A guided route through every module of the simulator, in five stages, with a one-line statement of what each module is meant to prove and a checkbox to track progress.

Start here · The guided route

The Course

Everything here is a sandbox — you can open any page and start turning dials. But the material was built in an order, and each stage earns the next. This is that order, with a one-line statement of what each module is actually meant to prove.

Tick modules off as you go — progress is saved in this browser, not sent anywhere. Each link drops you straight onto the right section. Allow roughly five hours to work through all twenty-eight properly, or take the short path below in about ninety minutes.
0 of 28 modules complete
The short path
If youonly have an hour, do these six: bet sizing, hedging, the random walk, the hedging lab, volatility arbitrage, and factor models.
WhyThey are the six that change how you read a number: what leverage costs, what hedging removes, why volatility is a drag, what an option really promises, what a smooth return stream is hiding, and how much of any track record was never skill.
After the course

Where the maths runs out

Everything in this course is a model, and every model here is a simplification you can name. That's the point of building them by hand: you end up knowing precisely which assumption is carrying the weight, which is the only durable form of financial literacy.

What this course does not modelWhy it matters
Financing and margin mechanicsPrime brokers can raise haircuts mid-crisis. Most funds that died were solvent on paper and unable to fund the position — being right is not the same as being able to wait.
Trading against other peopleEvery simulation here draws prices from a distribution that doesn't know you exist. Real markets contain participants who can see your position and profit from your having to exit it.
Non-stationarityEvery parameter is fixed. In reality edges decay as they're discovered, correlations regime-shift, and the process that generated your backtest may already have stopped existing.
Career and capital constraintsThe mathematically optimal position is irrelevant if your investors redeem after two bad quarters. Survival constraints are usually tighter than the maths, and they're the ones that bind.

The one thing worth remembering. Every formula in this course is exactly correct given its inputs, and every input is an estimate from a finite sample. The mathematics is never the hard part. The hard part is knowing which number you've quietly assumed you know — and what happens on the day you find out you didn't.