05 Market Ecosystem Analysis



In this advance course module, you will learn how the individual players interact wit each other on the micro-structure level of the markets.


After successfully completing this course module, you should be able to:

  • (051) describe the macro-structure of financial markets that is relevant for day traders,
  • (052) explain the constraints of big market participants and what constitutes informed order flow,
  • (053) recognize how HFTs react to informed order flow,
  • (054) understand the role of opportunistic traders in the game of trading,
  • (055) explain how market fragmentation and the fee structure of trading venues may affect institutional order execution for stocks, futures, FX and cryptocurrencies.



  • Practical exercises to emulate order execution algorithms facilitate your learning progress and understanding of how institutional traders operate on the micro-structure level of financial markets.
  • The quizzes and final exam help you reinforce the understanding of the course material so you can put it into practice later on.

Additional reading

  • selected articles and research papers from the areas of buy-side institutions and high frequency trading


The finding of this course module are the foundation for developing a trading approach in 06 Algo Order Flow Strategies, in order to benefit form the structural limitations of other market participants.

Course Curriculum

050 Market Ecosystem – Introduction 00:05:00
051 General Market Framework 00:09:00
Informed Traders
052 Long-Term Fundamental Traders 00:30:00
052 Quiz 00:30:00
Partially-Informed Traders
053 High Frequency Traders and Market Makers 00:12:00
053 Quiz 00:10:00
Uninformed Traders
054 Opportunistic Traders 00:12:00
054 Quiz 00:15:00
055 Exchanges and Alternative Trading Venues 00:10:00
055 Quiz 00:15:00
056 Module exam 01:15:00
  • Price Options +
  • 60 Days


CEED.trading’s mission is to feed trader intuition based on understanding market microstructure and the constraints of order execution algorithms.

We believe in human traders and that increased systematic trading actually presents an opportunity for hybrid-discretionary traders.

This is why we aim to develop traders in our Prop Trader Trainee program to place them with our partner firm.

Our office is located in the heart of Central Europe in Budapest, Hungary.

CFTC Rule 4.41

Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, because the trades have not actually been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs, in general, are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown. Testimonials appearing may not be representative of other clients or customers and are not a guarantee of future performance or success.

Risk disclaimer

Futures and forex trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones’ financial security or lifestyle. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. This is neither a solicitation nor an offer to buy or sell futures, options or forex. Past performance is not necessarily indicative of future results.

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