Futures

Eight modules in a fixed order. Each one assumes only what came before it - start at module 1 unless you know exactly what you skipped.

Module 1
How futures markets work
Standardised contracts on central exchanges: specs, expiries, margin as performance bond and the clearing house between every buyer and seller. Start this track only after an underlying market's track - the indices track is the natural entry, since index futures anchor most retail flow. Roll and term structure conclude in module 8.
9 lessons, about 55 minutes
Module 2
Reading futures markets
Contract codes and months, tick sizes and values by contract, volume and open interest read together, and the front month against the curve. Reading the board before trading it.
9 lessons, about 54 minutes
Module 3
What trading futures costs
Commissions per contract and side, exchange and data fees, spread cost in ticks, and margin - initial, maintenance and the call that follows. The tick-value maths that makes a one-point move mean very different money by contract.
9 lessons, about 53 minutes
Module 4
Managing futures risk
Sizing in whole contracts when the increment is chunky, margin headroom as a risk number in its own right, and gap exposure on daily-settled positions. Leverage here is structural, not optional - sizing does the work stops cannot.
9 lessons, about 55 minutes
Module 5
Futures analysis foundations
The drivers by underlying - index futures follow their cash logic, commodity futures their supply stories - plus what open interest and the curve add to the picture. Deep curve trades wait for module 8.
9 lessons, about 55 minutes
Module 6
Building a futures strategy
Rules and testing with contract specifics included: roll dates in the backtest, realistic fills at the tick, expectancy net of round-trip costs. Evaluation, never a trade call.
0 of 9 · membership
Module 7
Futures process and review
Journalling by contract and expiry, keeping roll transactions out of setup statistics, and reviewing margin usage alongside performance.
0 of 9 · membership
Module 8
Futures specialist topics
Roll mechanics in full, term structure and calendar spreads, basis against cash, and exchange-specific microstructure. The depth every earlier module deferred.
0 of 9 · membership