CFI's 2018 eBook (116 pages) — a structured intro to capital markets for aspiring traders. Three parts: markets (asset classes, equities, fixed income, money markets, ETFs, commodities, forex), concepts (random walk vs active trading, fundamental vs technical analysis, chart reading, value and growth stock approaches), and strategies (technical indicators — ADX, MACD, TRIN, triangles, pin bars — trend-following, psychology, master-trader skills).
The tone is retail-education practical — more textbook than Livermore memoir. Useful as a map of mainstream trading vocabulary and beginner mechanics; pair with reminiscences-of-a-stock-operator, how-to-find-trading-edge, and art-of-trading-with-light-su-zhu-and-hasu for process and edge at a higher level.
Part I — The markets
Five asset classes: equities, fixed income, cash equivalents, real estate/tangibles, commodities. Each has distinct venues, leverage, and participant mix. Commodities chapter stresses specialize in one market (cotton genius / silver disaster story), long-term trending behavior, seasonality, and why day-trading commodity leverage is treacherous. Forex chapter covers pairs, pip sizing, and 24-hour session structure.
Part II — Trading concepts
random-walk-theory (Malkiel / efficient-market framing) vs technical "non-random walk" — CFI sides with active trading but notes persistent outperformers (Paul Tudor Jones) as evidence against pure randomness.
fundamental-vs-technical-analysis — intrinsic value and financial metrics (P/E, P/B, D/E, ROI) vs price/volume charts; both camps have winners and losers.
Chart literacy: 20/50/200 MAs, golden cross / death cross, trendlines, volume patterns, support and resistance, momentum vs trend indicators.
Value investing tools: absolute P/E, Ben Graham Number:
Growth investing: hot sectors, earnings trajectory, P/E and P/B in growth context — complements value-vs-growth-investing from the retail-stock side.
Part III — Strategies and psychology
See trading-technical-indicator for ADX (>25 = trending), MACD crossovers, TRIN/Arms breadth, triangle breakouts, and pin-bar scalping (5-minute charts, 10/21 EMAs). Three simple trend systems: golden/death cross, 5-8-13 Fibonacci EMAs, ADX filter.
trading-psychology upgrade path: winning mindset beats "better strategy" alone; market is neutral not rigged. Six master skills: analytical ability, focus on process not P&L, adapt to regime change, stay in the game, risk/reward discipline, patience — plus trade journal as skill #7. Quotes close with Livermore, Elder, Kovner, Templeton.
Concepts
random-walk-theory, fundamental-vs-technical-analysis, trading-technical-indicator, market-specialization, support-and-resistance, golden-cross-death-cross, risk-reward-ratio, value-vs-growth-investing, trading-psychology, trading-edge, position-sizing