Introduction to Markets, Trading and Risk

Learn how prop trading firms operate, risk their own capital, and seek statistical edge.

Explore the differences between key trader roles and how they approach markets.

Understand the revenue model behind high-frequency trading, arbitrage, and market making.

Get a realistic picture of trader responsibilities, tools, and routines.

Learn how buy and sell orders are matched in a limit order book.

Understand market depth, spread width, and how liquidity impacts trade execution.

See how orders are prioritized and executed based on price and timestamp.

Explore how modern trades route across multiple venues and exchanges.

Review the role of speed, co-location, and network optimization in trading.

Learn the core function of market makers in ensuring liquidity and stable pricing.

Understand the decision-making behind setting bid and ask prices.

See how market makers respond to risk by adjusting their spread.

Learn how traders use mean-reversion assumptions to manage inventory.

Explore the balance between getting filled and making profit on each trade.

Learn how traders estimate the 'true' price of an asset.

Explore how markets aggregate information into price.

Learn how market makers infer value from trades and quotes.

Understand how uncertainty and volatility affect pricing decisions.

See how traders anchor bids and asks around a value estimate.

Explore different execution styles and their risk-reward tradeoffs.

Learn how traders shift quotes to rebalance inventory.

Understand how quoting adapts to flow, size, and changing volatility.

Distinguish between unrealized and realized profit & loss.

Learn how traders mark positions and manage directional exposure.

Understand risk limits, capital allocation, and margin requirements.

Explore basic hedge concepts using correlated assets or products.

Learn how market making games teach execution speed and risk control.

Explore the tools used by trading firms to train new hires.

Understand the purpose of simple execution strategies.

Learn how fast markets expose traders to execution risk and opportunity.

See how liquidity is concentrated in opening and closing auctions.

Learn how traders use data and signals to gain edge.

Understand why fast decision-making is critical in high-frequency environments.

Get a first look at how code drives modern trading strategies.