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LeadAfrik
Mixed · Self-paced2026 Edition

Trading — Markets, Microstructure, and Execution

What trading actually is — distinct from investing. Market microstructure, order types, equities, fixed income, FX, derivatives. Algorithmic and high-frequency trading. Risk management for traders. Technical analysis (what works, what doesn't). Behavioural finance from the trading seat. Regulation, market abuse, and the meta-game of building a personal playbook that survives a decade.

12

Modules

~10h 25m

Reading time

Mixed

Level

Self-paced

Format

§

Syllabus

  1. 01

    What trading is

    Trading vs investing. Buy-side vs sell-side. Market making vs prop. The structures that shape every trader's role and incentives.

    ~45 minModule 01
    →
  2. 02

    Market microstructure

    Order types (limit, market, stop, IOC, FOK), bid-ask spread, market depth, the price-discovery process every market is built around.

    ~55 minModule 02
    →
  3. 03

    Equity markets — exchanges, OTC, dark pools

    How equities trade across venues. NSE Kenya, NYSE, LSE, NASDAQ. The role of market makers and the rise of dark pools.

    ~50 minModule 03
    →
  4. 04

    Fixed income trading

    Government bonds, corporate bonds, repo markets, T-bill auctions. The largest market in the world by dollar volume.

    ~55 minModule 04
    →
  5. 05

    FX markets — spot, forward, swap

    Spot, forward, swap, NDF. Major / cross / exotic pairs. CBK's daily FX auction. How a $7tn/day market operates with no central exchange.

    ~55 minModule 05
    →
  6. 06

    Derivatives — futures, options, swaps

    Futures, options, swaps. Underlying mechanics. Black-Scholes intuition. The instruments that transfer risk and amplify return.

    ~60 minModule 06
    →
  7. 07

    Algorithmic and high-frequency trading

    Execution algorithms (VWAP, TWAP, implementation shortfall). Market-making algos. HFT — latency arbitrage and what the speed advantage actually buys.

    ~55 minModule 07
    →
  8. 08

    Risk management for traders

    VaR, stop-loss discipline, position sizing, Kelly criterion. The principles that separate traders who survive a decade from those who blow up in year 2.

    ~55 minModule 08
    →
  9. 09

    Technical analysis — what works, what doesn't

    Price action, support and resistance, moving averages, momentum, mean reversion. The honest take: what survives statistical testing and what's superstition.

    ~50 minModule 09
    →
  10. 10

    Behavioural finance for the trading seat

    Loss aversion, overconfidence, herding, anchoring. Kahneman's findings applied to the trading day. How traders systematically lose money and what to do about it.

    ~50 minModule 10
    →
  11. 11

    Regulation — KYC, AML, market abuse, MiFID II

    Insider trading, front-running, spoofing, layering. The rules that govern trading and the consequences of breaking them. CMA Kenya, FINRA, FCA.

    ~45 minModule 11
    →
  12. 12

    Building a personal trading playbook

    Strategy, risk rules, journaling. The meta-game of becoming a trader who survives. Habit, discipline, and the small set of decisions that compound.

    ~50 minModule 12
    →

How to use this course

Start with module 01 if the material is new; skip ahead if you have prior exposure. Each module is self-contained but the arc is sequential — the projects in the final module assume the toolkit from modules 1-11. Every module ends with key takeaways and a curated further-reading list with primary sources.