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A sequence, not a shortcut

Forex
learning path.

From a quoted pair to a complete FX thesis. Work through 18 lessons in order, or return to the stage that needs more attention.

The forex learning path progresses from a two-currency quote through trade mechanics to a research plan.
STAGE 01

Get the mechanics right

Build a vocabulary you can use without hiding behind it. By the end of this stage, you should be able to translate a quote into the currencies owned and owed, calculate a pip in account currency, and explain how spread, financing and leverage change the same price move.

  1. Currency pairs: two sides of every price Beginner · 5 min
  2. Pips, units and the money behind a move Beginner · 5 min
  3. Spreads, liquidity and the price you actually get Beginner · 6 min
  4. Leverage and margin: exposure is not the deposit Beginner · 5 min
  5. Interest rates, economic news and expectations Intermediate · 5 min
  6. Rollover, financing and the limits of carry Intermediate · 6 min
Pause and applyExplain the last two lessons to someone who has never traded. Identify one simplification in each example. Then calculate the same fictional trade with wider spreads and a longer holding period. Your explanation should reconcile the gross price result with the net account result without counting the spread twice.
STAGE 02

Connect the moving parts

Bring product structure, costs and decisions into the same explanation. Follow one fictional importer through this stage: define its invoice, choose a hypothetical contract, map the settlement cash flows, and test what happens if the payment date or amount changes. Keep the business exposure separate from the hedge.

  1. Spot, forwards, futures and CFDs: know the contract Intermediate · 6 min
  2. A complete forex research and practice routine Beginner · 6 min
  3. Policy paths: why a rate increase can weaken a currency Intermediate · 8 min
  4. Central-bank balance sheets without the money-printing shortcut Advanced · 8 min
  5. Currency crosses: uncovering the exposures hidden in two legs Intermediate · 8 min
  6. Hedging uncertain cash flows without creating a new bet Intermediate · 8 min
Pause and applyWrite a scenario where the apparent opportunity disappears after costs, constraints or an adverse price move. State the numbers and the assumptions separately. Include a timeline: when is collateral needed, when does the invoice settle, and what happens if the expected receipt is delayed? A correct final payoff is not enough if the cash is unavailable along the way.
STAGE 03

Challenge the comfortable assumptions

Study the situations where a simple model or confident narrative breaks down. These lessons ask you to distinguish a pricing identity from a forecast, a policy mechanism from a guaranteed outcome, and a diversified-looking list of pairs from its actual currency exposures. Write down the assumption each model needs before trusting its conclusion.

  1. Forward points and the cross-currency basis Advanced · 8 min
  2. Foreign-exchange intervention: mechanism, signals and limits Advanced · 8 min
  3. Real exchange rates: competitiveness is not a trading clock Intermediate · 8 min
  4. Dollar funding stress and central-bank swap lines Advanced · 8 min
  5. FX options: volatility, skew and the price of protection Advanced · 8 min
  6. Currency factor concentration across a multi-pair portfolio Advanced · 8 min
Pause and applyWrite down the base and quote currencies, the contract type, the account-currency conversion and a plausible adverse move. Then explain why a directionally correct view can still lose money. As a final check, combine two pairs into a currency inventory and stress the shared funding currency. Derive cross rates consistently rather than assigning contradictory prices to each pair.
Completion means you have read the material, not that a product is suitable or that you are ready to trade. Use the practice lab before adding real-world stakes.
Continue to the practice lab →