Concepts

Guide

The terms you keep hearing — what they mean, with examples and where they matter.

Where to Start

31 Articles · ~132 Min Read

Four topic blocks ordered easy to hard; a newcomer can read the guide start to finish like a curriculum.

01Basics 02Positions & Risk 03Reading a Company 04Macro Start from the TopWhat Is a Stock?

Basics

8 Articles · ~32 Min ReadCurriculum Articles 1–8BasicOpen Topic

Stocks, exchanges, indexes, funds — the building blocks, in the order a newcomer should learn them.

01What Is a Stock?Owning a small piece of a company — and who actually sets the price of that piece.4 Min Read 02How the Stock Market WorksThe road your order travels from the moment you tap Buy to the shares landing in your account.4 Min Read 03What Is an Index?Where the number called the S&P 500 comes from — and why it behaves differently from the Dow.3 Min Read 04What Is an ETF?A fund that trades like a single stock but carries dozens of companies inside.4 Min Read 05What Is Volatility?It measures how much the price swings — not which way it is going.4 Min Read 06Bull and Bear MarketsTwo animals, two thresholds, and the story the market tells about itself.3 Min Read 07Liquidity and the SpreadThe invisible fee you pay on every trade, even when the commission is zero.4 Min Read 08IPOs: How a Company Comes to MarketThe day a private company gets a public price tag — and why that day is so volatile.6 Min Read

What Is a Stock?

Owning a small piece of a company — and who actually sets the price of that piece.

4 Min Read

How the Stock Market Works

The road your order travels from the moment you tap Buy to the shares landing in your account.

4 Min Read

What Is an Index?

Where the number called the S&P 500 comes from — and why it behaves differently from the Dow.

3 Min Read

What Is an ETF?

A fund that trades like a single stock but carries dozens of companies inside.

4 Min Read

What Is Volatility?

It measures how much the price swings — not which way it is going.

4 Min Read

Bull and Bear Markets

Two animals, two thresholds, and the story the market tells about itself.

3 Min Read

Liquidity and the Spread

The invisible fee you pay on every trade, even when the commission is zero.

4 Min Read

IPOs: How a Company Comes to Market

The day a private company gets a public price tag — and why that day is so volatile.

6 Min Read

Positions & Risk

9 Articles · ~42 Min ReadCurriculum Articles 9–17Open Topic

From placing an order to sizing a position: the decisions that determine whether you stay in the game.

Basic2 Articles

01Order Types: Market, Limit and StopWhich button you press sometimes matters more than what you buy.4 Min Read 02Risk Management: How Much, WhenThe one skill that decides not whether you win, but whether you stay in the game.4 Min Read

Order Types: Market, Limit and Stop

Which button you press sometimes matters more than what you buy.

4 Min Read

Risk Management: How Much, When

The one skill that decides not whether you win, but whether you stay in the game.

4 Min Read

Intermediate4 Articles

03Diversification: How Many Baskets Are Enough?Owning ten different stocks is not the same as owning ten different risks.3 Min Read 04What Do Long and Short Mean?Profiting from a rise versus profiting from a fall — and why the two are nothing like mirror images.3 Min Read 05What Is Leverage — and Why You Should Stay AwayCarrying a position on borrowed money. It multiplies gains and losses alike — but what it really takes is your right to decide when to sell.6 Min Read 06Investor Psychology: The Most Expensive MistakesThe weakest link in your portfolio is usually not a stock but a habit.4 Min Read

Diversification: How Many Baskets Are Enough?

Owning ten different stocks is not the same as owning ten different risks.

3 Min Read

What Do Long and Short Mean?

Profiting from a rise versus profiting from a fall — and why the two are nothing like mirror images.

3 Min Read

What Is Leverage — and Why You Should Stay Away

Carrying a position on borrowed money. It multiplies gains and losses alike — but what it really takes is your right to decide when to sell.

6 Min Read

Investor Psychology: The Most Expensive Mistakes

The weakest link in your portfolio is usually not a stock but a habit.

4 Min Read

Advanced3 Articles

07What Is a Short Squeeze?A stock doubling not because anyone wants it — but because the sellers are forced to buy it back.5 Min Read 08Options: Calls, Puts and the Anatomy of a PremiumA way to trade direction without owning the stock — and why the clock inside the premium always runs against the buyer.5 Min Read 09Hedging: What Protection CostsReducing risk without selling the position — and why every hedge sends an invoice.8 Min Read

What Is a Short Squeeze?

A stock doubling not because anyone wants it — but because the sellers are forced to buy it back.

5 Min Read

Options: Calls, Puts and the Anatomy of a Premium

A way to trade direction without owning the stock — and why the clock inside the premium always runs against the buyer.

5 Min Read

Hedging: What Protection Costs

Reducing risk without selling the position — and why every hedge sends an invoice.

8 Min Read

Reading a Company

7 Articles · ~29 Min ReadCurriculum Articles 18–24Open Topic

Earnings, cash, valuation, dividends — reading a company's numbers and holding them up against the price.

Basic1 Article

01What Is a Dividend?The company sharing its profit with you — and the truth that it isn't free money.3 Min Read

What Is a Dividend?

The company sharing its profit with you — and the truth that it isn't free money.

3 Min Read

Intermediate6 Articles

02Earnings Reports: What to Read, HowThe book opens once a quarter — and the market really only reads three lines.4 Min Read 03How to Read an Earnings DayWhy a company posting record profit drops 9% — expectations, the gap, and guidance.5 Min Read 04Cash Flow: Reading Behind the ProfitProfit is an opinion, cash is a fact — and the gap between them is the earliest warning sign in the statements.5 Min Read 05P/E and the Valuation RatiosYou can't tell whether a stock is cheap or expensive by looking at its price.4 Min Read 06Market Cap, Float and SplitsA company's real size is not the share price — it's the price times the share count.3 Min Read 07What Is a Share Buyback?A company buying its own stock — growing your slice without growing the pie.5 Min Read

Earnings Reports: What to Read, How

The book opens once a quarter — and the market really only reads three lines.

4 Min Read

How to Read an Earnings Day

Why a company posting record profit drops 9% — expectations, the gap, and guidance.

5 Min Read

Cash Flow: Reading Behind the Profit

Profit is an opinion, cash is a fact — and the gap between them is the earliest warning sign in the statements.

5 Min Read

P/E and the Valuation Ratios

You can't tell whether a stock is cheap or expensive by looking at its price.

4 Min Read

Market Cap, Float and Splits

A company's real size is not the share price — it's the price times the share count.

3 Min Read

What Is a Share Buyback?

A company buying its own stock — growing your slice without growing the pie.

5 Min Read

Macro

7 Articles · ~29 Min ReadCurriculum Articles 25–31Open Topic

Rates, inflation, jobs and the Fed — the forces that steer the market from outside it.

Intermediate5 Articles

01Rates, Bonds and the Yield CurveThe number that moves the stock market most isn't set in the stock market — it's set in bonds.3 Min Read 02Inflation Data: CPI, Core and PCEWhy a number published once a month reprices every asset there is.4 Min Read 03The Jobs Data: Payrolls, Unemployment and JOLTSThe single number released on the first Friday of the month is the report card for one of the Fed's two mandates — and sometimes good news is bad news.5 Min Read 04Hawks and Doves: Reading the Fed's LanguageThe rate decision itself is rarely the surprise; the surprise lives in the sentences around it.3 Min Read 05Investing in Dollars and Currency RiskAn investor buying US stocks from Türkiye is actually making two bets at once.4 Min Read

Rates, Bonds and the Yield Curve

The number that moves the stock market most isn't set in the stock market — it's set in bonds.

3 Min Read

Inflation Data: CPI, Core and PCE

Why a number published once a month reprices every asset there is.

4 Min Read

The Jobs Data: Payrolls, Unemployment and JOLTS

The single number released on the first Friday of the month is the report card for one of the Fed's two mandates — and sometimes good news is bad news.

5 Min Read

Hawks and Doves: Reading the Fed's Language

The rate decision itself is rarely the surprise; the surprise lives in the sentences around it.

3 Min Read

Investing in Dollars and Currency Risk

An investor buying US stocks from Türkiye is actually making two bets at once.

4 Min Read

Advanced2 Articles

06The Yield Curve and Its InversionShort rates above long rates — the market's oldest recession signal, and why it doesn't fire immediately.5 Min Read 07What Is Sector Rotation?Money changing sectors without leaving the market — and how that tracks the economic cycle.5 Min Read

The Yield Curve and Its Inversion

Short rates above long rates — the market's oldest recession signal, and why it doesn't fire immediately.

5 Min Read

What Is Sector Rotation?

Money changing sectors without leaving the market — and how that tracks the economic cycle.

5 Min Read