Each module builds on the one before it, so they open one at a time. Orientation is free with an account.
M0 · free
Orientation
How the Academy and its simulator work, how mastery is measured, and the rules every student follows.
- How the Academy works
- The simulator: virtual funds and the journal
- Decision Quality Score (DQS), explained honestly
- Rules, study discipline and honest expectations
Pass mark 100% plus a simulator checklist.
M1
Markets and instruments
An accurate, balanced tour of the instruments a trader actually encounters: spot markets, perpetual futures, options, stablecoins, tokenized assets, and the custody choices underneath them all.
- Spot markets: how trading actually works
- Perpetual futures: funding, mark price, and liquidation
- Options basics: calls, puts, and payoff asymmetry
- Stablecoins: designs, depeg risk, and attestations
- Tokenized funds and equities; exchanges and custody
Pass mark 85%.
M2
Market structure
How order books, depth, fees, AMM pools, auctions and halts decide the price you actually receive, and how to estimate that cost in basis points before you trade.
- Order books, spread and depth
- Slippage: walking the depth ladder
- Fees, makers and takers
- AMMs versus order books
- Auctions, halts and circuit breakers
Pass mark 85% plus a simulator task.
M3
Probability and statistics
The core quantitative toolkit for trading: expectancy, variance, sample size, drawdown mathematics, risk of ruin, and Kelly-based position sizing.
- Expected value and expectancy
- Variance and standard deviation
- Sample size, the law of large numbers, and base rates
- Drawdown mathematics and risk of ruin
- The Kelly criterion and fractional Kelly
Pass mark 90%.
M4
Technical analysis
How to read trend, ranges, volume and indicators as testable hypotheses — with honest base rates and the discipline of defining invalidation before entry.
- Trend: definition, structure, and trendlines
- Ranges, support and resistance — and why levels form
- Volume: confirmation, climaxes, and dry-ups
- Indicators as hypotheses: moving averages, RSI, MACD
- Multiple timeframes, honest limits, and blind-chart planning
Pass mark 85%.
M5
Drivers
What moves prices: rates, the dollar, liquidity and inflation; crypto-native flows, unlocks, funding and open interest; and how to prepare for scheduled events without letting a surprise break your risk rules.
- Interest rates, central banks and the US dollar
- Liquidity, inflation data and risk-on / risk-off
- Crypto-native drivers: flows, unlocks, funding and on-chain data
- Events and news: surprises, positioning and event risk
- Writing a case write-up of a masked historical event
Pass mark 85%.
M6
Risk management
How to size every position to a fixed fraction of equity, place stops that survive noise and gaps, and control correlation, leverage, portfolio heat, loss limits and drawdowns.
- Sizing to risk: the fixed-fraction method
- Stops: structure, volatility and gaps
- Correlation, concentration and leverage
- Portfolio heat and volatility targeting
- Loss limits, drawdown rules and stress replays
Pass mark 85% plus a simulator task.
M7
Execution
How to turn a decision into a filled position at a fair cost: order types, timing, slicing, venue choice, and measuring every order against its arrival price.
- Order types: what each one promises and what it does not
- Timing: liquidity by session and around news
- Arrival price and implementation shortfall
- Market impact and slicing large orders: TWAP, VWAP and participation
- Choosing where to trade, and planning an execution
Pass mark 85% plus a simulator task.
M8
Strategy and testing
How to turn a market observation into a falsifiable hypothesis, test it without lying to yourself, and decide on evidence whether a strategy deserves to survive.
- From observation to hypothesis
- Backtesting honestly
- Overfitting and degrees of freedom
- Walk-forward analysis and regimes
- Sample size, the research journal, and when to stop
Pass mark 85%.
M9
Psychology and discipline
How cognitive biases, tilt and stress distort trading decisions, and how pre-committed stops, journals, routines and process grading keep execution consistent.
- Cognitive biases that cost traders money
- Tilt and revenge trading
- Stop-loss rules and pre-commitment
- Journaling and the 30-day audit
- Process over outcome, routines, fatigue and stress
Pass mark 85%.
M10
Conduct and compliance
The market abuse, wash trading, front-running, confidentiality, sanctions, personal-dealing, record-keeping and reporting principles every trader must follow, ending with a personal conduct attestation.
- Market abuse: insider dealing and manipulation
- Wash trading and front-running
- Information barriers, confidentiality and personal-account dealing
- Sanctions, record keeping and reporting concerns
- Your personal conduct attestation
Pass mark 85%.
M11
Capstone: the live-paper period
How the Academy capstone works: a sustained live-paper period on real-time data with virtual funds, graded on decision quality, drawdown discipline, journaling and consistency, ending with an honest education-only certificate of completion.
- How the capstone works and how it is graded
- Structuring a trading week
- Preparation routines: the checklist and the trade plan
- Reviewing with data: your own trade log
- Failure modes, recovery, and what mastery means
Pass mark 85%.
