Market mechanics including order types, execution models, spreads, and liquidity.
This scope is designed to help you build a practical understanding of Order Types & Execution. Lessons move from core definitions to real-world context and common failure points.
Reading in order is recommended, but each lesson stands on its own.
A clear explanation of market orders, how they execute in real markets, why they exist, and what traders should understand about price, liquidity, and slippage when using them across different asset classes and venues. No strategies or recommendations.
A limit order is an instruction to buy or sell at a specified price or better. This article explains how limit orders are entered, matched, and managed within modern markets, why they exist, and how they shape real-world execution outcomes through examples.
A clear, practical explanation of stop orders, how they trigger and execute, why markets support them, and what traders should understand about their behavior across venues and asset classes. No strategies or recommendations are provided, only mechanics and real-world context.
A clear, practical explanation of stop-limit orders, how they are constructed and triggered, and how they behave in real-world execution across different markets and conditions. Focuses on mechanics, risks, and operational details without strategy or recommendations.
A clear, practical explanation of how exchanges and trading venues pair buy and sell orders, how order types interact with the limit order book, and why matching rules exist in modern markets, illustrated with real-world execution scenarios and examples.
A clear, practical explanation of the bid-ask spread, why it exists, how it is formed in order-driven markets, and what it means for real-world trade execution and costs across different asset classes and conditions. Includes numerical examples and definitions of quoted, effective, and realized spreads.
A clear explanation of liquidity and illiquidity, how they shape order execution, spreads, fills, and slippage, and what traders encounter across venues and asset classes in real-world trading contexts, without strategies or recommendations. 1500+ words.
An in-depth explanation of partial fills and slippage, how they arise from market microstructure, and what they mean for order execution and trade management across asset classes and venues. No strategies or recommendations, only mechanics and practical context.
A rigorous explanation of how large orders affect prices during execution, why market impact arises from market microstructure, and how practitioners measure and contextualize it in real trading environments across asset classes. Focuses on definitions, mechanics, and examples without recommending strategies.
A rigorous explanation of hidden and iceberg (reserve) orders, how they function on modern venues, why they exist, and what traders should know about their execution mechanics and trade-offs in real markets. No strategies or recommendations included.
