Market Structure & Explainers

Scalping explained: the high-frequency intraday trading style that compounds small edges on tight spreads, the cost structure that defines it, and the broker fit.

B-book vs A-book explained: how brokers internalise (B-book) or route externally (A-book) retail flow, the structural conflict, and what to verify before opening an account.

Slippage explained: why a forex order fills at a different price than displayed, how to measure it on your broker, and when it is a normal cost versus a conduct issue.

Requote explained: why a forex broker rejects your original price and offers a new one, when it is normal, when it is a red flag, and what to do about it.

Market maker explained: how a dealing-desk forex broker internalises retail flow, when the model is fine, when it is a conflict, and how to verify regulatory tier.

STP broker explained: how a straight-through processing broker routes client orders to one or several liquidity providers, with conduct, spreads, and trade-offs.

ECN broker explained for retail traders: how an electronic communications network matches your order against bank and institutional liquidity, with spreads and conduct.

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Free Framework — institutional macro analysis from the KenMacro desk. Frameworks, named levels, cross-asset confluence.