Foundations¶
The mechanics of how markets work — what's being traded, who's trading it, and how orders become fills.
Difficulty beginner
Reading order¶
- What Is Trading — definitions, timeframes, strategy archetypes
- Market Structure — exchanges, ECNs, venues
- Market Participants — retail, institutional, market makers, HFT
- Order Types — market, limit, stop, IOC, FOK, iceberg
- Bid-Ask Spread — quoted, effective, realized
- Liquidity and Market Depth — book shape, slippage
- Trading Glossary — reference of terms used across the guide
What you should walk away with¶
- The vocabulary to read any market commentary without getting lost.
- A mental model for how an order travels from your terminal to a fill.
- An intuition for why spreads and depth determine execution quality.