Markets and Instruments
41 lessons in this track so far, in the order we suggest reading them.
How Markets Work
BeginnerMarket BasicsHow financial markets work: exchanges, brokers, the order book, bids and asks, market makers and how millions of orders become one live price.BeginnerWhat Is a Stock?A stock is a share of ownership in a company. Learn what owning a share gives you, why stock prices move, common vs preferred shares and how to trade them.BeginnerWhat Is a Bond?A bond is a loan you make to a government or company in return for interest. Learn coupons, face value, yield, why bond prices fall when rates rise and the risks.BeginnerWhat Is an ETF?An ETF is a fund that trades on an exchange like a stock. Learn how ETFs track an index, how they differ from mutual funds, their costs and how to choose one.BeginnerWhat Is an Index?A market index tracks a group of assets with one number. Learn how indexes like the S&P 500 and Dow are built, weighting methods and how traders use them.BeginnerWhat Is Forex?Forex is the global market for exchanging currencies. Learn how currency pairs are quoted, who trades them, what moves exchange rates and the risks for traders.BeginnerWhat Is a Future?A futures contract is an agreement to buy or sell something at a set price on a future date. Learn how futures work, margin, leverage, settlement and who uses them.BeginnerWhat Is an Option?An option is the right, not the obligation, to buy or sell at a set price before a set date. Learn calls, puts, premiums, strikes and how options gain or lose value.BeginnerWhat Is a Derivative?A derivative is a contract whose value comes from another asset. Learn the main types, futures, options, swaps and forwards, why they exist and their risks.BeginnerWhat Is a CFD?A CFD lets you trade price moves without owning the asset. Learn how contracts for difference work, margin, overnight costs, where they are legal and the risks.BeginnerWhat Is a Contract?In trading, a contract is one standard unit of a future or option. Learn contract sizes, multipliers, how to work out a contract's value and why it matters for risk.BeginnerWhat Are Commodities?Commodities are raw materials like oil, gold and wheat. Learn the main commodity groups, what drives their prices, how they are traded and the risks involved.
Positions and Mechanics
BeginnerLong PositionsGoing long means buying an asset to profit if its price rises. Learn how long positions work, how profit and loss are calculated and how to manage the risk.BeginnerShort SellingShort selling means selling a borrowed asset to profit if its price falls. Learn how shorting works, borrow costs, short squeezes and why the risk is so high.BeginnerLeverageLeverage lets you control a larger position with less money. Learn how leverage ratios work, how they magnify gains and losses and how to use leverage safely.BeginnerMarginMargin is the deposit you put up to borrow money or open leveraged positions. Learn initial and maintenance margin, margin calls, interest and how to avoid them.BeginnerHedgingHedging means taking a position that offsets the risk of another. Learn how hedges work with options, futures and correlated assets, their costs and limits.BeginnerArbitrageArbitrage is profiting from price differences for the same thing in different places. Learn the main types, why opportunities vanish fast and the hidden risks.BeginnerMark-to-MarketMark-to-market means valuing positions at today's price and settling gains and losses daily. Learn how it works in futures accounts and why it matters for risk.BeginnerSettlementSettlement is when cash and securities actually change hands after a trade. Learn settlement cycles like T+1, cash vs physical settlement and how it affects you.BeginnerExpirationExpiration is the date a derivative contract ends. Learn what happens to futures, options and prediction markets at expiry, and how traders manage it.BeginnerRolloverRollover means moving a position into a later contract, or carrying a forex trade overnight. Learn how futures rolls and forex swaps work and what they cost.
Price, Liquidity and Volume
BeginnerBid-Ask SpreadThe bid-ask spread is the gap between the best price to buy and the best price to sell. Learn how to read it, what it costs you and how to pay less of it.BeginnerLiquidityLiquidity is how easily you can trade without moving the price. Learn the signs of a liquid market, how illiquidity costs you and when liquidity disappears.BeginnerVolatilityVolatility measures how much and how fast prices move. Learn historical and implied volatility, ATR, the VIX, why volatility clusters and how it affects risk.BeginnerVolumeVolume is the number of shares or contracts traded in a period. Learn how to read volume bars, what high and low volume mean and how volume confirms price moves.BeginnerOpen InterestOpen interest is the number of futures or options contracts still open. Learn how it differs from volume, how it changes and how traders read it with price.BeginnerSlippageSlippage is the gap between the price you expect and the price you get. Learn what causes it, how to measure it and the practical ways to reduce slippage.BeginnerTicks and Tick SizeA tick is the smallest price move an asset can make. Learn tick sizes in stocks, futures, forex and crypto, how tick value works and why it matters for costs.
Trading Sessions
BeginnerTrading SessionsMarkets have sessions with different liquidity and volatility. Learn stock market hours, extended hours, the forex sessions and how timing affects your trades.BeginnerTrading Halts and Circuit BreakersTrading halts pause a stock or a whole market. Learn why halts happen, how US circuit breakers and limit up limit down bands work, and what they mean for you.
Trading Each Market
BeginnerStock TradingHow stock trading works in practice: opening an account, choosing stocks, placing orders, managing risk and the costs to expect, with a worked first trade.BeginnerForex TradingHow forex trading works in practice: choosing pairs, lot sizes, pips, leverage, sessions, costs and risk management, with a fully worked EUR/USD trade.BeginnerFutures TradingHow futures trading works day to day: choosing contracts, margin, tick values, trading hours, rolling, costs and risk, with a worked Micro E-mini trade.BeginnerOptions TradingHow options trading works in practice: account approval, reading an option chain, choosing strikes and expiries, placing orders and controlling risk.BeginnerCrypto TradingHow crypto trading works: exchanges, spot vs perpetual futures, wallets, 24/7 markets, fees, volatility and risk management, with a worked Bitcoin trade.BeginnerCommodities TradingHow to trade commodities: futures, ETFs and producer stocks, what moves oil, gold and grains, key reports to watch, costs and the risks of commodity trading.BeginnerBond TradingHow bond trading works: buying bonds and bond ETFs, trading Treasury futures, reading yields, what moves rates and how duration decides your risk.BeginnerETF TradingHow to trade ETFs: choosing liquid funds, order types, spreads and premiums, sector and leveraged ETFs, and the strategies traders use with ETFs.BeginnerIndex TradingHow to trade stock market indexes using ETFs, futures, options and CFDs, what moves indexes, the best times to trade them and how to manage the risk.BeginnerCFD TradingHow CFD trading works in practice: opening positions, margin and leverage limits, overnight financing, stop orders, choosing a broker and managing risk.