records and simple systems.