Introduction to Speculative Trading
This lesson defines speculative trading, distinguishes accuracy from profitability, and establishes capital preservation as the precondition for developing skill.
Open lesson → 8 min
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Trading Lessons
The complete curriculum in 30 lessons
The lessons are ordered so that each builds on the concepts established before it: the instruments and their costs, chart interpretation, risk control, market context, and the validation of a strategy before capital is committed.
Showing all 30 lessons
Market Fundamentals
The instruments traded, the mechanism of price formation, contract specifications, leverage and the cost of trading.
8 lessonsPrice Formation: Supply, Demand and Liquidity
This lesson explains how executed orders, market liquidity and collective expectation determine price movement, and how these factors affect the reliability of observed moves.
Open lesson → 8 minContracts for Difference: Structure and Characteristics
This lesson defines the contract for difference, describes the exposure it provides, and sets out the characteristics that distinguish it from ownership of the underlying asset.
Open lesson → 8 minContract Specifications: Pips, Lots and Position Value
This lesson defines the pip and the lot, shows how pip value is derived from contract size, and demonstrates the calculation of monetary risk on a position.
Open lesson → 9 minLeverage, Margin and Account Equity
This lesson explains margin as collateral, leverage as a ratio, the dynamic leverage tiers at Onys Kapital, and the closure of positions when equity is insufficient.
Open lesson → 10 minTransaction Costs: Spread, Commission and Financing
This lesson identifies the four costs borne by a CFD position, describes the conditions under which each arises, and demonstrates how to assess a method's profitability after costs.
Open lesson → 9 minPrice Charts: Construction and Interpretation
This lesson describes the construction of a candlestick chart, the effect of timeframe selection on interpretation, and the limitations of chart analysis conducted with hindsight.
Open lesson → 8 minSupport and Resistance Levels
This lesson explains why support and resistance levels form, how to identify levels of genuine significance, and the two disciplined approaches to trading around them.
Open lesson → 8 minTechnical Analysis
Market structure, moving averages, momentum indicators and the interpretation of volume and volatility.
4 lessonsMarket Structure and Trend Identification
This lesson defines market structure by swing highs and lows, sets out the criteria for a change of trend, and applies structure as a filter for trade selection.
Open lesson → 8 minMoving Averages: Application and Limitations
This lesson defines the simple and exponential moving averages, explains their inherent lag, examines the limitations of crossover signals, and identifies the applications of genuine use.
Open lesson → 8 minMomentum Indicators: RSI and MACD
This lesson explains the construction of the Relative Strength Index and MACD, the interpretation of divergence, and the correct role of momentum indicators within an analytical framework.
Open lesson → 8 minVolume and Volatility Analysis
This lesson distinguishes volume from volatility, explains tick volume in over-the-counter markets, introduces Average True Range and demonstrates volatility-adjusted position sizing.
Open lesson → 7 minRisk Management
Position sizing, order placement, the written trading plan, performance review and behavioural discipline.
6 lessonsPrinciples of Risk Management
This lesson sets out the principles of risk management: fixed fractional risk, the arithmetic of losing sequences and drawdown recovery, and the rules that prevent escalation.
Open lesson → 10 minPosition Sizing Methodology
This lesson presents the position-sizing calculation, a worked example, the separate margin requirement calculation, and the treatment of correlated positions.
Open lesson → 8 minStop-Loss and Take-Profit Placement
This lesson explains where stop-loss and take-profit orders should be placed, the rules for adjusting a stop after entry, and the relationship between reward-to-risk ratio and win rate.
Open lesson → 9 minDeveloping a Written Trading Plan
This lesson explains the purpose of a written trading plan, its required contents, the case for brevity, the amendment procedure, and its validation on a demo account.
Open lesson → 8 minTrade Journalling and Performance Review
This lesson describes the contents of a trade journal, the separation of decision quality from outcome, the periodic review for recurring patterns, and the principal performance metrics.
Open lesson → 7 minBehavioural Discipline in Trading
This lesson examines the recurrent behavioural errors in retail trading, the structural safeguards that prevent them, the effect of drawdown on judgement, and the role of realistic expectations.
Open lesson → 9 minMarket Context and Timing
Scheduled economic releases, event risk and the integration of multiple timeframes.
2 lessonsEconomic Releases and Event Risk
This lesson explains how scheduled economic releases affect price, liquidity and execution, the categories of release that matter most, and the approaches available for managing event exposure.
Open lesson → 8 minMulti-Timeframe Analysis
This lesson describes the selection of three analytical timeframes, the distinct function of each, the response to conflicting readings, and the implications for stop placement and position size.
Open lesson → 7 minStrategy Development
Trading styles, strategy validation, common errors, systematic strategy construction and broker due diligence.
5 lessonsTrading Styles and Time Horizons
This lesson describes the principal trading styles, the holding period and cost profile of each, and the personal constraints that determine which style is appropriate.
Open lesson → 8 minStrategy Validation: Backtesting and Forward Testing
This lesson sets out the requirements for testable rules, the procedure for backtesting, the problem of curve fitting and the role of forward testing on a demo account.
Open lesson → 9 minCommon Errors in Retail Trading
This lesson identifies the procedural errors that account for most first-year losses among retail traders and the written rules that eliminate each of them.
Open lesson → 8 minConstructing a Systematic Trading Strategy
This lesson sets out the procedure for converting a market observation into a fully specified strategy, including the required conditions, the rule set and the case for simplicity.
Open lesson → 9 minBroker and Platform Due Diligence
This lesson describes the criteria by which a broker and trading platform should be assessed: regulatory status, total cost of trading, execution, funding terms and client support.
Open lesson → 8 minMarkets and Professional Practice
The structure of the foreign exchange market, the principal asset classes, professional routine, operational risk and the progression to live trading.
5 lessonsForeign Exchange Market Structure
This lesson describes the decentralised structure of the foreign exchange market, the four trading sessions, the classification of currency pairs and the implications for the timing of trades.
Open lesson → 8 minAsset Classes: Indices, Commodities, Equities and Digital Assets
This lesson describes the characteristics of index, commodity, equity and digital asset CFDs, including their trading hours, price drivers and the specific risks of each.
Open lesson → 9 minEstablishing a Professional Trading Routine
This lesson describes the preparation, execution and review activities that constitute a professional trading routine and the weekly and monthly cycle of process improvement.
Open lesson → 7 minOperational and Non-Market Risk
This lesson examines gap risk, slippage, technology failure, correlated exposure and counterparty risk, and the procedures by which each is mitigated.
Open lesson → 8 minProgression from Simulated to Live Trading
This lesson sets out the staged progression from a written plan through demo trading to live trading, and the criteria for increasing size and measuring progress.
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