What Is Trading?
Start with a simple exchange, then explore markets, positions, changing prices, costs, and why one winning trade does not establish a reliable process.
Watch Lesson 1Clear explanations of markets, instruments, and the decisions trading involves. Start with the foundations, then build on what you understand.
Follow the lessons in order, or return to a concept when you need it. Each published lesson includes a video, captions, key takeaways, and a readable transcript.
Start with a simple exchange, then explore markets, positions, changing prices, costs, and why one winning trade does not establish a reliable process.
Watch Lesson 1Explore futures contracts, hedging and speculation, long and short positions, settlement, and why margin does not cap your possible loss.
Watch Lesson 2Follow NQ examples connecting price changes, position size, and direction to dollar results. Understand margin, leverage, actual fills, and costs.
Watch Lesson 3Understand order instructions, actual fills, targets, protective exits, brackets, and the checks that connect your orders to your position.
Watch Lesson 4Understand candlesticks, timeframes, volume, and the settings behind the chart. Learn to separate observations from conclusions.
Watch or read Lesson 5Connect entry price, stop distance, contract value, and position size. Separate planned risk from costs, actual fills, margin, and account rules.
Watch or read Lesson 6Define the setting, qualifying conditions, entries, exits, position size, reasons to stand aside, and records for review.
Watch or read Lesson 7Separate defined decisions from a claim of advantage. Examine costs, conditions, testing, and the evidence behind a strong-looking result.
Watch or read Lesson 8Connect winning frequency with the size of gains and losses, the average net result, and the decline from a peak.
Watch lesson and read transcript →Inspect the rules, data, execution assumptions, search history, and evaluation behind a strategy report.
Watch lesson and read transcript →Explore what each contract represents, how its price movement translates into dollars, and the rules to check before trading.
Follow points, ticks and quantity into dollar exposure, then examine costs, margin, expiration and execution.
Watch lesson and read transcript →Translate Nasdaq-100 futures points and ticks into dollars, compare contract sizes and examine exposure, expiration and execution.
Watch lesson and read transcript →Understand Dow price weighting, translate YM, MYM and NDOW points and ticks into dollars, and examine exposure, expiration and execution.
Watch lesson and read transcript →Understand small-cap weighting, translate RTY, M2K and N2K points and ticks into dollars, and examine quantity, exposure, expiration and execution.
Watch lesson and read transcript →Translate Gold prices per ounce into dollars for GC, MGC and 1OZ. Explore tick values, quantity, exposure, margin, delivery, cash settlement and contract calendars.
Watch lesson and read transcript →Translate WTI prices per barrel into dollars for CL, MCL and QM. Compare tick values, quantity, margin, delivery, cash settlement and expiration.
Watch lesson and read transcript →Translate Henry Hub prices per MMBtu into dollars for NG, MNG and QG. Compare tick values, quantity, margin, storage reports, settlement and expiration.
Watch lesson and read transcript →Read dollars per euro, compare pips and ticks, and calculate exposure for 6E, M6E and E7. Check quantity, margin, execution, delivery and expiration.
Watch lesson and read transcript →Apply the foundations to concrete trading claims and decisions. Examine the material, identify what is missing, and decide what deserves further testing.
Open a fictional twenty-trade record and examine its rules, costs, profit concentration and development history. Use five checks to decide what the evidence supports investigating next.
Watch the lesson and read the transcriptEvergreen explanations of important economic announcements: what they measure, their history, how to read the figures and what to check before making a trading decision.
Understand what CPI measures, where it came from, and how to read headline, core, monthly and annual figures. Examine an invented release, then prepare questions about expectations, interpretation and execution.
Watch the lesson and read the transcriptUnderstand what the jobs report measures, distinguish payroll jobs from people, and examine unemployment, wages and revisions together. Work through an invented release, then explore possible market reactions.
Watch the lesson and read the transcriptUnderstand the federal funds target range, policy expectations, statements, projections and press conferences. Examine an invented meeting and learn why the message about future policy can matter alongside the decision itself.
Watch the lesson and read the transcriptThe lessons explain the concepts. The research documents the questions, testing, findings, and limitations as I investigate trading ideas.
Explore the workFor meaningful updates and new work, Follow the Work.