The essential infrastructure of modern trading — where trades happen, who's on the other side, how orders execute, and the rules that keep it all together.
Before you place your first trade, you need to understand the terrain. Module 1 builds the mental map — from the purpose of financial markets to the specific regulations that govern your activity. Every concept introduced here will be built upon in later modules. Take your time and get these foundations right.
The four core functions of markets — price discovery, liquidity, capital allocation, and risk transfer. Exchange-traded vs. OTC markets, the electronic revolution, major global exchanges, and an introduction to market indices (S&P 500, Nasdaq, Dow).
Retail traders, institutional investors, hedge funds, market makers, HFT firms, and investment banks. How payment for order flow works in dollars and cents, the information hierarchy, and where your real edge lies.
Market, limit, stop, stop-limit, and trailing stop orders. The order book and bid-ask spread. Bracket orders, time-in-force modifiers, and execution quality — the hidden cost of "free" trading.
Pre-market, regular session, after-hours — including extended hours limitations. The global trading clock, how overnight events cascade across time zones, market holidays, T+1 settlement, and the events that shape the trading calendar.
SEC, FINRA, CFTC, and the Fed — who regulates what. SIPC insurance, the Pattern Day Trader rule, cash account violations (good faith, free-riding), the wash sale rule, margin mechanics, and prohibited activities.