AnkushAI Academy

10 tracks, 49 modules and 335 short written lessons: how markets work, charts and price action, options, risk and psychology, macro and valuation. Start free. Each lesson ends with a short quiz, and the AI coach can explain any of them in plain words.

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Market basics

How markets, charts and orders work, from zero.

4 modules · 31 lessons

How markets work

· Level 1 of 5, for new traders · 11 lessons
  1. What a market actually is
    Explain a market as buyers and sellers agreeing on price, and why prices move.
  2. Stocks, ETFs and indexes
    Tell the difference between a single stock, an ETF and an index like the S&P 500.
  3. Exchanges and market hours
    Know when US stock markets are open and what pre-market and after-hours mean.
  4. Bid, ask and the spread
    Read a quote and understand the cost the spread adds to every trade.
  5. Bulls, bears and short selling
    Explain long vs. short positions and why shorting carries different risk.
  6. What moves prices day to day
    Name the main drivers of price: earnings, news, macro data and flows.
  7. Investing vs. trading
    Compare investing and trading by time horizon, goals and the skills each needs.
  8. The risk-first mindset
    Explain why defining what you can lose comes before thinking about what you might make.
  9. Crypto basics: what is actually different
    Explain how crypto differs from stocks in trading hours, custody, volatility, scams and tax treatment, without hype or price calls.
  10. Compound interest: why time beats timing
    Explain compound growth, estimate doubling time with the Rule of 72, and show why starting early matters more than the amount or the entry.
  11. Dollar-cost averaging vs lump sum, honestly
    Compare lump-sum investing with dollar-cost averaging on real data, explain why lump sum usually wins on average, and when a schedule still helps.

Reading a price chart

· Level 1 of 5, for new traders · 7 lessons
  1. Line charts vs. candlesticks
    Choose between line and candlestick charts and know what each one shows.
  2. Anatomy of a candle
    Read a candle's body and wicks and say what they reveal about buyers and sellers.
  3. Timeframes explained
    Understand what 1m, 5m, 1H and daily charts mean and how the same market looks on each.
  4. Reading volume bars
    Use volume bars to judge how much participation stood behind a move.
  5. Highs, lows and swing points
    Mark swing highs and swing lows on a chart and use them to describe price movement.
  6. Percent change and daily range
    Calculate percent moves and compare a day's range with what's normal for that market.
  7. Setting up your first chart
    Build a clean chart with sensible timeframe, a volume pane and key levels, without clutter.

Orders & execution

· Level 2 of 5, for developing traders · 7 lessons
  1. Market vs. limit orders
    Choose between market and limit orders based on speed, price control and liquidity.
  2. Stop and stop-limit orders
    Use stop and stop-limit orders to exit and know when each can fail.
  3. Slippage and liquidity
    Estimate slippage and see how liquidity changes your real entry and exit prices.
  4. The order book and level 2
    Read Level 2 quotes to see where resting bids and offers sit, and know its limits.
  5. Time in force: day, GTC and more
    Set an order's duration correctly with Day, GTC, IOC and extended-hours options.
  6. Bracket and OCO orders
    Attach a stop and a target to an entry so risk and exit are set before the trade runs.
  7. Halts, gaps and circuit breakers
    Recognise trading halts and circuit breakers, and plan for gap risk your orders can't control.

Brokers, accounts & costs

· Level 2 of 5, for developing traders · 6 lessons
  1. Choosing a broker
    Compare brokers on costs, execution, tools, platform stability and protection.
  2. Cash vs. margin accounts
    Explain how cash and margin accounts differ and how leverage magnifies both gains and losses.
  3. The pattern day trader rule
    Know how the US PDT rule works and how it shapes small-account trading.
  4. Fees, commissions and hidden costs
    Add up every cost of trading: commissions, spreads, slippage, data and borrow fees.
  5. Tax basics for traders
    Recognise how short- vs long-term gains and wash sales affect traders; know when to ask a professional.
  6. Practice trading and journaling
    Use practice trades and a trade journal to build and measure a process before risking capital.
Start Market basics free

Technical analysis

Trends, levels, patterns, indicators and volume.

6 modules · 44 lessons

Trend, support & resistance

· Level 1 of 5, for new traders · 8 lessons
  1. What a trend really is
    Identify uptrends, downtrends and ranges from swing highs and lows.
  2. Support and resistance basics
    Mark support and resistance zones and explain why price reacts there.
  3. Role reversal: old resistance, new support
    Spot when broken resistance turns into support, and vice versa.
  4. Drawing trendlines that matter
    Draw objective trendlines through swing points and know when one is broken.
  5. Ranges and consolidation
    Recognise consolidation and plan around range highs, lows and midpoints.
  6. Higher-timeframe levels first
    Mark weekly and daily levels before trading lower timeframes.
  7. Round numbers and psychological levels
    Use round numbers and prior highs as reference points without overrating them.
  8. Building your daily level map
    Prepare a short, ranked list of levels before the session starts.

Classic chart patterns

· Level 2 of 5, for developing traders · 8 lessons
  1. Double tops and double bottoms
    Recognise double tops and bottoms and know what confirms them.
  2. Head and shoulders
    Identify head-and-shoulders and inverse patterns and their neckline.
  3. Triangles and wedges
    Read ascending, descending and symmetrical triangles and rising/falling wedges.
  4. Flags and pennants
    Spot continuation flags after strong moves and plan entries and stops.
  5. Cup and handle
    Recognise a cup and handle and judge its quality in context.
  6. When patterns fail
    Recognise failed patterns and use failure as information, not a surprise.
  7. Measured moves and targets
    Project rough targets from pattern height and leg length, and cross-check with levels.
  8. Patterns in context
    Judge a pattern by trend, location, volume and timeframe, not shape alone.

Breakouts & fakeouts

· Level 2 of 5, for developing traders · 6 lessons
  1. Anatomy of a breakout
    Describe what a real breakout looks like: level, close, volume and follow-through.
  2. The failed breakout trap
    Spot a failed breakout: wait for a close and a retest that holds, check volume, know your stop.
  3. Retest entries
    Plan entries on the retest of a broken level and define invalidation clearly.
  4. Volume as breakout confirmation
    Use relative volume to judge breakout participation.
  5. False breakdowns and springs
    Recognise false breakdowns below support that reverse back into the range.
  6. Breakout risk management
    Size and manage breakout trades so a fakeout costs little and a runner is kept.

Indicators that matter

· Level 3 of 5, for intermediate traders · 9 lessons
  1. Moving averages: SMA vs. EMA
    Use simple and exponential moving averages to read trend and dynamic support.
  2. Touch vs reaction
    Tell a weak bounce off the 21 EMA from a strong one: volume against its average, and a next close above the reaction candle's high.
  3. VWAP explained
    Read VWAP as the day's volume-weighted fair price and use it for intraday bias.
  4. RSI and momentum
    Read RSI for momentum and avoid the 'overbought means sell' trap.
  5. MACD basics
    Interpret MACD lines, crossovers and histogram as a momentum tool.
  6. Bollinger bands and ATR
    Measure volatility with Bollinger Bands and ATR and use ATR to size stops.
  7. Stochastics and other oscillators
    Know how oscillators work, where they help and where they mislead.
  8. Confluence without clutter
    Combine one trend tool, one momentum tool and levels into a clean, testable read.
  9. Indicator traps and lag
    Recognise lag, repainting and curve-fitting so indicators don't mislead you.

Volume & volume profile

· Level 3 of 5, for intermediate traders · 7 lessons
  1. Volume tells the story
    Read rising and falling volume to judge whether moves have participation.
  2. Relative volume (RVOL)
    Use relative volume to find stocks in play and filter weak setups.
  3. Volume profile basics
    Read a volume profile: where trading concentrated, the POC and value area.
  4. High- and low-volume nodes
    Use high- and low-volume nodes to anticipate where price may stall or move fast.
  5. Value area: acceptance vs. rejection
    Tell acceptance from rejection when price leaves and returns to the prior value area.
  6. Anchored VWAP
    Anchor VWAP to key events and use it to see who's in profit since that moment.
  7. Reading volume at key levels
    Combine volume and levels to judge whether a level is holding or breaking.

Multi-timeframe systems

· Level 4 of 5, for advanced traders · 6 lessons
  1. Top-down analysis
    Build a read from weekly to daily to intraday so each level frames the next.
  2. Choosing timeframe ratios
    Pick timeframe pairs (often ~4-6x apart) so each chart adds new information.
  3. HTF bias, LTF execution
    Set bias on a higher timeframe and time entries on a lower one with clear invalidation.
  4. Timeframe alignment and conflict
    Grade setups by how well timeframes agree, and size down or pass when they conflict.
  5. Building a multi-timeframe checklist
    Write a repeatable checklist across timeframes so every trade is graded the same way.
  6. Multi-timeframe case studies
    Walk through past examples where timeframe context made or broke a setup.
Start Technical analysis free

Price action & ICT concepts

Structure, liquidity, FVG/IFVG, AMD and session models.

6 modules · 40 lessons

Market structure

· Level 2 of 5, for developing traders · 7 lessons
  1. Swing structure: HH, HL, LH, LL
    Label swing highs and lows as HH, HL, LH and LL to read structure objectively.
  2. Break of structure (BOS)
    Identify a break of structure that continues the current trend.
  3. Change of character (CHoCH)
    Recognise a change of character as the first sign a trend may be shifting.
  4. Internal vs. external structure
    Separate major swing structure from the minor swings inside it.
  5. What makes a valid swing point
    Apply consistent rules for which highs and lows count as structure.
  6. Structure across timeframes
    Read how structure on one timeframe nests inside a higher one.
  7. Common structure mistakes
    Avoid the most frequent structure-reading errors: wicks, noise and bias.

Right concept, right timeframe

· Level 2 of 5, for developing traders · 6 lessons
  1. Why timeframe matters for every concept
    Explain why each concept has a home timeframe and what happens when you use the wrong one.
  2. Right concept, right timeframe
    Match each concept to its timeframe: IFVG entries 1m, AMD 5m, structure 15m, bias 4H.
  3. Setting bias on the 4H
    Read the 4H trend and key levels to decide which side you favour for the day.
  4. Reading structure on the 15m
    Use the 15m to see whether the intraday leg agrees with the 4H bias.
  5. Timing the session on the 5m
    Use the 5m to read the session's accumulation, manipulation and distribution phases.
  6. Refining entries on the 1m
    Use the 1m only to time entries, with a defined stop, after higher timeframes agree.

Liquidity

· Level 3 of 5, for intermediate traders · 7 lessons
  1. What liquidity means in price action
    Explain liquidity as resting orders, especially stops, clustered around obvious levels.
  2. Buy-side vs. sell-side liquidity
    Locate buy-side liquidity above highs and sell-side liquidity below lows.
  3. Liquidity sweeps and stop runs
    Recognise a sweep: price takes out a level, then reverses back through it.
  4. Equal highs and lows as targets
    Use equal highs/lows and obvious swing points as potential price targets.
  5. Session highs and lows as liquidity
    Track Asia, London and prior-day highs and lows as liquidity reference points.
  6. Inducement: the obvious trap
    Spot inducement, a minor level that baits traders in early before the real move.
  7. Turning liquidity into a trade plan
    Combine bias, a liquidity sweep and structure shift into a defined plan with a stop.

Fair value gaps & IFVGs

· Level 3 of 5, for intermediate traders · 7 lessons
  1. What a fair value gap is
    Identify a three-candle FVG and explain why it marks an imbalance.
  2. Grading FVG quality
    Grade FVGs by size, displacement, location and timeframe.
  3. FVG fills and reactions
    Read how price reacts on returning to an FVG: respect, partial fill or full fill.
  4. Inverse FVGs (IFVG)
    Recognise when a failed FVG flips into an inverse FVG acting from the other side.
  5. An IFVG entry model
    Build a step-by-step IFVG entry with bias, sweep, IFVG, stop and target.
  6. Stacked FVGs and consequent encroachment
    Use stacked FVGs and the 50% level to refine zones without over-precision.
  7. When FVGs fail
    Recognise conditions where FVGs are unreliable and how to limit damage.

AMD & session models

· Level 4 of 5, for advanced traders · 7 lessons
  1. The AMD framework
    Explain accumulation, manipulation and distribution as a model of how sessions often unfold.
  2. Sessions and killzones
    Map Asia, London and New York sessions and the windows when volatility tends to rise.
  3. Asia range and the London sweep
    Read the Asia range and how London often tests one side of it.
  4. The New York open model
    Apply a session model to the NY open: prior levels, the opening sweep, and the shift.
  5. Daily power of three
    Read the daily candle as open, manipulation leg and expansion leg.
  6. Combining AMD with structure
    Require a structure shift after manipulation before treating the expansion as underway.
  7. Reviewing session models honestly
    Log how often your session model fits so you know when it helps and when it doesn't.

Order blocks, premium & discount

· Level 4 of 5, for advanced traders · 6 lessons
  1. What an order block is
    Identify an order block as the last opposing candle before a strong displacement.
  2. Valid vs. invalid order blocks
    Filter order blocks by displacement, unmitigated status and location.
  3. Premium and discount zones
    Split a dealing range at 50% and favour buying in discount and selling in premium.
  4. Optimal trade entry (OTE) zone
    Use the 62-79% retracement OTE zone as a refinement, not a rule.
  5. Breaker blocks and mitigation blocks
    Recognise when a failed order block flips into a breaker and how it's used.
  6. Building a full PD-array plan
    Combine bias, premium/discount, order blocks, FVGs and liquidity into one written plan.
Start Price action & ICT concepts free

Options

Calls and puts through Greeks, volatility and hedging a book.

6 modules · 45 lessons

Options 101

· Level 1 of 5, for new traders · 8 lessons
  1. What an option actually is
    Explain an option as a contract giving the right, not the obligation, to buy or sell at a set price by a date.
  2. Calls: the right to buy
    Describe how a call gains or loses value as the stock moves and what a long call risks.
  3. Puts: the right to sell
    Describe how a put gains value when a stock falls and how puts can act as protection.
  4. Strike price and expiration
    Read an option quote's strike and expiration and explain how each changes the contract.
  5. Premium and the 100-share multiplier
    Convert a quoted option price into the real dollar cost of a standard US equity contract.
  6. In, at and out of the money
    Classify calls and puts as ITM, ATM or OTM from the strike and the stock price.
  7. Intrinsic vs extrinsic value
    Split an option's price into intrinsic value and time value, and explain why time value decays.
  8. Buying vs selling options
    Compare the risk profile of option buyers and sellers, including why naked selling carries large risk.

The Greeks

· Level 2 of 5, for developing traders · 8 lessons
  1. Delta: direction and hedge ratio
    Use delta to estimate how much an option's price moves per $1 move in the stock.
  2. Gamma: how fast delta changes
    Explain gamma and why ATM options near expiration can swing so sharply.
  3. Theta: time decay
    Describe how theta erodes option value and why decay speeds up near expiration.
  4. Vega: sensitivity to volatility
    Use vega to estimate how a change in implied volatility moves an option's price.
  5. Rho, rates and dividends
    Explain how interest rates and dividends shift call and put prices.
  6. Reading position Greeks
    Add up Greeks across several options to understand a whole position's risk.
  7. Choosing strikes with the Greeks
    Pick strike and expiry by matching delta, theta and vega to the view you hold.
  8. Sizing a signal
    Turn one options alert into your own size: dollars paid, dollars per $1 move and dollars to the stop at 1, 5 and 20 contracts; size from account risk, split exits, count the spread at size, and…

Volatility & IV

· Level 3 of 5, for intermediate traders · 7 lessons
  1. Historical vs implied volatility
    Distinguish realized volatility from implied volatility and what each tells you.
  2. IV rank and IV percentile
    Use IV rank and IV percentile to judge whether current IV is high or low for that ticker.
  3. The expected move
    Estimate the market-implied move from the ATM straddle or from IV.
  4. IV crush around earnings
    Explain why option prices often drop after earnings even when the stock moves.
  5. Volatility skew basics
    Read a skew chart and explain why index puts often carry higher IV than calls.
  6. What the VIX measures
    Explain what the VIX represents and what it does not tell you.
  7. Volatility regimes and mean reversion
    Recognize low- and high-volatility regimes and how vol tends to revert over time.

Spreads & defined risk

· Level 3 of 5, for intermediate traders · 10 lessons
  1. Vertical debit spreads
    Build a debit spread and compute its max loss, max gain and breakeven.
  2. Credit spreads
    Explain a credit spread's defined risk and how width and credit set the risk/reward.
  3. Iron condors
    Describe an iron condor's structure, profit zone and the move that hurts it.
  4. Butterflies
    Build a butterfly and explain its pin-shaped payoff and low cost.
  5. Calendar spreads
    Explain how calendar spreads use differences in time decay and term structure.
  6. Iron flies vs calendar spreads
    Build an iron fly, work out its credit, max loss and breakevens, and compare how it and a calendar react to price and volatility.
  7. Covered calls and cash-secured puts
    Explain the trade-offs of covered calls and cash-secured puts.
  8. Assignment and early exercise
    Know when short options can be assigned and how to manage that risk.
  9. Rolling and adjusting short options
    Roll a short call or put out, up or down, and track what each choice does to your credit, cost basis and cap.
  10. Put-call parity and synthetics
    Use put-call parity to link calls, puts and stock, and build synthetic positions from them.

0DTE & options flow

· Level 4 of 5, for advanced traders · 6 lessons
  1. How 0DTE options behave
    Explain why same-day options have extreme gamma and theta and what that means for P&L.
  2. Risk management for 0DTE
    Set size, stop and time rules for same-day options so one trade can't sink a day.
  3. Reading options flow
    Interpret sweeps, blocks and premium size in flow data without treating it as a signal.
  4. Volume vs open interest
    Use volume and open interest together to tell opening from closing activity.
  5. Pitfalls of 'unusual activity'
    Avoid common mistakes when following unusual options activity alerts.
  6. Pin risk and the 'max pain' myth
    Explain pin risk at expiry and why max pain theory is unreliable as a forecast.

Volatility surface & book hedging

· Level 5 of 5, for pros · 6 lessons
  1. The volatility surface
    Read the vol surface across strike and expiry and identify rich or cheap regions.
  2. Skew dynamics: sticky strike vs sticky delta
    Explain sticky-strike and sticky-delta behavior and how each changes hedged P&L.
  3. Volatility term structure
    Read contango and backwardation in vol term structure and what each signals.
  4. Dealer gamma positioning
    Explain how estimated dealer gamma can dampen or amplify intraday moves, and its limits.
  5. Delta and gamma hedging a book
    Hedge an options book's delta and gamma and weigh hedging cost against risk.
  6. Scenario risk and stress tests
    Stress-test an options book across spot and vol shocks beyond the first-order Greeks.
Start Options free

Risk & psychology

Sizing, stops, journaling, expectancy and the mental game.

5 modules · 34 lessons

Position sizing basics

· Level 1 of 5, for new traders · 8 lessons
  1. Why size matters more than entries
    Explain why position size, not entry choice, decides whether a losing streak is survivable.
  2. Risk per trade: the 1% idea
    Set a fixed maximum percentage of your account you are willing to lose on any one trade.
  3. Fixed-fractional position sizing
    Compute share size from account size, risk percent and stop distance.
  4. From stop distance to share count
    Place the stop at a logical level first, then size the position to fit your risk.
  5. Thinking in R-multiples
    Express every trade's result as a multiple of the initial risk (R).
  6. Sizing options positions
    Size option trades by the premium or defined max loss you can afford to lose.
  7. Total risk and correlated positions
    Cap total open risk and account for positions that tend to move together.
  8. Leverage and margin basics
    Explain how margin magnifies both gains and losses and what triggers a margin call.

The trader mindset

· Level 1 of 5, for new traders · 7 lessons
  1. Process over outcome
    Judge trades by whether you followed your plan, not by whether one trade made money.
  2. FOMO and chasing
    Recognize fear of missing out and use rules to avoid chasing extended moves.
  3. Revenge trading
    Spot the urge to win back losses immediately and build a circuit breaker for it.
  4. Loss aversion and holding losers
    Explain why people hold losers too long and cut winners too short, and how rules fix it.
  5. Overconfidence after wins
    Notice how a winning streak can lead to bigger size and looser rules.
  6. Building a pre-trade routine
    Create a short checklist routine that puts you in a calm, rule-following state before trading.
  7. Your brain on markets: loss aversion, overconfidence, recency
    Spot loss aversion, overconfidence and recency in your own trades and pair each with one written defense.

Stops & exits

· Level 2 of 5, for developing traders · 7 lessons
  1. Why every trade needs a stop
    Define the price that proves your idea wrong before entering, and commit to it.
  2. Structure-based stops
    Place stops beyond swing points, levels or patterns that invalidate the setup.
  3. Volatility (ATR) stops
    Use Average True Range to set stops that fit a market's normal movement.
  4. Time stops
    Exit trades that don't work within an expected time window.
  5. Trailing stops
    Trail stops behind price to lock in gains without cutting trends too early.
  6. Targets and scaling out
    Plan profit targets and partial exits and understand their effect on R and win rate.
  7. Gaps and slippage through stops
    Explain why stops can fill worse than planned and how to account for it.

Journaling & review

· Level 3 of 5, for intermediate traders · 6 lessons
  1. What to record in a trading journal
    Log the data that later lets you find what's working and what isn't.
  2. Tagging setups and mistakes
    Tag every trade by setup and by mistake type so you can sort results later.
  3. Screenshots: before and after
    Save entry and exit charts to review decisions with the context you had.
  4. Running a weekly review
    Run a structured weekly review that turns your journal into one or two specific improvements.
  5. Finding leaks with your stats
    Use journal stats to spot leaks by time of day, setup, size and holding period.
  6. Changing rules one at a time
    Test rule changes one at a time so you know what actually improved results.

Expectancy & drawdowns

· Level 4 of 5, for advanced traders · 6 lessons
  1. Expectancy: the core formula
    Calculate expectancy per trade from win rate, average win and average loss.
  2. Win rate vs payoff ratio
    Explain the trade-off between win rate and reward-to-risk, and find the breakeven win rate.
  3. Variance and losing streaks
    Estimate how long losing streaks can get for a given win rate and plan for them.
  4. Drawdown recovery math
    Calculate the gain needed to recover from a drawdown and why deep drawdowns are dangerous.
  5. Risk of ruin
    Explain how risk per trade, win rate and payoff drive the chance of an account-ending drawdown.
  6. The Kelly criterion and fractional Kelly
    Compute a Kelly fraction and explain why professionals usually bet a fraction of it.
Start Risk & psychology free

Trading styles

Scalping, day, swing and position trading, and which fits you.

5 modules · 33 lessons

Pick your style

· Level 1 of 5, for new traders · 6 lessons
  1. Scalp, day, swing, position
    Describe the four main trading styles by holding period and typical goals.
  2. Matching style to your schedule
    Choose a style that fits the hours you can actually watch the market.
  3. Account size and day-trading rules
    Know how account size and US day-trading margin rules can shape which style is practical.
  4. Style and personality
    Match a trading style to your temperament, patience and stress tolerance.
  5. Overnight and weekend risk
    Weigh the gap risk of holding positions overnight and over weekends.
  6. Which chart timeframe for which style
    Pick chart timeframes that match your style's holding period.

Scalping

· Level 2 of 5, for developing traders · 6 lessons
  1. What scalping really is
    Describe scalping's goals, holding times and why it demands precision.
  2. Costs dominate: spreads and fees
    Calculate how spreads and fees eat into small-target trades.
  3. Liquidity and the best hours
    Identify when liquidity is best for scalping and when to sit out.
  4. Reading the tape and level 2
    Use time and sales and the order book as context for short-term moves.
  5. Tight risk and fast exits
    Set tight, predefined stops and exit rules suited to very short trades.
  6. When not to scalp
    Recognize conditions where scalping's edge disappears and stepping aside is best.

Day trading playbook

· Level 2 of 5, for developing traders · 7 lessons
  1. Pre-market preparation
    Build a pre-market routine: key levels, catalysts, and a short watchlist with plans.
  2. The opening range
    Define the opening range and use it as a reference for breakouts and failures.
  3. VWAP for day traders
    Use VWAP as an intraday fair-value reference and trend filter.
  4. Trend days vs range days
    Tell trend days from range days early and adjust tactics to each.
  5. Surviving midday chop
    Recognize low-volume midday conditions and reduce trading during them.
  6. The daily loss limit
    Set a daily max loss and stop rule that protects your account and judgment.
  7. Ending the day flat
    Close intraday positions before the bell and review the session.

Swing trading

· Level 3 of 5, for intermediate traders · 8 lessons
  1. The pullback-in-trend setup
    Identify swing pullbacks to support within an established trend.
  2. Using daily and 4-hour charts
    Combine daily trend context with 4-hour structure for swing entries.
  3. Earnings risk for swing trades
    Plan around earnings dates to avoid or deliberately size for event gaps.
  4. Managing overnight gaps
    Handle gap opens against or in favor of a swing position with a plan.
  5. Stocks in play: the 4 ways to trade a news gap
    Spot a stock in play (a gap of 4% or more on real company news, with heavy early volume) and trade it 4 ways: ride or fade the gap, up or down, with the stop at the other side and 1% risk.
  6. Managing a trade over several days
    Adjust stops and partial exits as a swing trade develops over days.
  7. Sector and relative strength
    Favor swing candidates showing strength versus their sector and the index.
  8. Screening for swing candidates
    Build a simple screen to find liquid, trending stocks for swing setups.

Position trading & trend following

· Level 4 of 5, for advanced traders · 6 lessons
  1. Trend-following principles
    Explain trend following's core rules: cut losers, ride winners, follow price.
  2. Moving average trend systems
    Build and evaluate simple moving-average crossover and filter rules.
  3. Wide stops, small size
    Use wide volatility-based stops with smaller position sizes to stay in long trends.
  4. Pyramiding into winners
    Add to winning positions in a controlled way without raising total risk too far.
  5. Macro and fundamental overlay
    Use macro and fundamental context to support or filter long-horizon trend trades.
  6. Enduring whipsaws and long drawdowns
    Prepare for long flat or losing stretches that come with trend-following.
Start Trading styles free

Macro & news

The calendar, the Fed, rates, earnings and cross-asset macro.

4 modules · 27 lessons

The economic calendar

· Level 2 of 5, for developing traders · 7 lessons
  1. What the economic calendar is
    Read an economic calendar and tell high-impact releases from minor ones.
  2. CPI: how inflation data moves markets
    Explain headline vs core CPI and why a surprise matters more than the level.
  3. Jobs day: reading the NFP report
    Read nonfarm payrolls, unemployment and wages together instead of one headline number.
  4. FOMC meetings and the rate decision
    Know what happens on FOMC day: statement, rate decision, dot plot and press conference.
  5. PMI, retail sales, GDP & jobless claims
    Recognize the second-tier releases and what part of the economy each one measures.
  6. Trading around scheduled news
    Plan risk around releases: spreads widen, stops can slip, and sitting out is a valid choice.
  7. Building a weekly macro prep routine
    Create a Sunday routine listing the week's key events and how each could affect your plan.

Rates, the Fed & the dollar

· Level 3 of 5, for intermediate traders · 8 lessons
  1. How the Fed sets policy
    Explain the Fed's dual mandate and the tools it uses to tighten or ease.
  2. Treasury yields and the yield curve
    Read the 2-year vs 10-year curve and what steepening or inversion tends to signal.
  3. Why rates move stock valuations
    Connect higher discount rates to lower present values, especially for long-duration growth stocks.
  4. The US dollar and the DXY
    Explain what drives the dollar and how a strong dollar affects multinationals and commodities.
  5. Reading Fed speak and market pricing
    Use fed funds futures odds and Fed commentary to see what the market already expects.
  6. Liquidity and financial conditions
    Track liquidity signals like credit spreads and the Fed balance sheet as risk-appetite gauges.
  7. Rate regimes and sector rotation
    Describe how leadership tends to rotate across hiking, pausing and cutting cycles.
  8. Bonds 101: why prices fall when yields rise
    Explain why fixed-rate bond prices move opposite to market rates and estimate the move with duration.

Earnings & event trading

· Level 4 of 5, for advanced traders · 6 lessons
  1. Anatomy of an earnings report
    Read EPS, revenue, margins and guidance, and know which one usually drives the reaction.
  2. The options-implied earnings move
    Estimate the market's expected earnings move from the at-the-money straddle.
  3. Earnings gaps and post-earnings drift
    Analyze how earnings gaps behave and what 'drift' means after a big surprise.
  4. Sympathy moves and read-throughs
    Trace how one company's report affects peers, suppliers and customers.
  5. Managing event risk
    Size and structure positions for binary events where the outcome can gap through stops.
  6. An earnings season playbook
    Build a season calendar, a review routine and rules for when to stand aside.

Cross-asset macro

· Level 5 of 5, for pros · 6 lessons
  1. How shocks travel across assets
    Map how a macro shock moves through rates, FX, credit, commodities and equities.
  2. Risk-on / risk-off regimes
    Identify regimes using equities, credit, the dollar, yen and volatility together.
  3. Commodities, energy and inflation
    Link oil, metals and agriculture to inflation expectations and sector earnings.
  4. Global central banks and FX
    Use rate differentials between central banks to understand currency trends and carry.
  5. Building and testing a macro thesis
    Write a falsifiable macro thesis with expressions, catalysts and invalidation points.
  6. Scenario analysis for macro events
    Assign rough probabilities and portfolio impacts to macro scenarios before key events.
Start Macro & news free

Financial modeling & valuation

Statements, multiples, DCF and three-statement models.

4 modules · 27 lessons

Reading financial statements

· Level 2 of 5, for developing traders · 8 lessons
  1. The three financial statements
    Name what the income statement, balance sheet and cash flow statement each show.
  2. Reading the income statement
    Walk from revenue to net income and explain gross, operating and net margin.
  3. Reading the balance sheet
    Use the accounting equation and spot liquidity and leverage on the balance sheet.
  4. Reading the cash flow statement
    Separate operating, investing and financing cash flows and compute free cash flow.
  5. EPS, dilution and share count
    Calculate EPS and explain how buybacks and stock compensation change it.
  6. Working capital and the cash cycle
    Explain receivables, inventory and payables, and how they tie up or free cash.
  7. Finding 10-Ks, 10-Qs and key filings
    Locate company filings and know which sections hold the most useful details.
  8. Spotting red flags in financials
    Recognize warning signs like cash flow lagging profit, rising inventories and frequent adjustments.

Valuation multiples

· Level 3 of 5, for intermediate traders · 6 lessons
  1. Why use valuation multiples
    Explain multiples as shorthand for relative value and their main limitations.
  2. The P/E ratio, done right
    Use trailing vs forward P/E and explain why growth changes what's 'cheap'.
  3. EV/EBITDA and EV/Sales
    Compute enterprise value and choose EV-based multiples when capital structures differ.
  4. Building a comparable companies table
    Select a peer set and derive a valuation range from median multiples.
  5. PEG and growth-adjusted multiples
    Adjust multiples for growth and know where PEG misleads.
  6. Sector-specific multiples
    Match multiples to industries, such as P/B for banks and EV/EBITDAR for airlines.

DCF modeling

· Level 4 of 5, for advanced traders · 7 lessons
  1. DCF intuition: value is future cash, discounted
    Explain why a business is worth its future free cash flows discounted to today.
  2. Projecting unlevered free cash flow
    Build unlevered FCF from EBIT, taxes, D&A, capex and working capital.
  3. WACC: choosing the discount rate
    Estimate WACC from cost of equity (CAPM), after-tax cost of debt and weights.
  4. Terminal value: perpetuity vs exit multiple
    Calculate terminal value both ways and sanity-check its share of total value.
  5. From enterprise value to per-share value
    Bridge EV to equity value and divide by diluted shares.
  6. Sensitivity tables and scenarios
    Build WACC vs growth sensitivity tables and bull/base/bear cases.
  7. Common DCF pitfalls
    Avoid hockey-stick projections, mismatched rates and double-counting.

Building a 3-statement model

· Level 5 of 5, for pros · 6 lessons
  1. 3-statement model architecture
    Lay out assumptions, statements and schedules so a model links and audits cleanly.
  2. Driver-based revenue and cost builds
    Forecast revenue and costs from operating drivers like units, price and headcount.
  3. Supporting schedules: PP&E, working capital, debt
    Build PP&E, working capital and debt schedules that feed the statements.
  4. Making the balance sheet balance
    Use cash as the plug, link equity, and trace imbalances systematically.
  5. Circularity, interest and the revolver
    Handle interest circularity and model a revolver that funds cash shortfalls.
  6. Model outputs, checks and review
    Produce clean outputs, build integrity checks and stress-test the model.
Start Financial modeling & valuation free

Portfolio & institutional

Allocation, hedging, execution and risk systems for family offices and institutions.

5 modules · 31 lessons

Portfolio construction & allocation

· Level 3 of 5, for intermediate traders · 7 lessons
  1. Diversification and correlation
    Explain how combining low-correlation assets reduces portfolio volatility.
  2. Strategic asset allocation
    Set long-term target weights based on objectives, horizon and risk tolerance.
  3. Weighting schemes: cap, equal, risk parity
    Compare market-cap, equal and risk-parity weighting and their trade-offs.
  4. Rebalancing: calendar vs threshold
    Design a rebalancing rule and weigh drift control against trading costs and taxes.
  5. Factor exposures: value, momentum, quality, size
    Identify common factor exposures and how they show up in a portfolio.
  6. Measuring performance: Sharpe, drawdown, benchmarks
    Evaluate portfolios with risk-adjusted metrics and an appropriate benchmark.
  7. Liquidity and alternative assets
    Weigh illiquid alternatives' potential benefits against lockups and valuation lags.

Hedging

· Level 4 of 5, for advanced traders · 6 lessons
  1. Why hedge, and what it costs
    Define the risk a hedge targets and weigh its cost against the protection.
  2. Hedging with index futures
    Size an index-futures hedge using portfolio beta and contract notional.
  3. Protective puts and collars
    Compare buying puts with zero-cost collars and their payoff trade-offs.
  4. Tail risk hedging
    Evaluate approaches to crash protection and the drag they impose in calm markets.
  5. Currency and interest-rate hedging
    Hedge FX exposure with forwards and rate exposure with duration tools.
  6. Measuring hedge effectiveness
    Test hedge ratios and track residual risk after the hedge is in place.

Execution & market impact

· Level 5 of 5, for pros · 6 lessons
  1. Market microstructure for large orders
    Explain spread, depth and order book dynamics that matter for institutional size.
  2. VWAP and TWAP algorithms
    Choose between VWAP and TWAP schedules based on liquidity profile and urgency.
  3. Implementation shortfall
    Measure total execution cost versus the decision price, including delay and opportunity cost.
  4. Market impact models
    Estimate impact using participation rate, volatility and the square-root rule of thumb.
  5. Transaction cost analysis (TCA)
    Run pre- and post-trade TCA and use it to improve broker and algo choices.
  6. Best execution and trading governance
    Describe best-execution duties, venue analysis and oversight of trading desks.

Risk systems: VaR, stress & limits

· Level 5 of 5, for pros · 6 lessons
  1. Value at risk (VaR) basics
    Interpret VaR at a confidence level and horizon, and state what it doesn't say.
  2. Historical, parametric and Monte Carlo VaR
    Compare VaR methods and their assumptions about return distributions.
  3. Expected shortfall (CVaR)
    Use expected shortfall to measure average loss in the tail beyond VaR.
  4. Stress testing and scenario shocks
    Design historical and hypothetical stress tests for a multi-asset portfolio.
  5. Designing risk limits
    Set position, concentration, VaR, drawdown and liquidity limits with escalation rules.
  6. Risk reporting and independent oversight
    Structure risk reports and keep risk oversight independent from portfolio management.

Family office & institutional mandates

· Level 5 of 5, for pros · 6 lessons
  1. Writing an investment policy statement
    Draft an IPS covering objectives, constraints, allocation ranges and review cadence.
  2. Family office structures and goals
    Compare single and multi-family offices and their typical investment objectives.
  3. Mandates, guidelines and benchmarks
    Translate a mandate into investment guidelines, a benchmark and permitted instruments.
  4. Manager selection and due diligence
    Evaluate external managers on process, people, performance and operations.
  5. Investment governance and committees
    Define roles of the investment committee, delegation and decision records.
  6. Reporting to families and boards
    Build clear performance, risk and fee reporting for families, boards and trustees.
Start Portfolio & institutional free

Using AnkushAI tools

Get the most out of watchlists, scans, alerts, zones and the journal.

4 modules · 23 lessons

Getting started with AnkushAI

· Level 1 of 5, for new traders · 6 lessons
  1. A quick tour of AnkushAI
    Find the dashboard, watchlist, scanner, alerts, journal and learning center.
  2. Building your first watchlist
    Create a focused watchlist and organize it so you can review it quickly.
  3. Reading a chart in AnkushAI
    Switch timeframes, add indicators and read candles on the AnkushAI chart.
  4. Setting your first price alert
    Create a price alert so you don't have to watch the screen all day.
  5. Using AI chart analysis
    Ask the AI to describe a chart and check its read against what you see.
  6. Journaling from day one
    Log each trade or practice trade with reason, plan and outcome in the journal.

Scanner & alerts

· Level 2 of 5, for developing traders · 6 lessons
  1. How the scanner works
    Run a scan and understand what filters and criteria narrow the list.
  2. Building custom scans
    Combine filters such as relative volume, gap size and trend into a repeatable scan.
  3. Alert types: price, indicator, drawing, setup
    Choose the right alert type for a level, an indicator cross or a drawn line.
  4. Managing notifications and quiet hours
    Tune push and email notifications so alerts are useful, not noisy.
  5. From scan result to trade plan
    Turn a scan hit into a written plan with levels, risk and invalidation.
  6. Reviewing your scans weekly
    Track which scans led to good setups and refine criteria based on evidence.

Zones, VWAP & confluence

· Level 3 of 5, for intermediate traders · 6 lessons
  1. Zones and levels in AnkushAI
    Read the zones and levels the app draws and know how they're derived.
  2. VWAP in practice
    Use VWAP as an intraday fair-value reference and read price relative to it.
  3. Understanding the confluence score
    Explain what the confluence score combines and why it is context, not a signal.
  4. Multi-timeframe zones
    Align higher-timeframe zones with intraday levels for context.
  5. Building a level-based plan
    Use zones, VWAP and confluence to define entries, stops and targets.
  6. Reviewing how price reacts at levels
    Use the journal and chart replay to study reactions at zones and VWAP.

Backtests & journal analytics

· Level 4 of 5, for advanced traders · 5 lessons
  1. Backtesting basics in AnkushAI
    Run a backtest and read win rate, average win/loss, expectancy and drawdown.
  2. Avoiding backtest traps
    Recognize overfitting, look-ahead bias and unrealistic fill assumptions.
  3. Out-of-sample and walk-forward testing
    Validate a strategy on data it wasn't tuned on.
  4. Journal analytics: finding your edge and leaks
    Use journal stats by setup, time of day and ticker to find strengths and leaks.
  5. Iterating your playbook with data
    Turn backtest and journal findings into small, tested rule changes.
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