YAL Academy
The trade ticket
Reading a price, sizing a contract, and one lesson per order type. Deliberately the fattest early module, because execution mechanics is where new traders actually lose money and where most education is thinnest.
Trading involves risk. You could lose more than your deposit.
The arc
FoundationModule 2 of 10
14 lessons, about 96 min
- AssumesWhat you are actually trading
- UnlocksMargin and account mechanics
The lessons
What this module covers
Reads the quote first, then converts the quote into money through pips, lots and pip value, then converts money into contract size for each asset class. Only once the reader can price a move does the module introduce orders, moving from the simplest to the conditional, then modification and closing, a reference sheet, and a closing anti-lesson on what orders cannot do.
Lesson 01
How to read a price quote
Bid, ask, the gap between them, and which side of the quote you deal on.
- Level
- Foundation
- Read time
- 8 min
Lesson 02
What a pip is
The standard unit of price movement, where it sits in the quote, and how it differs across instruments.
- Level
- Foundation
- Read time
- 7 min
Lesson 03
What a lot is
Standard, mini and micro lots, and what a lot actually represents in units of the base currency.
- Level
- Foundation
- Read time
- 6 min
Lesson 04
How to calculate pip value
What one pip is worth in the account currency, worked for an FX pair, for gold and for an index.
- Level
- Foundation
- Read time
- 8 min
Lesson 05
Contract size across the asset classes
Why one lot means something different in FX, in gold, in an index CFD, in a shares CFD and in an ETF CFD, and why the specification rather than the lot count states the exposure.
- Level
- Foundation
- Read time
- 7 min
Lesson 06
What a market order is
An instruction to deal at the best price currently available, and what that sentence leaves open.
- Level
- Foundation
- Read time
- 8 min
Lesson 07
What a limit order is
An instruction to deal only at a specified price or better, and the fill that never happens.
- Level
- Foundation
- Read time
- 6 min
Lesson 08
What a stop order is
An instruction that becomes a market order once a trigger price trades, and why that distinction is the whole lesson.
- Level
- Foundation
- Read time
- 7 min
Lesson 09
What a stop limit order is
A trigger that produces a limit order rather than a market order, and the trade off that creates.
- Level
- Foundation
- Read time
- 8 min
Lesson 10
What a take profit order is
A resting limit order attached to an open position, and what it assumes about the market.
- Level
- Foundation
- Read time
- 6 min
Lesson 11
What a one cancels the other order is
Two resting orders where the fill of one removes the other, and where that mechanism is available.
- Level
- Foundation
- Read time
- 6 min
Lesson 12
How a position is modified and closed
Changing a level, closing part of a position, and what a partial close leaves behind.
- Level
- Foundation
- Read time
- 6 min
Lesson 13
Order types, side by side
Every order type in this module in one comparison, with what each controls and what it leaves open.
- Level
- Foundation
- Read time
- 5 min
Lesson 14
What your orders do not protect you from
The closing anti-lesson: gaps, thin books, weekend risk, and the difference between an instruction and a guarantee.
- Level
- Foundation
- Read time
- 8 min
Get started
Open your account in four steps.
A clear path from sign-up to your first trade, in four steps.
No depositNo documents
01/ 04step 1 of 4
Register
A few details to get started.
No deposit to open
02/ 04step 2 of 4
Verify
Confirm your identity, securely.
ID and proof of address
03/ 04step 3 of 4
Fund
Add money by bank transfer or card.
From $0
04/ 04step 4 of 4
Trade
Go live on the platform you already know.
MetaTrader 5
