Intermediate module
The order book up close — maker and taker, stops, slippage, and how size really gets filled.
9 lessons· ~56 min totalStart the module
1Reading the order bookWhat depth, levels, and imbalance actually tell you — and the hard limits of what the book can predict.6 min2Maker, taker, and why the prices differWhere maker and taker fees come from, the math at real sizes, and when crossing the spread is the right call.6 min3Stop-losses: the exit you choose in advanceHow to place stops that reflect structure, what stop hunting really is, and why mental stops fail.7 min4Stop-limit and the gap problemStop-market fills at any price; stop-limit might not fill at all. Gaps decide which failure hurts more.6 min5Slippage: the invisible feeHow to measure slippage, when it dwarfs commissions, and how to size orders against visible depth.6 min6Spreads across the four asset classesTypical spreads in FX majors, large-cap stocks, BTC, small-cap crypto, and metals — and when they widen.6 min7Position sizing before entryWork out risk first, derive size from stop distance, and stop letting conviction set your position size.6 min8Executing size: icebergs, TWAP and the OTC deskWhy size moves markets, how icebergs and TWAP work conceptually, and when a block belongs on the OTC desk.6 min9Execution mistakes that cost real moneyFive expensive execution errors — fat fingers, wrong order types, chasing, spread blindness, revenge re-entry.7 min