Glossary

This glossary is generated backwards from the lessons. A term only appears here after a lesson has made it real through use, and every entry links back to that lesson. If a term isn’t here yet, you haven’t needed it yet.

Introduced in Level 0

base rate — Lesson 0.1
edge — Lesson 0.1
systematic vs discretionary — Lesson 0.1
validation engineering — Lesson 0.1

Introduced in Level 1

bid/ask — Lesson 1.1
contract size — Lesson 1.1
equity vs balance — Lesson 1.1
leverage — Lesson 1.1
long/short — Lesson 1.1
lot — Lesson 1.1
margin — Lesson 1.1
margin call — Lesson 1.1
negative balance protection — Lesson 1.1
pip — Lesson 1.1
stop-out — Lesson 1.1
broker-side vs software stop — Lesson 1.2
guaranteed stop (GSLO) — Lesson 1.2
limit order — Lesson 1.2
market order — Lesson 1.2
slippage — Lesson 1.2
stop order — Lesson 1.2
stop-limit order — Lesson 1.2
weekend gap — Lesson 1.2
commission per round-turn lot — Lesson 1.3
gross vs net — Lesson 1.3
sessions (Tokyo/London/NY) — Lesson 1.3
swap/rollover — Lesson 1.3
triple-swap Wednesday — Lesson 1.3
variable spread — Lesson 1.3
drawdown — Lesson 1.4
expectancy — Lesson 1.4
MAE/MFE — Lesson 1.4
profit factor — Lesson 1.4
R-multiple — Lesson 1.4
risk-per-trade — Lesson 1.4
win rate vs payoff ratio — Lesson 1.4
cost model — Lesson 1.5
gross-vs-net gap — Lesson 1.5
net expectancy — Lesson 1.5
equity curve — Lesson 1.6
floating drawdown — Lesson 1.6
track-record verification — Lesson 1.6

Introduced in Level 2

breakout — Lesson 2.1
carry — Lesson 2.1
counterparty — Lesson 2.1
edge source — Lesson 2.1
mean reversion — Lesson 2.1
momentum — Lesson 2.1
trend — Lesson 2.1
discretionary leakage — Lesson 2.2
entry/exit/filter/sizing rules — Lesson 2.2
rule spec — Lesson 2.2
semi-automatic trader — Lesson 2.2
taught-vs-actual gap — Lesson 2.2
confidence interval — Lesson 2.3
Monte Carlo resampling — Lesson 2.3
risk of ruin — Lesson 2.3
sample size — Lesson 2.3
variance — Lesson 2.3
event-driven vs vectorized — Lesson 2.4
fill model — Lesson 2.4
OHLC vs tick data — Lesson 2.4
spread-in-data — Lesson 2.4
Data-snooping bias — Lesson 2.5
In-sample vs out-of-sample — Lesson 2.5
Look-ahead bias — Lesson 2.5
Noise vs event overfitting — Lesson 2.5
Survivorship bias — Lesson 2.5
ATR (average true range) — Lesson 2.6
Correlation clustering — Lesson 2.6
Fixed-fractional sizing — Lesson 2.6
Kelly fraction — Lesson 2.6
Value-at-Risk (VaR) — Lesson 2.6
Volatility targeting — Lesson 2.6
Anchored vs rolling window — Lesson 2.7
Iteration budget — Lesson 2.7
Parameter sensitivity — Lesson 2.7
Walk-forward analysis — Lesson 2.7
Walk-forward efficiency — Lesson 2.7
Deflated Sharpe ratio — Lesson 2.8
Dumb baseline — Lesson 2.8
Multiple testing — Lesson 2.8
Pre-registration — Lesson 2.8
Probabilistic Sharpe ratio — Lesson 2.8
Probability of backtest overfitting (PBO) — Lesson 2.8

Introduced in Level 3

EA bridge — Lesson 3.1
Latency budget — Lesson 3.1
Terminal IPC — Lesson 3.1
VPS — Lesson 3.1
Connectivity failsafe — Lesson 3.2
Idempotency — Lesson 3.2
Orphaned position — Lesson 3.2
State reconciliation — Lesson 3.2
Anomaly halt — Lesson 3.3
Circuit breaker — Lesson 3.3
Kill criteria — Lesson 3.3
Operator discretion — Lesson 3.3
Expected vs actual fill — Lesson 3.4
Fill quality — Lesson 3.4
Incubation — Lesson 3.4
Slippage series — Lesson 3.4
A-book / B-book / hybrid — Lesson 3.5
Capacity ceiling — Lesson 3.5
CUSUM-style drift detection — Lesson 3.5
Edge decay — Lesson 3.5
Rolling expectancy — Lesson 3.5
Attribution ledger — Lesson 3.6
Champion/challenger — Lesson 3.6
Counterfactual logging — Lesson 3.6
Promotion/demotion — Lesson 3.6
Capacity / market impact — Lesson 3.7
Forecast combination — Lesson 3.7