# Mochatrade: full text for LLMs [MochaLearn](https://mochatrade.com/learn) is a free A to Z course on understanding and trading US stocks and commodities, built for Indian traders. > MochaLearn is a free course on the US market, its assets, and how to trade them, built for people who already trade Indian markets. Lectures, then the glossary by room, then the help centre. Each section starts with its title, URL and last-modified date. Canonical URLs have no trailing slash; the sitemap is at https://mochatrade.com/sitemap.xml. --- # MochaLearn: Free US Markets Course for Indian Traders URL: https://mochatrade.com/learn Last modified: 2026-10-21 MochaLearn is a free course on the US market, its assets, and how to trade them, built for people who already trade Indian markets. Short video lectures on the Mochatrade YouTube channel, each with notes, key takeaways and a quiz. It is for someone who trades futures and options on the NSE: it assumes you know futures, option chains, margin and expiry, and runs in a fixed order — the market, then the assets, then the instruments and the risks. ## Modules - Module 0: Start here (3 lectures) — Three short lectures before the course proper: who it is for and the order it runs in, one NVIDIA trade followed from entry to exit in the Mochatrade terminal, and a four-question routine for reading US market news. A five-question quiz on futures, options, margin and expiry closes the module. https://mochatrade.com/learn/start-here - Module 1: US market structure (8 lectures) — Seven lectures on the US market itself: the institutions and their history, how a stock's price forms across exchanges, who moves prices through policy and through trading, and how the Fed, inflation, jobs and earnings reach a position. Each is a short video from the Mochatrade channel with notes, key takeaways and a quiz. https://mochatrade.com/learn/us-market-structure - Module 2: Real-world assets (2 lectures) — Where commodity trading came from and where its prices are made today, then the assets themselves, starting with the precious metals: what gold is, who holds it, the four reasons its price moves, and how silver, platinum and palladium differ. Energy and base metals follow as they are recorded. https://mochatrade.com/learn/real-world-assets - Module 3: Trading instruments — The instruments you trade with, and the mechanics of each. (coming soon) - Module 4: Taxes and regulations — The rules and the tax treatment that apply, and the records to keep. (coming soon) - Module 5: Risk management and position sizing — How much to put on, where to get out, and what it can cost. (coming soon) - Module 6: An end-to-end testnet trade — Everything in the course, run once as a single trade on the testnet. (coming soon) ## Lectures - 0.1 Global Markets for Indian Traders: Start Here: Who the free MochaLearn course is for, what it covers from the US stock market to gold, oil and taxes, and why the lessons run in this order. https://mochatrade.com/learn/start-here/us-markets-for-indian-traders - 0.2 NVIDIA Trade Walkthrough: From Entry to Exit: A short position on NVDA in the Mochatrade terminal, from opening it to checking the order history. https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough - 0.3 Finding US News, Fast & Accurately: Four questions to run a headline through before it changes what you do. https://mochatrade.com/learn/start-here/how-to-read-us-market-news - Module 0 quiz: Five questions. They check the things lecture 0.1 asked you to know and nothing more. If you get one wrong, its explanation tells you what to read again. https://mochatrade.com/learn/start-here/quiz - 1.1 US Stock Market Jargon and History explained: Start Here: Who does what in the US market — the Treasury, the Fed, the SEC, the exchanges — told through the problems each was built to solve. https://mochatrade.com/learn/us-market-structure/us-stock-market-explained - 1.2 How US Stock Prices Form: Order Books & Exchanges: From the order book to the consolidated quote: how one stock trades across many venues, and when the US session falls in India. https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form - 1.3 US Government Structure: Regulators & Market Makers: The institutions that shape the market through policy, and the participants that move it through trading. https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks - 1.4 How the Fed Moves Markets: Rates, Expectations & FOMC: The federal funds rate, how expectations reach Treasury yields and stock valuations, and why a cut can be quiet while a sentence moves prices. https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets - 1.5 US Inflation Explained: CPI, PPI & PCE for Traders: The inflation releases traders follow, how to compare a print with what was expected, and how it reaches a stock position. https://mochatrade.com/learn/us-market-structure/us-inflation-explained - 1.6 US Jobs Report Explained: NFP, Unemployment & Wages: The BLS employment report, the two channels through which jobs reach stocks, and why good news can be bad news. https://mochatrade.com/learn/us-market-structure/us-jobs-report-explained - 1.7 US Earnings Explained: Reports, Guidance & Market Expectations: Earnings season's documents, a practical order for reading results, and why a beat can still fall. https://mochatrade.com/learn/us-market-structure/us-earnings-explained - 1.8 How Tariffs & Wars Affect US Stocks: Market Shocks: What a market shock is, the four moves the market makes in the first hour, how to tell whether a shock is over, and why a tariff is the one shock that pushes both doors. https://mochatrade.com/learn/us-market-structure/how-tariffs-and-wars-move-us-stocks - 2.1 Commodity Market for Beginners: History, MCX & Futures: Where commodity trading came from, where your F&O rules were written, and the five rooms where every commodity price is made today. https://mochatrade.com/learn/real-world-assets/commodity-markets-explained - 2.2 Why Gold & Silver Prices Move: Precious Metals Explained: What gold is, who holds it, the four reasons its price moves, and how silver, platinum and palladium differ, with the times each price moves in IST. https://mochatrade.com/learn/real-world-assets/why-gold-and-silver-prices-move ## Glossary US Stocks, Leverage and Commodities Glossary for Indian Traders: https://mochatrade.com/learn/glossary ## About MochaLearn MochaLearn is a free A to Z course on understanding and trading US stocks and commodities, built for Indian traders. It starts with the basics of the US stock market: how the US government and regulators shape it, how a price forms on the NYSE and Nasdaq, and when each session falls in IST. Then it covers what moves the market: the Federal Reserve and interest rates, inflation (CPI, PPI and PCE), the jobs report and earnings. Next come commodities and other real-world assets: gold, silver, crude oil, natural gas, copper and US government bonds. The last modules cover trading instruments, tax and regulation in India, and risk and position sizing, and the course ends with one complete trade on a practice venue, with no money at risk. It is built around the questions Indian traders ask, such as how to trade US stocks from India, when the US market opens in IST, and why a Fed decision at night moves Nifty the next morning. Each lecture is a short video with notes and a quiz, and a glossary defines each term the course uses, from FOMC to USD/INR. You do not need to know the US market. If you are new to futures and options (F&O), the course points you to a free primer first. MochaLearn is made by Mochatrade. It is free to read and watch with no signup, and it never gives tips or calls. Educational content only. Not investment advice. --- # Module 0: Start here URL: https://mochatrade.com/learn/start-here Last modified: 2026-10-19 Three short lectures before the course proper: who it is for and the order it runs in, one NVIDIA trade followed from entry to exit in the Mochatrade terminal, and a four-question routine for reading US market news. A five-question quiz on futures, options, margin and expiry closes the module. ## Lectures - 0.1 Global Markets for Indian Traders: Start Here (9:55): Who the free MochaLearn course is for, what it covers from the US stock market to gold, oil and taxes, and why the lessons run in this order. https://mochatrade.com/learn/start-here/us-markets-for-indian-traders - 0.2 NVIDIA Trade Walkthrough: From Entry to Exit (4:20): A short position on NVDA in the Mochatrade terminal, from opening it to checking the order history. https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough - 0.3 Finding US News, Fast & Accurately (8:10): Four questions to run a headline through before it changes what you do. https://mochatrade.com/learn/start-here/how-to-read-us-market-news - Quiz: Five questions. They check the things lecture 0.1 asked you to know and nothing more. If you get one wrong, its explanation tells you what to read again. https://mochatrade.com/learn/start-here/quiz Educational content only. Not investment advice. [MochaLearn](https://mochatrade.com/learn) is a free A to Z course on understanding and trading US stocks and commodities, built for Indian traders. --- # Global Markets for Indian Traders: Start Here URL: https://mochatrade.com/learn/start-here/us-markets-for-indian-traders Last modified: 2026-10-20 Lecture 0.1 of MochaLearn, Module 0: Start here. 9:55. Video: https://www.youtube.com/watch?v=lOypsyd2rJ0 Who the free MochaLearn course is for, what it covers from the US stock market to gold, oil and taxes, and why the lessons run in this order. ## About this lecture MochaLearn is a free A to Z course on understanding and trading US stocks and commodities, built for Indian traders. It starts with the basics of the US stock market: how the US government and regulators shape it, how a price forms on the NYSE and Nasdaq, and when each session falls in IST. Then it covers what moves the market: the Federal Reserve and interest rates, inflation (CPI, PPI and PCE), the jobs report and earnings. Next come commodities and other real-world assets: gold, silver, crude oil, natural gas, copper and US government bonds. The last modules cover trading instruments, tax and regulation in India, and risk and position sizing, and the course ends with one complete trade on a practice venue, with no money at risk. It is built around the questions Indian traders ask, such as how to trade US stocks from India, when the US market opens in IST, and why a Fed decision at night moves Nifty the next morning. Each lecture is a short video with notes and a quiz, and a glossary defines each term the course uses, from FOMC to USD/INR. You do not need to know the US market. If you are new to futures and options (F&O), the course points you to a free primer first. MochaLearn is made by Mochatrade. It is free to read and watch with no signup, and it never gives tips or calls. Educational content only. Not investment advice. In this opening lecture, Pratham explains who the course is for, what you'll learn, and why the lessons follow a specific order: understand the market, understand the asset, then understand the instrument and the risks of a position. The course roadmap: - US market structure and the macroeconomic forces that move it - Gold, silver, oil, government debt and other real-world assets - Trading instruments and their mechanics - Taxes and regulations - Risk management and position sizing - An end-to-end testnet trade We also cover how the course works, where you can stop based on your learning goals, and the basics you should already know: futures, option chains, margin and expiry. ## Key takeaways 1. The course runs market, then asset, then instrument, then the risks of a position, in that order, because each layer only makes sense on top of the last. 2. Six modules follow this one: US market structure, real-world assets, trading instruments, taxes and regulations, risk management and position sizing, and one testnet trade from start to finish. 3. You can stop at the module that matches what you came for. 4. It assumes you already know futures, option chains, margin and expiry from the Indian market. ## Terms in this lecture - Call option: https://mochatrade.com/learn/glossary/call-option - Copper: https://mochatrade.com/learn/glossary/copper - Day trading and the PDT rule: https://mochatrade.com/learn/glossary/day-trading-and-the-pdt-rule - Dollar index (DXY): https://mochatrade.com/learn/glossary/dollar-index - Dollar-cost averaging: https://mochatrade.com/learn/glossary/dollar-cost-averaging - Drawdown: https://mochatrade.com/learn/glossary/drawdown - Hedging: https://mochatrade.com/learn/glossary/hedging - IPO (US): https://mochatrade.com/learn/glossary/ipo - Liquidity: https://mochatrade.com/learn/glossary/liquidity - Magnificent 7: https://mochatrade.com/learn/glossary/magnificent-7 - Market capitalization: https://mochatrade.com/learn/glossary/market-capitalization - Silver futures: https://mochatrade.com/learn/glossary/silver-futures - Testnet: https://mochatrade.com/learn/glossary/testnet - Treasury yield: https://mochatrade.com/learn/glossary/treasury-yield - USD/INR: https://mochatrade.com/learn/glossary/usd-inr --- # NVIDIA Trade Walkthrough: From Entry to Exit URL: https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough Last modified: 2026-10-09 Lecture 0.2 of MochaLearn, Module 0: Start here. 4:20. Video: https://www.youtube.com/watch?v=H14oHO0RNuk A short position on NVDA in the Mochatrade terminal, from opening it to checking the order history. ## About this lecture What does a trade look like from opening a position to closing it? Follow an NVIDIA (NVDA) short-position demonstration in the Mochatrade terminal. Pratham walks through the trading screen, opens a position using leverage and isolated margin, and follows it through to closing and checking the order history. You'll see: - Market and limit order controls - Bid and ask prices, the spread, order book and depth - Position size, entry price, mark price and liquidation price - Margin, leverage, profit and loss (P&L), and funding fees - Closing a position and reviewing the wallet and order history Use this lesson as a first look at the full workflow. Later lessons explain the mechanics behind the controls and numbers you see here. Educational demonstration only. Not investment advice or a recommendation to trade NVIDIA. [MochaLearn](https://mochatrade.com/learn) is a free A to Z course on understanding and trading US stocks and commodities, built for Indian traders. Last updated 9 October 2026 ## Key takeaways 1. A trade has four stages: open, watch, close, review. The order history is where you review. 2. A market order takes the price on offer; a limit order waits for yours. 3. Bid, ask and spread describe the market; entry price, mark price and liquidation price describe your position. 4. Margin, leverage, P&L and funding fees are the numbers that keep moving while the position is open. ## Terms in this lecture - Brokerage account: https://mochatrade.com/learn/glossary/brokerage-account - Buying power: https://mochatrade.com/learn/glossary/buying-power - Cost of carry: https://mochatrade.com/learn/glossary/cost-of-carry - Expectancy: https://mochatrade.com/learn/glossary/expectancy - Funding rate: https://mochatrade.com/learn/glossary/funding-rate - Isolated margin: https://mochatrade.com/learn/glossary/isolated-margin - Last traded price: https://mochatrade.com/learn/glossary/last-traded-price - Leverage in trading: https://mochatrade.com/learn/glossary/leverage-in-trading - Limit order: https://mochatrade.com/learn/glossary/limit-order - Liquidation / forced square-off: https://mochatrade.com/learn/glossary/liquidation-forced-square-off - Liquidation price: https://mochatrade.com/learn/glossary/liquidation-price - Long and short position: https://mochatrade.com/learn/glossary/long-and-short-position - Maker and taker fees: https://mochatrade.com/learn/glossary/maker-and-taker-fees - Margin call: https://mochatrade.com/learn/glossary/margin-call - Margin interest: https://mochatrade.com/learn/glossary/margin-interest - Margin trading: https://mochatrade.com/learn/glossary/margin-trading - Mark price: https://mochatrade.com/learn/glossary/mark-price - Market order: https://mochatrade.com/learn/glossary/market-order - Notional value: https://mochatrade.com/learn/glossary/notional-value - Open interest: https://mochatrade.com/learn/glossary/open-interest - Order book: https://mochatrade.com/learn/glossary/order-book - Overnight financing / swap fee: https://mochatrade.com/learn/glossary/overnight-financing-swap-fee - Partial fill: https://mochatrade.com/learn/glossary/partial-fill - Perpetual futures: https://mochatrade.com/learn/glossary/perpetual-futures - Position sizing: https://mochatrade.com/learn/glossary/position-sizing - Put option: https://mochatrade.com/learn/glossary/put-option - Reduce-only order: https://mochatrade.com/learn/glossary/reduce-only-order - ROE (return on equity in trading): https://mochatrade.com/learn/glossary/roe - Round-trip trading cost: https://mochatrade.com/learn/glossary/round-trip-trading-cost - Short selling: https://mochatrade.com/learn/glossary/short-selling - Slippage: https://mochatrade.com/learn/glossary/slippage - Take-profit order: https://mochatrade.com/learn/glossary/take-profit-order - Testnet: https://mochatrade.com/learn/glossary/testnet - Ticker symbol: https://mochatrade.com/learn/glossary/ticker-symbol - TP/SL (take profit and stop loss): https://mochatrade.com/learn/glossary/tp-sl - Unrealised P&L: https://mochatrade.com/learn/glossary/unrealised-pl --- # Finding US News, Fast & Accurately URL: https://mochatrade.com/learn/start-here/how-to-read-us-market-news Last modified: 2026-10-09 Lecture 0.3 of MochaLearn, Module 0: Start here. 8:10. Video: https://www.youtube.com/watch?v=W7pTWQrqcJI Four questions to run a headline through before it changes what you do. ## About this lecture Finding a US market headline is only the beginning. How do you verify it, judge what's already priced in, and decide whether it matters? In this lecture, Pratham introduces a four-question information workflow: - Where can you find the news quickly? - How do you verify it against the original source? - Is it already priced in? - Does it matter to the market you're watching? We look at following a headline back to the original release, separating information from interpretation, and comparing the 2-year Treasury yield and the S&P 500 around the same event. You'll also see how to organise your information feed by function: official sources, headline relays, analyst reads and your trading venue. The aim is a purposeful routine for understanding market moves. Educational content only. Not investment advice. [MochaLearn](https://mochatrade.com/learn) is a free A to Z course on understanding and trading US stocks and commodities, built for Indian traders. Last updated 9 October 2026 ## Key takeaways 1. Run every headline through four questions: where did you find it, can you verify it at the source, is it already priced in, and does it matter to your market? 2. Follow a headline back to the original release, and keep information apart from interpretation. 3. Read the move in related markets around the event, the 2-year Treasury yield against the S&P 500, before deciding what the news meant. 4. Organise your feed by function: official sources, headline relays, analyst reads, and your trading venue. ## Terms in this lecture - 2-year Treasury yield: https://mochatrade.com/learn/glossary/2-year-treasury-yield - 8-K: https://mochatrade.com/learn/glossary/8-k - 10-K and 10-Q: https://mochatrade.com/learn/glossary/10-k-and-10-q - 13F filing: https://mochatrade.com/learn/glossary/13f-filing - Breakeven inflation: https://mochatrade.com/learn/glossary/breakeven-inflation - Cboe: https://mochatrade.com/learn/glossary/cboe - CME FedWatch: https://mochatrade.com/learn/glossary/cme-fedwatch - CME Group: https://mochatrade.com/learn/glossary/cme-group - Consensus estimate: https://mochatrade.com/learn/glossary/consensus-estimate - CPI: https://mochatrade.com/learn/glossary/cpi - Dot plot: https://mochatrade.com/learn/glossary/dot-plot - Economic calendar: https://mochatrade.com/learn/glossary/economic-calendar - EIA petroleum status report: https://mochatrade.com/learn/glossary/eia-petroleum-status-report - Enterprise value: https://mochatrade.com/learn/glossary/enterprise-value - EPS: https://mochatrade.com/learn/glossary/eps - Fed funds rate: https://mochatrade.com/learn/glossary/fed-funds-rate - FOMC: https://mochatrade.com/learn/glossary/fomc - FOMC minutes: https://mochatrade.com/learn/glossary/fomc-minutes - Form 4: https://mochatrade.com/learn/glossary/form-4 - FRED: https://mochatrade.com/learn/glossary/fred - Funding rate: https://mochatrade.com/learn/glossary/funding-rate - Implied volatility: https://mochatrade.com/learn/glossary/implied-volatility - IPO (US): https://mochatrade.com/learn/glossary/ipo - Market correction: https://mochatrade.com/learn/glossary/market-correction - Open interest: https://mochatrade.com/learn/glossary/open-interest - Option open interest: https://mochatrade.com/learn/glossary/option-open-interest - Options contract: https://mochatrade.com/learn/glossary/options-contract - Payout ratio: https://mochatrade.com/learn/glossary/payout-ratio - Put option: https://mochatrade.com/learn/glossary/put-option - S&P 500: https://mochatrade.com/learn/glossary/sp-500 - SEC: https://mochatrade.com/learn/glossary/sec - SEC filings: https://mochatrade.com/learn/glossary/sec-filings - Short interest: https://mochatrade.com/learn/glossary/short-interest - SPY ETF: https://mochatrade.com/learn/glossary/spy-etf - Trading halt: https://mochatrade.com/learn/glossary/trading-halt - Volatility / VIX: https://mochatrade.com/learn/glossary/volatility-vix - Volume: https://mochatrade.com/learn/glossary/volume - Whisper number: https://mochatrade.com/learn/glossary/whisper-number --- # Module 0 quiz URL: https://mochatrade.com/learn/start-here/quiz Last modified: 2026-10-19 Five questions. They check the things lecture 0.1 asked you to know and nothing more. If you get one wrong, its explanation tells you what to read again. Setup: MOCHA50 is a stock index. Its futures and options are settled in cash. One contract = 50 × the index value. 1. You sell 1 MOCHA50 futures contract at 24,000. On expiry it settles at 24,120. What happens? 2. You buy 1 MOCHA50 futures contract at 24,000. The contract is worth 24,000 × 50 = ₹12,00,000. Assume the margin is 10%, so ₹1,20,000. The next day the index falls 2%. What happens to your account? 3. You buy a MOCHA50 call. Strike 24,200, premium ₹80, 20 days to expiry. The index stays at 24,000 for 10 days. Volatility does not change. What has most likely happened to the premium? 4. You hold the same call: strike 24,200, premium ₹80. At expiry MOCHA50 settles at 24,250. What is your net result? 5. MOCHA50 is at 24,000. The one-month future trades at 24,090. What happens to the 90-point gap by the close on expiry day? Educational content only. Not investment advice. [MochaLearn](https://mochatrade.com/learn) is a free A to Z course on understanding and trading US stocks and commodities, built for Indian traders. --- # Module 1: US market structure URL: https://mochatrade.com/learn/us-market-structure Last modified: 2026-10-19 Seven lectures on the US market itself: the institutions and their history, how a stock's price forms across exchanges, who moves prices through policy and through trading, and how the Fed, inflation, jobs and earnings reach a position. Each is a short video from the Mochatrade channel with notes, key takeaways and a quiz. ## Lectures - 1.1 US Stock Market Jargon and History explained: Start Here (8:11): Who does what in the US market — the Treasury, the Fed, the SEC, the exchanges — told through the problems each was built to solve. https://mochatrade.com/learn/us-market-structure/us-stock-market-explained - 1.2 How US Stock Prices Form: Order Books & Exchanges (8:12): From the order book to the consolidated quote: how one stock trades across many venues, and when the US session falls in India. https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form - 1.3 US Government Structure: Regulators & Market Makers (9:16): The institutions that shape the market through policy, and the participants that move it through trading. https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks - 1.4 How the Fed Moves Markets: Rates, Expectations & FOMC (14:48): The federal funds rate, how expectations reach Treasury yields and stock valuations, and why a cut can be quiet while a sentence moves prices. https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets - 1.5 US Inflation Explained: CPI, PPI & PCE for Traders (12:59): The inflation releases traders follow, how to compare a print with what was expected, and how it reaches a stock position. https://mochatrade.com/learn/us-market-structure/us-inflation-explained - 1.6 US Jobs Report Explained: NFP, Unemployment & Wages (14:11): The BLS employment report, the two channels through which jobs reach stocks, and why good news can be bad news. https://mochatrade.com/learn/us-market-structure/us-jobs-report-explained - 1.7 US Earnings Explained: Reports, Guidance & Market Expectations (12:34): Earnings season's documents, a practical order for reading results, and why a beat can still fall. https://mochatrade.com/learn/us-market-structure/us-earnings-explained - 1.8 How Tariffs & Wars Affect US Stocks: Market Shocks (11:46): What a market shock is, the four moves the market makes in the first hour, how to tell whether a shock is over, and why a tariff is the one shock that pushes both doors. https://mochatrade.com/learn/us-market-structure/how-tariffs-and-wars-move-us-stocks Educational content only. Not investment advice. [MochaLearn](https://mochatrade.com/learn) is a free A to Z course on understanding and trading US stocks and commodities, built for Indian traders. --- # US Stock Market Jargon and History explained: Start Here URL: https://mochatrade.com/learn/us-market-structure/us-stock-market-explained Last modified: 2026-10-09 Lecture 1.1 of MochaLearn, Module 1: US market structure. 8:11. Video: https://www.youtube.com/watch?v=Y4m6IEVhkBE Who does what in the US market — the Treasury, the Fed, the SEC, the exchanges — told through the problems each was built to solve. ## About this lecture The Fed, the Treasury, the SEC, Nasdaq—who does what in the US stock market, and why do these names keep appearing in financial news? In this lecture, Pratham uses the history of the American market to explain its institutions. Instead of memorising acronyms, follow the problems that led to each part of the system. You'll learn about: - Government bonds, the Treasury and the origins of the NYSE - Bank runs, the Federal Reserve and the FOMC - The roles of the SEC, CFTC and FINRA - Economic data from the BLS, BEA and Census Bureau - The Dow, S&P 500, Nasdaq 100, Russell 2000 and VIX - Exchanges, market makers and the National Best Bid and Offer (NBBO) We bring these names together into a practical map: who borrows, who sets the price of money, who enforces the rules, who counts, and who facilitates trading. Educational content only. Not investment advice. [MochaLearn](https://mochatrade.com/learn) is a free A to Z course on understanding and trading US stocks and commodities, built for Indian traders. Last updated 9 October 2026 ## Key takeaways 1. Each institution answers a problem the market once had: the Treasury borrows, the Fed sets the price of money, the SEC, CFTC and FINRA enforce the rules, the BLS, BEA and Census Bureau count, and the exchanges and market makers facilitate trading. 2. The NYSE grew out of trading in government bonds; the Federal Reserve and the FOMC grew out of bank runs. 3. The Dow, the S&P 500, the Nasdaq 100, the Russell 2000 and the VIX each measure a different slice of the market. 4. The NBBO is the best bid and the best offer across every exchange, consolidated into one quote. ## Terms in this lecture - 10-K and 10-Q: https://mochatrade.com/learn/glossary/10-k-and-10-q - Bid-ask spread: https://mochatrade.com/learn/glossary/bid-ask-spread - Blue chip US stocks: https://mochatrade.com/learn/glossary/blue-chip-us-stocks - Cboe: https://mochatrade.com/learn/glossary/cboe - CFTC: https://mochatrade.com/learn/glossary/cftc - CME Group: https://mochatrade.com/learn/glossary/cme-group - Commitments of Traders (COT) report: https://mochatrade.com/learn/glossary/commitments-of-traders-report - Dark pool: https://mochatrade.com/learn/glossary/dark-pool - Day trading and the PDT rule: https://mochatrade.com/learn/glossary/day-trading-and-the-pdt-rule - Debt ceiling: https://mochatrade.com/learn/glossary/debt-ceiling - Designated market maker: https://mochatrade.com/learn/glossary/designated-market-maker - Dow Jones Industrial Average: https://mochatrade.com/learn/glossary/dow-jones-industrial-average - Federal Reserve: https://mochatrade.com/learn/glossary/federal-reserve - FINRA: https://mochatrade.com/learn/glossary/finra - GDP: https://mochatrade.com/learn/glossary/gdp - Index futures (E-mini S&P 500): https://mochatrade.com/learn/glossary/index-futures - Market breadth: https://mochatrade.com/learn/glossary/market-breadth - Market cap categories (mega/large/mid/small): https://mochatrade.com/learn/glossary/market-cap-categories - Market capitalization: https://mochatrade.com/learn/glossary/market-capitalization - Market maker: https://mochatrade.com/learn/glossary/market-maker - NASDAQ: https://mochatrade.com/learn/glossary/nasdaq - Nasdaq 100: https://mochatrade.com/learn/glossary/nasdaq-100 - NBBO: https://mochatrade.com/learn/glossary/nbbo - NYSE: https://mochatrade.com/learn/glossary/nyse - NYSE Arca: https://mochatrade.com/learn/glossary/nyse-arca - Options contract: https://mochatrade.com/learn/glossary/options-contract - PCE: https://mochatrade.com/learn/glossary/pce - Retail sales: https://mochatrade.com/learn/glossary/retail-sales - SEC: https://mochatrade.com/learn/glossary/sec - Stock split (US): https://mochatrade.com/learn/glossary/stock-split - US ETF: https://mochatrade.com/learn/glossary/us-etf - US Treasury: https://mochatrade.com/learn/glossary/us-treasury - Volatility / VIX: https://mochatrade.com/learn/glossary/volatility-vix --- # How US Stock Prices Form: Order Books & Exchanges URL: https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form Last modified: 2026-10-09 Lecture 1.2 of MochaLearn, Module 1: US market structure. 8:12. Video: https://www.youtube.com/watch?v=8jx2W533OW4 From the order book to the consolidated quote: how one stock trades across many venues, and when the US session falls in India. ## About this lecture The price on your chart, the price you can buy at, and the price you can sell at are not necessarily the same. So how does a US stock price actually form? Pratham starts with the order book, then follows price formation across exchanges, auctions and trading sessions. You'll learn about: - Bid, ask, spread and the last traded price - How the same stock trades across multiple exchanges - The NBBO and how quotes are consolidated - Dark pools, wholesalers and different trading venues - Opening and closing auctions, trading halts and price bands - US market hours in IST and the daylight-saving shift - The 11 market sectors and their exposure to growth, interest rates and currencies This lecture connects the numbers on your screen to the structure behind them, preparing you to understand how economic news reaches individual stocks. Educational content only. Not investment advice. [MochaLearn](https://mochatrade.com/learn) is a free A to Z course on understanding and trading US stocks and commodities, built for Indian traders. Last updated 9 October 2026 ## Key takeaways 1. The chart's price, the price you can buy at and the price you can sell at are three different numbers: the last trade, the ask and the bid. 2. One stock trades on many exchanges and in dark pools and wholesalers; the NBBO consolidates every venue's best quote into one. 3. Opening and closing auctions, halts and price bands shape the edges of the session; the US session lands in the Indian evening and shifts by an hour with daylight saving. 4. The eleven market sectors differ in how they respond to growth, interest rates and currencies. ## Terms in this lecture - 10-year Treasury yield: https://mochatrade.com/learn/glossary/10-year-treasury-yield - 24/7 trading: https://mochatrade.com/learn/glossary/24-7-trading - Beta: https://mochatrade.com/learn/glossary/beta - Book value: https://mochatrade.com/learn/glossary/book-value - Circuit breaker (US): https://mochatrade.com/learn/glossary/circuit-breaker - Closing auction (official close): https://mochatrade.com/learn/glossary/closing-auction - CME Group: https://mochatrade.com/learn/glossary/cme-group - Cyclical vs defensive stocks: https://mochatrade.com/learn/glossary/cyclical-vs-defensive-stocks - Dark pool: https://mochatrade.com/learn/glossary/dark-pool - Designated market maker: https://mochatrade.com/learn/glossary/designated-market-maker - Direct listing / SPAC: https://mochatrade.com/learn/glossary/direct-listing-spac - Dollar index (DXY): https://mochatrade.com/learn/glossary/dollar-index - Earnings call: https://mochatrade.com/learn/glossary/earnings-call - Earnings season / earnings report: https://mochatrade.com/learn/glossary/earnings-season-earnings-report - Economic calendar: https://mochatrade.com/learn/glossary/economic-calendar - Futures contract: https://mochatrade.com/learn/glossary/futures-contract - Gap up and gap down: https://mochatrade.com/learn/glossary/gap-up-and-gap-down - GICS sectors: https://mochatrade.com/learn/glossary/gics-sectors - Growth vs value stocks: https://mochatrade.com/learn/glossary/growth-vs-value-stocks - Guidance (earnings guidance): https://mochatrade.com/learn/glossary/guidance - IEX: https://mochatrade.com/learn/glossary/iex - Index ETF: https://mochatrade.com/learn/glossary/index-etf - Index futures (E-mini S&P 500): https://mochatrade.com/learn/glossary/index-futures - Index rebalancing: https://mochatrade.com/learn/glossary/index-rebalancing - IPO (US): https://mochatrade.com/learn/glossary/ipo - ISM PMI: https://mochatrade.com/learn/glossary/ism-pmi - Last traded price: https://mochatrade.com/learn/glossary/last-traded-price - Limit order: https://mochatrade.com/learn/glossary/limit-order - Limit up-limit down: https://mochatrade.com/learn/glossary/limit-up-limit-down - Liquidity: https://mochatrade.com/learn/glossary/liquidity - Market order: https://mochatrade.com/learn/glossary/market-order - Max slippage: https://mochatrade.com/learn/glossary/max-slippage - MCX vs COMEX: https://mochatrade.com/learn/glossary/mcx-vs-comex - NASDAQ: https://mochatrade.com/learn/glossary/nasdaq - NBBO: https://mochatrade.com/learn/glossary/nbbo - Nonfarm payrolls: https://mochatrade.com/learn/glossary/nonfarm-payrolls - NYSE: https://mochatrade.com/learn/glossary/nyse - NYSE Arca: https://mochatrade.com/learn/glossary/nyse-arca - Opening auction: https://mochatrade.com/learn/glossary/opening-auction - Order book: https://mochatrade.com/learn/glossary/order-book - Overnight session (24-hour stock trading): https://mochatrade.com/learn/glossary/overnight-session - Payment for order flow: https://mochatrade.com/learn/glossary/payment-for-order-flow - PPI: https://mochatrade.com/learn/glossary/ppi - Pre-IPO stocks: https://mochatrade.com/learn/glossary/pre-ipo-stocks - Pre-market and after-hours trading: https://mochatrade.com/learn/glossary/pre-market-and-after-hours-trading - QQQ ETF: https://mochatrade.com/learn/glossary/qqq-etf - REIT (US): https://mochatrade.com/learn/glossary/reit - Retail sales: https://mochatrade.com/learn/glossary/retail-sales - S&P 500: https://mochatrade.com/learn/glossary/sp-500 - Sector ETF: https://mochatrade.com/learn/glossary/sector-etf - Settlement (T+1 in US): https://mochatrade.com/learn/glossary/settlement - Slippage: https://mochatrade.com/learn/glossary/slippage - SPY ETF: https://mochatrade.com/learn/glossary/spy-etf - Stop-limit order: https://mochatrade.com/learn/glossary/stop-limit-order - Trading halt: https://mochatrade.com/learn/glossary/trading-halt - Trailing stop order: https://mochatrade.com/learn/glossary/trailing-stop-order - US ETF: https://mochatrade.com/learn/glossary/us-etf - Volume: https://mochatrade.com/learn/glossary/volume - Yield curve: https://mochatrade.com/learn/glossary/yield-curve --- # US Government Structure: Regulators & Market Makers URL: https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks Last modified: 2026-10-09 Lecture 1.3 of MochaLearn, Module 1: US market structure. 9:16. Video: https://www.youtube.com/watch?v=Ut70g1QsvT0 The institutions that shape the market through policy, and the participants that move it through trading. ## About this lecture A tariff announcement, a government shutdown, a Treasury auction or a disappearing bid can affect your position. Who is behind each event, and how does their role differ? In this lecture, Pratham maps two sides of the US market: the institutions that influence it through policy and the participants that move it through trading. You'll learn about: - Congress, spending bills, taxes and the debt ceiling - Presidential decisions, tariffs, sanctions and appointments - Treasury borrowing, bond supply and crisis responses - The Fed's role and its relationship with elected officials - The SEC and CFTC as market regulators - How market makers provide liquidity and manage event risk - Index funds, passive flows and the closing auction The goal is to connect a headline to the institution or participant behind it—and understand the channel through which it can affect prices. Educational content only. Not investment advice. [MochaLearn](https://mochatrade.com/learn) is a free A to Z course on understanding and trading US stocks and commodities, built for Indian traders. Last updated 9 October 2026 ## Key takeaways 1. Two sides move the market: institutions through policy — Congress, the President, the Treasury, the Fed, the SEC and the CFTC — and participants through trading — market makers, index funds and passive flows. 2. Congress controls spending, taxes and the debt ceiling; the President decides tariffs, sanctions and appointments; the Treasury borrows and sets the supply of bonds. 3. Market makers provide the liquidity you trade against and step back when event risk rises, which is how a bid can disappear. 4. Passive flows from index funds concentrate in the closing auction. ## Terms in this lecture - 13F filing: https://mochatrade.com/learn/glossary/13f-filing - Bid-ask spread: https://mochatrade.com/learn/glossary/bid-ask-spread - Closing auction (official close): https://mochatrade.com/learn/glossary/closing-auction - Commodity ETF: https://mochatrade.com/learn/glossary/commodity-etf - Contango and backwardation: https://mochatrade.com/learn/glossary/contango-and-backwardation - Contract rollover: https://mochatrade.com/learn/glossary/contract-rollover - Debt ceiling: https://mochatrade.com/learn/glossary/debt-ceiling - Direct listing / SPAC: https://mochatrade.com/learn/glossary/direct-listing-spac - Dual mandate: https://mochatrade.com/learn/glossary/dual-mandate - ETF creation and redemption: https://mochatrade.com/learn/glossary/etf-creation-and-redemption - Federal Reserve: https://mochatrade.com/learn/glossary/federal-reserve - FINRA: https://mochatrade.com/learn/glossary/finra - Government shutdown: https://mochatrade.com/learn/glossary/government-shutdown - Hard to borrow: https://mochatrade.com/learn/glossary/hard-to-borrow - Hedging: https://mochatrade.com/learn/glossary/hedging - Index ETF: https://mochatrade.com/learn/glossary/index-etf - Index rebalancing: https://mochatrade.com/learn/glossary/index-rebalancing - Inverse ETF: https://mochatrade.com/learn/glossary/inverse-etf - Liquidity: https://mochatrade.com/learn/glossary/liquidity - Long and short position: https://mochatrade.com/learn/glossary/long-and-short-position - Margin call: https://mochatrade.com/learn/glossary/margin-call - Market cap categories (mega/large/mid/small): https://mochatrade.com/learn/glossary/market-cap-categories - Market maker: https://mochatrade.com/learn/glossary/market-maker - NASDAQ: https://mochatrade.com/learn/glossary/nasdaq - Opening auction: https://mochatrade.com/learn/glossary/opening-auction - Payment for order flow: https://mochatrade.com/learn/glossary/payment-for-order-flow - Quantitative easing: https://mochatrade.com/learn/glossary/quantitative-easing - Quantitative tightening: https://mochatrade.com/learn/glossary/quantitative-tightening - SEC: https://mochatrade.com/learn/glossary/sec - Short interest: https://mochatrade.com/learn/glossary/short-interest - Short selling: https://mochatrade.com/learn/glossary/short-selling - Short squeeze: https://mochatrade.com/learn/glossary/short-squeeze - Tariff: https://mochatrade.com/learn/glossary/tariff - Term premium: https://mochatrade.com/learn/glossary/term-premium - US ETF: https://mochatrade.com/learn/glossary/us-etf - US Treasury: https://mochatrade.com/learn/glossary/us-treasury --- # How the Fed Moves Markets: Rates, Expectations & FOMC URL: https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets Last modified: 2026-10-09 Lecture 1.4 of MochaLearn, Module 1: US market structure. 14:48. Video: https://www.youtube.com/watch?v=TynMuXa-p3Y The federal funds rate, how expectations reach Treasury yields and stock valuations, and why a cut can be quiet while a sentence moves prices. ## About this lecture Why can a Fed rate cut leave the market quiet, while a sentence in a press conference moves prices sharply? The difference often lies in what was already expected. Pratham explains the Federal Reserve's interest-rate mechanism and follows its effects from overnight lending to Treasury yields, discount rates and stock valuations. You'll learn about: - The federal funds rate and basis points - How interest-rate expectations connect to the Treasury curve - Discounting future cash flows and the sensitivity of growth stocks - Priced-in expectations, surprise and CME FedWatch - The FOMC statement, voting dissents, dot plot, press conference and minutes - Why liquidity, spreads and market depth change around Fed announcements Through worked examples, this lecture helps you read a Fed event as more than a simple rate hike or cut—and understand why the announcement and press conference can produce different reactions. Educational content only. Not investment advice. [MochaLearn](https://mochatrade.com/learn) is a free A to Z course on understanding and trading US stocks and commodities, built for Indian traders. Last updated 9 October 2026 ## Key takeaways 1. The market moves on the gap between what the Fed does and what was already expected, not on the decision itself; CME FedWatch shows what is priced in. 2. Rate expectations travel from overnight lending into the Treasury curve, and from there into the rate that discounts future cash flows, which is why growth stocks are the most sensitive. 3. A Fed event has several parts — the statement, the dissents, the dot plot, the press conference and later the minutes — and each can move prices differently. 4. Liquidity thins and spreads widen around announcements, so the same order moves the price further. ## Terms in this lecture - 2-year Treasury yield: https://mochatrade.com/learn/glossary/2-year-treasury-yield - 10-year Treasury yield: https://mochatrade.com/learn/glossary/10-year-treasury-yield - Average hourly earnings: https://mochatrade.com/learn/glossary/average-hourly-earnings - Beta: https://mochatrade.com/learn/glossary/beta - Bull and bear market: https://mochatrade.com/learn/glossary/bull-and-bear-market - Central bank gold buying: https://mochatrade.com/learn/glossary/central-bank-gold-buying - CME FedWatch: https://mochatrade.com/learn/glossary/cme-fedwatch - Core CPI: https://mochatrade.com/learn/glossary/core-cpi - Dividend aristocrats: https://mochatrade.com/learn/glossary/dividend-aristocrats - Dividend ETF: https://mochatrade.com/learn/glossary/dividend-etf - Dividend yield: https://mochatrade.com/learn/glossary/dividend-yield - Dot plot: https://mochatrade.com/learn/glossary/dot-plot - EBITDA: https://mochatrade.com/learn/glossary/ebitda - Enterprise value: https://mochatrade.com/learn/glossary/enterprise-value - Fed funds rate: https://mochatrade.com/learn/glossary/fed-funds-rate - Federal Reserve: https://mochatrade.com/learn/glossary/federal-reserve - FOMC: https://mochatrade.com/learn/glossary/fomc - FOMC minutes: https://mochatrade.com/learn/glossary/fomc-minutes - Forward guidance (Fed): https://mochatrade.com/learn/glossary/forward-guidance - Gold ETF: https://mochatrade.com/learn/glossary/gold-etf - Gold futures: https://mochatrade.com/learn/glossary/gold-futures - Growth vs value stocks: https://mochatrade.com/learn/glossary/growth-vs-value-stocks - Initial jobless claims: https://mochatrade.com/learn/glossary/initial-jobless-claims - Inverted yield curve: https://mochatrade.com/learn/glossary/inverted-yield-curve - Market cap categories (mega/large/mid/small): https://mochatrade.com/learn/glossary/market-cap-categories - Market correction: https://mochatrade.com/learn/glossary/market-correction - Nasdaq 100: https://mochatrade.com/learn/glossary/nasdaq-100 - Net interest income: https://mochatrade.com/learn/glossary/net-interest-income - P/E ratio: https://mochatrade.com/learn/glossary/p-e-ratio - PEG ratio: https://mochatrade.com/learn/glossary/peg-ratio - Price-to-sales ratio: https://mochatrade.com/learn/glossary/price-to-sales-ratio - QQQ ETF: https://mochatrade.com/learn/glossary/qqq-etf - Quantitative easing: https://mochatrade.com/learn/glossary/quantitative-easing - Quantitative tightening: https://mochatrade.com/learn/glossary/quantitative-tightening - Real yield: https://mochatrade.com/learn/glossary/real-yield - REIT (US): https://mochatrade.com/learn/glossary/reit - Retail sales: https://mochatrade.com/learn/glossary/retail-sales - Revenue: https://mochatrade.com/learn/glossary/revenue - Russell 2000: https://mochatrade.com/learn/glossary/russell-2000 - Term premium: https://mochatrade.com/learn/glossary/term-premium - Treasury yield: https://mochatrade.com/learn/glossary/treasury-yield - Unemployment rate: https://mochatrade.com/learn/glossary/unemployment-rate - US Treasury: https://mochatrade.com/learn/glossary/us-treasury - Yield curve: https://mochatrade.com/learn/glossary/yield-curve --- # US Inflation Explained: CPI, PPI & PCE for Traders URL: https://mochatrade.com/learn/us-market-structure/us-inflation-explained Last modified: 2026-10-09 Lecture 1.5 of MochaLearn, Module 1: US market structure. 12:59. Video: https://www.youtube.com/watch?v=kEvySnFQWCU The inflation releases traders follow, how to compare a print with what was expected, and how it reaches a stock position. ## About this lecture How does an inflation report reach your stock position? Through changing interest-rate expectations and the prices that shape a company's revenue and costs. In this lecture, Pratham breaks down US inflation, the releases traders follow, and how to compare a new number with what the market expected. You'll learn about: - Demand, supply and expectations as sources of inflation - Purchasing power, borrowing costs and company earnings - Month-over-month versus year-over-year readings and the base effect - CPI, PPI and PCE—and why their roles differ - Headline, core and services inflation - Consensus forecasts, the Cleveland Fed nowcast, breakevens and household expectations - Reading the 2-year Treasury yield and index futures around a release - Why the composition of a surprise and the trend across several reports matter Watch lecture 1.4 on the Fed first to follow the connection between inflation, the expected rate path and stock valuations. Educational content only. Not investment advice. [MochaLearn](https://mochatrade.com/learn) is a free A to Z course on understanding and trading US stocks and commodities, built for Indian traders. Last updated 9 October 2026 ## Key takeaways 1. Inflation reaches a stock two ways: through interest-rate expectations, and through the prices that shape a company's revenue and costs. 2. CPI, PPI and PCE measure different things; headline, core and services readings answer different questions; and the base effect can move a year-over-year number without prices changing much this month. 3. What matters is the print against the consensus — and the composition of the surprise and the trend across several reports, not one number. 4. Watch the 2-year Treasury yield and index futures in the minutes after a release to see how the market read it. ## Terms in this lecture - Average hourly earnings: https://mochatrade.com/learn/glossary/average-hourly-earnings - Breakeven inflation: https://mochatrade.com/learn/glossary/breakeven-inflation - Consensus estimate: https://mochatrade.com/learn/glossary/consensus-estimate - Core CPI: https://mochatrade.com/learn/glossary/core-cpi - CPI: https://mochatrade.com/learn/glossary/cpi - Crude oil (WTI vs Brent): https://mochatrade.com/learn/glossary/crude-oil - Dual mandate: https://mochatrade.com/learn/glossary/dual-mandate - FRED: https://mochatrade.com/learn/glossary/fred - GICS sectors: https://mochatrade.com/learn/glossary/gics-sectors - Gross margin: https://mochatrade.com/learn/glossary/gross-margin - Index futures (E-mini S&P 500): https://mochatrade.com/learn/glossary/index-futures - JOLTS: https://mochatrade.com/learn/glossary/jolts - OPEC+: https://mochatrade.com/learn/glossary/opec-plus - PCE: https://mochatrade.com/learn/glossary/pce - PPI: https://mochatrade.com/learn/glossary/ppi - Sector ETF: https://mochatrade.com/learn/glossary/sector-etf - Tariff: https://mochatrade.com/learn/glossary/tariff --- # US Jobs Report Explained: NFP, Unemployment & Wages URL: https://mochatrade.com/learn/us-market-structure/us-jobs-report-explained Last modified: 2026-10-09 Lecture 1.6 of MochaLearn, Module 1: US market structure. 14:11. Video: https://www.youtube.com/watch?v=FZ7bbIqniS0 The BLS employment report, the two channels through which jobs reach stocks, and why good news can be bad news. ## About this lecture Why can a strong US jobs report send stocks lower, while a weaker report sometimes lifts them? The answer depends on whether the market is more worried about inflation or slowing growth. In this lecture, Pratham explains the US employment report and the two channels through which jobs affect stocks: income and company earnings, and wages and interest-rate expectations. You'll learn about: - The BLS Employment Situation report and its two surveys - Nonfarm payrolls (NFP), unemployment and labour-force participation - Average hourly earnings, wage growth and the Employment Cost Index (ECI) - Sector-level hiring and revisions to earlier reports - Breakeven job growth and unemployment-based recession signals - Why “good news” can become “bad news” at different stages of the business cycle - Weekly jobless claims, continuing claims and JOLTS - Reading the 2-year Treasury yield, index futures and market reactions around a release The focus is on interpreting employment headlines in context—not treating one payroll number as a standalone trading signal. Watch lectures 1.4 on the Fed and 1.5 on inflation first to follow the connections between jobs, wages, prices and the expected rate path. Educational content only. Not investment advice. [MochaLearn](https://mochatrade.com/learn) is a free A to Z course on understanding and trading US stocks and commodities, built for Indian traders. Last updated 9 October 2026 ## Key takeaways 1. Jobs reach stocks through two channels: income and company earnings on one side, wages and interest-rate expectations on the other. 2. The Employment Situation report comes from two surveys; nonfarm payrolls, unemployment, participation and average hourly earnings are the numbers to read, and revisions to earlier months can matter as much as the new one. 3. Whether a strong report is good or bad news depends on what the market fears more at that point in the cycle, inflation or slowing growth. 4. One payroll number is not a signal: read it against breakeven job growth, weekly claims and JOLTS, and watch the 2-year Treasury yield and index futures for the market's reading. ## Terms in this lecture - Average hourly earnings: https://mochatrade.com/learn/glossary/average-hourly-earnings - Cyclical vs defensive stocks: https://mochatrade.com/learn/glossary/cyclical-vs-defensive-stocks - Dual mandate: https://mochatrade.com/learn/glossary/dual-mandate - FRED: https://mochatrade.com/learn/glossary/fred - Government shutdown: https://mochatrade.com/learn/glossary/government-shutdown - Initial jobless claims: https://mochatrade.com/learn/glossary/initial-jobless-claims - JOLTS: https://mochatrade.com/learn/glossary/jolts - Nonfarm payrolls: https://mochatrade.com/learn/glossary/nonfarm-payrolls - Operating margin: https://mochatrade.com/learn/glossary/operating-margin - Russell 2000: https://mochatrade.com/learn/glossary/russell-2000 - Unemployment rate: https://mochatrade.com/learn/glossary/unemployment-rate --- # US Earnings Explained: Reports, Guidance & Market Expectations URL: https://mochatrade.com/learn/us-market-structure/us-earnings-explained Last modified: 2026-10-09 Lecture 1.7 of MochaLearn, Module 1: US market structure. 12:34. Video: https://www.youtube.com/watch?v=9_Y6n4Wl188 Earnings season's documents, a practical order for reading results, and why a beat can still fall. ## About this lecture How can a company report strong profit growth and still see its stock fall that night? Earnings reactions depend on more than the headline—they also reflect guidance and what investors already expected. In this lecture, Pratham walks through the US earnings season, the documents companies publish, and a practical order for reading the results. You'll learn about: - The quarterly earnings calendar and where to find reporting dates - Earnings releases, 8-Ks, earnings calls, 10-Qs and 10-Ks - GAAP versus adjusted earnings - Revenue, margins, earnings per share and free cash flow - Comparing results with last year, analyst estimates and previous guidance - Raised, maintained and cut guidance—and why the outlook matters - Consensus estimates, whisper numbers and the options-implied move - A before-and-after-release checklist, including the analyst Q&A The goal is to look beyond “beat” or “miss” and understand how the results change expectations for the business. Watch lecture 1.4 on the Fed for the earlier discussion of expectations, surprise and the future path. Educational content only. Not investment advice. [MochaLearn](https://mochatrade.com/learn) is a free A to Z course on understanding and trading US stocks and commodities, built for Indian traders. Last updated 9 October 2026 ## Key takeaways 1. A stock reacts to earnings against what investors already expected and to the guidance that comes with them, not to the headline profit figure alone. 2. The documents are the earnings release and 8-K, the call, and the 10-Q or 10-K; GAAP and adjusted earnings are different numbers. 3. Read revenue, margins, earnings per share and free cash flow against last year, analyst estimates and previous guidance; raised, maintained or cut guidance is what changes the outlook. 4. Consensus estimates, whisper numbers and the options-implied move say what the market expects before the release; the analyst Q&A on the call often says more than the prepared remarks. ## Terms in this lecture - 8-K: https://mochatrade.com/learn/glossary/8-k - 10-K and 10-Q: https://mochatrade.com/learn/glossary/10-k-and-10-q - Blue chip US stocks: https://mochatrade.com/learn/glossary/blue-chip-us-stocks - Bull and bear market: https://mochatrade.com/learn/glossary/bull-and-bear-market - Buyback: https://mochatrade.com/learn/glossary/buyback - Consensus estimate: https://mochatrade.com/learn/glossary/consensus-estimate - Dividend aristocrats: https://mochatrade.com/learn/glossary/dividend-aristocrats - Dividend ETF: https://mochatrade.com/learn/glossary/dividend-etf - Earnings beat and miss: https://mochatrade.com/learn/glossary/earnings-beat-and-miss - Earnings call: https://mochatrade.com/learn/glossary/earnings-call - Earnings season / earnings report: https://mochatrade.com/learn/glossary/earnings-season-earnings-report - EBITDA: https://mochatrade.com/learn/glossary/ebitda - EPS: https://mochatrade.com/learn/glossary/eps - Expected move: https://mochatrade.com/learn/glossary/expected-move - Form 4: https://mochatrade.com/learn/glossary/form-4 - Forward P/E: https://mochatrade.com/learn/glossary/forward-p-e - Free cash flow: https://mochatrade.com/learn/glossary/free-cash-flow - Gap up and gap down: https://mochatrade.com/learn/glossary/gap-up-and-gap-down - Gross margin: https://mochatrade.com/learn/glossary/gross-margin - Guidance (earnings guidance): https://mochatrade.com/learn/glossary/guidance - Implied volatility: https://mochatrade.com/learn/glossary/implied-volatility - IV crush: https://mochatrade.com/learn/glossary/iv-crush - Magnificent 7: https://mochatrade.com/learn/glossary/magnificent-7 - Market correction: https://mochatrade.com/learn/glossary/market-correction - Net interest income: https://mochatrade.com/learn/glossary/net-interest-income - Operating margin: https://mochatrade.com/learn/glossary/operating-margin - Order backlog (remaining performance obligations): https://mochatrade.com/learn/glossary/order-backlog - P/E ratio: https://mochatrade.com/learn/glossary/p-e-ratio - Payout ratio: https://mochatrade.com/learn/glossary/payout-ratio - PEG ratio: https://mochatrade.com/learn/glossary/peg-ratio - Pre-market and after-hours trading: https://mochatrade.com/learn/glossary/pre-market-and-after-hours-trading - Price-to-sales ratio: https://mochatrade.com/learn/glossary/price-to-sales-ratio - QQQ ETF: https://mochatrade.com/learn/glossary/qqq-etf - Revenue: https://mochatrade.com/learn/glossary/revenue - SEC filings: https://mochatrade.com/learn/glossary/sec-filings - Whisper number: https://mochatrade.com/learn/glossary/whisper-number --- # How Tariffs & Wars Affect US Stocks: Market Shocks URL: https://mochatrade.com/learn/us-market-structure/how-tariffs-and-wars-move-us-stocks Last modified: 2026-10-21 Lecture 1.8 of MochaLearn, Module 1: US market structure. 11:46. Video: https://www.youtube.com/watch?v=uGknducoG8E What a market shock is, the four moves the market makes in the first hour, how to tell whether a shock is over, and why a tariff is the one shock that pushes both doors. ## About this lecture What is a market shock, and how do tariffs, wars and other surprises move US stocks? A shock has no date and no consensus, so the market prices odds instead of a number. In this lecture, Pratham breaks down the four moves the market makes in the first hour when it cannot price a shock, and a three-step test for whether a shock is over. You'll learn about: - Why stocks fall before a war and rise when it starts: the Gulf War in 1990 and Iraq in 2003 - Move 1: index futures, which move first and almost round the clock - Move 2: the run to safety in Treasuries, the dollar and gold, and why bonds fell in 2026 - Move 3: buying insurance, and why the VIX rises - Move 4: market-wide circuit breakers at 7%, 13% and 20% - The base rate across two dozen shocks, the ones that did not revert (the 1973 oil embargo, Kuwait in 1990), and the one-week test on oil and the 2-year yield - Inflation fear against recession fear: why the Fed cut in 2020 and held in 2026 - Where a war, a shutdown, an election, a sanction or a court ruling lands - Tariffs: a tax paid by the US importer, set by the President, that reaches stocks through both interest rates and company cash; who pays, why prices climb in steps, the dollar, and the four tariff dates The lecture closes Module 1 with a wrap-up of the US equities crash course. Next: commodities, in Module 2. Educational content only. Not investment advice. [MochaLearn](https://mochatrade.com/learn) is a free A to Z course on understanding and trading US stocks and commodities, built for Indian traders. Last updated 21 October 2026 ## Key takeaways 1. A shock has no calendar date and no consensus, so the market prices odds; stocks tend to fall before a war and rise when it starts. 2. In the first hour the market makes four moves: index futures move first, money runs to Treasuries, the dollar and gold, insurance is bought and the VIX rises, and circuit breakers stand at 7%, 13% and 20%. 3. Whether a shock is over: start from the base rate across past shocks, remember the ones that did not revert, then watch oil and the 2-year yield for a week. 4. A tariff is the one shock that pushes both doors, interest rates and company cash: the importer pays, prices climb in steps so the Fed holds, and four dates matter, the announcement, the effective date, the exemptions and the court. --- # Module 2: Real-world assets URL: https://mochatrade.com/learn/real-world-assets Last modified: 2026-10-21 Where commodity trading came from and where its prices are made today, then the assets themselves, starting with the precious metals: what gold is, who holds it, the four reasons its price moves, and how silver, platinum and palladium differ. Energy and base metals follow as they are recorded. ## Lectures - 2.1 Commodity Market for Beginners: History, MCX & Futures (8:07): Where commodity trading came from, where your F&O rules were written, and the five rooms where every commodity price is made today. https://mochatrade.com/learn/real-world-assets/commodity-markets-explained - 2.2 Why Gold & Silver Prices Move: Precious Metals Explained (11:50): What gold is, who holds it, the four reasons its price moves, and how silver, platinum and palladium differ, with the times each price moves in IST. https://mochatrade.com/learn/real-world-assets/why-gold-and-silver-prices-move Educational content only. Not investment advice. [MochaLearn](https://mochatrade.com/learn) is a free A to Z course on understanding and trading US stocks and commodities, built for Indian traders. --- # Commodity Market for Beginners: History, MCX & Futures URL: https://mochatrade.com/learn/real-world-assets/commodity-markets-explained Last modified: 2026-10-21 Lecture 2.1 of MochaLearn, Module 2: Real-world assets. 8:07. Video: https://www.youtube.com/watch?v=sCRXcFHMCaI Where commodity trading came from, where your F&O rules were written, and the five rooms where every commodity price is made today. ## About this lecture Where did commodity trading come from, and where are commodity prices made today? A simple lecture for Indian traders starting Module 2 on commodities and real-world assets. In this lecture, Pratham follows the market from the first futures exchange to the five places that set a commodity's price now. You'll learn about: - How commodities traded for 300 years: one contract, one exchange, one expiry - The commodities inside your Nifty 50 - Osaka in 1730: the Dojima rice market and the first futures market - Chicago in 1848: the Board of Trade standardises contracts, and where your F&O rules (margin, daily settlement, expiry and delivery) come from - London in 1877: the London Metal Exchange and its ring - Why gold had no price until 1971, when Nixon ended the $35 peg; oil futures in New York in 1983 and Brent in London in 1988 - India's Gold Control Act of 1968, and MCX opening in 2003 with its crude settling on the New York price - What never changed: expiry, rolling and the spread; and the perpetual future, with no expiry and an hourly funding fee - The five rooms where every commodity price is made: London, New York, Shanghai, Amsterdam and Mumbai The module's roadmap follows: precious metals, energy and base metals. Educational content only. Not investment advice. [MochaLearn](https://mochatrade.com/learn) is a free A to Z course on understanding and trading US stocks and commodities, built for Indian traders. Last updated 21 October 2026 ## Key takeaways 1. For 300 years a commodity traded as one contract on one exchange with one expiry; the rules Indian F&O runs on, margin, daily settlement, expiry and delivery, were written in Chicago in 1848. 2. Gold had no market price until 1971; India's Gold Control Act kept gold in jewellery until 1990; MCX opened in 2003 and its crude settles on the New York price. 3. Expiry, rolling and the spread never went away; the perpetual future replaces expiry with an hourly funding fee. 4. Every commodity price is made in five rooms: London for spot gold, silver, LME metals and Brent; New York for COMEX, NYMEX and WTI; Shanghai for China's metal demand; Amsterdam for European gas; Mumbai for the MCX rupee price. --- # Why Gold & Silver Prices Move: Precious Metals Explained URL: https://mochatrade.com/learn/real-world-assets/why-gold-and-silver-prices-move Last modified: 2026-10-21 Lecture 2.2 of MochaLearn, Module 2: Real-world assets. 11:50. Video: https://www.youtube.com/watch?v=dFc1V6MKGDw What gold is, who holds it, the four reasons its price moves, and how silver, platinum and palladium differ, with the times each price moves in IST. ## About this lecture What is gold, who holds it, and why does its price move? A simple lecture for Indian traders and investors on the precious metals. In this lecture, Pratham lays out the four drivers of the gold price and what sets silver, platinum and palladium apart from it. You'll learn about: - What gold is: every ounce ever mined still exists, priced in dollars per troy ounce and set in London twice a day - Why holding gold is a trade: it pays nothing - Driver 1: the cost of holding gold, real yields on FRED, and the dollar through DXY and USDINR - Driver 2: fear, why gold is not a promise, and why gold can fall in the first hour of a crash - Driver 3: central banks, the buyer who ignores yields, and Russia's frozen reserves in 2022 - Driver 4: momentum and crowding, World Gold Council ETF tonnes and CFTC positioning - Silver: industrial demand and solar panels, about 70% a byproduct of other mines, and why it moves more than gold - Platinum and palladium: the catalytic converter metals, substitution, and the supply risk in South Africa and Russia - The clock: the London spot price, 24/7 trading, and the London gold price times in IST Next in the module: energy, with oil and natural gas. Educational content only. Not investment advice. [MochaLearn](https://mochatrade.com/learn) is a free A to Z course on understanding and trading US stocks and commodities, built for Indian traders. Last updated 21 October 2026 ## Key takeaways 1. Gold pays nothing, so holding it is a trade; its price is set in London twice a day in dollars per troy ounce. 2. Four drivers move gold: the cost of holding it (real yields and the dollar), fear, central banks that ignore yields, and the crowd in ETFs and futures positioning. 3. Silver is an industrial metal as much as a precious one, mostly a byproduct of other mines, which is why it moves more than gold in both directions. 4. Platinum and palladium are the catalytic converter metals; car makers switch between them, and their supply sits in South Africa and Russia. --- # US Stocks, Leverage and Commodities Glossary for Indian Traders URL: https://mochatrade.com/learn/glossary Last modified: 2026-10-17 MochaLearn is a free course on the US market, its assets, and how to trade them, built for people who already trade Indian markets. This is its glossary: 237 terms, each defined in a paragraph. Every term's page: https://mochatrade.com/learn/glossary/. ## Rooms - Getting started: US market structure (27 terms): https://mochatrade.com/learn/glossary/category/getting-started - Macro: what moves US markets (37 terms): https://mochatrade.com/learn/glossary/category/macro - Instruments: US equities & ETFs (28 terms): https://mochatrade.com/learn/glossary/category/us-equities-etfs - Valuation & fundamentals (30 terms): https://mochatrade.com/learn/glossary/category/valuation-fundamentals - Orders & trading mechanics (24 terms): https://mochatrade.com/learn/glossary/category/orders-trading - Leverage, margin & derivatives (32 terms): https://mochatrade.com/learn/glossary/category/leverage-margin-derivatives - Commodities with leverage (34 terms): https://mochatrade.com/learn/glossary/category/commodities - Perpetual futures (25 terms): https://mochatrade.com/learn/glossary/category/perpetual-futures ## Terms - 2-year Treasury yield: The two-year Treasury yield is the bond market's bet on where the Fed will hold rates over the next two years, so it moves hardest on Fed nights and inflation prints. It is the short end the Fed steers; put it next to the index on a number night and watch them move together. If it does not move after a Fed decision, the Fed said what was priced. https://mochatrade.com/learn/glossary/2-year-treasury-yield - 8-K: An 8-K is the filing a US company must make within four business days of a material event: a merger, a CEO leaving, a lawsuit, results. It is often the first public document of the news, live on EDGAR before the headline, and it is why guidance is public, not whispered. https://mochatrade.com/learn/glossary/8-k - 10-K and 10-Q: A 10-K is the audited annual report a US listed company files with the SEC; a 10-Q is the unaudited quarterly version. Both are on EDGAR the second they are accepted, the SEC exists because of the law that requires them, and results day starts from them. https://mochatrade.com/learn/glossary/10-k-and-10-q - 10-year Treasury yield: The ten-year Treasury yield is the benchmark long rate that mortgages, company debt and stock valuations are priced off. The Fed does not set it; growth, inflation expectations and the term premium do. When it rises, long-dated growth sectors fall harder than banks, and in September 2026 seventeen of its eighteen basis points were real return, not inflation fear. https://mochatrade.com/learn/glossary/10-year-treasury-yield - 13F filing: A 13F is the quarterly filing every US institutional manager with over $100 million must make, listing its stock holdings, due 45 days after the quarter ends. It shows what the funds with a view are holding, but weeks late, so it tells you a position, never a trade. EDGAR has all of them. https://mochatrade.com/learn/glossary/13f-filing - 24/7 trading: 24/7 trading means a contract keeps trading through nights, weekends and holidays while the underlying exchange is shut. The price you see then is the venue's, pulled toward the last official close by funding and the band, and it is the reason a US stock can be traded from India at 2 AM, in rupees. https://mochatrade.com/learn/glossary/24-7-trading - 52-week high and low: A 52-week high or low is the highest or lowest price a stock has traded at over the past year, the number scanners and headlines count. Counting them across an index is a quick read of market breadth; on 1 September 2026 twelve S&P 500 companies printed a low and seven a high, nearly all off oil. https://mochatrade.com/learn/glossary/52-week-high-and-low - ADR (American Depositary Receipt): An ADR is a receipt a US bank issues for shares of a foreign company it holds abroad, so the stock trades in New York in dollars; Infosys and ICICI Bank trade this way. A bank holds the share, you hold a claim, and arbitrage keeps the two prices together, the same claim shape a contract on a price has. When nobody stands behind the claim, the arbitrage has nobody to run it. https://mochatrade.com/learn/glossary/adr - Aluminium: Aluminium is the light industrial metal whose production is mostly electricity, so its price is partly a power price. China makes over half the world's supply and the LME is the real market. Module 2 covers it with copper; aluminium on Mochatrade. https://mochatrade.com/learn/glossary/aluminium - Auto-deleveraging (ADL): Auto-deleveraging is the last step when a liquidated position's loss exceeds its margin and the insurance pool: the venue closes part of the most profitable opposing positions to cover it. It can shut a correct trade; where the loss goes is a Module 3 question, and the liquidation page says what Mochatrade does. https://mochatrade.com/learn/glossary/auto-deleveraging - Average hourly earnings: Average hourly earnings is the wage growth number in the US jobs report. Wages are the bridge from jobs to prices: fast pay growth keeps services inflation sticky, which keeps the Fed cautious, so a hot wage figure can sink stocks on a strong jobs day. https://mochatrade.com/learn/glossary/average-hourly-earnings - Beta: Beta measures how much a stock has moved relative to the market: 1.5 means it has historically moved 1.5% for each 1% in the S&P 500. High-beta names sit at the long-dated, growth end of the rates line, so they fall hardest on a hawkish Fed. https://mochatrade.com/learn/glossary/beta - Bid-ask spread: The bid-ask spread is the gap between the best price to sell (bid) and the best price to buy (ask). Buy at the ask, sell at the bid, and you are down the spread before anything moves. It shrank from about six cents to one when US prices went decimal in 2001, it is what the market maker earns for the seconds before his hedge, and when it widens with no news, that is the news. Spreads and fees on Mochatrade. https://mochatrade.com/learn/glossary/bid-ask-spread - Blue chip US stocks: Blue chip US stocks are large, long-established, profitable American companies like Apple, JPMorgan or Johnson & Johnson; the Dow was built as their list in 1896. Blue chip describes the business, not the price: a disappointing guide still sends one sharply lower, as the Broadcom story shows. https://mochatrade.com/learn/glossary/blue-chip-us-stocks - Book value: Book value is total assets minus total liabilities on the balance sheet, what shareholders own on paper. For a bank it means something, and a bank below book is the market doubting its loans; for Nvidia it means little. Banks sit on the near-dated side of the rates line, and the Buffett piece is the long version of why book value stopped being enough. https://mochatrade.com/learn/glossary/book-value - Breakeven inflation: Breakeven inflation is the gap between an ordinary Treasury yield and its inflation-protected twin of the same maturity, the inflation rate the bond market is pricing. It is the market expectation an inflation print is judged against, and you can subtract the two Treasury curves yourself in a minute. The inflation lecture uses it as the bar. https://mochatrade.com/learn/glossary/breakeven-inflation - Brokerage account: A brokerage account is an account with a registered broker that records the securities you own while a custodian holds the actual shares. It is the route where you own the share. The other route is a contract on its price, where you hold a position, not a share. https://mochatrade.com/learn/glossary/brokerage-account - Bull and bear market: A bull market is a sustained rise in prices; a bear market is a fall of 20% or more from a recent high, the convention for the S&P 500. The labels look backward; what moves a market from one to the other is the price of money, earnings guidance and shocks with no schedule. https://mochatrade.com/learn/glossary/bull-and-bear-market - Buyback: A buyback is a company buying its own shares and cancelling them, so the same profit is spread over fewer shares and EPS rises. US companies return more cash this way than through dividends, and it is announced with results, next to the guide. A company issuing stock to fund spending is the reverse, as Oracle did in 2026. https://mochatrade.com/learn/glossary/buyback - Buying power: Buying power is the position value your free margin can open at the allowed leverage: ₹20,000 at 10x is ₹2,00,000. It shrinks when you open a position and again as it loses; it is the available-to-trade figure on the order panel, and one trade shows it move. https://mochatrade.com/learn/glossary/buying-power - Call option: A call option is the right to buy at the strike before expiry. Strike 24,200 and premium 80 means profit only above 24,280, because in the money is not in profit; the Module 0 quiz works the full sum. Before results you can be right on direction and still lose on the call. If any of this is new, start with Varsity and come back. https://mochatrade.com/learn/glossary/call-option - Cboe: Cboe is the Chicago-based exchange group that runs the largest US options market and four US stock exchanges grown out of BATS, an exchange built by high frequency traders in 2005. It publishes the VIX, the price of fear built from S&P 500 options. https://mochatrade.com/learn/glossary/cboe - Central bank gold buying: Central bank gold buying is reserve managers adding gold, about a thousand tonnes a year from 2022 to 2024 per the World Gold Council. It is a buyer with no price target, sitting next to real yields as a driver of gold; Module 2. https://mochatrade.com/learn/glossary/central-bank-gold-buying - CFTC: The CFTC is the Commodity Futures Trading Commission, the US referee for futures, swaps and anything shaped like a contract on a price. It publishes the weekly file of what the biggest speculators hold, it is writing rules for perpetual futures in public, and the instrument this course ends on sits right on the line between the CFTC and the SEC. https://mochatrade.com/learn/glossary/cftc - Circuit breaker (US): A US circuit breaker halts trading. Market-wide, an S&P 500 fall of 7% or 13% stops all stocks for fifteen minutes and 20% ends the day; single stocks pause for five minutes at the edge of their price band. Market-wide breakers belong to the shocks lecture, and a contract on a frozen stock keeps trading. https://mochatrade.com/learn/glossary/circuit-breaker - Closing auction (official close): The closing auction is the single matched trade at 1:30 AM IST, 2:30 AM in winter, that sets each US stock's official closing price, about a tenth of the day's volume in one print. Every index and fund is valued at that close, index funds do their buying in it, and it is the last real price a contract that trades overnight can copy until the next open. https://mochatrade.com/learn/glossary/closing-auction - CME FedWatch: CME FedWatch turns futures on the overnight rate into a probability for each outcome at every Fed meeting. It is what the market priced before the decision, and the decision is judged against it, so a move the market gave 95% odds lands and nothing happens. https://mochatrade.com/learn/glossary/cme-fedwatch - CME Group: CME Group is the Chicago exchange where futures on US stock indices, interest rates, gold, oil and copper trade, through COMEX and NYMEX among others. Its index futures are the price of the whole US market while stocks sleep, it sits in the trades-against-you column, and its FedWatch tool turns rate futures into odds. https://mochatrade.com/learn/glossary/cme-group - COMEX: COMEX is the New York exchange, part of CME Group, where benchmark gold, silver and copper futures trade. Globex runs from about 3:30 AM Monday to 2:30 AM Saturday IST, an hour later in winter. New York makes the futures price, London makes spot, and the copper contract copies COMEX. https://mochatrade.com/learn/glossary/comex - Commitments of Traders (COT) report: The Commitments of Traders report is the CFTC's weekly breakdown of who holds US futures: producers, dealers, hedge funds. It lands Friday for Tuesday's positions, about 1:00 AM Saturday IST. In September 2026 it showed funds closing a Nasdaq short before the Fed and rebuilding it five times larger a week later. The CFTC is the futures referee. https://mochatrade.com/learn/glossary/commitments-of-traders-report - Commodity ETF: A commodity ETF tracks a commodity either by holding the metal or by holding futures and rolling them. Futures-based oil funds bleed in contango because each roll sells low and buys high. Module 2 works the roll; index funds rolling on schedule are who you trade against. https://mochatrade.com/learn/glossary/commodity-etf - Commodity trading: Commodity trading is buying and selling the price of raw materials like gold, oil, gas and copper, almost always through contracts rather than the goods. The prices are made in London, New York and Shanghai, in dollars, and they behave differently because of how each one is stored. An oil price taken apart, one claim at a time; what is listed on Mochatrade. https://mochatrade.com/learn/glossary/commodity-trading - Consensus estimate: The consensus estimate is the average analyst forecast for a company's earnings or an economic number. Markets price the consensus before the release, so the move is the gap: in line moves little, a surprise moves the stock or the whole curve. https://mochatrade.com/learn/glossary/consensus-estimate - Contango and backwardation: Contango is later futures months priced above nearer ones, the normal state when storage costs money; backwardation is the reverse, when the market wants the commodity now. A long rolling in contango sells cheap and buys dear each month, which is how an oil fund loses while oil goes nowhere. Watch the front Brent month against the six-month, and who is forced to roll. https://mochatrade.com/learn/glossary/contango-and-backwardation - Contract rollover: Contract rollover is closing an expiring futures month and opening the next to stay exposed. Front at $85.00, next at $84.50, and the reference falls 50 cents over the roll while no barrel changed price. The perp has no expiry, its reference does; index funds roll on a published schedule, and Module 2 gives the arithmetic. https://mochatrade.com/learn/glossary/contract-rollover - Copper: Copper is the industrial metal priced three ways: LME in dollars per tonne, COMEX in cents per pound, Shanghai in yuan. China uses more than half, warehouse stocks are public, and a new mine takes a decade, so the price is the cycle plus the visible pile. Its reads are the PMI and the dollar, and the COMEX contract is what a copper claim copies. https://mochatrade.com/learn/glossary/copper - Core CPI: Core CPI is CPI with food and energy removed, the volatile parts that interest rates cannot fix. The market often trades core over headline because it shows the inflation the Fed has to answer, and a hot core print reprices the next Fed meeting within a second. https://mochatrade.com/learn/glossary/core-cpi - Cost of carry: Cost of carry is what it costs to hold a position over time: storage, insurance and interest, minus any income. It is why futures usually sit above spot and the gap shrinks to zero at expiry, as the Module 0 quiz shows. On a perpetual the carry is paid as funding, on a different rhythm; one held position shows it. https://mochatrade.com/learn/glossary/cost-of-carry - CPI: CPI, the consumer price index, is the monthly US measure of what a basket of goods and services costs households, published by the BLS. It lands at 6:00 PM IST, 7:00 PM in winter, the market trades the gap to expectation, not the number, and a hot print travels through the Fed rate path to the sectors that take it worst. The August 2026 print came in at 0.3% core against 0.2% expected, and a hike followed. https://mochatrade.com/learn/glossary/cpi - Crack spread: The crack spread is the gap between the price of crude and the products refined from it, petrol and diesel. A refiner earns that gap, not the oil price, so when it widens a refiner can hit a multi-year high in the same week an airline takes a $6 billion fuel hit. One oil price, lows and highs across the S&P 500. https://mochatrade.com/learn/glossary/crack-spread - Cross margin: Cross margin uses your whole balance as margin for every open position, so a winner props up a loser and liquidation is further away, until one bad position drains everything. It turns a position-level line into an account-level one; Module 5 treats it as a sizing choice, and isolated margin is the alternative. https://mochatrade.com/learn/glossary/cross-margin - Crude oil (WTI vs Brent): Crude oil trades as two benchmarks: WTI at the Cushing pipeline hub on NYMEX, and Brent at sea on ICE, which prices most of the world's oil including India's imports. A barrel is priced off flow, storage, demand and a premium for the next barrel that might not arrive, which is how Brent rose 8% in the week supply came back. Oil feeds inflation; oil on Mochatrade. https://mochatrade.com/learn/glossary/crude-oil - Cushing: Cushing, Oklahoma is the pipeline and tank hub where WTI is delivered, so WTI depends on storage there. When Cushing filled in April 2020 the expiring contract went below zero. Storage is the shock absorber, and US tanks sitting near normal ruled storage out as the 2026 driver. https://mochatrade.com/learn/glossary/cushing - Custodian: A custodian is the institution that holds securities or assets for a broker's clients, kept apart from the broker's own money. For any claim the question is who holds the real thing: an issuer holds the gold, you hold a claim on it, and the claim's price can drift until the venue pulls it back. https://mochatrade.com/learn/glossary/custodian - Cyclical vs defensive stocks: Cyclical stocks earn more when the economy grows and less when it shrinks: discretionary, industrials, materials, energy, financials. Defensive stocks earn about the same either way: staples, health care, utilities. It is the growth line through the sectors, driven by jobs and growth data. https://mochatrade.com/learn/glossary/cyclical-vs-defensive-stocks - Dark pool: A dark pool is a private trading venue where orders stay hidden until they fill, so a fund can move a large block without showing its hand on the public book. Trades still print to the tape afterward and must respect the one national best price set up in 1975. https://mochatrade.com/learn/glossary/dark-pool - Day trading and the PDT rule: Day trading is opening and closing a position in the same session. The PDT rule is FINRA's pattern day trader rule: a US margin account under $25,000 that makes four or more day trades in five business days gets restricted. It lives with the brokers' own referee, not on every venue, and the base rate to start from is that nine in ten Indian F&O traders lost money. https://mochatrade.com/learn/glossary/day-trading-and-the-pdt-rule - Debt ceiling: The debt ceiling is the cap Congress sets on total US government borrowing. The Treasury borrows the gap between spending and taxes, so it hits the cap on its own, and if Congress does not raise it the Treasury eventually cannot pay everything, including interest on its own bonds. https://mochatrade.com/learn/glossary/debt-ceiling - Designated market maker: A designated market maker is the one firm the NYSE assigns to each listed stock to keep trading orderly and to run its opening and closing auctions. It is the last floor role in a market where dealers became computers after 2001. https://mochatrade.com/learn/glossary/designated-market-maker - Direct listing / SPAC: A direct listing puts existing shares on an exchange with no new shares and no underwriter, so the opening auction sets the first price. A SPAC is a listed shell that raises cash and later merges with a private company, a route that lives on what the SEC allows. https://mochatrade.com/learn/glossary/direct-listing-spac - Dividend aristocrats: Dividend aristocrats are S&P 500 companies that have raised their dividend every year for at least twenty five years, like Coca-Cola and Procter & Gamble. The streak says the business earns through cycles; it says nothing about price, which still trades the guide, not the dividend, and against what Treasuries pay. https://mochatrade.com/learn/glossary/dividend-aristocrats - Dividend ETF: A dividend ETF holds stocks picked for high or steadily rising dividends, such as SCHD or VYM. Its headline yield rises when prices fall, so read it against the Treasury yield it competes with, and remember most US growth companies return cash through buybacks instead. https://mochatrade.com/learn/glossary/dividend-etf - Dividend yield: Dividend yield is the annual dividend divided by the share price; a $2 dividend on a $50 stock is 4%. It rises when the price falls, so the highest yields are often companies about to cut. It competes with what a Treasury pays, and why the 30-year yield moved is the other side of that trade. https://mochatrade.com/learn/glossary/dividend-yield - Dollar index (DXY): The dollar index, DXY, measures the dollar against six major currencies, with the euro about 58% of it. A stronger dollar weighs on gold, oil and US companies that sell abroad, and it moves the rupee too. The full dollar block sits in Module 2. https://mochatrade.com/learn/glossary/dollar-index - Dollar-cost averaging: Dollar-cost averaging is investing a fixed amount at fixed intervals whatever the price, so you buy more units when cheap and fewer when dear. It is sizing by calendar, which works for holding without leverage and stops working once a liquidation price exists. The Buffett way is its long case. https://mochatrade.com/learn/glossary/dollar-cost-averaging - Dot plot: The dot plot is the chart of where each Fed official expects the policy rate to be over the next few years, one dot each, published four times a year with the economic projections. The market trades the gap between the dots and its own pricing, which you read off FedWatch; in September 2026 the question was how many dots sat above one more hike. https://mochatrade.com/learn/glossary/dot-plot - Dow Jones Industrial Average: The Dow Jones Industrial Average is thirty large American companies averaged by share price, not by size, since 1896. A four hundred dollar stock moves it more than a forty dollar one, whatever each company is worth. That is why the Dow is the number headlines quote while the S&P 500 is what money is measured against. https://mochatrade.com/learn/glossary/dow-jones-industrial-average - Drawdown: Drawdown is the fall from an account's peak to its trough, in percent. Recovery is lopsided: minus 50% needs plus 100% to get back, minus 80% needs plus 400%, which is why sizing is built around the worst path and why nine in ten Indian F&O traders lost money. https://mochatrade.com/learn/glossary/drawdown - Dual mandate: The dual mandate is the Fed's job as Congress wrote it: stable prices and maximum employment. The 2% inflation target is the Fed's own reading of that line, so an inflation print and a jobs report are the two halves of every rate decision. https://mochatrade.com/learn/glossary/dual-mandate - Earnings beat and miss: A beat is results above the consensus estimate; a miss is below. Most large US companies beat most quarters because guidance is set to be beaten, so a small beat is priced and the guide decides the move. Micron beat by $3.2 billion and finished the week lower, and a beat made of refund money does not get paid. https://mochatrade.com/learn/glossary/earnings-beat-and-miss - Earnings call: The earnings call is the conference call where management discusses results and takes analyst questions, usually within an hour or two of the release, in the small hours IST. The after-hours move often reverses on the call because the guide and its tone come out here, in the thinnest book of the day. https://mochatrade.com/learn/glossary/earnings-call - Earnings season / earnings report: Earnings season is the weeks after each quarter ends when most US companies report, starting with the big banks around mid-January, April, July and October. Most results land after the 1:30 AM IST close into a thin book, and the guide, not the quarter, moves the stock. PepsiCo usually writes the opening sentence, and the banks report next. https://mochatrade.com/learn/glossary/earnings-season-earnings-report - EBITDA: EBITDA is earnings before interest, taxes, depreciation and amortisation: operating profit with debt costs and non-cash charges added back. It compares businesses with different debt loads and says nothing about what shareholders receive, so read it next to free cash flow and the guide, and remember interest costs rise with the Fed. https://mochatrade.com/learn/glossary/ebitda - Economic calendar: An economic calendar lists every scheduled release of the week with its time and consensus forecast. Set one to IST once and check it every Sunday night; US numbers land at 6:00 PM IST on release days, and Mocha Markets Weekly on the blog picks the ones that matter. https://mochatrade.com/learn/glossary/economic-calendar - EIA petroleum status report: The EIA weekly petroleum status report counts US crude and fuel stocks, released Wednesday at 8:00 PM IST, 9:00 PM in winter. A bigger draw than expected means demand outran supply, and distillates can be tight while crude is not. Put it on your IST calendar; Module 2. https://mochatrade.com/learn/glossary/eia-petroleum-status-report - Enterprise value: Enterprise value is market capitalization plus debt minus cash: the price of buying the whole business, lenders included. EV/EBITDA compares companies with different debt loads fairly, which matters more as rates rise and debt costs more. The annual report on EDGAR has every number. https://mochatrade.com/learn/glossary/enterprise-value - EPS: EPS is earnings per share: net profit divided by shares outstanding. On results day it is compared with the published consensus and the whisper number, the filing behind it is on EDGAR before the press release, and a one-off cheque can inflate it, so subtract tariff refunds before comparing. https://mochatrade.com/learn/glossary/eps - ETF creation and redemption: ETF creation and redemption is how an ETF's price stays near the value of its holdings: large dealers swap baskets of shares for new ETF units, or units for shares, whenever the gap is worth it. The dealers doing it are market makers; a perpetual uses funding for the same job, and a copy with nobody allowed to create or redeem has no anchor at all. https://mochatrade.com/learn/glossary/etf-creation-and-redemption - Expectancy: Expectancy is the average result per trade: win rate times average win minus loss rate times average loss, usually counted in R, the amount risked. Positive is an edge, and it still means nothing without how often you can take the trade. Module 5 builds sizing on it, checked against the ledger after each trade. https://mochatrade.com/learn/glossary/expectancy - Expected move: The expected move is the size of move the options market is pricing for an event: add the at-the-money call and put premiums and divide by the stock price. ₹300 of premium on a ₹4,000 stock is 7.5%, and if you expect less, buy the stock, not the option. On results night it is the bar the stock has to clear. https://mochatrade.com/learn/glossary/expected-move - Fed funds rate: The fed funds rate is the target range for overnight lending between US banks, the one rate the Fed sets directly. It anchors the short end of the yield curve while the market sets the long end, and the odds of its next move are a live price before every meeting. https://mochatrade.com/learn/glossary/fed-funds-rate - Federal Reserve: The Federal Reserve is the US central bank, built in 1913 after the 1907 bank runs were stopped by one banker. It sets the price of money, and its chair, once confirmed, cannot be removed for a decision, which is why one Fed headline moves bonds, the dollar, gold and stocks at once. https://mochatrade.com/learn/glossary/federal-reserve - FINRA: FINRA is the Financial Industry Regulatory Authority, US brokers policing themselves under the SEC. It writes broker rules like the pattern day trader rule and publishes short interest twice a month. In the referee column of the US market map it is the name a headline uses when a broker is in trouble, and its data shows who is short and squeezable. https://mochatrade.com/learn/glossary/finra - FOMC: The FOMC is the Federal Open Market Committee, the twelve voters inside the Fed who set the policy rate at eight scheduled meetings a year. The statement lands at 11:30 PM IST, 12:30 AM in winter, the chair speaks half an hour later, and the decision is read against the odds already priced in FedWatch. Only five of the twelve regional presidents vote in a year, which is why a speech from a voter outweighs one from a non-voter. https://mochatrade.com/learn/glossary/fomc - FOMC minutes: The FOMC minutes are the written record of a Fed meeting, released three weeks after the decision at 11:30 PM IST, 12:30 AM in winter. They show the argument behind the vote and move markets when they read differently from what the chair said, as the October 2026 minutes with December odds at 71 cents did. Bookmark the release page, not a news site about it. https://mochatrade.com/learn/glossary/fomc-minutes - Form 4: Form 4 is the SEC filing a company insider must make within two business days of buying or selling the company's shares. It is near real time and free on EDGAR, and it comes from the same disclosure rules as results. https://mochatrade.com/learn/glossary/form-4 - Forward guidance (Fed): Forward guidance is the Fed telling the market roughly what it plans to do next, so rate moves arrive pre-priced. When a chair refuses to give it, the market has to add up every official speech instead, and each Fed document gets read harder. https://mochatrade.com/learn/glossary/forward-guidance - Forward P/E: Forward P/E is the share price divided by the earnings analysts expect over the next twelve months. It is built on a forecast that the company resets every quarter with one sentence of guidance, which is why a beat can still send the stock down. https://mochatrade.com/learn/glossary/forward-p-e - Fractional shares: Fractional shares let you own part of one share, say 0.1 of a $500 stock, through a broker that holds whole shares and splits them on its own books. They remove the floor that NSE lot sizes quietly set on your position size, so sizing discipline has to come from you. A contract on the price works the same way. https://mochatrade.com/learn/glossary/fractional-shares - FRED: FRED is the free St Louis Fed database of every major US economic series going back decades, charts and downloads with no account. When a headline says a number is the highest in three years, FRED is where you check, and every inflation and jobs series lives there. https://mochatrade.com/learn/glossary/fred - Free cash flow: Free cash flow is the cash a business brings in from operations minus what it spends on equipment and buildings. Accounting shapes earnings; cash either arrived or did not. It funds buybacks and dividends, and Oracle spent $56 billion against $32 billion taken in over a year, paying for data centres by selling stock. https://mochatrade.com/learn/glossary/free-cash-flow - Funding rate: The funding rate is the periodic payment between longs and shorts that keeps a perpetual near the real price: above it, longs pay shorts; below, shorts pay longs; the crowded side pays. It moves your money every hour whether the price moves or not, it is a live read on positioning, and it differs venue to venue for the same asset. Mochatrade funding rates. https://mochatrade.com/learn/glossary/funding-rate - Funding rate arbitrage: Funding rate arbitrage is holding a long on one venue and a short on another in the same asset, with no view on price, to collect the difference in funding. It works because crowding is not the same on every venue, and the costs that eat it are fees and spread on both legs. https://mochatrade.com/learn/glossary/funding-rate-arbitrage - Futures contract: A futures contract is an exchange-traded agreement to buy or sell at a set price on a set date, settled daily against margin. It binds both sides, and at expiry it converges to the real price, which the Module 0 quiz checks. Futures began on rice at Dojima and grain in Chicago, and index futures are the US market price overnight. https://mochatrade.com/learn/glossary/futures-contract - Gap up and gap down: A gap is a price opening far from where it last traded, with nothing in between. US stocks gap at 7:00 PM IST because news lands after the close, results most of all, and a stop does not protect you through it. The Monday open after a weekend is the biggest gap a contract that trades all week has to bridge. https://mochatrade.com/learn/glossary/gap-up-and-gap-down - GDP: GDP is the total value of goods and services an economy produces. The BEA publishes US GDP quarterly, first as an advance estimate and then two revisions, adding the whole economy into one number. It looks backward, so markets trade the nowcasts and surveys that come first; growth and the cycle is a lecture still to be shot. https://mochatrade.com/learn/glossary/gdp - GICS sectors: GICS sectors are the eleven sectors S&P and MSCI use to classify every company: energy, materials, industrials, consumer discretionary, consumer staples, health care, financials, technology, communication services, utilities and real estate. They are how a macro number reaches a stock, and on an inflation night you watch them, not single names. In October 2026 utilities led and technology came last at a record high. https://mochatrade.com/learn/glossary/gics-sectors - Gold ETF: A gold ETF is a listed fund that holds bars in a vault and issues units that track the gold price. An issuer holds the gold, you hold a claim, and creation and redemption keep the two close, the same claim shape as a contract. ETF flows drive gold next to real yields; Module 2. https://mochatrade.com/learn/glossary/gold-etf - Gold futures: Gold futures are exchange-traded contracts on gold, the benchmark on COMEX in dollars per troy ounce, trading above London spot by the carry. Gold pays nothing, so real yields move it more than mines do, and MCX gold is this price times the rupee, plus duty. A gold contract on Mochatrade references spot, not COMEX. https://mochatrade.com/learn/glossary/gold-futures - Gold/silver ratio: The gold/silver ratio is how many ounces of silver buy one ounce of gold. It rises in fear, when gold is bid and industry is not, and falls in booms; it hit about 125 in March 2020. It is a read, not a rule: Module 2, both metals on Mochatrade. https://mochatrade.com/learn/glossary/gold-silver-ratio - Government shutdown: A US government shutdown happens when Congress has not passed spending by the fiscal year start on 1 October, so non-essential agencies close. The counting agencies close too, so the jobs and inflation numbers the market waits for stop arriving until it ends. https://mochatrade.com/learn/glossary/government-shutdown - Gross margin: Gross margin is revenue minus the direct cost of making the product, as a percent of revenue. It shows pricing power, and a falling one on results day can sink a stock that beat on revenue. Rising input prices squeeze it, which is why consumer companies get asked whether they passed costs on. https://mochatrade.com/learn/glossary/gross-margin - Growth vs value stocks: Growth vs value is the split between companies priced for profits far in the future, like most technology, and companies priced cheaply on today's profits, like banks and energy. Raise rates and distant cash shrinks more, so growth falls harder on a hawkish Fed; it is the rates line through the sectors, and the Buffett way is the long case for value. https://mochatrade.com/learn/glossary/growth-vs-value-stocks - Guidance (earnings guidance): Guidance is a company's own forecast for the next quarter or year, given with results. The quarter was priced weeks ago; the guide moves the forward number the price leans on, so a beat with a cut guide falls, as Broadcom did, and sometimes a cut that was feared gets paid instead. It lands after the close into a thin book. https://mochatrade.com/learn/glossary/guidance - Hard to borrow: A hard-to-borrow stock is one where lenders have few shares left, so the borrow fee jumps and shorts can be recalled. On such names a cash-settled claim is the only free door left to short, and its funding rate shows it. https://mochatrade.com/learn/glossary/hard-to-borrow - Hedging: Hedging is taking a second position that loses when your first one wins, to cut risk. Market makers hedge every fill and hold no view. For an Indian trader the hidden unhedged bet is usually the dollar, because every dollar position is also a rupee bet; a short contract is a hedge in rupees, and US airlines that do not hedge fuel wear the oil price. https://mochatrade.com/learn/glossary/hedging - Henry Hub: Henry Hub is the Louisiana pipeline junction where the US natural gas benchmark is priced, in dollars per million BTU, and traded as NYMEX gas futures. Europe's TTF and Asia's JKM are separate prices. Module 2; what the gas contract references. https://mochatrade.com/learn/glossary/henry-hub - IEA: The IEA is the International Energy Agency, the Paris-based watchdog for oil-buying countries. Its monthly report forecasts world demand, and it coordinates emergency stock releases, like up to 100 million barrels in October 2026. When it and OPEC disagree, they are describing two different markets; Module 2. https://mochatrade.com/learn/glossary/iea - IEX: IEX is the US stock exchange that delays every order by 350 microseconds through a coil of fibre, so it can update its own prices before anyone trades against a stale one. The slow exchange by design, and a clean example of why one stock trades on twenty venues. https://mochatrade.com/learn/glossary/iex - Implied volatility: Implied volatility is the volatility an option's price implies, worked backward from the premium: the market's priced expectation of the move. It rises into earnings and collapses after, and the VIX is implied volatility for the S&P 500. https://mochatrade.com/learn/glossary/implied-volatility - Index ETF: An index ETF holds every stock in a published index at the index weights, with no view and a small fee. It buys in the closing auction on the day the index says, which makes it the most predictable buyer in the market, and the days the index changes members are forced buying with a published date. https://mochatrade.com/learn/glossary/index-etf - Index futures (E-mini S&P 500): Index futures are futures on a stock index, like the E-mini S&P 500 on the CME. They trade almost round the clock, so between the US close and open they are the price of the whole US market, they move first on an inflation print, and the weekly file shows how hard hedge funds are betting against them. https://mochatrade.com/learn/glossary/index-futures - Index rebalancing: Index rebalancing is when an index changes members or weights and every fund tracking it must trade the difference, usually in the closing auction on one announced day. These buyers are forced, not choosing, so the move usually comes before the date; three companies joining the S&P 500 in September 2026 is a worked case. https://mochatrade.com/learn/glossary/index-rebalancing - Initial jobless claims: Initial jobless claims is the weekly count of Americans filing for unemployment benefit, released every Thursday at 6:00 PM IST, 7:00 PM in winter. It is the fastest read on the US labour market between monthly reports, and a sustained rise is the first crack the Fed watches. https://mochatrade.com/learn/glossary/initial-jobless-claims - Initial margin vs maintenance margin: Initial margin is the deposit to open a position; maintenance margin is the floor your account must stay above to keep it. The gap between them is how far the price can move against you, and the liquidation price comes from the maintenance level. It is the first number to compute, in Module 3. https://mochatrade.com/learn/glossary/initial-margin-vs-maintenance-margin - Insurance fund: An insurance fund is the pool a venue uses to cover losses when a liquidated position's margin is not enough, so winners get paid in full. When it runs dry, auto-deleveraging takes over; how liquidation works on Mochatrade. https://mochatrade.com/learn/glossary/insurance-fund - Inverse ETF: An inverse ETF aims for the opposite of an index's daily move, so it rises when the index falls, and it resets daily like a leveraged ETF. It is a way to be short without borrowing a share; a cash-settled contract also needs no borrow, and its funding shows how crowded the short is. https://mochatrade.com/learn/glossary/inverse-etf - Inverted yield curve: An inverted yield curve is when short-term Treasuries yield more than long-term ones, usually the two-year above the ten-year. It means the market expects the Fed to cut later because growth will slow, and it has come before most US recessions, though the lag runs from months to years and the growth data decides the timing. https://mochatrade.com/learn/glossary/inverted-yield-curve - IPO (US): A US IPO is a company's first sale of shares to the public, registered with the SEC in an S-1 filing. In June 2026 SpaceX raised $75 billion in one listing, nearly four times India's best IPO year. The S-1 is on EDGAR the moment it is filed, and the first trade is an opening auction. https://mochatrade.com/learn/glossary/ipo - ISM PMI: The ISM PMI is a monthly survey of US purchasing managers; above 50 means activity is expanding, below 50 contracting. Manufacturing lands on the first business day at 7:30 PM IST, 8:30 PM in winter. It is the fastest read on the cycle, drives cyclical against defensive sectors, and moves industrial metals like copper. https://mochatrade.com/learn/glossary/ism-pmi - Isolated margin: Isolated margin ties a fixed amount of margin to one position, so that position can only lose what you gave it and the rest of your balance is untouched. One isolated trade; isolated margin on Mochatrade. https://mochatrade.com/learn/glossary/isolated-margin - IV crush: IV crush is the drop in an option's price when the uncertainty it was charging for disappears, typically the morning after results. A ₹150 call can be worth ₹130 after a 3% move in your favour, because you paid for a bigger move than you got. It is the option side of why good numbers produce a falling stock. https://mochatrade.com/learn/glossary/iv-crush - JOLTS: JOLTS is the BLS survey of job openings and labour turnover. Openings against unemployed workers is the Fed's read on how tight hiring is, and quits show whether workers feel safe enough to leave, which feeds wages and then inflation. https://mochatrade.com/learn/glossary/jolts - Kelly criterion: The Kelly criterion is the bet size that maximises long-run growth given your edge and odds. Bet above it and growth falls fast, at about twice Kelly it turns negative despite a real edge, so traders use a fraction of it. Module 5 works it through, and Druckenmiller shows concentration when the edge is clear. https://mochatrade.com/learn/glossary/kelly-criterion - Last traded price: The last traded price is the most recent trade on the venue's own book, the one the chart shows. You never trade at it: you buy the ask and sell the bid, and you are marked at a different price again. https://mochatrade.com/learn/glossary/last-traded-price - LBMA gold price: The LBMA gold price is the London benchmark set by electronic auction twice a day, at 3:00 PM and 7:30 PM IST (4:00 PM and 8:30 PM in winter), which replaced the London fix in 2015. Central banks and contracts settle against it; Module 2 tells its history, and a spot gold contract trades through the hours it is not set. https://mochatrade.com/learn/glossary/lbma-gold-price - Leverage in trading: Leverage is controlling a position bigger than the money you put up. At 5x, ₹10,000 of margin controls ₹50,000, so a 2% move is 10% of your money and a 20% move against you is all of it. One 5x trade, start to finish; how leverage works on Mochatrade; and why leverage is the fourth number, not the first. https://mochatrade.com/learn/glossary/leverage-in-trading - Leverage ratio: The leverage ratio is position value divided by margin: ₹50,000 on ₹10,000 is 5x. One over the ratio is how far the price can move against you before the margin is gone: 20% at 5x, 5% at 20x, 2% at 50x. The Module 0 quiz turns a 2% index move into 20% of margin; leverage on Mochatrade. https://mochatrade.com/learn/glossary/leverage-ratio - Leveraged ETF: A leveraged ETF aims for two or three times an index's daily move and resets every day. Up 10% then down 10% leaves the index at 99 and a 2x fund at 96, the same volatility drag that punishes over-sizing. It is leverage you cannot size per position, unlike margin you choose trade by trade. https://mochatrade.com/learn/glossary/leveraged-etf - Limit order: A limit order buys or sells only at your price or better. You control the price, the market decides whether you trade, and it can fill partly. In one full NVDA trade it sits at the top of the book; the trade-off against a market order comes from how the book works. Limit orders on Mochatrade. https://mochatrade.com/learn/glossary/limit-order - Limit up-limit down: Limit up-limit down is the US single-stock speed limit: a band around the recent price, 5% either side for large stocks and 10% for the rest. If the price sits at the edge for fifteen seconds, trading stops everywhere for five minutes and restarts with an auction. Index-wide falls trigger a separate set of market-wide breakers. https://mochatrade.com/learn/glossary/limit-up-limit-down - Liquidation / forced square-off: Liquidation, or forced square-off, is the venue closing a leveraged position because the margin can no longer cover the loss, at a price computed before you entered. No call, no choice, and the fill can be worse. Read it off the panel before the click; when many sit at one level, each forced sale triggers the next. How Mochatrade liquidates. https://mochatrade.com/learn/glossary/liquidation-forced-square-off - Liquidation cascade: A liquidation cascade is a chain of forced closes: traders with similar entries and leverage have liquidation prices a few dollars apart, the first one sells at market, that pushes the price into the next, and so on. Because those levels are known in advance, the cluster becomes a magnet; a $2.74 billion night of short liquidations is the other direction. Liquidation on Mochatrade. https://mochatrade.com/learn/glossary/liquidation-cascade - Liquidation price: The liquidation price is where the venue closes your leveraged position, computed from entry, leverage and margin before you click. Your real stop is the nearer of your stop and this price. Read it off the panel, derive it by hand, and watch where other traders' prices cluster. How Mochatrade computes it. https://mochatrade.com/learn/glossary/liquidation-price - Liquidity: Liquidity is how much you can trade without moving the price: a tight spread and deep size at each level. US Treasuries are the deepest market on earth. Liquidity vanishes when you need it, because market makers pull quotes into every number, and the after-hours book is thin by design. https://mochatrade.com/learn/glossary/liquidity - LME: The LME is the London Metal Exchange, started in a coffee house in 1877, where copper, aluminium, nickel and zinc are priced in dollars per tonne. Its warehouse stocks are public every day, and in March 2022 it cancelled a day of nickel trades. Module 2; base metals on Mochatrade. https://mochatrade.com/learn/glossary/lme - Long and short position: A long position profits when the price rises; a short position profits when it falls. On a contract on the price, going short is one click with no borrow because you never hold the share, as one short on Nvidia shows, and someone with the opposite view, or a hedging market maker, is always on the other side. https://mochatrade.com/learn/glossary/long-and-short-position - Lot size and tick size: Lot size is how much one contract covers, like 100 troy ounces for COMEX gold or 1,000 barrels for WTI; tick size is the smallest price step. One tick on one lot of either is worth ten dollars. The Module 0 quiz runs on a fifty-unit lot; Mochatrade sizes go far smaller, which puts sizing on you. https://mochatrade.com/learn/glossary/lot-size-and-tick-size - Magnificent 7: The Magnificent 7 are Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla, seven companies that drove most of the S&P 500's gains from 2023. Their earnings nights are market events, and in May 2026 Nvidia alone was worth more than every listed Indian company combined. A few giants can hold an index up while most stocks fall. https://mochatrade.com/learn/glossary/magnificent-7 - Maker and taker fees: A maker fee is charged when your order rests on the book and adds liquidity; a taker fee when it fills against a resting order. Both are a percent of notional, so leverage multiplies them. A limit order at the top of the book is usually maker; the Mochatrade fee table. https://mochatrade.com/learn/glossary/maker-and-taker-fees - Margin call: A margin call is a broker's demand for more funds when your account falls below the required margin; ignore it and positions are closed. On a venue that liquidates automatically there is no call, because the liquidation price is on the panel before you click. Elsewhere, a fund at its margin limit is a forced seller. Margin on Mochatrade. https://mochatrade.com/learn/glossary/margin-call - Margin interest: Margin interest is what a US broker charges, daily, on cash it lends you to buy shares. A perpetual contract has no loan and no margin interest; its holding cost is funding, paid between traders, which one held position shows landing. https://mochatrade.com/learn/glossary/margin-interest - Margin requirement: A margin requirement is the minimum collateral for a position as a percent of its value: 10% is the same as 10x leverage. It rises for larger positions and volatile symbols, so the advertised leverage is a maximum. Requirements by symbol on Mochatrade; what is listed. https://mochatrade.com/learn/glossary/margin-requirement - Margin tiers: Margin tiers raise the maintenance margin as a position grows, so maximum leverage falls as size rises and the two stop being separate decisions. Module 5; tiers on Mochatrade. https://mochatrade.com/learn/glossary/margin-tiers - Margin trading: Margin trading is taking a position larger than your deposit, the margin. A US broker lends you cash at interest; on a margined contract nothing is borrowed, the margin is marked against the position every second, and the holding cost is funding, not interest. One margined trade on a practice venue; margin on Mochatrade. https://mochatrade.com/learn/glossary/margin-trading - Mark price: The mark price is the price a venue judges your position by, for unrealised profit and liquidation, built from the reference price and the order book rather than the last trade, so one stray print cannot liquidate you. It is the number the venue judges you by on the positions row; how Mochatrade marks. https://mochatrade.com/learn/glossary/mark-price - Market breadth: Market breadth is how many stocks are taking part in a move: advancers against decliners, new highs against new lows, the equal-weight index against the normal one. A market-value-weighted index can rise on a few giants while 238 stocks hit a one-year low against 53 at a high. Breadth tells you whether the index you see is the market you own. https://mochatrade.com/learn/glossary/market-breadth - Market cap categories (mega/large/mid/small): Market cap categories group US companies by size: mega above $200 billion, large $10 to $200 billion, mid $2 to $10 billion, small $300 million to $2 billion. Size decides which index holds a company, therefore which passive funds must buy it, and smaller caps react hardest to the Fed. https://mochatrade.com/learn/glossary/market-cap-categories - Market capitalization: Market capitalization is share price times shares outstanding, the market's price for the whole company. Index weights in the S&P 500 and Nasdaq 100 come from it, which is how one company could outweigh every listed Indian company in May 2026, and how a ₹42 crore company can trade 720 million shares on a day with no news. https://mochatrade.com/learn/glossary/market-capitalization - Market correction: A correction is a fall of 10% to 20% from a recent high, a convention, not a rule. Most start on a rate repricing or a guide that disappoints, the VIX rises into them, and a correction can hide inside an index: in September 2026 the equal-weight S&P was 5% off its peak while the index sat near a record. https://mochatrade.com/learn/glossary/market-correction - Market maker: A market maker quotes a price to buy and a slightly higher price to sell all day and earns the spread. Since US prices moved to one-cent steps in 2001 they are computers, they hedge every fill so they hold no view, and they pull quotes when they cannot predict the next minute. Where options pile up at one strike, their hedging can pin the stock. https://mochatrade.com/learn/glossary/market-maker - Market order: A market order buys or sells immediately at the best price available. It always fills, but at the ask if you buy and the bid if you sell, never at the last price on the chart, and in a thin book it walks through several price levels. Mochatrade order types list it next to the limit order used in one full trade. https://mochatrade.com/learn/glossary/market-order - Max slippage: Max slippage is the setting that caps how far from the quoted price a market order may fill; beyond it the order is cut. It trades certainty of fill for price, the market against limit trade-off, on the Mochatrade order panel. https://mochatrade.com/learn/glossary/max-slippage - MCX vs COMEX: MCX is India's commodity exchange, pricing gold in rupees per 10 grams and shut at night and on weekends; COMEX is the New York exchange that sets the dollar price per troy ounce. MCX gold is the dollar price times the rupee plus import duty and the Mumbai premium, three charts in one; Module 2 does the arithmetic, and most of the move happens during the American session. https://mochatrade.com/learn/glossary/mcx-vs-comex - Mini and micro contracts: Mini and micro contracts are smaller versions of a standard futures contract: micro gold is 10 ounces against 100, micro WTI 100 barrels against 1,000. Same price, a tenth of the margin. CME's one-ounce gold went 24/7 in July 2026, so a weekend gold price now exists outside perpetuals; sizes on Mochatrade. https://mochatrade.com/learn/glossary/mini-and-micro-contracts - NASDAQ: Nasdaq is the American exchange that began in 1971 as one screen showing every dealer quote side by side, the first market with no floor. Most technology companies list here, and its hundred largest non-financial names make up the Nasdaq 100. When a contract on Nvidia trades at 3 AM IST, the official close it remembers printed here, and the dealers on that screen are still the other side of most trades. https://mochatrade.com/learn/glossary/nasdaq - Nasdaq 100: The Nasdaq 100 is an index of the hundred largest non-financial companies listed on Nasdaq, weighted by market value and dominated by technology. It falls harder than the S&P 500 on a hawkish Fed night because growth companies are priced on cash that arrives a decade away. QQQ tracks it, and it sits in the counts column of the US market map. https://mochatrade.com/learn/glossary/nasdaq-100 - Natural gas: Natural gas moves by pipe, so it has three regional prices, Henry Hub, TTF and JKM, linked only by LNG tankers. Storage fills April to October and drains in winter, the US storage number lands Thursday at 8:00 PM IST, and weather is the demand. Module 2; gas on Mochatrade. https://mochatrade.com/learn/glossary/natural-gas - NBBO: The NBBO, national best bid and offer, is the highest bid and lowest ask for a US stock across every exchange at once. Since 1975 the venues have been tied into one national market, and since 2005 no exchange may fill you worse than this quote, so twenty order books produce one enforceable price. https://mochatrade.com/learn/glossary/nbbo - Negative balance protection: Negative balance protection means you cannot lose more than the money in your account, even when a gap jumps past your liquidation price. On isolated margin the most you can lose on a position is the margin posted to it, which is how the Mochatrade support pages describe it; where the shortfall goes is a Module 3 question. https://mochatrade.com/learn/glossary/negative-balance-protection - Net interest income: Net interest income is what a bank earns on the gap between what it pays depositors and what it charges borrowers. Higher rates lift it while making the bonds the bank already holds worth less, so the bank results in October 2026 tested both at once. Rates come from the Fed; how results are read. https://mochatrade.com/learn/glossary/net-interest-income - Nonfarm payrolls: Nonfarm payrolls is the BLS count of jobs added in the US last month, released at 6:00 PM IST, 7:00 PM in winter, usually on the first Friday. It is the other half of the Fed's mandate, and the place good news is often bad for stocks. On release night Treasuries and index futures move before stocks open, and the odds of the next hike move with it. https://mochatrade.com/learn/glossary/nonfarm-payrolls - Notional value: Notional value is the full size of a position, price times quantity, whatever margin backs it: ₹50,000 of exposure on ₹10,000 of margin has a notional of ₹50,000. Fees, funding and profit are all charged on it, which is why leverage multiplies cost, not only risk. It is the order value on the card in lecture 0.2. https://mochatrade.com/learn/glossary/notional-value - NYMEX: NYMEX is the New York Mercantile Exchange, part of CME Group, home of WTI crude since 1983, Henry Hub gas and platinum. MCX crude settles on a NYMEX print, so the Indian price is derived. An oil contract references a NYMEX month that rolls every month; what Mochatrade references. https://mochatrade.com/learn/glossary/nymex - NYSE: The NYSE is the New York Stock Exchange, started in 1792 when twenty four brokers agreed to trade only with each other. Most large, old American companies list here, it still runs a floor, and a designated market maker runs each stock's opening and closing auction. It is one of about twenty exchanges trading the same stock, so the price you see is one national number, not the NYSE's alone. https://mochatrade.com/learn/glossary/nyse - NYSE Arca: NYSE Arca is the fully electronic NYSE exchange where most US ETFs list, around three quarters of ETF assets as of 2026. It is one of the twenty-odd exchanges that share one price, and the funds run by the three big managers trade here. https://mochatrade.com/learn/glossary/nyse-arca - Oil risk premium: The oil risk premium is the part of the oil price that pays for the chance the next barrel does not arrive, not for any barrel that is missing. It holds as long as the threat does, so it can lift Brent while tankers are sailing normally, and it leaves the price only when the flow can be verified. Storage and the other three inputs. https://mochatrade.com/learn/glossary/oil-risk-premium - OPEC+: OPEC+ is OPEC's members plus Russia and other producers, agreeing output quotas: the one cartel that moves a global price. Its monthly report and the IEA report land in the same week, decisions sometimes come when most of the oil market is shut, and oil reaches US inflation. https://mochatrade.com/learn/glossary/opec-plus - Open interest: Open interest is the total size of all open positions in a contract, how much money is in the trade. Rising open interest with a rising price means new money is pushing; a rising price with falling open interest means shorts are covering. It sits next to funding in the layer of what is priced, on the contract header, and an $11 billion figure is what made one venue a White House topic. https://mochatrade.com/learn/glossary/open-interest - Opening auction: The opening auction is the single trade that starts the US day at 7:00 PM IST, 8:00 PM in winter. Orders collect before the bell, one price is computed at which the most shares change hands, and everyone trades at it. It is where overnight news first meets the full book, and market makers stay wide until it clears. https://mochatrade.com/learn/glossary/opening-auction - Operating margin: Operating margin is operating profit as a percent of revenue: what is left after making the product and running the company, before interest and tax. The guide on it moves stocks as much as revenue does, and wage growth is the cost few companies can dodge. https://mochatrade.com/learn/glossary/operating-margin - Option open interest: Option open interest is the number of option contracts that exist at a strike right now, free on any option chain. The strike above the price with the most call open interest tends to act as a ceiling and the one below with the most puts as a floor, because market makers hedging those contracts trade the stock. It belongs to the layer of what is already priced. https://mochatrade.com/learn/glossary/option-open-interest - Options contract: An options contract gives the buyer the right, not the obligation, to buy (call) or sell (put) at a strike before expiry, for a premium. The buyer can lose only the premium; the seller can lose far more. The Module 0 quiz tests the two common mistakes, US options trade on Cboe, which also runs the VIX, and the chain is a read of what the market expects. https://mochatrade.com/learn/glossary/options-contract - Oracle price: The oracle price is the outside price a perpetual is pulled toward, taken from where the asset really trades. When the US market is shut there is no outside price, so the venue has to build one, and that is where the weekend risk lives. Four prices sit around every fill. https://mochatrade.com/learn/glossary/oracle-price - Order backlog (remaining performance obligations): An order backlog is money customers have committed but not yet been billed for, called remaining performance obligations in US filings. It is an order book, not revenue, and for cloud companies it is the cleanest public read on whether AI spending is still being signed; Oracle's stood at $455 billion a year earlier while its cash could not keep up. How results are read. https://mochatrade.com/learn/glossary/order-backlog - Order book: An order book is the list of every resting buy and sell order, bids on one side and asks on the other, sorted by price. A trade prints the moment a buyer meets the ask or a seller meets the bid, and that print is what your chart shows. Read the size at each level before you size, and read the gap between the two best prices as fear. https://mochatrade.com/learn/glossary/order-book - Overnight financing / swap fee: Overnight financing, or a swap fee, is the daily interest a broker charges for holding a leveraged position past the session close, paid to the broker. On a perpetual the equivalent is funding, paid between traders and received as often as paid; one stamp landing shows it. https://mochatrade.com/learn/glossary/overnight-financing-swap-fee - Overnight session (24-hour stock trading): The overnight session is US stock trading through the American night, which is the Indian working day, on a handful of venues approved from 2024. Volume is thin and the main exchanges are shut, so index futures on the CME are the market price in this window. It is the same window a contract that trades all day lives in. https://mochatrade.com/learn/glossary/overnight-session - P/E ratio: The P/E ratio is share price divided by the last twelve months of earnings per share; 25 means $25 for each dollar of annual profit. It moves on a Fed night with no earnings news because a higher rate makes future profit worth less today, and the earnings in the denominator change four times a year. https://mochatrade.com/learn/glossary/p-e-ratio - Palladium: Palladium is the metal in petrol car exhausts: over 80% of demand is catalytic converters and Russia mines about two fifths. Its price is a bet on petrol car sales and on Russian supply, and every electric car without an exhaust is a buyer that never arrives, while hybrids still have one. Module 2; palladium on Mochatrade. https://mochatrade.com/learn/glossary/palladium - Partial fill: A partial fill is when only part of a limit order executes because not enough size sat at your price; the rest keeps waiting. Ask for 100, find 40 at your price, and 40 fill. Read the size at the top of the book before placing, and see how limit orders work on Mochatrade. https://mochatrade.com/learn/glossary/partial-fill - Payment for order flow: Payment for order flow is a wholesaler paying a retail broker to send it customer orders, which it fills inside its own system at the national best price or better. It is legal, disclosed, and the reason US commissions are zero. The wholesaler is often the counterparty on the other side of your fill. https://mochatrade.com/learn/glossary/payment-for-order-flow - Payout ratio: Payout ratio is the share of earnings paid out as dividends; $1 paid on $4 earned is 25%. Above 100% the dividend comes from savings or debt. Check it against the cash flow statement on EDGAR, since dividends are paid in cash, and against what the guide says about next year. https://mochatrade.com/learn/glossary/payout-ratio - PCE: PCE, the personal consumption expenditures price index, is the inflation measure the Fed targets at 2%, published by the BEA. It prices the basket a second way, with different weights, lands about two weeks after CPI, and usually moves less because CPI already told the market most of it. Why the Fed votes on this one and the news leads with CPI. https://mochatrade.com/learn/glossary/pce - PEG ratio: The PEG ratio is P/E divided by expected annual earnings growth in percent, so a P/E of 30 with 30% growth gives a PEG of 1. It rests on a growth forecast that guidance moves every quarter, and on rate nights the P/E underneath it moves too. https://mochatrade.com/learn/glossary/peg-ratio - Perpetual futures: Perpetual futures are contracts that track an asset's price with no expiry date. Expiry is what pulls a normal future to the real price, which the Module 0 quiz ends on, so a perpetual needs something else: a funding payment between longs and shorts. One perpetual trade, start to finish; why a perp is NSE, the broker and the clearing house in one; what Mochatrade contracts are. https://mochatrade.com/learn/glossary/perpetual-futures - Perpetual premium (basis): The perpetual premium, or basis, is the gap between a perpetual's price and its reference. A positive premium means longs are crowded and will pay funding; a negative one means shorts are. Funding is set from it, and it is the gap the Module 0 quiz leaves you asking about. https://mochatrade.com/learn/glossary/perpetual-premium - Platinum: Platinum is a precious metal whose price is a bet on factories and car exhausts: South Africa mines about 70% of it and catalytic converters are its largest use. Carmakers swap it for palladium when one gets too dear, slowly, over years. Module 2; platinum on Mochatrade. https://mochatrade.com/learn/glossary/platinum - Position sizing: Position sizing is deciding how much to trade: the rupees you are willing to lose divided by the distance from entry to stop. Size is the output and leverage is the fourth number; NSE lot sizes used to do this for you. One trade sized on a card before the click; margin per symbol on Mochatrade. https://mochatrade.com/learn/glossary/position-sizing - PPI: PPI, the producer price index, measures the prices businesses receive, which makes it inflation upstream of the shop shelf. It lands from the BLS in CPI week, is read as a preview of what consumers pay later, and like every 6:00 PM release it moves Treasuries and index futures first. https://mochatrade.com/learn/glossary/ppi - Pre-IPO stocks: Pre-IPO stocks are shares of private companies before they list, priced in private funding rounds with no public order book. Some venues list contracts on names like Anthropic, and with no exchange price to copy, the venue builds the reference, which is the first thing to read before trading one. See which pre-IPO names are listed, and how a listing day prints. https://mochatrade.com/learn/glossary/pre-ipo-stocks - Pre-market and after-hours trading: Pre-market and after-hours are the thin sessions around the US day: pre-market from 1:30 PM IST, after-hours until 5:30 AM IST, an hour later from November to March. Spreads are wide and volume is low, and most companies publish results into the after-hours book, so the reaction shows up as a gap at the next open. https://mochatrade.com/learn/glossary/pre-market-and-after-hours-trading - Price band (discovery bounds): A price band, or discovery bound, is the limit a venue puts on how far a perpetual can move from its last reference price while the real market is shut. It stops a thin weekend book from printing wild prices and makes the Monday open a gap the band has to absorb; Module 3. https://mochatrade.com/learn/glossary/price-band - Price-to-sales ratio: The price-to-sales ratio is market value divided by annual revenue, used for companies with no profit yet, where P/E means nothing. Ten means you pay ten years of today's revenue. It assumes revenue turns into profit one day, which the guide and the discount rate decide. https://mochatrade.com/learn/glossary/price-to-sales-ratio - Put option: A put option is the right to sell at the strike before expiry, so it gains when the price falls: insurance on a holding, or a short with the loss capped at the premium. When everyone is buying puts, the fear is already in the price; a cash-settled short is the uncapped alternative. https://mochatrade.com/learn/glossary/put-option - QQQ ETF: QQQ is the Invesco ETF tracking the Nasdaq 100, technology-heavy and concentrated in a few giants. It sits on the long-dated side of the rates line, so it falls more than SPY on a hawkish Fed night and swings on a handful of earnings reports. In September 2026 it rose while most of its members fell. https://mochatrade.com/learn/glossary/qqq-etf - Quantitative easing: Quantitative easing is the Fed buying Treasuries and mortgage bonds with new reserves to push long-term yields down when the policy rate is already near zero. It works on the long end of the curve that a rate cut cannot reach, and it adds the cash that the Treasury borrows against. https://mochatrade.com/learn/glossary/quantitative-easing - Quantitative tightening: Quantitative tightening is the Fed shrinking its balance sheet by letting bonds mature without replacing them, draining reserves from banks. Rate decisions get the headline; QT, reserves and the Treasury's cash balance set the level of liquidity underneath, and Treasury supply has to find new buyers. https://mochatrade.com/learn/glossary/quantitative-tightening - Real yield: A real yield is a bond's return after inflation, read live from inflation-protected Treasuries, called TIPS. It is the first driver of gold: gold pays nothing, so when real yields rise, holding gold costs more, and the Fed reaches it through the long end of the curve. https://mochatrade.com/learn/glossary/real-yield - Real-world asset (RWA): A real-world asset is a physical or financial thing, gold, oil, a US share, whose price you can hold a claim on and trade all day from India. An issuer holds the asset, you hold the claim, and the claim's price can drift until the venue pulls it back; if nobody stands behind the claim, nothing pulls it back. Module 2 is the assets; listed ones. https://mochatrade.com/learn/glossary/real-world-asset - Reduce-only order: A reduce-only order can only shrink or close an existing position, never open or flip one, so a closing order cannot accidentally open the other side. Order types on Mochatrade; the order panel in one trade. https://mochatrade.com/learn/glossary/reduce-only-order - REIT (US): A US REIT is a listed company that owns income-producing property and must pay out at least 90% of taxable income as dividends. It trades like a stock and moves like a bond: a rate rise hits its dividend against Treasuries and its borrowing costs at once, which makes real estate one of the rate-sensitive sectors. https://mochatrade.com/learn/glossary/reit - Retail sales: Retail sales is the Census Bureau's monthly count of what US shops and online stores sold. Consumer spending is about two thirds of the economy, so a surprise reprices consumer discretionary against staples and the growth half of the Fed outlook; Costco counts the same cash at the till. The Census sits in the counts column of the US map. https://mochatrade.com/learn/glossary/retail-sales - Revenue: Revenue is the total money a company takes in from sales before any costs, the top line. Growth companies are judged on it first and on the revenue guide most of all, and the discount rate decides what future revenue is worth today. https://mochatrade.com/learn/glossary/revenue - Risk-reward ratio: The risk-reward ratio compares what you lose if the stop is hit with what you gain at target: risking ₹1,000 to make ₹3,000 is 1:3. Alone it means nothing; with a win rate it becomes expectancy. The Druckenmiller framework is the concentrated version. https://mochatrade.com/learn/glossary/risk-reward-ratio - ROE (return on equity in trading): ROE in trading is your profit or loss as a percent of the margin you posted, not of the position. At 10x a 1% move is 10% ROE, which makes it a bigger and more dangerous number than the price change, and fees on notional eat into it. https://mochatrade.com/learn/glossary/roe - Round-trip trading cost: Round-trip cost is everything a trade costs from entry to exit: the spread twice, the fee twice, slippage, and funding for every hour held, all on notional. It is usually bigger than the fee table suggests; the card against the ledger finds it, and Mochatrade fees and funding give the inputs. https://mochatrade.com/learn/glossary/round-trip-trading-cost - Russell 2000: The Russell 2000 is about two thousand smaller American listed companies, the standard measure of US small caps. They borrow more at floating rates and sell mostly at home, so a Fed move reaches them first and hardest. When the Russell outruns the S&P 500, the market is pricing an easier Fed or a stronger American jobs market. https://mochatrade.com/learn/glossary/russell-2000 - S&P 500: The S&P 500 is about five hundred of the largest American companies, weighted by market value, and the number money is measured against. Index funds copy it, the VIX prices how far it is expected to swing, and it is computed from each member's official close at 1:30 AM IST. Its eleven sectors are how a macro number reaches a single stock. https://mochatrade.com/learn/glossary/sp-500 - SEC: The SEC is the US Securities and Exchange Commission, the referee Congress built after 1929 exposed how little buyers knew. It can halt a stock, sue a company, force a restatement, and approve or block a product, and every filing on its EDGAR site is free to read the second it lands. https://mochatrade.com/learn/glossary/sec - SEC filings: SEC filings are the documents US listed companies must submit: 10-K annual, 10-Q quarterly, 8-K within four business days of a material event, Form 4 within two business days of an insider trade, S-1 before an IPO. Read the filing, not the post about the filing; the disclosure rule is what makes earnings a calendar. https://mochatrade.com/learn/glossary/sec-filings - Sector ETF: A sector ETF holds one of the eleven GICS sectors, like XLE for energy, XLF for financials or XLK for technology. A number about the economy never reaches a stock directly, it reaches a sector, so on a CPI night you watch which sectors take the surprise worst through these tickers. Energy led all eleven on the day the Dow lost 400 points. https://mochatrade.com/learn/glossary/sector-etf - Settlement (T+1 in US): Settlement is when the cash and shares from a trade actually change hands; US stocks settle T+1, the next business day, since May 2024, like India. The official close it prices from is one auction trade. A margined contract settles profit and loss continuously, so it has no settlement day; how money moves on Mochatrade. https://mochatrade.com/learn/glossary/settlement - Short interest: Short interest is the number of a stock's shares sold short and not yet bought back, published twice a month by FINRA. High short interest with few shares left to lend is the fuel for a squeeze; on a contract the funding rate shows the same crowding live. https://mochatrade.com/learn/glossary/short-interest - Short selling: Short selling is selling a borrowed share to buy it back cheaper. The loss is open-ended if the price rises, the borrow costs a fee, and when lenders run out the stock is hard to borrow and squeezable. A cash-settled contract needs no borrow; one short, start to finish, and funding shows how crowded it is. https://mochatrade.com/learn/glossary/short-selling - Short squeeze: A short squeeze is a fast rise forced by short sellers buying back to cap losses, which pushes the price higher and forces out the next ones. It happens when the borrow runs out; on futures the same fuel builds when funds keep adding shorts while the index rises, and silver in 2021 is the commodity version. https://mochatrade.com/learn/glossary/short-squeeze - Silver futures: Silver futures are contracts on silver, mainly on COMEX in dollars per troy ounce. More than half of silver goes into industry, solar most of all, and most supply is a by-product of copper, lead and zinc mines, so a higher price does not bring more silver. That is why it swings harder than gold; Module 2, and the dollar moves it too. Silver on Mochatrade. https://mochatrade.com/learn/glossary/silver-futures - Slippage: Slippage is the gap between the price you expected and the price you got. It comes from the spread, from a thin book your order walks through, and from the price moving between click and fill: fill predicted, fill actual, and the gap between them has a name. Thin books slip more, and the max slippage setting caps it. https://mochatrade.com/learn/glossary/slippage - Spot price vs futures price: The spot price is for delivery now; the futures price is for delivery later, and the gap is the cost of carry, which closes to zero at expiry. COMEX gold above London spot is normal, not arbitrage. A contract on a futures month has the roll inside its number, and a perpetual's gap to spot is closed by funding. https://mochatrade.com/learn/glossary/spot-price-vs-futures-price - SPY ETF: SPY is the SPDR S&P 500 ETF, the first US-listed ETF (1993) and one of the most traded securities on earth, so its price is effectively the live price of the US market. It is valued at the official close every night, its options sit next to the ones the VIX is built from, and you can check which index contracts are listed. https://mochatrade.com/learn/glossary/spy-etf - Stock split (US): A stock split divides each share into several, so a 10-for-1 split turns one $1,000 share into ten $100 shares at the same company value; Nvidia split 10-for-1 in June 2024. It changes a stock's weight in the price-weighted Dow, and a contract with no expiry has to be adjusted by somebody on split day. https://mochatrade.com/learn/glossary/stock-split - Stop-limit order: A stop-limit order becomes a limit order, not a market order, at its trigger. It refuses a bad fill in a gap, and that is also its danger: the price can run through your limit and leave you unfilled while the loss grows. How a thin book gaps; order types on Mochatrade. https://mochatrade.com/learn/glossary/stop-limit-order - Stop-loss order: A stop-loss order turns into a market order when the price reaches a trigger, to cap a loss. It is a request, not a guarantee: in a gap it fills wherever the book is, which the Monday open tests. On a leveraged position your real stop is the nearer of your stop and your liquidation price. Stop orders on Mochatrade. https://mochatrade.com/learn/glossary/stop-loss-order - Stop-out level: The stop-out level is the margin level at which a venue closes your positions for you, at whatever the book gives. It is the venue's trigger, not your stop: compute the price where it hits before entry, and know what moves it while you sleep. https://mochatrade.com/learn/glossary/stop-out-level - Strait of Hormuz: The Strait of Hormuz is the stretch of water between Iran and Oman that carried about a fifth of the world's seaborne oil and gas before the 2026 war. Every Gulf barrel bound for an Indian refinery passes through it, so a disputed tanker count can move Brent, and seven ships a day in October 2026 was a number the whole oil market traded. https://mochatrade.com/learn/glossary/strait-of-hormuz - Strategic petroleum reserve: A strategic petroleum reserve is oil a government stores for emergencies; the US holds the largest. A coordinated release adds supply the market did not plan for, which is how one government switched supply off and a group switched it back on in one week. Storage as the shock absorber. https://mochatrade.com/learn/glossary/strategic-petroleum-reserve - Strike price and expiry: The strike price is where an option pays; expiry is when a contract ends. Expiry is what ties a future to the real price, which is why the gap goes to zero on expiry day. A perpetual has no expiry, so something else must pull its price back, and Module 3 asks what is left when expiry is removed. https://mochatrade.com/learn/glossary/strike-price-and-expiry - Take-profit order: A take-profit order closes a position automatically when the price reaches your target, usually as a limit order so the exit is at your price or better. With a stop it brackets the trade, the TP/SL on the order panel, and it is the target line on the card you write before entry. A call wall on the option chain is one place traders put it. https://mochatrade.com/learn/glossary/take-profit-order - Tariff: A tariff is a tax on imports. In the US the president can set many of them alone, effective the moment they are announced, which is why one post can reprice the market without a vote. Tariffs reach inflation and sit with the shocks that come with no calendar. https://mochatrade.com/learn/glossary/tariff - Term premium: The term premium is the extra yield investors demand to lend for ten years instead of rolling short bills, for the risk that rates or inflation surprise. It is why the long end can rise while the Fed cuts, and it climbs with how much debt the Treasury issues. https://mochatrade.com/learn/glossary/term-premium - Testnet: A testnet is the practice copy of a real venue: real prices, fake money. Every mechanical lecture ends on it, because reading about a liquidation and watching your own are different kinds of knowing; lecture 0.2 is one testnet trade. https://mochatrade.com/learn/glossary/testnet - Ticker symbol: A ticker symbol is the short code an exchange gives a listed security: NVDA for Nvidia, AAPL for Apple. Nasdaq tickers usually run four letters and NYSE ones up to three. It is the first thing on screen in one NVDA trade, start to finish, and a contract on the stock carries the same code, as the Mochatrade listing shows. https://mochatrade.com/learn/glossary/ticker-symbol - TP/SL (take profit and stop loss): TP/SL is a take profit and a stop loss attached to a position, closing it at a target or a limit you set at entry. Writing both before the click is the discipline, and a stop still fills at market in a gap. https://mochatrade.com/learn/glossary/tp-sl - Trading halt: A trading halt freezes a US stock on every exchange at once. A news halt lets everyone read an announcement before anyone trades on it; a limit up-limit down pause stops a stock that runs to the edge of its band. A free Nasdaq page lists every halt with its reason, and what a contract does while its reference is frozen is the instrument's problem. https://mochatrade.com/learn/glossary/trading-halt - Trailing stop order: A trailing stop moves the stop trigger behind the price by a fixed amount or percent as a trade goes your way, and stays put when it turns. It locks in part of a gain without picking a target, and like any stop it fills at market in a gap. Check which order types your venue offers. https://mochatrade.com/learn/glossary/trailing-stop-order - Treasury yield: A Treasury yield is the annual return on a US government bond at today's market price; when the price falls, the yield rises. Treasuries trade over $900 billion a day, India's entire record IPO year about forty six times, and their yields are the rate every other asset is discounted against. Read why the 30-year yield moved. https://mochatrade.com/learn/glossary/treasury-yield - Troy ounce: A troy ounce is 31.1035 grams, the unit gold, silver, platinum and palladium are priced in, about 10% heavier than an ordinary ounce. MCX quotes gold per 10 grams, so a dollar price becomes an Indian one through ounces to grams and dollars to rupees; Module 2 shows every step. Metals on Mochatrade. https://mochatrade.com/learn/glossary/troy-ounce - Unemployment rate: The unemployment rate is the share of the US labour force that wants work and has none, from the same BLS release as payrolls. A rising rate pulls rate cuts closer, and how the jobs report is read explains why it can matter more than the headline job count. https://mochatrade.com/learn/glossary/unemployment-rate - Unrealised P&L: Unrealised P&L is the profit or loss on an open position at the mark price; it becomes realised when you close. Where unrealised profit counts as margin, your liquidation line moves with the price. The PNL column in one trade. https://mochatrade.com/learn/glossary/unrealised-pl - Uranium: Uranium is reactor fuel sold mostly on long-term contracts with no exchange spot market, so its price is a broker-published indicator moved by policy and a few large buyers and sellers. Why nuclear is coming back is the demand side; the price problem is Module 2; uranium on Mochatrade. https://mochatrade.com/learn/glossary/uranium - US ETF: A US ETF is an exchange-traded fund on a US exchange that holds a basket, usually an index, and trades all day like one share. Most list on NYSE Arca, three managers run most of the money, and because they buy what the index says with no view they sit in the trades-against-you column of the US market map. https://mochatrade.com/learn/glossary/us-etf - US Treasury: The US Treasury is the government's borrower and the oldest name on the US market map: it issues bonds to cover the gap between what Congress spends and collects, and decides their maturities. A Treasury headline is about the supply of bonds; a Fed headline is about the price of money. https://mochatrade.com/learn/glossary/us-treasury - USD/INR: USD/INR is the price of one dollar in rupees. Every dollar-priced asset you hold is also a bet on it, chosen or not: the dollar moved, so the rupee moved, so gold in rupees moved. MCX gold is a dollar price times this rate, and how rupees turn into a position depends on the route. https://mochatrade.com/learn/glossary/usd-inr - Volatility / VIX: Volatility is how much a price swings. The VIX is Cboe's index of how far the S&P 500 is expected to move over thirty days, priced from options; 20 means about 1.3% a day. It is fear priced, not measured, it sits in the counts column of the US map, and it rises into a Fed decision and falls straight after. https://mochatrade.com/learn/glossary/volatility-vix - Volume: Volume is how many shares or contracts changed hands in a period. About half of US stock volume is filled off exchange by wholesalers, and on a contract open interest says how much money is in the trade while volume says how much moved. Ninety times normal volume with no news is a mechanism, not a company. https://mochatrade.com/learn/glossary/volume - Whisper number: The whisper number is the unofficial earnings figure traders actually expect, usually above the published consensus for a popular stock. A company can beat consensus, miss the whisper and fall, which is why good numbers produce a falling stock; it lives in the layer of what was already priced. https://mochatrade.com/learn/glossary/whisper-number - Yield curve: The yield curve is the line of Treasury yields from three months to thirty years, normally sloping up because longer loans pay more. The short end follows the Fed and the long end follows the market, so its shape is the bond market's view of the Fed against the economy, and it draws the rates line through the eleven sectors. https://mochatrade.com/learn/glossary/yield-curve Educational content only. Not investment advice. [MochaLearn](https://mochatrade.com/learn) is a free A to Z course on understanding and trading US stocks and commodities, built for Indian traders. --- ## Getting started: US market structure URL: https://mochatrade.com/learn/glossary/category/getting-started ### Brokerage account URL: https://mochatrade.com/learn/glossary/brokerage-account A brokerage account is an account with a registered broker that records the securities you own while a custodian holds the actual shares. It is the route where you own the share. The other route is [a contract on its price](https://mochatrade.com/support/what-is-a-perpetual-contract-and-does-it-expire), where you hold [a position, not a share](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough). ### Cboe URL: https://mochatrade.com/learn/glossary/cboe Cboe is the Chicago-based exchange group that runs the largest US options market and four US stock exchanges grown out of BATS, an exchange built by high frequency traders in 2005. It [publishes the VIX](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained), the [price of fear](https://mochatrade.com/learn/start-here/how-to-read-us-market-news) built from S&P 500 options. ### CFTC URL: https://mochatrade.com/learn/glossary/cftc The CFTC is the Commodity Futures Trading Commission, the US referee for futures, swaps and anything shaped like a contract on a price. It publishes the [weekly file of what the biggest speculators hold](https://mochatrade.com/blog/mocha-markets-weekly-dec), it is [writing rules for perpetual futures in public](https://mochatrade.com/blog/mocha-markets-weekly-12-oct), and the instrument this course ends on [sits right on the line between the CFTC and the SEC](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained). ### Closing auction (official close) URL: https://mochatrade.com/learn/glossary/closing-auction The closing auction is the single matched trade at 1:30 AM IST, 2:30 AM in winter, that sets each US stock's official closing price, about a tenth of the day's volume in one print. Every index and fund is [valued at that close](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form), [index funds do their buying in it](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks), and it is the last real price a [contract that trades overnight](https://mochatrade.com/support/what-is-a-perpetual-contract-and-does-it-expire) can copy until the next open. ### CME Group URL: https://mochatrade.com/learn/glossary/cme-group CME Group is the Chicago exchange where futures on US stock indices, interest rates, gold, oil and copper trade, through COMEX and NYMEX among others. Its index futures are [the price of the whole US market while stocks sleep](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form), it sits in the [trades-against-you column](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained), and its [FedWatch tool turns rate futures into odds](https://mochatrade.com/learn/start-here/how-to-read-us-market-news). ### Custodian URL: https://mochatrade.com/learn/glossary/custodian A custodian is the institution that holds securities or assets for a broker's clients, kept apart from the broker's own money. For any claim the question is who holds the real thing: [an issuer holds the gold, you hold a claim on it](https://mochatrade.com/learn), and the claim's price can drift until [the venue pulls it back](https://mochatrade.com/support/what-is-a-perpetual-contract-and-does-it-expire). ### Dark pool URL: https://mochatrade.com/learn/glossary/dark-pool A dark pool is a private trading venue where orders stay hidden until they fill, so a fund can move a large block without [showing its hand on the public book](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form). Trades still print to the tape afterward and must respect the [one national best price set up in 1975](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained). ### Designated market maker URL: https://mochatrade.com/learn/glossary/designated-market-maker A designated market maker is the one firm the NYSE assigns to each listed stock to keep trading orderly and to [run its opening and closing auctions](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form). It is the last floor role in a market where [dealers became computers after 2001](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained). ### Dow Jones Industrial Average URL: https://mochatrade.com/learn/glossary/dow-jones-industrial-average The Dow Jones Industrial Average is thirty large American companies averaged by share price, not by size, since 1896. A four hundred dollar stock moves it more than a forty dollar one, whatever each company is worth. That is why the Dow is [the number headlines quote](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained) while the [S&P 500 is what money is measured against](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained). ### FINRA URL: https://mochatrade.com/learn/glossary/finra FINRA is the Financial Industry Regulatory Authority, US brokers policing themselves under the SEC. It writes broker rules like the pattern day trader rule and publishes short interest twice a month. In the [referee column of the US market map](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained) it is the name a headline uses when a broker is in trouble, and its data shows [who is short and squeezable](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks). ### Fractional shares URL: https://mochatrade.com/learn/glossary/fractional-shares Fractional shares let you own part of one share, say 0.1 of a $500 stock, through a broker that holds whole shares and splits them on its own books. They remove the floor that [NSE lot sizes quietly set on your position size](https://mochatrade.com/learn), so sizing discipline has to come from you. A [contract on the price](https://mochatrade.com/support/what-is-a-perpetual-contract-and-does-it-expire) works the same way. ### IEX URL: https://mochatrade.com/learn/glossary/iex IEX is the US stock exchange that delays every order by 350 microseconds through a coil of fibre, so it can update its own prices before anyone trades against a stale one. The slow exchange by design, and a clean example of [why one stock trades on twenty venues](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form). ### Limit up-limit down URL: https://mochatrade.com/learn/glossary/limit-up-limit-down Limit up-limit down is the US single-stock speed limit: a band around the recent price, 5% either side for large stocks and 10% for the rest. If the price sits at the edge for fifteen seconds, [trading stops everywhere for five minutes](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form) and restarts with an auction. Index-wide falls trigger a [separate set of market-wide breakers](https://mochatrade.com/learn). ### NASDAQ URL: https://mochatrade.com/learn/glossary/nasdaq Nasdaq is the American exchange that began in 1971 as [one screen showing every dealer quote side by side](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained), the first market with no floor. Most technology companies list here, and its hundred largest non-financial names make up the Nasdaq 100. When a contract on Nvidia trades at 3 AM IST, the [official close it remembers](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form) printed here, and [the dealers on that screen](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks) are still the other side of most trades. ### Nasdaq 100 URL: https://mochatrade.com/learn/glossary/nasdaq-100 The Nasdaq 100 is an index of the hundred largest non-financial companies listed on Nasdaq, weighted by market value and dominated by technology. It falls harder than the S&P 500 on a hawkish Fed night because [growth companies are priced on cash that arrives a decade away](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets). QQQ tracks it, and it sits in the [counts column of the US market map](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained). ### NBBO URL: https://mochatrade.com/learn/glossary/nbbo The NBBO, national best bid and offer, is the highest bid and lowest ask for a US stock across every exchange at once. Since 1975 the venues have been [tied into one national market](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained), and since 2005 no exchange may fill you worse than this quote, so [twenty order books produce one enforceable price](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form). ### NYSE URL: https://mochatrade.com/learn/glossary/nyse The NYSE is the New York Stock Exchange, started in 1792 when twenty four brokers [agreed to trade only with each other](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained). Most large, old American companies list here, it still runs a floor, and a [designated market maker runs each stock's opening and closing auction](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form). It is one of about twenty exchanges trading the same stock, so the price you see is [one national number](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form), not the NYSE's alone. ### NYSE Arca URL: https://mochatrade.com/learn/glossary/nyse-arca NYSE Arca is the fully electronic NYSE exchange where most US ETFs list, around three quarters of ETF assets as of 2026. It is one of the [twenty-odd exchanges that share one price](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form), and the [funds run by the three big managers](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained) trade here. ### Opening auction URL: https://mochatrade.com/learn/glossary/opening-auction The opening auction is the single trade that starts the US day at 7:00 PM IST, 8:00 PM in winter. Orders collect before the bell, one price is computed at which the most shares change hands, and everyone trades at it. It is where [overnight news first meets the full book](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form), and [market makers stay wide](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks) until it clears. ### Overnight session (24-hour stock trading) URL: https://mochatrade.com/learn/glossary/overnight-session The overnight session is US stock trading through the American night, which is the Indian working day, on a handful of venues approved from 2024. Volume is thin and the main exchanges are shut, so [index futures on the CME are the market price in this window](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form). It is the same window a [contract that trades all day](https://mochatrade.com/support/what-is-a-perpetual-contract-and-does-it-expire) lives in. ### Payment for order flow URL: https://mochatrade.com/learn/glossary/payment-for-order-flow Payment for order flow is a wholesaler paying a retail broker to send it customer orders, which it fills inside its own system at the national best price or better. It is legal, disclosed, and [the reason US commissions are zero](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form). The wholesaler is often [the counterparty on the other side of your fill](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks). ### Pre-market and after-hours trading URL: https://mochatrade.com/learn/glossary/pre-market-and-after-hours-trading Pre-market and after-hours are the thin sessions around the US day: pre-market from 1:30 PM IST, after-hours until 5:30 AM IST, an hour later from November to March. Spreads are wide and volume is low, and most companies [publish results into the after-hours book](https://mochatrade.com/learn/us-market-structure/us-earnings-explained), so the reaction shows up as [a gap at the next open](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form). ### Russell 2000 URL: https://mochatrade.com/learn/glossary/russell-2000 The Russell 2000 is about two thousand smaller American listed companies, the standard measure of US small caps. They borrow more at floating rates and sell mostly at home, so [a Fed move reaches them first and hardest](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets). When the Russell outruns the S&P 500, the market is pricing an easier Fed or [a stronger American jobs market](https://mochatrade.com/learn/us-market-structure/us-jobs-report-explained). ### S&P 500 URL: https://mochatrade.com/learn/glossary/sp-500 The S&P 500 is about five hundred of the largest American companies, weighted by market value, and the number money is measured against. Index funds copy it, the [VIX prices how far it is expected to swing](https://mochatrade.com/learn/start-here/how-to-read-us-market-news), and it is computed from each member's [official close at 1:30 AM IST](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form). Its eleven sectors are how [a macro number reaches a single stock](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form). ### SEC URL: https://mochatrade.com/learn/glossary/sec The SEC is the US Securities and Exchange Commission, the referee Congress built after [1929 exposed how little buyers knew](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained). It can [halt a stock, sue a company, force a restatement, and approve or block a product](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks), and every filing on its EDGAR site is [free to read the second it lands](https://mochatrade.com/learn/start-here/how-to-read-us-market-news). ### Ticker symbol URL: https://mochatrade.com/learn/glossary/ticker-symbol A ticker symbol is the short code an exchange gives a listed security: NVDA for Nvidia, AAPL for Apple. Nasdaq tickers usually run four letters and NYSE ones up to three. It is the first thing on screen in [one NVDA trade, start to finish](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough), and a contract on the stock carries the same code, as [the Mochatrade listing](https://mochatrade.com/support/what-can-i-trade-on-mochatrade) shows. ### Trading halt URL: https://mochatrade.com/learn/glossary/trading-halt A trading halt freezes a US stock on every exchange at once. A news halt lets everyone read an announcement before anyone trades on it; a [limit up-limit down pause](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form) stops a stock that runs to the edge of its band. A [free Nasdaq page lists every halt with its reason](https://mochatrade.com/learn/start-here/how-to-read-us-market-news), and [what a contract does while its reference is frozen](https://mochatrade.com/support/what-is-a-perpetual-contract-and-does-it-expire) is the instrument's problem. --- ## Macro: what moves US markets URL: https://mochatrade.com/learn/glossary/category/macro ### 2-year Treasury yield URL: https://mochatrade.com/learn/glossary/2-year-treasury-yield The two-year Treasury yield is the bond market's bet on where the Fed will hold rates over the next two years, so it moves hardest on Fed nights and inflation prints. It is the [short end the Fed steers](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets); put it next to the index on a number night and [watch them move together](https://mochatrade.com/learn/start-here/how-to-read-us-market-news). If it [does not move after a Fed decision](https://mochatrade.com/blog/mocha-markets-weekly-ccd), the Fed said what was priced. ### 10-year Treasury yield URL: https://mochatrade.com/learn/glossary/10-year-treasury-yield The ten-year Treasury yield is the benchmark long rate that mortgages, company debt and stock valuations are priced off. The Fed does not set it; growth, inflation expectations and [the term premium](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets) do. When it rises, [long-dated growth sectors fall harder than banks](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form), and in September 2026 [seventeen of its eighteen basis points were real return, not inflation fear](https://mochatrade.com/blog/mocha-markets-weekly-ccd). ### Average hourly earnings URL: https://mochatrade.com/learn/glossary/average-hourly-earnings Average hourly earnings is the wage growth number in the US jobs report. Wages are the bridge from jobs to prices: fast pay growth keeps [services inflation sticky](https://mochatrade.com/learn/us-market-structure/us-inflation-explained), which keeps [the Fed cautious](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets), so a hot wage figure can sink stocks on [a strong jobs day](https://mochatrade.com/learn/us-market-structure/us-jobs-report-explained). ### Breakeven inflation URL: https://mochatrade.com/learn/glossary/breakeven-inflation Breakeven inflation is the gap between an ordinary Treasury yield and its inflation-protected twin of the same maturity, the inflation rate the bond market is pricing. It is [the market expectation an inflation print is judged against](https://mochatrade.com/learn/start-here/how-to-read-us-market-news), and you can [subtract the two Treasury curves yourself in a minute](https://mochatrade.com/blog/mocha-markets-weekly-ccd). The [inflation lecture](https://mochatrade.com/learn/us-market-structure/us-inflation-explained) uses it as the bar. ### CME FedWatch URL: https://mochatrade.com/learn/glossary/cme-fedwatch CME FedWatch turns futures on the overnight rate into a probability for each outcome at every Fed meeting. It is [what the market priced before the decision](https://mochatrade.com/learn/start-here/how-to-read-us-market-news), and [the decision is judged against it](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets), so a move the market gave 95% odds [lands and nothing happens](https://mochatrade.com/blog/mocha-markets-weekly-019). ### Core CPI URL: https://mochatrade.com/learn/glossary/core-cpi Core CPI is CPI with food and energy removed, the volatile parts that interest rates cannot fix. The market often trades core over headline because it shows [the inflation the Fed has to answer](https://mochatrade.com/learn/us-market-structure/us-inflation-explained), and a hot core print reprices [the next Fed meeting](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets) within a second. ### CPI URL: https://mochatrade.com/learn/glossary/cpi CPI, the consumer price index, is the monthly US measure of what a basket of goods and services costs households, published by the BLS. It lands at 6:00 PM IST, 7:00 PM in winter, the market [trades the gap to expectation, not the number](https://mochatrade.com/learn/start-here/how-to-read-us-market-news), and a hot print travels through [the Fed rate path to the sectors that take it worst](https://mochatrade.com/learn/us-market-structure/us-inflation-explained). [The August 2026 print came in at 0.3% core against 0.2% expected](https://mochatrade.com/blog/mocha-markets-weekly-ccd), and a hike followed. ### Debt ceiling URL: https://mochatrade.com/learn/glossary/debt-ceiling The debt ceiling is the cap Congress sets on total US government borrowing. The Treasury [borrows the gap between spending and taxes](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained), so it hits the cap on its own, and if Congress does not raise it the Treasury eventually [cannot pay everything, including interest on its own bonds](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks). ### Dollar index (DXY) URL: https://mochatrade.com/learn/glossary/dollar-index The dollar index, DXY, measures the dollar against six major currencies, with the euro about 58% of it. A stronger dollar weighs on gold, oil and [US companies that sell abroad](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form), and [it moves the rupee too](https://mochatrade.com/learn/start-here/us-markets-for-indian-traders). The full dollar block sits in [Module 2](https://mochatrade.com/learn). ### Dot plot URL: https://mochatrade.com/learn/glossary/dot-plot The dot plot is the chart of where each Fed official expects the policy rate to be over the next few years, one dot each, published four times a year with the economic projections. The market trades [the gap between the dots and its own pricing](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets), which you [read off FedWatch](https://mochatrade.com/learn/start-here/how-to-read-us-market-news); in September 2026 the question was [how many dots sat above one more hike](https://mochatrade.com/blog/mocha-markets-weekly-ccd). ### Dual mandate URL: https://mochatrade.com/learn/glossary/dual-mandate The dual mandate is the Fed's job as Congress wrote it: stable prices and maximum employment. The 2% inflation target is [the Fed's own reading of that line](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks), so [an inflation print](https://mochatrade.com/learn/us-market-structure/us-inflation-explained) and [a jobs report](https://mochatrade.com/learn/us-market-structure/us-jobs-report-explained) are the two halves of every rate decision. ### Economic calendar URL: https://mochatrade.com/learn/glossary/economic-calendar An economic calendar lists every scheduled release of the week with its time and consensus forecast. [Set one to IST once and check it every Sunday night](https://mochatrade.com/learn/start-here/how-to-read-us-market-news); [US numbers land at 6:00 PM IST on release days](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form), and Mocha Markets Weekly on [the blog](https://mochatrade.com/blog) picks the ones that matter. ### Fed funds rate URL: https://mochatrade.com/learn/glossary/fed-funds-rate The fed funds rate is the target range for overnight lending between US banks, the one rate the Fed sets directly. It anchors [the short end of the yield curve](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets) while the market sets the long end, and [the odds of its next move](https://mochatrade.com/learn/start-here/how-to-read-us-market-news) are a live price before every meeting. ### Federal Reserve URL: https://mochatrade.com/learn/glossary/federal-reserve The Federal Reserve is the US central bank, built in 1913 after [the 1907 bank runs were stopped by one banker](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained). It sets [the price of money](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets), and its chair, once confirmed, [cannot be removed for a decision](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks), which is why one Fed headline moves bonds, the dollar, gold and stocks at once. ### FOMC URL: https://mochatrade.com/learn/glossary/fomc The FOMC is the Federal Open Market Committee, the twelve voters inside the Fed who set the policy rate at eight scheduled meetings a year. The statement lands at 11:30 PM IST, 12:30 AM in winter, the chair speaks half an hour later, and [the decision is read](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets) against [the odds already priced in FedWatch](https://mochatrade.com/learn/start-here/how-to-read-us-market-news). Only five of the twelve regional presidents vote in a year, which is why [a speech from a voter outweighs one from a non-voter](https://mochatrade.com/blog/mocha-markets-weekly-019). ### FOMC minutes URL: https://mochatrade.com/learn/glossary/fomc-minutes The FOMC minutes are the written record of a Fed meeting, released three weeks after the decision at 11:30 PM IST, 12:30 AM in winter. They show the argument behind the vote and move markets when [they read differently from what the chair said](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets), as the [October 2026 minutes with December odds at 71 cents](https://mochatrade.com/blog/mocha-markets-weekly-oct-05) did. Bookmark [the release page, not a news site about it](https://mochatrade.com/learn/start-here/how-to-read-us-market-news). ### FRED URL: https://mochatrade.com/learn/glossary/fred FRED is the free St Louis Fed database of every major US economic series going back decades, charts and downloads with no account. When a headline says a number is the highest in three years, [FRED is where you check](https://mochatrade.com/learn/start-here/how-to-read-us-market-news), and every [inflation](https://mochatrade.com/learn/us-market-structure/us-inflation-explained) and [jobs](https://mochatrade.com/learn/us-market-structure/us-jobs-report-explained) series lives there. ### GDP URL: https://mochatrade.com/learn/glossary/gdp GDP is the total value of goods and services an economy produces. The BEA publishes US GDP quarterly, first as an advance estimate and then two revisions, [adding the whole economy into one number](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained). It looks backward, so markets trade the nowcasts and surveys that come first; [growth and the cycle](https://mochatrade.com/learn) is a lecture still to be shot. ### Government shutdown URL: https://mochatrade.com/learn/glossary/government-shutdown A US government shutdown happens when Congress has not passed spending by the fiscal year start on 1 October, so non-essential agencies close. [The counting agencies close too](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks), so the jobs and inflation numbers [the market waits for](https://mochatrade.com/learn/us-market-structure/us-jobs-report-explained) stop arriving until it ends. ### Initial jobless claims URL: https://mochatrade.com/learn/glossary/initial-jobless-claims Initial jobless claims is the weekly count of Americans filing for unemployment benefit, released every Thursday at 6:00 PM IST, 7:00 PM in winter. It is the fastest read on [the US labour market](https://mochatrade.com/learn/us-market-structure/us-jobs-report-explained) between monthly reports, and a sustained rise is the first crack [the Fed watches](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets). ### Inverted yield curve URL: https://mochatrade.com/learn/glossary/inverted-yield-curve An inverted yield curve is when short-term Treasuries yield more than long-term ones, usually the two-year above the ten-year. It means the market expects [the Fed to cut later because growth will slow](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets), and it has come before most US recessions, though the lag runs from months to years and [the growth data decides the timing](https://mochatrade.com/learn). ### ISM PMI URL: https://mochatrade.com/learn/glossary/ism-pmi The ISM PMI is a monthly survey of US purchasing managers; above 50 means activity is expanding, below 50 contracting. Manufacturing lands on the first business day at 7:30 PM IST, 8:30 PM in winter. It is the fastest read on the cycle, drives [cyclical against defensive sectors](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form), and moves [industrial metals like copper](https://mochatrade.com/learn). ### JOLTS URL: https://mochatrade.com/learn/glossary/jolts JOLTS is the BLS survey of job openings and labour turnover. Openings against unemployed workers is [the Fed's read on how tight hiring is](https://mochatrade.com/learn/us-market-structure/us-jobs-report-explained), and quits show whether workers feel safe enough to leave, which feeds [wages and then inflation](https://mochatrade.com/learn/us-market-structure/us-inflation-explained). ### Nonfarm payrolls URL: https://mochatrade.com/learn/glossary/nonfarm-payrolls Nonfarm payrolls is the BLS count of jobs added in the US last month, released at 6:00 PM IST, 7:00 PM in winter, usually on the first Friday. It is [the other half of the Fed's mandate, and the place good news is often bad for stocks](https://mochatrade.com/learn/us-market-structure/us-jobs-report-explained). On release night [Treasuries and index futures move before stocks open](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form), and the [odds of the next hike move with it](https://mochatrade.com/blog/mocha-markets-weekly-dec). ### PCE URL: https://mochatrade.com/learn/glossary/pce PCE, the personal consumption expenditures price index, is the inflation measure the Fed targets at 2%, published by the BEA. It prices the basket [a second way, with different weights](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained), lands about two weeks after CPI, and usually moves less because [CPI already told the market most of it](https://mochatrade.com/learn/us-market-structure/us-inflation-explained). [Why the Fed votes on this one and the news leads with CPI](https://mochatrade.com/blog/mocha-markets-weekly-dec). ### PPI URL: https://mochatrade.com/learn/glossary/ppi PPI, the producer price index, measures the prices businesses receive, which makes it inflation upstream of the shop shelf. It lands from the BLS in CPI week, is read as [a preview of what consumers pay later](https://mochatrade.com/learn/us-market-structure/us-inflation-explained), and like every 6:00 PM release it [moves Treasuries and index futures first](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form). ### Quantitative easing URL: https://mochatrade.com/learn/glossary/quantitative-easing Quantitative easing is the Fed buying Treasuries and mortgage bonds with new reserves to push long-term yields down when the policy rate is already near zero. It works on [the long end of the curve that a rate cut cannot reach](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets), and it adds the cash that [the Treasury borrows against](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks). ### Quantitative tightening URL: https://mochatrade.com/learn/glossary/quantitative-tightening Quantitative tightening is the Fed shrinking its balance sheet by letting bonds mature without replacing them, draining reserves from banks. Rate decisions get the headline; QT, reserves and the Treasury's cash balance [set the level of liquidity underneath](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets), and [Treasury supply](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks) has to find new buyers. ### Real yield URL: https://mochatrade.com/learn/glossary/real-yield A real yield is a bond's return after inflation, read live from inflation-protected Treasuries, called TIPS. It is the first driver of gold: gold pays nothing, so when real yields rise, [holding gold costs more](https://mochatrade.com/learn), and the Fed reaches it [through the long end of the curve](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets). ### Retail sales URL: https://mochatrade.com/learn/glossary/retail-sales Retail sales is the Census Bureau's monthly count of what US shops and online stores sold. Consumer spending is about two thirds of the economy, so a surprise reprices [consumer discretionary against staples](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form) and [the growth half of the Fed outlook](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets); [Costco counts the same cash at the till](https://mochatrade.com/blog/mocha-markets-weekly-019). The Census sits in the [counts column of the US map](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained). ### Tariff URL: https://mochatrade.com/learn/glossary/tariff A tariff is a tax on imports. In the US the president can set many of them [alone, effective the moment they are announced](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks), which is why one post can reprice the market without a vote. Tariffs reach [inflation](https://mochatrade.com/learn/us-market-structure/us-inflation-explained) and sit with [the shocks that come with no calendar](https://mochatrade.com/learn). ### Term premium URL: https://mochatrade.com/learn/glossary/term-premium The term premium is the extra yield investors demand to lend for ten years instead of rolling short bills, for the risk that rates or inflation surprise. It is why [the long end can rise while the Fed cuts](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets), and it climbs with [how much debt the Treasury issues](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks). ### Treasury yield URL: https://mochatrade.com/learn/glossary/treasury-yield A Treasury yield is the annual return on a US government bond at today's market price; when the price falls, the yield rises. Treasuries trade over $900 billion a day, [India's entire record IPO year about forty six times](https://mochatrade.com/learn/start-here/us-markets-for-indian-traders), and their yields are the rate [every other asset is discounted against](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets). Read [why the 30-year yield moved](https://mochatrade.com/blog/why-the-30-year-treasury-yield-just). ### Unemployment rate URL: https://mochatrade.com/learn/glossary/unemployment-rate The unemployment rate is the share of the US labour force that wants work and has none, from the same BLS release as payrolls. A rising rate pulls [rate cuts closer](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets), and [how the jobs report is read](https://mochatrade.com/learn/us-market-structure/us-jobs-report-explained) explains why it can matter more than the headline job count. ### US Treasury URL: https://mochatrade.com/learn/glossary/us-treasury The US Treasury is the government's borrower and [the oldest name on the US market map](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained): it issues bonds to cover the gap between what Congress spends and collects, and decides their maturities. A [Treasury headline is about the supply of bonds](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks); a [Fed headline is about the price of money](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets). ### USD/INR URL: https://mochatrade.com/learn/glossary/usd-inr USD/INR is the price of one dollar in rupees. Every dollar-priced asset you hold is also a bet on it, chosen or not: [the dollar moved, so the rupee moved, so gold in rupees moved](https://mochatrade.com/learn/start-here/us-markets-for-indian-traders). [MCX gold is a dollar price times this rate](https://mochatrade.com/learn), and [how rupees turn into a position](https://mochatrade.com/support/currency-conversion-and-settlement) depends on the route. ### Yield curve URL: https://mochatrade.com/learn/glossary/yield-curve The yield curve is the line of Treasury yields from three months to thirty years, normally sloping up because longer loans pay more. The [short end follows the Fed and the long end follows the market](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets), so its shape is the bond market's view of the Fed against the economy, and it draws [the rates line through the eleven sectors](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form). --- ## Instruments: US equities & ETFs URL: https://mochatrade.com/learn/glossary/category/us-equities-etfs ### 52-week high and low URL: https://mochatrade.com/learn/glossary/52-week-high-and-low A 52-week high or low is the highest or lowest price a stock has traded at over the past year, the number scanners and headlines count. Counting them across an index is a quick [read of market breadth](https://mochatrade.com/blog/mocha-markets-weekly-dec); on 1 September 2026 [twelve S&P 500 companies printed a low and seven a high, nearly all off oil](https://mochatrade.com/blog/crude-oil-war-and-slippery-slopes). ### ADR (American Depositary Receipt) URL: https://mochatrade.com/learn/glossary/adr An ADR is a receipt a US bank issues for shares of a foreign company it holds abroad, so the stock trades in New York in dollars; Infosys and ICICI Bank trade this way. A bank holds the share, you hold a claim, and arbitrage keeps the two prices together, the [same claim shape a contract on a price has](https://mochatrade.com/support/what-is-a-perpetual-contract-and-does-it-expire). When nobody stands behind the claim, the arbitrage [has nobody to run it](https://mochatrade.com/blog/what-happens-when-the-only-thing). ### Blue chip US stocks URL: https://mochatrade.com/learn/glossary/blue-chip-us-stocks Blue chip US stocks are large, long-established, profitable American companies like Apple, JPMorgan or Johnson & Johnson; the [Dow was built as their list in 1896](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained). Blue chip describes the business, not the price: a disappointing guide still [sends one sharply lower](https://mochatrade.com/learn/us-market-structure/us-earnings-explained), as [the Broadcom story](https://mochatrade.com/blog/how-a-quiet-chip-company-became-a) shows. ### Bull and bear market URL: https://mochatrade.com/learn/glossary/bull-and-bear-market A bull market is a sustained rise in prices; a bear market is a fall of 20% or more from a recent high, the convention for the S&P 500. The labels look backward; what moves a market from one to the other is [the price of money](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets), [earnings guidance](https://mochatrade.com/learn/us-market-structure/us-earnings-explained) and [shocks with no schedule](https://mochatrade.com/learn). ### Cyclical vs defensive stocks URL: https://mochatrade.com/learn/glossary/cyclical-vs-defensive-stocks Cyclical stocks earn more when the economy grows and less when it shrinks: discretionary, industrials, materials, energy, financials. Defensive stocks earn about the same either way: staples, health care, utilities. It is [the growth line through the sectors](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form), driven by [jobs](https://mochatrade.com/learn/us-market-structure/us-jobs-report-explained) and [growth data](https://mochatrade.com/learn). ### Direct listing / SPAC URL: https://mochatrade.com/learn/glossary/direct-listing-spac A direct listing puts existing shares on an exchange with no new shares and no underwriter, so [the opening auction sets the first price](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form). A SPAC is a listed shell that raises cash and later merges with a private company, a route that lives on [what the SEC allows](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks). ### Dividend aristocrats URL: https://mochatrade.com/learn/glossary/dividend-aristocrats Dividend aristocrats are S&P 500 companies that have raised their dividend every year for at least twenty five years, like Coca-Cola and Procter & Gamble. The streak says the business earns through cycles; it says nothing about price, which still trades [the guide, not the dividend](https://mochatrade.com/learn/us-market-structure/us-earnings-explained), and against [what Treasuries pay](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets). ### Dividend ETF URL: https://mochatrade.com/learn/glossary/dividend-etf A dividend ETF holds stocks picked for high or steadily rising dividends, such as SCHD or VYM. Its headline yield rises when prices fall, so read it against [the Treasury yield it competes with](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets), and remember most US growth companies [return cash through buybacks instead](https://mochatrade.com/learn/us-market-structure/us-earnings-explained). ### ETF creation and redemption URL: https://mochatrade.com/learn/glossary/etf-creation-and-redemption ETF creation and redemption is how an ETF's price stays near the value of its holdings: large dealers swap baskets of shares for new ETF units, or units for shares, whenever the gap is worth it. [The dealers doing it are market makers](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks); a [perpetual uses funding for the same job](https://mochatrade.com/support/what-is-a-perpetual-contract-and-does-it-expire), and a copy with [nobody allowed to create or redeem has no anchor at all](https://mochatrade.com/blog/what-happens-when-the-only-thing). ### GICS sectors URL: https://mochatrade.com/learn/glossary/gics-sectors GICS sectors are the eleven sectors S&P and MSCI use to classify every company: energy, materials, industrials, consumer discretionary, consumer staples, health care, financials, technology, communication services, utilities and real estate. They are how [a macro number reaches a stock](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form), and on [an inflation night](https://mochatrade.com/learn/us-market-structure/us-inflation-explained) you watch them, not single names. In October 2026 [utilities led and technology came last at a record high](https://mochatrade.com/blog/mocha-markets-weekly-12-oct). ### Growth vs value stocks URL: https://mochatrade.com/learn/glossary/growth-vs-value-stocks Growth vs value is the split between companies priced for profits far in the future, like most technology, and companies priced cheaply on today's profits, like banks and energy. Raise rates and distant cash shrinks more, so [growth falls harder on a hawkish Fed](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets); it is [the rates line through the sectors](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form), and [the Buffett way](https://mochatrade.com/blog/the-warren-buffett-way-buy-a-great) is the long case for value. ### Index ETF URL: https://mochatrade.com/learn/glossary/index-etf An index ETF holds every stock in a published index at the index weights, with no view and a small fee. It buys [in the closing auction on the day the index says](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form), which makes it [the most predictable buyer in the market](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks), and [the days the index changes members](https://mochatrade.com/blog/mocha-markets-weekly-019) are forced buying with a published date. ### Index rebalancing URL: https://mochatrade.com/learn/glossary/index-rebalancing Index rebalancing is when an index changes members or weights and every fund tracking it must trade the difference, usually in [the closing auction on one announced day](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form). These buyers are [forced, not choosing](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks), so the move usually comes before the date; [three companies joining the S&P 500 in September 2026](https://mochatrade.com/blog/mocha-markets-weekly-019) is a worked case. ### Inverse ETF URL: https://mochatrade.com/learn/glossary/inverse-etf An inverse ETF aims for the opposite of an index's daily move, so it rises when the index falls, and it resets daily like a leveraged ETF. It is a way to be short without [borrowing a share](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks); a [cash-settled contract](https://mochatrade.com/support/what-is-a-perpetual-contract-and-does-it-expire) also needs no borrow, and its funding shows how crowded the short is. ### IPO (US) URL: https://mochatrade.com/learn/glossary/ipo A US IPO is a company's first sale of shares to the public, registered with the SEC in an S-1 filing. In June 2026 SpaceX raised $75 billion in one listing, [nearly four times India's best IPO year](https://mochatrade.com/learn/start-here/us-markets-for-indian-traders). The S-1 is [on EDGAR the moment it is filed](https://mochatrade.com/learn/start-here/how-to-read-us-market-news), and the first trade is [an opening auction](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form). ### Leveraged ETF URL: https://mochatrade.com/learn/glossary/leveraged-etf A leveraged ETF aims for two or three times an index's daily move and resets every day. Up 10% then down 10% leaves the index at 99 and a 2x fund at 96, the same [volatility drag that punishes over-sizing](https://mochatrade.com/learn). It is leverage you cannot size per position, unlike [margin you choose trade by trade](https://mochatrade.com/support/how-leverage-and-margin-work-on-mochatrade). ### Magnificent 7 URL: https://mochatrade.com/learn/glossary/magnificent-7 The Magnificent 7 are Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla, seven companies that drove most of the S&P 500's gains from 2023. Their [earnings nights are market events](https://mochatrade.com/learn/us-market-structure/us-earnings-explained), and in May 2026 [Nvidia alone was worth more than every listed Indian company combined](https://mochatrade.com/learn/start-here/us-markets-for-indian-traders). A few giants can hold an index up [while most stocks fall](https://mochatrade.com/blog/mocha-markets-weekly-dec). ### Market breadth URL: https://mochatrade.com/learn/glossary/market-breadth Market breadth is how many stocks are taking part in a move: advancers against decliners, new highs against new lows, the equal-weight index against the normal one. A market-value-weighted index can rise on a few giants while [238 stocks hit a one-year low against 53 at a high](https://mochatrade.com/blog/mocha-markets-weekly-dec). Breadth tells you whether [the index you see](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained) is the market you own. ### Market cap categories (mega/large/mid/small) URL: https://mochatrade.com/learn/glossary/market-cap-categories Market cap categories group US companies by size: mega above $200 billion, large $10 to $200 billion, mid $2 to $10 billion, small $300 million to $2 billion. Size decides [which index holds a company](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained), therefore which passive funds [must buy it](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks), and smaller caps react hardest to [the Fed](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets). ### Market capitalization URL: https://mochatrade.com/learn/glossary/market-capitalization Market capitalization is share price times shares outstanding, the market's price for the whole company. Index weights in the [S&P 500 and Nasdaq 100 come from it](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained), which is how [one company could outweigh every listed Indian company](https://mochatrade.com/learn/start-here/us-markets-for-indian-traders) in May 2026, and how a ₹42 crore company can [trade 720 million shares on a day with no news](https://mochatrade.com/blog/what-happens-when-the-only-thing). ### Market correction URL: https://mochatrade.com/learn/glossary/market-correction A correction is a fall of 10% to 20% from a recent high, a convention, not a rule. Most start on [a rate repricing](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets) or [a guide that disappoints](https://mochatrade.com/learn/us-market-structure/us-earnings-explained), the [VIX rises into them](https://mochatrade.com/learn/start-here/how-to-read-us-market-news), and a correction can hide inside an index: in September 2026 [the equal-weight S&P was 5% off its peak while the index sat near a record](https://mochatrade.com/blog/mocha-markets-weekly-dec). ### Pre-IPO stocks URL: https://mochatrade.com/learn/glossary/pre-ipo-stocks Pre-IPO stocks are shares of private companies before they list, priced in private funding rounds with no public order book. Some venues list contracts on names like Anthropic, and with [no exchange price to copy, the venue builds the reference](https://mochatrade.com/support/what-is-a-perpetual-contract-and-does-it-expire), which is the first thing to read before trading one. [See which pre-IPO names are listed](https://mochatrade.com/support/what-can-i-trade-on-mochatrade), and how [a listing day prints](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form). ### QQQ ETF URL: https://mochatrade.com/learn/glossary/qqq-etf QQQ is the Invesco ETF tracking the Nasdaq 100, technology-heavy and concentrated in a few giants. It sits on the long-dated side of [the rates line](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form), so it falls more than SPY on [a hawkish Fed night](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets) and swings on [a handful of earnings reports](https://mochatrade.com/learn/us-market-structure/us-earnings-explained). In September 2026 it rose while [most of its members fell](https://mochatrade.com/blog/mocha-markets-weekly-dec). ### REIT (US) URL: https://mochatrade.com/learn/glossary/reit A US REIT is a listed company that owns income-producing property and must pay out at least 90% of taxable income as dividends. It trades like a stock and moves like a bond: a rate rise hits [its dividend against Treasuries](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets) and its borrowing costs at once, which makes real estate [one of the rate-sensitive sectors](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form). ### Sector ETF URL: https://mochatrade.com/learn/glossary/sector-etf A sector ETF holds one of the eleven GICS sectors, like XLE for energy, XLF for financials or XLK for technology. A number about the economy [never reaches a stock directly, it reaches a sector](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form), so on a CPI night you watch [which sectors take the surprise worst](https://mochatrade.com/learn/us-market-structure/us-inflation-explained) through these tickers. [Energy led all eleven on the day the Dow lost 400 points](https://mochatrade.com/blog/crude-oil-war-and-slippery-slopes). ### SPY ETF URL: https://mochatrade.com/learn/glossary/spy-etf SPY is the SPDR S&P 500 ETF, the first US-listed ETF (1993) and one of the most traded securities on earth, so its price is effectively the live price of the US market. It is valued at [the official close every night](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form), its options sit next to the ones [the VIX is built from](https://mochatrade.com/learn/start-here/how-to-read-us-market-news), and you can [check which index contracts are listed](https://mochatrade.com/support/what-can-i-trade-on-mochatrade). ### Stock split (US) URL: https://mochatrade.com/learn/glossary/stock-split A stock split divides each share into several, so a 10-for-1 split turns one $1,000 share into ten $100 shares at the same company value; Nvidia split 10-for-1 in June 2024. It changes a stock's weight in the [price-weighted Dow](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained), and a contract with no expiry has to [be adjusted by somebody on split day](https://mochatrade.com/support/what-is-a-perpetual-contract-and-does-it-expire). ### US ETF URL: https://mochatrade.com/learn/glossary/us-etf A US ETF is an exchange-traded fund on a US exchange that holds a basket, usually an index, and trades all day like one share. Most list on [NYSE Arca](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form), three managers run most of the money, and because they [buy what the index says with no view](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks) they sit in the [trades-against-you column](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained) of the US market map. --- ## Valuation & fundamentals URL: https://mochatrade.com/learn/glossary/category/valuation-fundamentals ### 8-K URL: https://mochatrade.com/learn/glossary/8-k An 8-K is the filing a US company must make within four business days of a material event: a merger, a CEO leaving, a lawsuit, results. It is often the first public document of the news, [live on EDGAR before the headline](https://mochatrade.com/learn/start-here/how-to-read-us-market-news), and it is why [guidance is public, not whispered](https://mochatrade.com/learn/us-market-structure/us-earnings-explained). ### 10-K and 10-Q URL: https://mochatrade.com/learn/glossary/10-k-and-10-q A 10-K is the audited annual report a US listed company files with the SEC; a 10-Q is the unaudited quarterly version. Both are [on EDGAR the second they are accepted](https://mochatrade.com/learn/start-here/how-to-read-us-market-news), the SEC exists because of [the law that requires them](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained), and [results day starts from them](https://mochatrade.com/learn/us-market-structure/us-earnings-explained). ### 13F filing URL: https://mochatrade.com/learn/glossary/13f-filing A 13F is the quarterly filing every US institutional manager with over $100 million must make, listing its stock holdings, due 45 days after the quarter ends. It shows [what the funds with a view are holding](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks), but weeks late, so it tells you a position, never a trade. [EDGAR has all of them](https://mochatrade.com/learn/start-here/how-to-read-us-market-news). ### Beta URL: https://mochatrade.com/learn/glossary/beta Beta measures how much a stock has moved relative to the market: 1.5 means it has historically moved 1.5% for each 1% in the S&P 500. High-beta names sit at the long-dated, growth end of [the rates line](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form), so they fall hardest on [a hawkish Fed](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets). ### Book value URL: https://mochatrade.com/learn/glossary/book-value Book value is total assets minus total liabilities on the balance sheet, what shareholders own on paper. For a bank it means something, and a bank below book is the market doubting its loans; for Nvidia it means little. Banks sit on the [near-dated side of the rates line](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form), and [the Buffett piece](https://mochatrade.com/blog/the-warren-buffett-way-buy-a-great) is the long version of why book value stopped being enough. ### Buyback URL: https://mochatrade.com/learn/glossary/buyback A buyback is a company buying its own shares and cancelling them, so the same profit is spread over fewer shares and EPS rises. US companies return more cash this way than through dividends, and it is announced [with results, next to the guide](https://mochatrade.com/learn/us-market-structure/us-earnings-explained). A company issuing stock to fund spending is the reverse, as [Oracle did in 2026](https://mochatrade.com/blog/mocha-markets-weekly-ccd). ### Consensus estimate URL: https://mochatrade.com/learn/glossary/consensus-estimate The consensus estimate is the average analyst forecast for a company's earnings or an economic number. Markets [price the consensus before the release](https://mochatrade.com/learn/start-here/how-to-read-us-market-news), so the move is the gap: in line moves little, a surprise moves [the stock](https://mochatrade.com/learn/us-market-structure/us-earnings-explained) or [the whole curve](https://mochatrade.com/learn/us-market-structure/us-inflation-explained). ### Dividend yield URL: https://mochatrade.com/learn/glossary/dividend-yield Dividend yield is the annual dividend divided by the share price; a $2 dividend on a $50 stock is 4%. It rises when the price falls, so the highest yields are often companies about to cut. It competes with [what a Treasury pays](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets), and [why the 30-year yield moved](https://mochatrade.com/blog/why-the-30-year-treasury-yield-just) is the other side of that trade. ### Earnings beat and miss URL: https://mochatrade.com/learn/glossary/earnings-beat-and-miss A beat is results above the consensus estimate; a miss is below. Most large US companies beat most quarters because guidance is set to be beaten, so a small beat is priced and [the guide decides the move](https://mochatrade.com/learn/us-market-structure/us-earnings-explained). [Micron beat by $3.2 billion and finished the week lower](https://mochatrade.com/blog/mocha-markets-weekly-oct-05), and [a beat made of refund money does not get paid](https://mochatrade.com/blog/mocha-markets-weekly-dec). ### Earnings call URL: https://mochatrade.com/learn/glossary/earnings-call The earnings call is the conference call where management discusses results and takes analyst questions, usually within an hour or two of the release, in the small hours IST. The after-hours move often reverses on the call because [the guide and its tone come out here](https://mochatrade.com/learn/us-market-structure/us-earnings-explained), in [the thinnest book of the day](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form). ### Earnings season / earnings report URL: https://mochatrade.com/learn/glossary/earnings-season-earnings-report Earnings season is the weeks after each quarter ends when most US companies report, starting with the big banks around mid-January, April, July and October. Most results land [after the 1:30 AM IST close into a thin book](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form), and [the guide, not the quarter, moves the stock](https://mochatrade.com/learn/us-market-structure/us-earnings-explained). [PepsiCo usually writes the opening sentence](https://mochatrade.com/blog/mocha-markets-weekly-oct-05), and [the banks report next](https://mochatrade.com/blog/mocha-markets-weekly-12-oct). ### EBITDA URL: https://mochatrade.com/learn/glossary/ebitda EBITDA is earnings before interest, taxes, depreciation and amortisation: operating profit with debt costs and non-cash charges added back. It compares businesses with different debt loads and says nothing about what shareholders receive, so read it next to [free cash flow and the guide](https://mochatrade.com/learn/us-market-structure/us-earnings-explained), and remember [interest costs rise with the Fed](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets). ### Enterprise value URL: https://mochatrade.com/learn/glossary/enterprise-value Enterprise value is market capitalization plus debt minus cash: the price of buying the whole business, lenders included. EV/EBITDA compares companies with different debt loads fairly, which matters more as [rates rise and debt costs more](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets). [The annual report on EDGAR](https://mochatrade.com/learn/start-here/how-to-read-us-market-news) has every number. ### EPS URL: https://mochatrade.com/learn/glossary/eps EPS is earnings per share: net profit divided by shares outstanding. On results day it is compared with [the published consensus and the whisper number](https://mochatrade.com/learn/us-market-structure/us-earnings-explained), the filing behind it is [on EDGAR before the press release](https://mochatrade.com/learn/start-here/how-to-read-us-market-news), and a one-off cheque can inflate it, so [subtract tariff refunds before comparing](https://mochatrade.com/blog/mocha-markets-weekly-dec). ### Form 4 URL: https://mochatrade.com/learn/glossary/form-4 Form 4 is the SEC filing a company insider must make within two business days of buying or selling the company's shares. It is near real time and free on [EDGAR](https://mochatrade.com/learn/start-here/how-to-read-us-market-news), and it comes from [the same disclosure rules as results](https://mochatrade.com/learn/us-market-structure/us-earnings-explained). ### Forward guidance (Fed) URL: https://mochatrade.com/learn/glossary/forward-guidance Forward guidance is the Fed telling the market roughly what it plans to do next, so rate moves arrive pre-priced. When a chair refuses to give it, the market has to [add up every official speech instead](https://mochatrade.com/blog/mocha-markets-weekly-019), and [each Fed document](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets) gets read harder. ### Forward P/E URL: https://mochatrade.com/learn/glossary/forward-p-e Forward P/E is the share price divided by the earnings analysts expect over the next twelve months. It is built on a forecast that the company resets every quarter with [one sentence of guidance](https://mochatrade.com/learn/us-market-structure/us-earnings-explained), which is why [a beat can still send the stock down](https://mochatrade.com/blog/how-a-quiet-chip-company-became-a). ### Free cash flow URL: https://mochatrade.com/learn/glossary/free-cash-flow Free cash flow is the cash a business brings in from operations minus what it spends on equipment and buildings. Accounting shapes earnings; cash either arrived or did not. It funds [buybacks and dividends](https://mochatrade.com/learn/us-market-structure/us-earnings-explained), and Oracle spent $56 billion against $32 billion taken in over a year, [paying for data centres by selling stock](https://mochatrade.com/blog/mocha-markets-weekly-ccd). ### Gross margin URL: https://mochatrade.com/learn/glossary/gross-margin Gross margin is revenue minus the direct cost of making the product, as a percent of revenue. It shows pricing power, and a falling one on [results day](https://mochatrade.com/learn/us-market-structure/us-earnings-explained) can sink a stock that beat on revenue. [Rising input prices](https://mochatrade.com/learn/us-market-structure/us-inflation-explained) squeeze it, which is why [consumer companies get asked whether they passed costs on](https://mochatrade.com/blog/mocha-markets-weekly-019). ### Guidance (earnings guidance) URL: https://mochatrade.com/learn/glossary/guidance Guidance is a company's own forecast for the next quarter or year, given with results. The quarter was priced weeks ago; [the guide moves the forward number the price leans on](https://mochatrade.com/learn/us-market-structure/us-earnings-explained), so a beat with a cut guide falls, as [Broadcom did](https://mochatrade.com/blog/how-a-quiet-chip-company-became-a), and sometimes a cut that was feared [gets paid instead](https://mochatrade.com/blog/mocha-markets-weekly-12-oct). It lands [after the close into a thin book](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form). ### Net interest income URL: https://mochatrade.com/learn/glossary/net-interest-income Net interest income is what a bank earns on the gap between what it pays depositors and what it charges borrowers. Higher rates lift it while making the bonds the bank already holds worth less, so [the bank results in October 2026](https://mochatrade.com/blog/mocha-markets-weekly-12-oct) tested both at once. [Rates come from the Fed](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets); [how results are read](https://mochatrade.com/learn/us-market-structure/us-earnings-explained). ### Operating margin URL: https://mochatrade.com/learn/glossary/operating-margin Operating margin is operating profit as a percent of revenue: what is left after making the product and running the company, before interest and tax. [The guide on it](https://mochatrade.com/learn/us-market-structure/us-earnings-explained) moves stocks as much as revenue does, and [wage growth](https://mochatrade.com/learn/us-market-structure/us-jobs-report-explained) is the cost few companies can dodge. ### Order backlog (remaining performance obligations) URL: https://mochatrade.com/learn/glossary/order-backlog An order backlog is money customers have committed but not yet been billed for, called remaining performance obligations in US filings. It is an order book, not revenue, and for cloud companies it is the cleanest public read on whether AI spending is still being signed; [Oracle's stood at $455 billion a year earlier](https://mochatrade.com/blog/mocha-markets-weekly-28f) while [its cash could not keep up](https://mochatrade.com/blog/mocha-markets-weekly-ccd). [How results are read](https://mochatrade.com/learn/us-market-structure/us-earnings-explained). ### P/E ratio URL: https://mochatrade.com/learn/glossary/p-e-ratio The P/E ratio is share price divided by the last twelve months of earnings per share; 25 means $25 for each dollar of annual profit. It moves on a Fed night with no earnings news because [a higher rate makes future profit worth less today](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets), and [the earnings in the denominator](https://mochatrade.com/learn/us-market-structure/us-earnings-explained) change four times a year. ### Payout ratio URL: https://mochatrade.com/learn/glossary/payout-ratio Payout ratio is the share of earnings paid out as dividends; $1 paid on $4 earned is 25%. Above 100% the dividend comes from savings or debt. Check it against [the cash flow statement on EDGAR](https://mochatrade.com/learn/start-here/how-to-read-us-market-news), since dividends are paid in cash, and against [what the guide says about next year](https://mochatrade.com/learn/us-market-structure/us-earnings-explained). ### PEG ratio URL: https://mochatrade.com/learn/glossary/peg-ratio The PEG ratio is P/E divided by expected annual earnings growth in percent, so a P/E of 30 with 30% growth gives a PEG of 1. It rests on a growth forecast that [guidance moves every quarter](https://mochatrade.com/learn/us-market-structure/us-earnings-explained), and on [rate nights](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets) the P/E underneath it moves too. ### Price-to-sales ratio URL: https://mochatrade.com/learn/glossary/price-to-sales-ratio The price-to-sales ratio is market value divided by annual revenue, used for companies with no profit yet, where P/E means nothing. Ten means you pay ten years of today's revenue. It assumes revenue turns into profit one day, which [the guide](https://mochatrade.com/learn/us-market-structure/us-earnings-explained) and [the discount rate](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets) decide. ### Revenue URL: https://mochatrade.com/learn/glossary/revenue Revenue is the total money a company takes in from sales before any costs, the top line. Growth companies are judged on it first and on [the revenue guide](https://mochatrade.com/learn/us-market-structure/us-earnings-explained) most of all, and [the discount rate decides what future revenue is worth today](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets). ### SEC filings URL: https://mochatrade.com/learn/glossary/sec-filings SEC filings are the documents US listed companies must submit: 10-K annual, 10-Q quarterly, 8-K within four business days of a material event, Form 4 within two business days of an insider trade, S-1 before an IPO. [Read the filing, not the post about the filing](https://mochatrade.com/learn/start-here/how-to-read-us-market-news); the [disclosure rule is what makes earnings a calendar](https://mochatrade.com/learn/us-market-structure/us-earnings-explained). ### Whisper number URL: https://mochatrade.com/learn/glossary/whisper-number The whisper number is the unofficial earnings figure traders actually expect, usually above the published consensus for a popular stock. A company can beat consensus, miss the whisper and fall, which is [why good numbers produce a falling stock](https://mochatrade.com/learn/us-market-structure/us-earnings-explained); it lives in [the layer of what was already priced](https://mochatrade.com/learn/start-here/how-to-read-us-market-news). --- ## Orders & trading mechanics URL: https://mochatrade.com/learn/glossary/category/orders-trading ### Bid-ask spread URL: https://mochatrade.com/learn/glossary/bid-ask-spread The bid-ask spread is the gap between the best price to sell (bid) and the best price to buy (ask). Buy at the ask, sell at the bid, and you are down the spread before anything moves. It shrank from about six cents to one when [US prices went decimal in 2001](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained), it is [what the market maker earns for the seconds before his hedge](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks), and when it widens with no news, [that is the news](https://mochatrade.com/blog/mocha-markets-weekly-dec). [Spreads and fees on Mochatrade](https://mochatrade.com/support/mochatrade-trading-fees-and-funding-rates-explained). ### Circuit breaker (US) URL: https://mochatrade.com/learn/glossary/circuit-breaker A US circuit breaker halts trading. Market-wide, an S&P 500 fall of 7% or 13% stops all stocks for fifteen minutes and 20% ends the day; single stocks pause for five minutes at [the edge of their price band](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form). Market-wide breakers belong to [the shocks lecture](https://mochatrade.com/learn), and [a contract on a frozen stock](https://mochatrade.com/support/what-is-a-perpetual-contract-and-does-it-expire) keeps trading. ### Day trading and the PDT rule URL: https://mochatrade.com/learn/glossary/day-trading-and-the-pdt-rule Day trading is opening and closing a position in the same session. The PDT rule is FINRA's pattern day trader rule: a US margin account under $25,000 that makes four or more day trades in five business days gets restricted. It lives with [the brokers' own referee](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained), not on every venue, and the base rate to start from is that [nine in ten Indian F&O traders lost money](https://mochatrade.com/learn/start-here/us-markets-for-indian-traders). ### Dollar-cost averaging URL: https://mochatrade.com/learn/glossary/dollar-cost-averaging Dollar-cost averaging is investing a fixed amount at fixed intervals whatever the price, so you buy more units when cheap and fewer when dear. It is sizing by calendar, which works for [holding without leverage](https://mochatrade.com/learn/start-here/us-markets-for-indian-traders) and stops working [once a liquidation price exists](https://mochatrade.com/learn). [The Buffett way](https://mochatrade.com/blog/the-warren-buffett-way-buy-a-great) is its long case. ### Gap up and gap down URL: https://mochatrade.com/learn/glossary/gap-up-and-gap-down A gap is a price opening far from where it last traded, with nothing in between. US stocks gap at 7:00 PM IST because [news lands after the close](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form), [results most of all](https://mochatrade.com/learn/us-market-structure/us-earnings-explained), and [a stop does not protect you through it](https://mochatrade.com/support/order-types-available-on-mochatrade). The Monday open after a weekend is the biggest gap [a contract that trades all week](https://mochatrade.com/support/what-is-a-perpetual-contract-and-does-it-expire) has to bridge. ### Hard to borrow URL: https://mochatrade.com/learn/glossary/hard-to-borrow A hard-to-borrow stock is one where lenders have few shares left, so the borrow fee jumps and shorts can be recalled. On such names [a cash-settled claim is the only free door left to short](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks), and its [funding rate shows it](https://mochatrade.com/support/mochatrade-trading-fees-and-funding-rates-explained). ### Limit order URL: https://mochatrade.com/learn/glossary/limit-order A limit order buys or sells only at your price or better. You control the price, the market decides whether you trade, and it can fill partly. In [one full NVDA trade](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough) it sits at the top of the book; the trade-off against a market order comes from [how the book works](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form). [Limit orders on Mochatrade](https://mochatrade.com/support/order-types-available-on-mochatrade). ### Liquidity URL: https://mochatrade.com/learn/glossary/liquidity Liquidity is how much you can trade without moving the price: a tight spread and deep size at each level. US Treasuries are [the deepest market on earth](https://mochatrade.com/learn/start-here/us-markets-for-indian-traders). Liquidity vanishes when you need it, because [market makers pull quotes into every number](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks), and the after-hours book is [thin by design](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form). ### Long and short position URL: https://mochatrade.com/learn/glossary/long-and-short-position A long position profits when the price rises; a short position profits when it falls. On a contract on the price, going short is one click with no borrow because you never hold the share, as [one short on Nvidia shows](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough), and [someone with the opposite view, or a hedging market maker](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks), is always on the other side. ### Market maker URL: https://mochatrade.com/learn/glossary/market-maker A market maker quotes a price to buy and a slightly higher price to sell all day and earns the spread. Since [US prices moved to one-cent steps in 2001](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained) they are computers, they hedge every fill so they hold no view, and they [pull quotes when they cannot predict the next minute](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks). Where options pile up at one strike, [their hedging can pin the stock](https://mochatrade.com/blog/mocha-markets-weekly-ccd). ### Market order URL: https://mochatrade.com/learn/glossary/market-order A market order buys or sells immediately at the best price available. It always fills, but at the ask if you buy and the bid if you sell, never at the last price on the chart, and in a thin book it [walks through several price levels](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form). [Mochatrade order types](https://mochatrade.com/support/order-types-available-on-mochatrade) list it next to the limit order [used in one full trade](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough). ### Order book URL: https://mochatrade.com/learn/glossary/order-book An order book is the list of every resting buy and sell order, bids on one side and asks on the other, sorted by price. A trade prints the moment a buyer meets the ask or a seller meets the bid, and [that print is what your chart shows](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form). [Read the size at each level before you size](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough), and read [the gap between the two best prices as fear](https://mochatrade.com/blog/mocha-markets-weekly-dec). ### Partial fill URL: https://mochatrade.com/learn/glossary/partial-fill A partial fill is when only part of a limit order executes because not enough size sat at your price; the rest keeps waiting. Ask for 100, find 40 at your price, and 40 fill. [Read the size at the top of the book](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough) before placing, and see [how limit orders work on Mochatrade](https://mochatrade.com/support/order-types-available-on-mochatrade). ### Settlement (T+1 in US) URL: https://mochatrade.com/learn/glossary/settlement Settlement is when the cash and shares from a trade actually change hands; US stocks settle T+1, the next business day, since May 2024, like India. The [official close it prices from](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form) is one auction trade. A margined contract settles profit and loss continuously, so it has no settlement day; [how money moves on Mochatrade](https://mochatrade.com/support/currency-conversion-and-settlement). ### Short interest URL: https://mochatrade.com/learn/glossary/short-interest Short interest is the number of a stock's shares sold short and not yet bought back, published twice a month by FINRA. High short interest with few shares left to lend is the fuel for [a squeeze](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks); on a contract the [funding rate shows the same crowding live](https://mochatrade.com/learn/start-here/how-to-read-us-market-news). ### Short selling URL: https://mochatrade.com/learn/glossary/short-selling Short selling is selling a borrowed share to buy it back cheaper. The loss is open-ended if the price rises, the borrow costs a fee, and when lenders run out the stock is [hard to borrow and squeezable](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks). A cash-settled contract needs no borrow; [one short, start to finish](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough), and [funding shows how crowded it is](https://mochatrade.com/support/mochatrade-trading-fees-and-funding-rates-explained). ### Short squeeze URL: https://mochatrade.com/learn/glossary/short-squeeze A short squeeze is a fast rise forced by short sellers buying back to cap losses, which pushes the price higher and forces out the next ones. It happens when [the borrow runs out](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks); on futures the same fuel builds when [funds keep adding shorts while the index rises](https://mochatrade.com/blog/mocha-markets-weekly-12-oct), and [silver in 2021](https://mochatrade.com/learn) is the commodity version. ### Slippage URL: https://mochatrade.com/learn/glossary/slippage Slippage is the gap between the price you expected and the price you got. It comes from the spread, from a thin book your order walks through, and from the price moving between click and fill: [fill predicted, fill actual, and the gap between them has a name](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough). [Thin books slip more](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form), and the [max slippage setting](https://mochatrade.com/support/order-types-available-on-mochatrade) caps it. ### Stop-limit order URL: https://mochatrade.com/learn/glossary/stop-limit-order A stop-limit order becomes a limit order, not a market order, at its trigger. It refuses a bad fill in a gap, and that is also its danger: the price can run through your limit and leave you unfilled while the loss grows. [How a thin book gaps](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form); [order types on Mochatrade](https://mochatrade.com/support/order-types-available-on-mochatrade). ### Stop-loss order URL: https://mochatrade.com/learn/glossary/stop-loss-order A stop-loss order turns into a market order when the price reaches a trigger, to cap a loss. It is a request, not a guarantee: in a gap it fills wherever the book is, which [the Monday open tests](https://mochatrade.com/learn). On a leveraged position your real stop is the nearer of your stop and your [liquidation price](https://mochatrade.com/support/how-leverage-and-margin-work-on-mochatrade). [Stop orders on Mochatrade](https://mochatrade.com/support/order-types-available-on-mochatrade). ### Take-profit order URL: https://mochatrade.com/learn/glossary/take-profit-order A take-profit order closes a position automatically when the price reaches your target, usually as a limit order so the exit is at your price or better. With a stop it brackets the trade, the TP/SL on [the order panel](https://mochatrade.com/support/order-types-available-on-mochatrade), and it is the target line on [the card you write before entry](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough). A [call wall on the option chain](https://mochatrade.com/blog/mocha-markets-weekly-ccd) is one place traders put it. ### Trailing stop order URL: https://mochatrade.com/learn/glossary/trailing-stop-order A trailing stop moves the stop trigger behind the price by a fixed amount or percent as a trade goes your way, and stays put when it turns. It locks in part of a gain without picking a target, and like any stop it [fills at market in a gap](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form). Check [which order types your venue offers](https://mochatrade.com/support/order-types-available-on-mochatrade). ### Volatility / VIX URL: https://mochatrade.com/learn/glossary/volatility-vix Volatility is how much a price swings. The VIX is Cboe's index of how far the S&P 500 is expected to move over thirty days, priced from options; 20 means about 1.3% a day. It is [fear priced, not measured](https://mochatrade.com/learn/start-here/how-to-read-us-market-news), it sits in [the counts column of the US map](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained), and it [rises into a Fed decision and falls straight after](https://mochatrade.com/blog/mocha-markets-weekly-019). ### Volume URL: https://mochatrade.com/learn/glossary/volume Volume is how many shares or contracts changed hands in a period. About half of US stock volume is [filled off exchange by wholesalers](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form), and on a contract [open interest says how much money is in the trade](https://mochatrade.com/learn/start-here/how-to-read-us-market-news) while volume says how much moved. Ninety times normal volume with no news [is a mechanism, not a company](https://mochatrade.com/blog/what-happens-when-the-only-thing). --- ## Leverage, margin & derivatives URL: https://mochatrade.com/learn/glossary/category/leverage-margin-derivatives ### Buying power URL: https://mochatrade.com/learn/glossary/buying-power Buying power is the position value your free margin can open at the allowed leverage: ₹20,000 at 10x is ₹2,00,000. It shrinks when you open a position and again as it loses; it is the available-to-trade figure on [the order panel](https://mochatrade.com/support/how-leverage-and-margin-work-on-mochatrade), and [one trade shows it move](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough). ### Call option URL: https://mochatrade.com/learn/glossary/call-option A call option is the right to buy at the strike before expiry. Strike 24,200 and premium 80 means profit only above 24,280, because in the money is not in profit; [the Module 0 quiz works the full sum](https://mochatrade.com/learn/start-here/quiz). Before results you can be [right on direction and still lose on the call](https://mochatrade.com/blog/mocha-markets-weekly-12-oct). If any of this is new, [start with Varsity and come back](https://mochatrade.com/learn/start-here/us-markets-for-indian-traders). ### Commitments of Traders (COT) report URL: https://mochatrade.com/learn/glossary/commitments-of-traders-report The Commitments of Traders report is the CFTC's weekly breakdown of who holds US futures: producers, dealers, hedge funds. It lands Friday for Tuesday's positions, about 1:00 AM Saturday IST. In September 2026 it showed funds [closing a Nasdaq short before the Fed](https://mochatrade.com/blog/mocha-markets-weekly-019) and [rebuilding it five times larger a week later](https://mochatrade.com/blog/mocha-markets-weekly-dec). [The CFTC is the futures referee](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained). ### Cost of carry URL: https://mochatrade.com/learn/glossary/cost-of-carry Cost of carry is what it costs to hold a position over time: storage, insurance and interest, minus any income. It is why futures usually sit above spot and the gap shrinks to zero at expiry, as [the Module 0 quiz shows](https://mochatrade.com/learn/start-here/quiz). On a perpetual the carry is paid as funding, on a different rhythm; [one held position](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough) shows it. ### Drawdown URL: https://mochatrade.com/learn/glossary/drawdown Drawdown is the fall from an account's peak to its trough, in percent. Recovery is lopsided: minus 50% needs plus 100% to get back, minus 80% needs plus 400%, which is why [sizing is built around the worst path](https://mochatrade.com/learn) and why [nine in ten Indian F&O traders lost money](https://mochatrade.com/learn/start-here/us-markets-for-indian-traders). ### Expectancy URL: https://mochatrade.com/learn/glossary/expectancy Expectancy is the average result per trade: win rate times average win minus loss rate times average loss, usually counted in R, the amount risked. Positive is an edge, and it still means nothing without how often you can take the trade. [Module 5](https://mochatrade.com/learn) builds sizing on it, checked against [the ledger after each trade](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough). ### Expected move URL: https://mochatrade.com/learn/glossary/expected-move The expected move is the size of move the options market is pricing for an event: add the at-the-money call and put premiums and divide by the stock price. ₹300 of premium on a ₹4,000 stock is 7.5%, and if you expect less, [buy the stock, not the option](https://mochatrade.com/blog/mocha-markets-weekly-12-oct). On [results night](https://mochatrade.com/learn/us-market-structure/us-earnings-explained) it is the bar the stock has to clear. ### Futures contract URL: https://mochatrade.com/learn/glossary/futures-contract A futures contract is an exchange-traded agreement to buy or sell at a set price on a set date, settled daily against margin. It binds both sides, and at expiry it converges to the real price, which [the Module 0 quiz checks](https://mochatrade.com/learn/start-here/quiz). Futures began on [rice at Dojima and grain in Chicago](https://mochatrade.com/learn), and [index futures are the US market price overnight](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form). ### Hedging URL: https://mochatrade.com/learn/glossary/hedging Hedging is taking a second position that loses when your first one wins, to cut risk. [Market makers hedge every fill and hold no view](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks). For an Indian trader the hidden unhedged bet is usually the dollar, because [every dollar position is also a rupee bet](https://mochatrade.com/learn/start-here/us-markets-for-indian-traders); [a short contract](https://mochatrade.com/support/order-types-available-on-mochatrade) is a hedge in rupees, and US airlines that do not hedge fuel [wear the oil price](https://mochatrade.com/blog/crude-oil-war-and-slippery-slopes). ### Implied volatility URL: https://mochatrade.com/learn/glossary/implied-volatility Implied volatility is the volatility an option's price implies, worked backward from the premium: the market's priced expectation of the move. It rises into [earnings](https://mochatrade.com/learn/us-market-structure/us-earnings-explained) and collapses after, and the [VIX is implied volatility for the S&P 500](https://mochatrade.com/learn/start-here/how-to-read-us-market-news). ### Index futures (E-mini S&P 500) URL: https://mochatrade.com/learn/glossary/index-futures Index futures are futures on a stock index, like the E-mini S&P 500 on [the CME](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained). They trade almost round the clock, so between the US close and open [they are the price of the whole US market](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form), they [move first on an inflation print](https://mochatrade.com/learn/us-market-structure/us-inflation-explained), and the weekly file shows [how hard hedge funds are betting against them](https://mochatrade.com/blog/mocha-markets-weekly-12-oct). ### Initial margin vs maintenance margin URL: https://mochatrade.com/learn/glossary/initial-margin-vs-maintenance-margin Initial margin is the deposit to open a position; maintenance margin is the floor your account must stay above to keep it. The gap between them is how far the price can move against you, and [the liquidation price comes from the maintenance level](https://mochatrade.com/support/how-leverage-and-margin-work-on-mochatrade). It is the first number to compute, in [Module 3](https://mochatrade.com/learn). ### IV crush URL: https://mochatrade.com/learn/glossary/iv-crush IV crush is the drop in an option's price when the uncertainty it was charging for disappears, typically the morning after results. A ₹150 call can be worth ₹130 after a 3% move in your favour, because [you paid for a bigger move than you got](https://mochatrade.com/blog/mocha-markets-weekly-12-oct). It is the option side of [why good numbers produce a falling stock](https://mochatrade.com/learn/us-market-structure/us-earnings-explained). ### Kelly criterion URL: https://mochatrade.com/learn/glossary/kelly-criterion The Kelly criterion is the bet size that maximises long-run growth given your edge and odds. Bet above it and growth falls fast, at about twice Kelly it turns negative despite a real edge, so traders use a fraction of it. [Module 5](https://mochatrade.com/learn) works it through, and [Druckenmiller](https://mochatrade.com/blog/stanley-druckenmiller-built-a-framework) shows concentration when the edge is clear. ### Leverage in trading URL: https://mochatrade.com/learn/glossary/leverage-in-trading Leverage is controlling a position bigger than the money you put up. At 5x, ₹10,000 of margin controls ₹50,000, so a 2% move is 10% of your money and a 20% move against you is all of it. [One 5x trade, start to finish](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough); [how leverage works on Mochatrade](https://mochatrade.com/support/how-leverage-and-margin-work-on-mochatrade); and why [leverage is the fourth number, not the first](https://mochatrade.com/learn). ### Leverage ratio URL: https://mochatrade.com/learn/glossary/leverage-ratio The leverage ratio is position value divided by margin: ₹50,000 on ₹10,000 is 5x. One over the ratio is how far the price can move against you before the margin is gone: 20% at 5x, 5% at 20x, 2% at 50x. [The Module 0 quiz turns a 2% index move into 20% of margin](https://mochatrade.com/learn/start-here/quiz); [leverage on Mochatrade](https://mochatrade.com/support/how-leverage-and-margin-work-on-mochatrade). ### Liquidation / forced square-off URL: https://mochatrade.com/learn/glossary/liquidation-forced-square-off Liquidation, or forced square-off, is the venue closing a leveraged position because the margin can no longer cover the loss, at a price computed before you entered. No call, no choice, and the fill can be worse. [Read it off the panel before the click](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough); when many sit at one level, [each forced sale triggers the next](https://mochatrade.com/blog/mocha-markets-weekly-019). [How Mochatrade liquidates](https://mochatrade.com/support/how-leverage-and-margin-work-on-mochatrade). ### Liquidation cascade URL: https://mochatrade.com/learn/glossary/liquidation-cascade A liquidation cascade is a chain of forced closes: traders with similar entries and leverage have liquidation prices a few dollars apart, the first one sells at market, that pushes the price into the next, and so on. Because those levels are known in advance, [the cluster becomes a magnet](https://mochatrade.com/blog/mocha-markets-weekly-019); a $2.74 billion night of short liquidations is the other direction. [Liquidation on Mochatrade](https://mochatrade.com/support/how-leverage-and-margin-work-on-mochatrade). ### Margin call URL: https://mochatrade.com/learn/glossary/margin-call A margin call is a broker's demand for more funds when your account falls below the required margin; ignore it and positions are closed. On a venue that liquidates automatically there is no call, because [the liquidation price is on the panel before you click](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough). Elsewhere, [a fund at its margin limit is a forced seller](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks). [Margin on Mochatrade](https://mochatrade.com/support/how-leverage-and-margin-work-on-mochatrade). ### Margin interest URL: https://mochatrade.com/learn/glossary/margin-interest Margin interest is what a US broker charges, daily, on cash it lends you to buy shares. A perpetual contract has no loan and no margin interest; its holding cost is [funding, paid between traders](https://mochatrade.com/support/mochatrade-trading-fees-and-funding-rates-explained), which [one held position shows landing](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough). ### Margin requirement URL: https://mochatrade.com/learn/glossary/margin-requirement A margin requirement is the minimum collateral for a position as a percent of its value: 10% is the same as 10x leverage. It rises for larger positions and volatile symbols, so the advertised leverage is a maximum. [Requirements by symbol on Mochatrade](https://mochatrade.com/support/how-leverage-and-margin-work-on-mochatrade); [what is listed](https://mochatrade.com/support/what-can-i-trade-on-mochatrade). ### Margin trading URL: https://mochatrade.com/learn/glossary/margin-trading Margin trading is taking a position larger than your deposit, the margin. A US broker lends you cash at interest; on a margined contract nothing is borrowed, the margin is marked against the position every second, and the holding cost is [funding, not interest](https://mochatrade.com/support/mochatrade-trading-fees-and-funding-rates-explained). [One margined trade on a practice venue](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough); [margin on Mochatrade](https://mochatrade.com/support/how-leverage-and-margin-work-on-mochatrade). ### Negative balance protection URL: https://mochatrade.com/learn/glossary/negative-balance-protection Negative balance protection means you cannot lose more than the money in your account, even when a gap jumps past your liquidation price. On isolated margin the most you can lose on a position is the margin posted to it, which is how [the Mochatrade support pages describe it](https://mochatrade.com/support/how-leverage-and-margin-work-on-mochatrade); [where the shortfall goes](https://mochatrade.com/learn) is a Module 3 question. ### Notional value URL: https://mochatrade.com/learn/glossary/notional-value Notional value is the full size of a position, price times quantity, whatever margin backs it: ₹50,000 of exposure on ₹10,000 of margin has a notional of ₹50,000. Fees, funding and profit are all charged on it, which is why [leverage multiplies cost, not only risk](https://mochatrade.com/support/mochatrade-trading-fees-and-funding-rates-explained). It is the order value on [the card in lecture 0.2](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough). ### Option open interest URL: https://mochatrade.com/learn/glossary/option-open-interest Option open interest is the number of option contracts that exist at a strike right now, free on any option chain. The strike above the price with the most call open interest tends to act as a ceiling and the one below with the most puts as a floor, because [market makers hedging those contracts trade the stock](https://mochatrade.com/blog/mocha-markets-weekly-ccd). It belongs to [the layer of what is already priced](https://mochatrade.com/learn/start-here/how-to-read-us-market-news). ### Options contract URL: https://mochatrade.com/learn/glossary/options-contract An options contract gives the buyer the right, not the obligation, to buy (call) or sell (put) at a strike before expiry, for a premium. The buyer can lose only the premium; the seller can lose far more. [The Module 0 quiz](https://mochatrade.com/learn/start-here/quiz) tests the two common mistakes, US options trade on [Cboe, which also runs the VIX](https://mochatrade.com/learn/us-market-structure/us-stock-market-explained), and the chain is [a read of what the market expects](https://mochatrade.com/learn/start-here/how-to-read-us-market-news). ### Overnight financing / swap fee URL: https://mochatrade.com/learn/glossary/overnight-financing-swap-fee Overnight financing, or a swap fee, is the daily interest a broker charges for holding a leveraged position past the session close, paid to the broker. On a perpetual the equivalent is [funding, paid between traders](https://mochatrade.com/support/mochatrade-trading-fees-and-funding-rates-explained) and received as often as paid; [one stamp landing](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough) shows it. ### Position sizing URL: https://mochatrade.com/learn/glossary/position-sizing Position sizing is deciding how much to trade: the rupees you are willing to lose divided by the distance from entry to stop. Size is the output and leverage is the fourth number; [NSE lot sizes used to do this for you](https://mochatrade.com/learn). [One trade sized on a card before the click](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough); [margin per symbol on Mochatrade](https://mochatrade.com/support/how-leverage-and-margin-work-on-mochatrade). ### Put option URL: https://mochatrade.com/learn/glossary/put-option A put option is the right to sell at the strike before expiry, so it gains when the price falls: insurance on a holding, or a short with the loss capped at the premium. When everyone is buying puts, [the fear is already in the price](https://mochatrade.com/learn/start-here/how-to-read-us-market-news); a [cash-settled short](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough) is the uncapped alternative. ### Risk-reward ratio URL: https://mochatrade.com/learn/glossary/risk-reward-ratio The risk-reward ratio compares what you lose if the stop is hit with what you gain at target: risking ₹1,000 to make ₹3,000 is 1:3. Alone it means nothing; with a win rate it becomes [expectancy](https://mochatrade.com/learn). [The Druckenmiller framework](https://mochatrade.com/blog/stanley-druckenmiller-built-a-framework) is the concentrated version. ### Stop-out level URL: https://mochatrade.com/learn/glossary/stop-out-level The stop-out level is the margin level at which a venue closes your positions for you, at whatever the book gives. It is the venue's trigger, not your stop: [compute the price where it hits before entry](https://mochatrade.com/support/how-leverage-and-margin-work-on-mochatrade), and know [what moves it while you sleep](https://mochatrade.com/learn). ### Strike price and expiry URL: https://mochatrade.com/learn/glossary/strike-price-and-expiry The strike price is where an option pays; expiry is when a contract ends. Expiry is what ties a future to the real price, which is why [the gap goes to zero on expiry day](https://mochatrade.com/learn/start-here/quiz). A perpetual has no expiry, so [something else must pull its price back](https://mochatrade.com/support/what-is-a-perpetual-contract-and-does-it-expire), and [Module 3](https://mochatrade.com/learn) asks what is left when expiry is removed. --- ## Commodities with leverage URL: https://mochatrade.com/learn/glossary/category/commodities ### Aluminium URL: https://mochatrade.com/learn/glossary/aluminium Aluminium is the light industrial metal whose production is mostly electricity, so its price is partly a power price. China makes over half the world's supply and the LME is the real market. [Module 2 covers it with copper](https://mochatrade.com/learn); [aluminium on Mochatrade](https://mochatrade.com/support/what-can-i-trade-on-mochatrade). ### Central bank gold buying URL: https://mochatrade.com/learn/glossary/central-bank-gold-buying Central bank gold buying is reserve managers adding gold, about a thousand tonnes a year from 2022 to 2024 per the World Gold Council. It is a buyer with no price target, sitting next to [real yields](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets) as a driver of gold; [Module 2](https://mochatrade.com/learn). ### COMEX URL: https://mochatrade.com/learn/glossary/comex COMEX is the New York exchange, part of CME Group, where benchmark gold, silver and copper futures trade. Globex runs from about 3:30 AM Monday to 2:30 AM Saturday IST, an hour later in winter. [New York makes the futures price, London makes spot](https://mochatrade.com/learn), and [the copper contract copies COMEX](https://mochatrade.com/support/what-is-a-perpetual-contract-and-does-it-expire). ### Commodity ETF URL: https://mochatrade.com/learn/glossary/commodity-etf A commodity ETF tracks a commodity either by holding the metal or by holding futures and rolling them. Futures-based oil funds bleed in contango because each roll sells low and buys high. [Module 2 works the roll](https://mochatrade.com/learn); [index funds rolling on schedule](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks) are who you trade against. ### Commodity trading URL: https://mochatrade.com/learn/glossary/commodity-trading Commodity trading is buying and selling the price of raw materials like gold, oil, gas and copper, almost always through contracts rather than the goods. The prices are made in London, New York and Shanghai, in dollars, and they behave differently [because of how each one is stored](https://mochatrade.com/learn). [An oil price taken apart, one claim at a time](https://mochatrade.com/blog/crude-oil-war-and-slippery-slopes); [what is listed on Mochatrade](https://mochatrade.com/support/what-can-i-trade-on-mochatrade). ### Contango and backwardation URL: https://mochatrade.com/learn/glossary/contango-and-backwardation Contango is later futures months priced above nearer ones, the normal state when storage costs money; backwardation is the reverse, when the market wants the commodity now. A long rolling in contango sells cheap and buys dear each month, which is how [an oil fund loses while oil goes nowhere](https://mochatrade.com/learn). Watch [the front Brent month against the six-month](https://mochatrade.com/blog/crude-oil-war-and-slippery-slopes), and [who is forced to roll](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks). ### Contract rollover URL: https://mochatrade.com/learn/glossary/contract-rollover Contract rollover is closing an expiring futures month and opening the next to stay exposed. Front at $85.00, next at $84.50, and the reference falls 50 cents over the roll while no barrel changed price. The perp has no expiry, [its reference does](https://mochatrade.com/support/what-is-a-perpetual-contract-and-does-it-expire); [index funds roll on a published schedule](https://mochatrade.com/learn/us-market-structure/who-moves-us-stocks), and [Module 2](https://mochatrade.com/learn) gives the arithmetic. ### Copper URL: https://mochatrade.com/learn/glossary/copper Copper is the industrial metal priced three ways: LME in dollars per tonne, COMEX in cents per pound, Shanghai in yuan. China uses more than half, warehouse stocks are public, and a new mine takes a decade, so the price is the cycle plus the visible pile. Its reads are [the PMI](https://mochatrade.com/learn) and [the dollar](https://mochatrade.com/learn/start-here/us-markets-for-indian-traders), and the COMEX contract is [what a copper claim copies](https://mochatrade.com/support/what-is-a-perpetual-contract-and-does-it-expire). ### Crack spread URL: https://mochatrade.com/learn/glossary/crack-spread The crack spread is the gap between the price of crude and the products refined from it, petrol and diesel. A refiner earns that gap, not the oil price, so when it widens a refiner can hit a multi-year high in the same week an airline [takes a $6 billion fuel hit](https://mochatrade.com/blog/crude-oil-war-and-slippery-slopes). One oil price, [lows and highs across the S&P 500](https://mochatrade.com/blog/mocha-markets-weekly-28f). ### Crude oil (WTI vs Brent) URL: https://mochatrade.com/learn/glossary/crude-oil Crude oil trades as two benchmarks: WTI at the Cushing pipeline hub on NYMEX, and Brent at sea on ICE, which prices most of the world's oil including India's imports. A barrel is priced off flow, storage, demand and [a premium for the next barrel that might not arrive](https://mochatrade.com/blog/crude-oil-war-and-slippery-slopes), which is how Brent [rose 8% in the week supply came back](https://mochatrade.com/blog/mocha-markets-weekly-28f). Oil feeds [inflation](https://mochatrade.com/learn/us-market-structure/us-inflation-explained); [oil on Mochatrade](https://mochatrade.com/support/what-can-i-trade-on-mochatrade). ### Cushing URL: https://mochatrade.com/learn/glossary/cushing Cushing, Oklahoma is the pipeline and tank hub where WTI is delivered, so WTI depends on storage there. When Cushing filled in April 2020 the expiring contract went below zero. [Storage is the shock absorber](https://mochatrade.com/learn), and [US tanks sitting near normal](https://mochatrade.com/blog/crude-oil-war-and-slippery-slopes) ruled storage out as the 2026 driver. ### EIA petroleum status report URL: https://mochatrade.com/learn/glossary/eia-petroleum-status-report The EIA weekly petroleum status report counts US crude and fuel stocks, released Wednesday at 8:00 PM IST, 9:00 PM in winter. A bigger draw than expected means demand outran supply, and [distillates can be tight while crude is not](https://mochatrade.com/blog/crude-oil-war-and-slippery-slopes). Put it on [your IST calendar](https://mochatrade.com/learn/start-here/how-to-read-us-market-news); [Module 2](https://mochatrade.com/learn). ### Gold ETF URL: https://mochatrade.com/learn/glossary/gold-etf A gold ETF is a listed fund that holds bars in a vault and issues units that track the gold price. An issuer holds the gold, you hold a claim, and creation and redemption keep the two close, [the same claim shape as a contract](https://mochatrade.com/support/what-is-a-perpetual-contract-and-does-it-expire). ETF flows drive gold next to [real yields](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets); [Module 2](https://mochatrade.com/learn). ### Gold futures URL: https://mochatrade.com/learn/glossary/gold-futures Gold futures are exchange-traded contracts on gold, the benchmark on COMEX in dollars per troy ounce, trading above London spot by the carry. Gold pays nothing, so [real yields move it more than mines do](https://mochatrade.com/learn/us-market-structure/how-the-fed-moves-markets), and [MCX gold is this price times the rupee, plus duty](https://mochatrade.com/learn). A gold contract on Mochatrade [references spot, not COMEX](https://mochatrade.com/support/what-is-a-perpetual-contract-and-does-it-expire). ### Gold/silver ratio URL: https://mochatrade.com/learn/glossary/gold-silver-ratio The gold/silver ratio is how many ounces of silver buy one ounce of gold. It rises in fear, when gold is bid and industry is not, and falls in booms; it hit about 125 in March 2020. It is a read, not a rule: [Module 2](https://mochatrade.com/learn), [both metals on Mochatrade](https://mochatrade.com/support/what-can-i-trade-on-mochatrade). ### Henry Hub URL: https://mochatrade.com/learn/glossary/henry-hub Henry Hub is the Louisiana pipeline junction where the US natural gas benchmark is priced, in dollars per million BTU, and traded as NYMEX gas futures. Europe's TTF and Asia's JKM are separate prices. [Module 2](https://mochatrade.com/learn); [what the gas contract references](https://mochatrade.com/support/what-is-a-perpetual-contract-and-does-it-expire). ### IEA URL: https://mochatrade.com/learn/glossary/iea The IEA is the International Energy Agency, the Paris-based watchdog for oil-buying countries. Its monthly report forecasts world demand, and it coordinates emergency stock releases, like [up to 100 million barrels in October 2026](https://mochatrade.com/blog/mocha-markets-weekly-oct-05). When it and OPEC disagree, [they are describing two different markets](https://mochatrade.com/blog/mocha-markets-weekly-12-oct); [Module 2](https://mochatrade.com/learn). ### LBMA gold price URL: https://mochatrade.com/learn/glossary/lbma-gold-price The LBMA gold price is the London benchmark set by electronic auction twice a day, at 3:00 PM and 7:30 PM IST (4:00 PM and 8:30 PM in winter), which replaced the London fix in 2015. Central banks and contracts settle against it; [Module 2 tells its history](https://mochatrade.com/learn), and [a spot gold contract trades through the hours it is not set](https://mochatrade.com/support/what-is-a-perpetual-contract-and-does-it-expire). ### LME URL: https://mochatrade.com/learn/glossary/lme The LME is the London Metal Exchange, started in a coffee house in 1877, where copper, aluminium, nickel and zinc are priced in dollars per tonne. Its warehouse stocks are public every day, and in March 2022 it cancelled a day of nickel trades. [Module 2](https://mochatrade.com/learn); [base metals on Mochatrade](https://mochatrade.com/support/what-can-i-trade-on-mochatrade). ### Lot size and tick size URL: https://mochatrade.com/learn/glossary/lot-size-and-tick-size Lot size is how much one contract covers, like 100 troy ounces for COMEX gold or 1,000 barrels for WTI; tick size is the smallest price step. One tick on one lot of either is worth ten dollars. [The Module 0 quiz runs on a fifty-unit lot](https://mochatrade.com/learn/start-here/quiz); [Mochatrade sizes](https://mochatrade.com/support/order-types-available-on-mochatrade) go far smaller, which puts [sizing on you](https://mochatrade.com/learn). ### MCX vs COMEX URL: https://mochatrade.com/learn/glossary/mcx-vs-comex MCX is India's commodity exchange, pricing gold in rupees per 10 grams and shut at night and on weekends; COMEX is the New York exchange that sets the dollar price per troy ounce. MCX gold is the dollar price times the rupee plus import duty and the Mumbai premium, three charts in one; [Module 2 does the arithmetic](https://mochatrade.com/learn), and most of the move happens [during the American session](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form). ### Mini and micro contracts URL: https://mochatrade.com/learn/glossary/mini-and-micro-contracts Mini and micro contracts are smaller versions of a standard futures contract: micro gold is 10 ounces against 100, micro WTI 100 barrels against 1,000. Same price, a tenth of the margin. CME's one-ounce gold went 24/7 in July 2026, so [a weekend gold price now exists outside perpetuals](https://mochatrade.com/learn); [sizes on Mochatrade](https://mochatrade.com/support/order-types-available-on-mochatrade). ### Natural gas URL: https://mochatrade.com/learn/glossary/natural-gas Natural gas moves by pipe, so it has three regional prices, Henry Hub, TTF and JKM, linked only by LNG tankers. Storage fills April to October and drains in winter, the US storage number lands Thursday at 8:00 PM IST, and weather is the demand. [Module 2](https://mochatrade.com/learn); [gas on Mochatrade](https://mochatrade.com/support/what-can-i-trade-on-mochatrade). ### NYMEX URL: https://mochatrade.com/learn/glossary/nymex NYMEX is the New York Mercantile Exchange, part of CME Group, home of WTI crude since 1983, Henry Hub gas and platinum. MCX crude settles on a NYMEX print, so the Indian price is derived. An oil contract references a NYMEX month that [rolls every month](https://mochatrade.com/learn); [what Mochatrade references](https://mochatrade.com/support/what-is-a-perpetual-contract-and-does-it-expire). ### Oil risk premium URL: https://mochatrade.com/learn/glossary/oil-risk-premium The oil risk premium is the part of the oil price that pays for the chance the next barrel does not arrive, not for any barrel that is missing. It holds as long as the threat does, so [it can lift Brent while tankers are sailing normally](https://mochatrade.com/blog/crude-oil-war-and-slippery-slopes), and it leaves the price only when the flow can be verified. [Storage and the other three inputs](https://mochatrade.com/learn). ### OPEC+ URL: https://mochatrade.com/learn/glossary/opec-plus OPEC+ is OPEC's members plus Russia and other producers, agreeing output quotas: the one cartel that moves a global price. Its monthly report and [the IEA report land in the same week](https://mochatrade.com/blog/mocha-markets-weekly-12-oct), decisions sometimes come [when most of the oil market is shut](https://mochatrade.com/learn), and oil reaches [US inflation](https://mochatrade.com/learn/us-market-structure/us-inflation-explained). ### Palladium URL: https://mochatrade.com/learn/glossary/palladium Palladium is the metal in petrol car exhausts: over 80% of demand is catalytic converters and Russia mines about two fifths. Its price is a bet on petrol car sales and on Russian supply, and every electric car without an exhaust is a buyer that never arrives, while hybrids still have one. [Module 2](https://mochatrade.com/learn); [palladium on Mochatrade](https://mochatrade.com/support/what-can-i-trade-on-mochatrade). ### Platinum URL: https://mochatrade.com/learn/glossary/platinum Platinum is a precious metal whose price is a bet on factories and car exhausts: South Africa mines about 70% of it and catalytic converters are its largest use. Carmakers swap it for palladium when one gets too dear, slowly, over years. [Module 2](https://mochatrade.com/learn); [platinum on Mochatrade](https://mochatrade.com/support/what-can-i-trade-on-mochatrade). ### Silver futures URL: https://mochatrade.com/learn/glossary/silver-futures Silver futures are contracts on silver, mainly on COMEX in dollars per troy ounce. More than half of silver goes into industry, solar most of all, and most supply is a by-product of copper, lead and zinc mines, so a higher price does not bring more silver. That is why it swings harder than gold; [Module 2](https://mochatrade.com/learn), and [the dollar moves it too](https://mochatrade.com/learn/start-here/us-markets-for-indian-traders). [Silver on Mochatrade](https://mochatrade.com/support/what-can-i-trade-on-mochatrade). ### Spot price vs futures price URL: https://mochatrade.com/learn/glossary/spot-price-vs-futures-price The spot price is for delivery now; the futures price is for delivery later, and the gap is the cost of carry, which [closes to zero at expiry](https://mochatrade.com/learn/start-here/quiz). COMEX gold above London spot is normal, not arbitrage. A contract on a futures month has [the roll inside its number](https://mochatrade.com/learn), and a perpetual's gap to spot is [closed by funding](https://mochatrade.com/support/what-is-a-perpetual-contract-and-does-it-expire). ### Strait of Hormuz URL: https://mochatrade.com/learn/glossary/strait-of-hormuz The Strait of Hormuz is the stretch of water between Iran and Oman that carried about a fifth of the world's seaborne oil and gas before the 2026 war. Every Gulf barrel bound for an Indian refinery passes through it, so a [disputed tanker count can move Brent](https://mochatrade.com/blog/crude-oil-war-and-slippery-slopes), and [seven ships a day in October 2026](https://mochatrade.com/blog/mocha-markets-weekly-12-oct) was a number the whole oil market traded. ### Strategic petroleum reserve URL: https://mochatrade.com/learn/glossary/strategic-petroleum-reserve A strategic petroleum reserve is oil a government stores for emergencies; the US holds the largest. A coordinated release adds supply the market did not plan for, which is how [one government switched supply off and a group switched it back on in one week](https://mochatrade.com/blog/mocha-markets-weekly-oct-05). [Storage as the shock absorber](https://mochatrade.com/learn). ### Troy ounce URL: https://mochatrade.com/learn/glossary/troy-ounce A troy ounce is 31.1035 grams, the unit gold, silver, platinum and palladium are priced in, about 10% heavier than an ordinary ounce. MCX quotes gold per 10 grams, so a dollar price becomes an Indian one through ounces to grams and dollars to rupees; [Module 2 shows every step](https://mochatrade.com/learn). [Metals on Mochatrade](https://mochatrade.com/support/what-can-i-trade-on-mochatrade). ### Uranium URL: https://mochatrade.com/learn/glossary/uranium Uranium is reactor fuel sold mostly on long-term contracts with no exchange spot market, so its price is a broker-published indicator moved by policy and a few large buyers and sellers. [Why nuclear is coming back](https://mochatrade.com/blog/nuclear-is-becoming-the-next-great) is the demand side; [the price problem](https://mochatrade.com/learn) is Module 2; [uranium on Mochatrade](https://mochatrade.com/support/what-can-i-trade-on-mochatrade). --- ## Perpetual futures URL: https://mochatrade.com/learn/glossary/category/perpetual-futures ### 24/7 trading URL: https://mochatrade.com/learn/glossary/24-7-trading 24/7 trading means a contract keeps trading through nights, weekends and holidays while the underlying exchange is shut. The price you see then is the venue's, pulled toward [the last official close](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form) by [funding and the band](https://mochatrade.com/support/what-is-a-perpetual-contract-and-does-it-expire), and it is the reason a US stock can be traded from India at 2 AM, in rupees. ### Auto-deleveraging (ADL) URL: https://mochatrade.com/learn/glossary/auto-deleveraging Auto-deleveraging is the last step when a liquidated position's loss exceeds its margin and the insurance pool: the venue closes part of the most profitable opposing positions to cover it. It can shut a correct trade; [where the loss goes](https://mochatrade.com/learn) is a Module 3 question, and [the liquidation page](https://mochatrade.com/support/how-leverage-and-margin-work-on-mochatrade) says what Mochatrade does. ### Cross margin URL: https://mochatrade.com/learn/glossary/cross-margin Cross margin uses your whole balance as margin for every open position, so a winner props up a loser and liquidation is further away, until one bad position drains everything. It turns a position-level line into an account-level one; [Module 5 treats it as a sizing choice](https://mochatrade.com/learn), and [isolated margin is the alternative](https://mochatrade.com/support/how-leverage-and-margin-work-on-mochatrade). ### Funding rate URL: https://mochatrade.com/learn/glossary/funding-rate The funding rate is the periodic payment between longs and shorts that keeps a perpetual near the real price: above it, longs pay shorts; below, shorts pay longs; the crowded side pays. It moves your money [every hour whether the price moves or not](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough), it is [a live read on positioning](https://mochatrade.com/learn/start-here/how-to-read-us-market-news), and it [differs venue to venue for the same asset](https://mochatrade.com/blog/mocha-markets-weekly-28f). [Mochatrade funding rates](https://mochatrade.com/support/mochatrade-trading-fees-and-funding-rates-explained). ### Funding rate arbitrage URL: https://mochatrade.com/learn/glossary/funding-rate-arbitrage Funding rate arbitrage is holding a long on one venue and a short on another in the same asset, with no view on price, to collect the difference in funding. It works because [crowding is not the same on every venue](https://mochatrade.com/blog/mocha-markets-weekly-28f), and the costs that eat it are [fees and spread on both legs](https://mochatrade.com/support/mochatrade-trading-fees-and-funding-rates-explained). ### Insurance fund URL: https://mochatrade.com/learn/glossary/insurance-fund An insurance fund is the pool a venue uses to cover losses when a liquidated position's margin is not enough, so winners get paid in full. When it runs dry, [auto-deleveraging takes over](https://mochatrade.com/learn); [how liquidation works on Mochatrade](https://mochatrade.com/support/how-leverage-and-margin-work-on-mochatrade). ### Isolated margin URL: https://mochatrade.com/learn/glossary/isolated-margin Isolated margin ties a fixed amount of margin to one position, so that position can only lose what you gave it and the rest of your balance is untouched. [One isolated trade](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough); [isolated margin on Mochatrade](https://mochatrade.com/support/how-leverage-and-margin-work-on-mochatrade). ### Last traded price URL: https://mochatrade.com/learn/glossary/last-traded-price The last traded price is the most recent trade on the venue's own book, the one the chart shows. You never trade at it: [you buy the ask and sell the bid](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form), and you are [marked at a different price again](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough). ### Liquidation price URL: https://mochatrade.com/learn/glossary/liquidation-price The liquidation price is where the venue closes your leveraged position, computed from entry, leverage and margin before you click. Your real stop is the nearer of your stop and this price. [Read it off the panel](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough), [derive it by hand](https://mochatrade.com/learn), and watch [where other traders' prices cluster](https://mochatrade.com/blog/mocha-markets-weekly-019). [How Mochatrade computes it](https://mochatrade.com/support/how-leverage-and-margin-work-on-mochatrade). ### Maker and taker fees URL: https://mochatrade.com/learn/glossary/maker-and-taker-fees A maker fee is charged when your order rests on the book and adds liquidity; a taker fee when it fills against a resting order. Both are a percent of notional, so leverage multiplies them. [A limit order at the top of the book](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough) is usually maker; [the Mochatrade fee table](https://mochatrade.com/support/mochatrade-trading-fees-and-funding-rates-explained). ### Margin tiers URL: https://mochatrade.com/learn/glossary/margin-tiers Margin tiers raise the maintenance margin as a position grows, so maximum leverage falls as size rises and the two stop being separate decisions. [Module 5](https://mochatrade.com/learn); [tiers on Mochatrade](https://mochatrade.com/support/how-leverage-and-margin-work-on-mochatrade). ### Mark price URL: https://mochatrade.com/learn/glossary/mark-price The mark price is the price a venue judges your position by, for unrealised profit and liquidation, built from the reference price and the order book rather than the last trade, so one stray print cannot liquidate you. It is [the number the venue judges you by on the positions row](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough); [how Mochatrade marks](https://mochatrade.com/support/how-leverage-and-margin-work-on-mochatrade). ### Max slippage URL: https://mochatrade.com/learn/glossary/max-slippage Max slippage is the setting that caps how far from the quoted price a market order may fill; beyond it the order is cut. It trades certainty of fill for price, the [market against limit trade-off](https://mochatrade.com/learn/us-market-structure/how-us-stock-prices-form), on [the Mochatrade order panel](https://mochatrade.com/support/order-types-available-on-mochatrade). ### Open interest URL: https://mochatrade.com/learn/glossary/open-interest Open interest is the total size of all open positions in a contract, how much money is in the trade. Rising open interest with a rising price means new money is pushing; a rising price with falling open interest means shorts are covering. It sits [next to funding in the layer of what is priced](https://mochatrade.com/learn/start-here/how-to-read-us-market-news), on [the contract header](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough), and an $11 billion figure is what made one venue a White House topic. ### Oracle price URL: https://mochatrade.com/learn/glossary/oracle-price The oracle price is the outside price a perpetual is pulled toward, taken from where the asset really trades. When the US market is shut there is no outside price, so the venue has to build one, and that is [where the weekend risk lives](https://mochatrade.com/support/what-is-a-perpetual-contract-and-does-it-expire). [Four prices sit around every fill](https://mochatrade.com/learn). ### Perpetual futures URL: https://mochatrade.com/learn/glossary/perpetual-futures Perpetual futures are contracts that track an asset's price with no expiry date. Expiry is what pulls a normal future to the real price, which [the Module 0 quiz ends on](https://mochatrade.com/learn/start-here/quiz), so a perpetual needs something else: [a funding payment between longs and shorts](https://mochatrade.com/support/mochatrade-trading-fees-and-funding-rates-explained). [One perpetual trade, start to finish](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough); why a perp is NSE, the broker and the clearing house in one; [what Mochatrade contracts are](https://mochatrade.com/support/what-is-a-perpetual-contract-and-does-it-expire). ### Perpetual premium (basis) URL: https://mochatrade.com/learn/glossary/perpetual-premium The perpetual premium, or basis, is the gap between a perpetual's price and its reference. A positive premium means longs are crowded and will pay funding; a negative one means shorts are. [Funding is set from it](https://mochatrade.com/support/mochatrade-trading-fees-and-funding-rates-explained), and it is the gap [the Module 0 quiz leaves you asking about](https://mochatrade.com/learn/start-here/quiz). ### Price band (discovery bounds) URL: https://mochatrade.com/learn/glossary/price-band A price band, or discovery bound, is the limit a venue puts on how far a perpetual can move from its last reference price while the real market is shut. It stops a thin weekend book from printing wild prices and makes [the Monday open a gap the band has to absorb](https://mochatrade.com/support/what-is-a-perpetual-contract-and-does-it-expire); [Module 3](https://mochatrade.com/learn). ### Real-world asset (RWA) URL: https://mochatrade.com/learn/glossary/real-world-asset A real-world asset is a physical or financial thing, gold, oil, a US share, whose price you can hold a claim on and trade all day from India. An issuer holds the asset, you hold the claim, and the claim's price can drift until [the venue pulls it back](https://mochatrade.com/support/what-is-a-perpetual-contract-and-does-it-expire); if nobody stands behind the claim, [nothing pulls it back](https://mochatrade.com/blog/what-happens-when-the-only-thing). [Module 2 is the assets](https://mochatrade.com/learn); [listed ones](https://mochatrade.com/support/what-can-i-trade-on-mochatrade). ### Reduce-only order URL: https://mochatrade.com/learn/glossary/reduce-only-order A reduce-only order can only shrink or close an existing position, never open or flip one, so a closing order cannot accidentally open the other side. [Order types on Mochatrade](https://mochatrade.com/support/order-types-available-on-mochatrade); [the order panel in one trade](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough). ### ROE (return on equity in trading) URL: https://mochatrade.com/learn/glossary/roe ROE in trading is your profit or loss as a percent of the margin you posted, not of the position. At 10x a 1% move is 10% ROE, which makes it [a bigger and more dangerous number](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough) than the price change, and [fees on notional eat into it](https://mochatrade.com/support/mochatrade-trading-fees-and-funding-rates-explained). ### Round-trip trading cost URL: https://mochatrade.com/learn/glossary/round-trip-trading-cost Round-trip cost is everything a trade costs from entry to exit: the spread twice, the fee twice, slippage, and funding for every hour held, all on notional. It is usually bigger than the fee table suggests; [the card against the ledger](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough) finds it, and [Mochatrade fees and funding](https://mochatrade.com/support/mochatrade-trading-fees-and-funding-rates-explained) give the inputs. ### Testnet URL: https://mochatrade.com/learn/glossary/testnet A testnet is the practice copy of a real venue: real prices, fake money. Every mechanical lecture ends on it, because [reading about a liquidation and watching your own are different kinds of knowing](https://mochatrade.com/learn/start-here/us-markets-for-indian-traders); [lecture 0.2 is one testnet trade](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough). ### TP/SL (take profit and stop loss) URL: https://mochatrade.com/learn/glossary/tp-sl TP/SL is a take profit and a stop loss attached to a position, closing it at a target or a limit you set at entry. Writing both [before the click](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough) is the discipline, and a stop still [fills at market in a gap](https://mochatrade.com/support/order-types-available-on-mochatrade). ### Unrealised P&L URL: https://mochatrade.com/learn/glossary/unrealised-pl Unrealised P&L is the profit or loss on an open position at the mark price; it becomes realised when you close. Where unrealised profit counts as margin, [your liquidation line moves with the price](https://mochatrade.com/learn). [The PNL column in one trade](https://mochatrade.com/learn/start-here/nvidia-trade-walkthrough). --- # How to Withdraw Funds to Your Bank Account URL: https://mochatrade.com/support/how-to-withdraw-funds-to-your-bank-account Last modified: 2026-10-27 From Funds → Withdraw, enter the amount, pick your verified bank account and confirm with your 6-digit PIN. Payouts are processed through NEFT. If the amount has not been credited to your bank account yet, we request you to allow up to 72 working hours for the withdrawal to be processed. ### Prerequisites & Limits - Verification completed and a verified bank account in your name. - Your 6-digit PIN confirms every withdrawal. - Fee: There are no withdrawal fees. The exact amount you will receive is displayed before you confirm the withdrawal. - The minimum withdrawal amount on MochaTrade is ₹1, and the maximum amount you can withdraw per day is ₹10,00,000. - Money in open positions can't be withdrawn until those positions close. - The maximum time for your withdrawal to be processed and credited to your registered bank account is 72 working hours. #### Step-by-Step Navigation 1. Sign in at mochatrade.com or download the app and open Funds, then click Withdraw. 2. Enter the amount, or pick a quick amount or Max. 3. Check the destination bank account (click Change to pick another), what you receive and the fee. 4. Click Withdraw and enter your 6-digit PIN. 5. Track it under Funds → Transfers. ### Common Failures & Troubleshooting - Available to withdraw is lower than my balance: Part of your balance is in open positions. Close them to free it. - Can't place a withdrawal: New accounts, or a recent PIN, phone or email change, add a short hold. Try again once the hold ends. - Forgot your PIN: Click Forgot your PIN? on the PIN screen. --- # Withdrawal Delayed or Failed? URL: https://mochatrade.com/support/withdrawal-delayed-or-failed Last modified: 2026-10-28 Withdrawals are paid out through NEFT. While a hold applies (a new account, or a recent PIN, phone or email change), new withdrawal requests can't be placed. If one fails, it gets refunded back to your Mochatrade account. ### Prerequisites & Limits - Payouts are processed through NEFT. - Holds: Withdrawals to new destinations may take 24 hours to process after a PIN, phone number, or email change. - The maximum time for your withdrawal to be processed and credited to your registered bank account is 72 working hours. #### Step-by-Step Navigation 1. Sign in at mochatrade.com or download the app and open Funds. 2. Find the withdrawal under Transfers and check its status. 3. If a hold applies, you can place the withdrawal once it ends. 4. If it's past 72 working hours, contact support with the reference number. ### Common Failures & Troubleshooting - Can't place a withdrawal: A hold applies. Try again once it ends. - Failed withdrawal: The bank account may be inactive. The amount will be refunded to your Mochatrade account within 72 working hours. If you do not receive the refund within this period, please contact customer support for further assistance. - Paid out but not in my bank: Share the reference number with your bank, then with support. - Withdrawal status shows completed but not received after 72 working hours?: Please contact our support team for further assistance. --- # Why Can't I Withdraw My Funds? URL: https://mochatrade.com/support/why-cant-i-withdraw-my-funds Last modified: 2026-10-27 Common reasons a withdrawal can't be placed: a 24-hour security hold after an email, phone or PIN change, funds in use as margin, incomplete verification, a new bank account hold, or daily limits. If you're unable to withdraw, it's usually for one of the reasons below. Most of them resolve on their own or take just a minute to fix. ### You recently changed your email, phone number or PIN For your safety, you cannot place a withdrawal for 24 hours after changing your registered email, phone number or 6-digit PIN. This security hold protects your money if someone else gets access to your account. - You can't place a withdrawal while the hold is active — try again once it ends. - If you didn't make the change yourself, contact support immediately. ### Your funds are being used as margin Part of your balance may be in use as margin for your open positions or orders, so it isn't available to withdraw. When those close, your available balance updates to reflect the released margin, profit or loss, and fees. Check "Available to withdraw" in Funds for what you can withdraw right now. ### Your verification isn't complete To withdraw, your KYC and bank account verification must be complete. Finish both in the app under Settings → Verification, then try again. ### It's your first withdrawal to a new bank account A short security hold may apply first — place the withdrawal once the hold ends, and track it under Funds → Transfers.You've reached your withdrawal limit You can withdraw up to ₹10,00,000 per day. Check your limits anytime under Funds → Limits and fees. There's no withdrawal fee. ### Withdrawals are restricted on your account In some cases, withdrawals may be temporarily restricted while your account is under review. If you see this, please contact our support team and we'll look into it for you. ### Still can't withdraw? 1. Update the app, close and reopen it, and try again. 2. Make sure the amount is within your "Available to withdraw" balance and your daily limit. 3. If you still see an error, contact support with a screenshot and we'll help. Related: How to Withdraw Funds to Your Bank Account · Withdrawal Delayed or Failed? --- # Can I withdraw to a crypto wallet? URL: https://mochatrade.com/support/can-i-withdraw-my-usdc-balance-to-an-external-crypto-wallet Last modified: 2026-10-24 No, balances are held in INR and withdrawals go only to your verified bank account; there is no USDC balance and no transfer to external wallets. Balances on Mochatrade are held in INR, and withdrawals go only to the bank account verified on your account. There is no USDC balance on your account and no transfer to external crypto wallets. To withdraw your money, go to Withdraw and follow the steps. The amount will be transferred to your bank account in INR. --- # What Can I Trade on Mochatrade? URL: https://mochatrade.com/support/what-can-i-trade-on-mochatrade Last modified: 2026-10-22 Mochatrade lets you trade perpetual contracts across four markets: Global Futures (US stocks), crypto, indices and commodities. You go Long or Short with leverage on the price movement only, so you never own the underlying asset. #### Prerequisites & Limits Markets What it tracks Trading Hours Global Futures Selected US stocks 24X7 Crypto Leading digital assets like Bitcoin (BTC), Ethereum (ETH) and Solana (SOL) 24X7 Indices Major global and US benchmark stock indices like S&P 500 ($SPY) and the Nasdaq ($NDX) 24X7 Commodities High-Liquidity physical commodities such as Gold, Silver and Crude oil 24X7 - A KYC-verified Mocha trade account with funds in your wallet. - Every market uses the same fees (0.05% to open, 0.05% to close), leverage up to 50x depending on the symbol, and funding every 1, 4 or 8 hours depending on the symbol. - The full list of symbols is available under 'Markets' section and may change over time. #### Step-by-Step Navigation 1. Sign in at mochatrade.com or download the app and open Markets. 2. Pick a market tab: Global Futures, Crypto, Indices or Commodities. 3. Click a contract to open its trading screen and see the Long and Short buttons. Buying the asset directly Trading on mocha trade Ownership (share, coins, commodity) Yes No Dividends, Shareholders rights, coins in a wallet Yes No Profit when price falls (Short) No Yes Leverage No Up to 50X, depending on the symbol Expiry None None (perpetual) #### Common Failures & Troubleshooting - I can't find a symbol I want to trade: Only selected symbols are listed in each market, and the list changes over time. Use search or check again later. - I didn't receive a dividend: Global Futures contracts track price only, so dividends are never paid. - I can't transfer crypto to my wallet: Crypto contracts track price only. There are no coins to send or receive. --- # What Is a Perpetual Contract and Does It Expire? URL: https://mochatrade.com/support/what-is-a-perpetual-contract-and-does-it-expire Last modified: 2026-10-22 A perpetual contract follows the price of an asset, like a US stock, cryptocurrency, index or commodity, but never expires. You can hold your position as long as your margin covers it. #### Prerequisites & Limits - No expiry: unlike regular futures, perpetual contracts have no fixed expiry date. - Margin required: your position stays open only while you meet the margin requirement. - Funding: because perps never expire, a small periodic funding payment keeps the contract price in line with the real market price. - Same across markets: Global Futures, crypto, indices and commodities are all perpetual contracts. #### Step-by-Step Navigation 1. Open any contract from Markets. 2. Check the contract details and funding info shown on the trading screen. 3. Open a position and keep an eye on your margin in the Positions tab. #### Common Failures & Troubleshooting - My position closed on its own: Perps don't expire, so this was likely liquidation because margin ran low. See the Liquidation articles. - I'm paying charges while holding: That's funding, charged every 1, 4 or 8 hours depending on the symbol. --- # How to Place Your First Trade on Mochatrade URL: https://mochatrade.com/support/how-to-place-your-first-trade-on-mochatrade Last modified: 2026-10-22 Pick a market and contract, choose Long or Short, enter your size, review the margin and fees shown, and confirm. Your order is placed as soon as you confirm. #### Prerequisites & Limits - KYC completed. KYC is required before you can deposit, trade or withdraw. - An available wallet balance. Your wallet balance is used as margin. - Trading fee of 0.05% of position size to open, and another 0.05% to close, in every market. #### Step-by-Step Navigation 1. Sign in at mochatrade.com or download Mocha trade app and open Markets. 2. Choose a market (Global Futures, Crypto, Indices or Commodities) and click the contract you want to trade. 3. Click Long if you expect the price to rise, or Short if you expect it to fall. 4. Enter your trade size and choose your leverage. 5. Optionally set a Stop Loss and Take Profit. 6. Review the margin required and fees, then click Buy (Long) or Sell (Short). #### Common Failures & Troubleshooting - Confirm button is disabled or order rejected: You don't have enough available margin. Reduce your size, lower your leverage, or deposit funds. - My fill price is different from what I saw: Prices move between placing and executing an order. Use a Limit order to control your price. --- # How to Create a Mochatrade Account URL: https://mochatrade.com/support/how-to-create-a-mochatrade-account Last modified: 2026-10-27 Download the Mochatrade app, sign up with your email address and mobile number, and verify with the OTP sent to you. Complete KYC next to start depositing and trading. ### Prerequisites & Limits - An email address (or a Google account) and a mobile number you can receive codes on. - Mochatrade is available to residents of India. - Minimum age: 18 years. - One account per person. ### Step-by-Step Navigation 1. Download Mochatrade app from the Google Play Store / Apple App Store and open, or go to www.mochatrade.com. 2. Enter your email address and mobile number. 3. Enter the OTP you receive (You'll set your 6-digit PIN after completing KYC). 4. Continue to KYC when prompted. ### Common Failures & Troubleshooting - OTP not received: Check your network signal and that the number or email is typed correctly, then tap Resend OTP. - Number or email already registered: You may already have an account. Try logging in or go to Trouble signing in. --- # Unable to Log In to Your Mochatrade Account? URL: https://mochatrade.com/support/unable-to-log-in-to-your-mochatrade-account Last modified: 2026-10-27 Mochatrade has no password. You sign in with Google or a code sent to your email. If you've lost access to your email or phone, use Trouble signing in? on the sign-in page. ### Prerequisites & Limits - Access to your registered email, or your Google account. - For recovery, two of these three: your email, your mobile number and your 6-digit PIN. ### Step-by-Step Navigation 1. Go to mochatrade.com or download the app and sign in the way you signed up: Google, or your email and the code we send. 2. If that doesn't work, click Trouble signing in?. 3. Pick what you've lost: , I forgot my email, forgot my PIN, I lost my phone or I can't access my email. 4. Verify with the two you still have, and follow the steps. ### Common Failures & Troubleshooting - Code not received: Check spam, wait a minute and request a new one. - Signed in with a different method before: If you signed up with Google, use the same button again. - Lost more than one (email, phone and PIN): Contact support from the Trouble signing in page. --- # Forgot Your PIN or Can't Sign In? URL: https://mochatrade.com/support/how-to-reset-your-mochatrade-password Last modified: 2026-10-22 There's no password on Mochatrade. To reset your 6-digit PIN, click Trouble signing in? and choose I forgot my PIN: we verify you with email and SMS codes, then you set a new PIN. ### Prerequisites & Limits - Access to your registered email and mobile number. - Changing your PIN pauses withdrawals for 24 hours. ### Step-by-Step Navigation 1. On the sign-in page, click Trouble signing in?. 2. Choose I forgot my PIN and enter your email and mobile number. 3. Enter the codes we send to your email and your phone. 4. Create a new 6-digit PIN, different from your old one. ### Common Failures & Troubleshooting - No code received: Check spam and your network, then request again. - Lost your phone too: Choose I lost my phone first, then reset your PIN. - Withdrawal paused after a change: Withdrawals pause for 24 hours after you change your PIN. Try again after that. --- # How to Change Your Registered Email or Mobile Number URL: https://mochatrade.com/support/how-to-change-your-registered-email-or-mobile-number Last modified: 2026-10-22 Go to Settings → Profile, click Change next to Email or Mobile, and confirm with the code we send. Withdrawals pause for 24 hours after the change. ### Prerequisites & Limits - Access to the new email or mobile number to receive a code. - Changing your email or phone pauses withdrawals for 24 hours. ### Step-by-Step Navigation 1. Sign in at mochatrade.com or download the app and open Settings → Profile. 2. Click Change next to Email or Mobile. 3. Enter the new email or number and the code we send to it. 4. We alert your old email or number about the change. ### Common Failures & Troubleshooting - I no longer have my old phone or email: Use Trouble signing in? → I lost my phone or I forgot my email on the sign-in page. - New email or number rejected: It may already be linked to another Mochatrade account. --- # How to Correct Your Name on Mochatrade (Marriage, Typos, PAN or Bank Mismatch) URL: https://mochatrade.com/support/how-to-correct-your-name-on-mochatrade Last modified: 2026-10-22 Your name on Mochatrade comes from your PAN. Here's how to fix a typo, update your name after marriage, or resolve a PAN-bank name mismatch. Your name on Mochatrade is taken from your PAN, so it can't be edited in the app. Depending on what's wrong, here's what to do. ### The spelling on Mochatrade looks wrong - If your PAN has the correct name: contact support on the live chat at mochatrade.com or write to support@mochatrade.com from your registered email. Our team will review it and let you know if any documents are needed. - If your PAN itself has the error: correct it with the Income Tax Department first. Once your PAN is updated, contact support and we'll take it from there. ### You changed your name legally (marriage, gazette) 1. Update your PAN first. Your Mochatrade name always follows your PAN. 2. Contact support. Our team will tell you exactly which documents to share — for example your updated PAN and the marriage certificate or gazette notification. 3. We verify and update. Once the documents are verified, your name is updated on your account. Please share documents only in the support conversation or by reply from your registered email, and hide any numbers we don't ask for. Mochatrade will never ask for your PIN, OTP or sign-in code. ### Your bank account name doesn't match your PAN Bank accounts are verified against the name on your PAN: - Small differences — initials, a middle name, or a different name order — are usually fine. Our team reviews them, so no need to add the account again while a review is on. - A clearly different name means the account can't be verified. Please add a savings account held in your own name. - Your bank's record is wrong or garbled? Contact support; our team will tell you which documents can resolve it. ### Related articles - How to Add and Verify Your Bank Account - How to Complete KYC on Mochatrade - How to Contact Mochatrade Support --- # How to Close or Delete Your Mochatrade Account URL: https://mochatrade.com/support/how-to-close-or-delete-your-mochatrade-account Last modified: 2026-10-22 Close all open positions and withdraw your balance before requesting closure. #### Prerequisites & Limits - No open positions or open orders. - Your wallet balance withdrawn to your verified bank account. - Processing time: Once you click Close Account and enter PIN, your account will be closed instantly. #### Step-by-Step Navigation 1. Close all positions and cancel open orders. 2. Withdraw your available balance. 3. Go to Settings → Privacy and data and click on close account. #### Common Failures & Troubleshooting - Closure request blocked: You still have an open position, open order or balance. Clear these first. --- # Lost Access to Both Your Email and Phone URL: https://mochatrade.com/support/lost-access-to-both-your-email-and-phone Last modified: 2026-10-27 If you have lost access to both your registered email and mobile number, contact support on the live chat at mochatrade.com and we will recover your account safely after verifying your identity. ### Prerequisites & Limits - Self-service first: If you still have any two of email, mobile or PIN, tap Trouble signing in? and choose I lost my phone or I forgot my email — no support ticket needed. - Identity check: Support will ask you to confirm any two of: registered mobile, registered email, date of birth, last 4 characters of your PAN, or last 4 digits of your linked bank account. - Secure verification link: Sent only inside your support conversation. It works once, expires in 30 minutes, and needs a DigiLocker sign-in and a live selfie, matched against your original KYC. - After the update: You are signed out of all devices and withdrawals pause for 24 hours for your safety. - Never share codes: Mochatrade will never ask for your PIN, OTP or sign-in code — not even during account recovery. ### Step-by-Step Navigation 1. If you still have two of email, mobile or PIN: on the sign-in screen tap Trouble signing in?, choose I lost my phone or I forgot my email, and verify with the two you still have. 2. If both are lost: contact support on the live chat at mochatrade.com or write to support@mochatrade.com. 3. Confirm any two identity details when asked. Never share your PIN or any code. 4. Complete the secure verification link (DigiLocker sign-in and live selfie) within 30 minutes. 5. Once the check passes and is approved by our team, your mobile or email is updated — sign in with your new details. ### Common Failures & Troubleshooting - Verification failed: If your identity cannot be verified, we cannot update your details — your funds stay protected under the original credentials. - Cannot withdraw after recovery: Withdrawals pause for 24 hours after a contact change. You can place a withdrawal once the hold ends. - Verification link expired: The link works once and expires in 30 minutes. Ask support in the same conversation for a fresh one. - Link received by SMS, WhatsApp or a call: That is not us. We only send the verification link inside your support conversation — do not click it, and report it to support. --- # PAN, Phone or Email Already Linked to Another Account URL: https://mochatrade.com/support/pan-phone-or-email-already-linked-to-another-account Last modified: 2026-10-27 Mochatrade allows one account per person, and each PAN, mobile number, email and bank account can be used on only one account. If you see an 'already registered' or 'already used' message, you most likely have an existing Mochatrade account. ### Prerequisites & Limits - One account per person: Each person may hold a single Mochatrade account, opened with their own mobile, email, PAN and bank account. - One account per PAN: A PAN that is already verified on one account cannot be used for another. - Phone and email: A mobile number or email registered on one account cannot be used to sign up again. - Bank account: A bank account already linked to another Mochatrade account is rejected during verification. - Privacy: For your protection, support never shares any detail of the other account — not even which detail matched. ### Step-by-Step Navigation 1. On the sign-in page, tap Trouble signing in? then I forgot my email to locate your existing account. 2. Sign in the way you originally signed up — Google or your email code. There is no need to create another account. 3. If the PAN, number or email is yours but you do not recognise the account, contact support right away so our team can investigate ownership. 4. To move a number or email between two accounts that are both yours, contact support — after identity verification our team can review a swap. ### Common Failures & Troubleshooting - 'PAN already used' during KYC: You probably created an account before. Click on I forgot my email to locate it and sign in there — each PAN works on only one account. - 'Mobile number or email already registered' at sign-up: Same cause — sign in to the existing account instead. - You suspect identity misuse: Tell support immediately. We treat it as a security case and investigate — we will guide you from there. - Swap denied: Contact details are never moved between accounts that belong to different people. Use another mobile or email that is not registered with Mochatrade. --- # Aadhaar-Linked Mobile Number Lost or Changed URL: https://mochatrade.com/support/aadhaar-linked-mobile-number-lost-or-changed Last modified: 2026-10-22 KYC on Mochatrade verifies the mobile number linked to your Aadhaar. If you have lost that number or changed it, update it with UIDAI first — then retry the Aadhaar step in the app. ### Prerequisites & Limits - UIDAI step comes first: Your Aadhaar-linked mobile can only be changed by UIDAI, not by Mochatrade. - Aadhaar OTP: The OTP for this step comes from the Aadhaar system and goes only to the mobile currently linked to your Aadhaar. It can sometimes be delayed. - Never share it: Never share your Aadhaar OTP with anyone, including Mochatrade. - KYC requirement: This step is part of one-time KYC, needed before you can deposit, trade or withdraw. ### Step-by-Step Navigation 1. Visit an Aadhaar Seva Kendra or enrolment centre and register your new mobile number with UIDAI. 2. Once UIDAI shows your new number, open the app and go to Profile then Verification. 3. Retry the Aadhaar step and enter the OTP sent to your newly linked number. ### Common Failures & Troubleshooting - Aadhaar OTP not arriving: The OTP comes from the Aadhaar system and can be delayed. Wait a few minutes and try again. - OTP keeps failing after retries: Contact support with the step you are stuck on — our team will have it checked. - Number is linked but verification still errors: Contact support; this is investigated as a technical issue. - 'Mobile not linked to Aadhaar' message: The number you are using is not registered with UIDAI yet — complete the UIDAI update first, then retry KYC. --- # How to Complete KYC on Mochatrade URL: https://mochatrade.com/support/how-to-complete-kyc-on-mochatrade Last modified: 2026-10-22 Verification takes about 6 minutes, once: your identity (PAN, Aadhaar-linked mobile and a selfie), your bank account, and a few questions about you. You need it before you can add money or trade. ### Prerequisites & Limits Requirement Accepted Mandatory ID PAN CARD One Additional ID Aadhaar, passport, driving licence or voter ID Face verification Selfie with liveness check Bank verification Penny-drop transaction to an account in your own name - KYC is one-time. You need it before you can deposit, trade or withdraw. ### Step-by-Step Navigation 1. Sign in at mochatrade.com or download the app and click Continue verification on your home page (or Verify identity at the top). 2. Identity: confirm your PAN and Aadhaar-linked mobile and take a selfie. 3. Bank account: enter your account number and IFSC; we confirm it with a ₹1 credit. 4. About you: answer four quick questions (occupation, income and source of funds). 5. Submit. Most checks finish in minutes; if one needs a person, it's usually a few hours and never more than two working days. ### Common Failures & Troubleshooting - Selfie not accepted: Retake it in good light, face centred, without glasses or a cap. - Name mismatch: Your PAN name and bank account name must match. Small differences like initials are fine. - Camera blocked: Allow camera access for mochatrade.com in your browser settings or Mochatrade app on your phone, then try again. - We couldn't verify you: Contact support; they can explain what you can do. --- # How to Check Your KYC Status (and What to Do If It's Rejected) URL: https://mochatrade.com/support/how-to-check-your-kyc-status-and-what-to-do-if-its-rejected Last modified: 2026-10-27 Check your status under Settings → Verification. In review means a person is looking (usually a few hours, never more than two working days). If it fails, contact support. ### Prerequisites & Limits - A submitted verification. ### Step-by-Step Navigation 1. Sign in at mochatrade.com or download the app and open Settings → Verification. 2. Check the Status: In review, Verified, or Couldn't verify. 3. If it says Couldn't verify, click Contact support. ### Common Failures & Troubleshooting - Still In review after two working days: Contact support. - Couldn't verify: Common reasons are shown on screen — for example, the PAN is already linked to another account, or the bank account belongs to another person. Some compliance decisions can't be detailed; support can explain what you can do next. --- # Re-KYC: When and Why We Ask Again URL: https://mochatrade.com/support/re-kyc-when-and-why-we-ask-again Last modified: 2026-10-22 KYC on Mochatrade is normally one-time, but we may occasionally ask you to update your verification or re-submit a document — for example when a document needs refreshing or as part of our regular regulatory checks. KYC on Mochatrade is normally one-time, but we may occasionally ask you to update your verification or re-submit a document — for example when a document needs refreshing or as part of our regular regulatory checks. ### Prerequisites & Limits - In-app only: The pending step always appears in the app under Profile, then Verification, and we notify you when action is needed. - Never by message or call: We never ask for KYC documents by SMS, WhatsApp or phone call. Treat any such request as a scam. - Documents in the app only: Support does not accept KYC documents over chat or email — uploads happen only inside the app. - Possible limits: Until re-KYC is complete, some actions on your account may be limited. - Reasons: Where we can, we share why re-verification is needed; some checks are regulatory and the details may not be disclosable. ### Step-by-Step Navigation 1. Open the app and go to Profile then Verification. 2. Complete the step shown — for example re-uploading a document or retaking your selfie. 3. Wait for our confirmation. We will notify you when it is done or if anything more is needed — no need to resubmit meanwhile. ### Common Failures & Troubleshooting - Cannot complete a step: Update the app, close and reopen it, and try again; on the web, clear your cache or try another browser. Still stuck? Contact support with the step name. - Document request by SMS, WhatsApp or call: Do not click anything — it is not from us. Report it to support so we can warn other users. - Want to know the reason: Ask support. We share the reason where it is a plain document update; some compliance decisions cannot be detailed further. - Account limited during re-KYC: Complete the steps under Profile, then Verification, to restore full access — support cannot lift a verification hold manually. --- # How to Add and Verify Your Bank Account URL: https://mochatrade.com/support/how-to-add-and-verify-your-bank-account Last modified: 2026-10-27 Mochatrade verifies your bank account with a ₹1 credit, checking the name at your bank against your PAN. The account must be in your own name. ### Prerequisites & Limits - A bank account in your own name, matching your PAN. - Your account number and IFSC. - Withdrawals go only to verified accounts in your name. ### Step-by-Step Navigation 1. During verification, or from Funds → Linked accounts → Add bank account (also in Settings → Bank and UPI). 2. Enter the IFSC (or search by bank and branch) and your account number twice in the secure bank verification flow (HyperVerge) that opens in the app. 3. Click Verify with a ₹1 credit. 4. Check the name match and click Use this account. ### Common Failures & Troubleshooting - Name mismatch: The name at your bank must match your PAN. Small differences like initials are fine. - Invalid IFSC or account number: Re-check both against your passbook or bank app. - ₹1 credit failed: The account may be inactive, closed or frozen. Try another account in your name. --- # How to Change or Add Another Bank Account URL: https://mochatrade.com/support/how-to-change-or-add-another-bank-account Last modified: 2026-10-27 Add another account from Funds or Settings → Bank and UPI. It must be in your own name and pass the ₹1 credit check. Withdrawals to a new account start after a short hold. ### Prerequisites & Limits - The new account must be in your own name. - A new account is verified with a ₹1 credit that we deposit into your bank account. - Withdrawals to a newly added account are held for 24 hours for security reasons. ### Step-by-Step Navigation 1. Sign in at mochatrade.com or download app and open Funds → Linked accounts → Add bank account (or Settings → Bank and UPI). 2. Enter the IFSC and account number, then click Verify with a ₹1 credit. 3. Click Use this account. To remove an old one, click Remove next to it in Settings → Bank and UPI. ### Common Failures & Troubleshooting - New account rejected: It's not in your name, or the ₹1 credit failed. Check the details and try again. - Can't withdraw to the new account yet: New accounts have a hold before the first payout. Try again once the hold ends. --- # How to Deposit INR via Bank Transfer (IMPS/NEFT) URL: https://mochatrade.com/support/how-to-deposit-inr-via-bank-transfer-imps-neft Last modified: 2026-10-27 From Funds → Add money, choose bank transfer, send the amount by IMPS or NEFT from your verified bank, then enter the UTR from your bank's SMS and click I've sent it. ### Prerequisites & Limits - Send only from the bank account verified on your Mochatrade account. - Bank transfers are free. IMPS usually lands in minutes, any time; NEFT in the next batch, within about two hours. - There is currently no minimum or maximum deposit limit. #### Step-by-Step Navigation 1. Sign in at mochatrade.com or download the app and open Funds → Add money. 2. Enter the amount and choose Send by bank transfer. 3. In your banking app, send the amount by IMPS or NEFT to the account details shown (account name, number and IFSC). 4. Enter the UTR / reference from your bank's confirmation SMS. 5. Click I've sent it. We notify you when it lands. ### Common Failures & Troubleshooting - UTR not accepted: Check you copied the full UTR, with no spaces, from the right transaction. - Not landed yet: IMPS takes minutes; NEFT can take about two hours. Check its status in Funds → Transfers. - Sent from someone else's account: Only transfers from your verified bank account are accepted. --- # How to Deposit INR via UPI URL: https://mochatrade.com/support/how-to-deposit-inr-via-upi Last modified: 2026-10-27 Add money from Funds → Add money: enter the amount, choose UPI and approve the request in your UPI app. ### Prerequisites & Limits - Verification completed. - Pay only from a UPI ID linked to your verified bank account. - There is currently no minimum or maximum deposit limit. - Nothing moves until you approve the request in your UPI app. ### Step-by-Step Navigation 1. Sign in at mochatrade.com or download the app and open Funds, then click Add money. 2. Enter the amount. 3. Choose Pay by UPI. 4. Open your UPI app and approve the request from Mochatrade. 5. Your buying power updates as soon as the money lands. ### Common Failures & Troubleshooting - UPI shows Coming soon: UPI isn't available on your account yet. Use bank transfer (IMPS or NEFT) instead. - Request expired: The request wasn't approved in time. Start a new request. - Paid from someone else's account: Pay only from your own verified bank account. If you paid from another person's account, it can't be credited — contact support with the payment reference (UTR). --- # Money Debited but Deposit Not Credited URL: https://mochatrade.com/support/money-debited-but-deposit-not-credited Last modified: 2026-10-27 If money left your bank but didn't reach your Mochatrade wallet, kindly wait for bank to process your transaction. Contact support with your UPI transaction ID or UTR number if it isn't resolved by then. #### Prerequisites & Limits - Your UPI transaction ID or bank UTR number. - Failed payments are not refunded automatically — contact support with your UTR or payment reference. - Our team arranges the return of failed deposits to the original source account — no fixed timeline is guaranteed. #### Step-by-Step Navigation 1. Sign in at mochatrade.com or download the app and open Funds. 2. Find the deposit under Transfers and check its status. 3. If it hasn't landed, contact support with the UTR or payment reference. ### Common Failures & Troubleshooting - Status shows Pending: Your bank may still be processing. Refresh after a few minutes. - Bank transfer not credited: You may not have submitted the UTR. Add it from the Bank Transfer screen. - Status shows Failed but money was debited: Contact support with your UTR or payment reference so our team can trace it and arrange the return. Refunds are not automatic. --- # Currency Conversion and Settlement URL: https://mochatrade.com/support/currency-conversion-and-settlement Last modified: 2026-10-22 Mochatrade uses a fixed exchange rate of 1 USD = INR 90 for all transactions on the platform, so users are not exposed to fluctuations in the prevailing USD-INR exchange rate. ### Fixed USD-INR Conversion Rate Mochatrade uses a fixed exchange rate of 1 USD = INR 90 for all transactions on the platform. While derivative contracts are denominated in USD for notional valuation, margin calculations, and profit and loss (P&L) tracking, all user obligations are maintained and settled in INR through the Indian banking system. This fixed conversion mechanism ensures that users are not exposed to fluctuations in the prevailing USD-INR exchange rate when trading on Mochatrade. ### Adding Margin to Your Account Mochatrade accepts payments exclusively in Indian Rupees (INR). When you add margin to your account, the corresponding USD-equivalent amount is calculated using the platform’s fixed conversion rate. For example: A payment of INR 15,000 will be displayed as USD 166.67 in your Mochatrade account. The USD-equivalent value is used for trading calculations, while the underlying payment and settlement obligations remain denominated in INR. ### Withdrawing Your Balance Mochatrade displays your available withdrawal balance in both INR and its USD-equivalent value for convenience. All withdrawals are processed exclusively in INR and transferred to your registered Indian bank account. You can specify the amount you wish to withdraw in INR. For example: An available balance equivalent to USD 200 corresponds to INR 18,000 at Mochatrade’s fixed conversion rate. ### No Exposure to Currency Fluctuations The fixed USD-INR conversion rate applies consistently to margin calculations, trading P&L, and withdrawals. As a result, changes in the actual market exchange rate between USD and INR do not affect the INR value of your trading obligations or settlement amounts on Mochatrade. --- # How Leverage and Margin Work on Mochatrade URL: https://mochatrade.com/support/how-leverage-and-margin-work-on-mochatrade Last modified: 2026-10-22 Leverage lets a small margin control a larger position, up to 50x depending on the symbol. It magnifies both profits and losses, but with isolated margin the most you can lose on a position is the margin you posted for it. #### Prerequisites & Limits - Maximum leverage: up to 50x, depending on the symbol. - Example: at 10x leverage, ₹1,000 of margin controls a ₹10,000 position. - Higher leverage, higher risk: it controls a bigger position with less margin, but losses grow just as fast. Size positions you're comfortable with. - Margin is the amount you set aside to open and maintain a position. Position value is the total size you control. - Isolated margin only: a losing position can't touch your other funds. #### Step-by-Step Navigation 1. Open any contract (Stocks Futures, Crypto, Indices or Commodities) and enter a trade size. 2. Change the leverage at the top of the order panel and watch the margin required update. 3. Review the margin required and liquidation price (est.) before you place the order. #### Common Failures & Troubleshooting - Leverage slider stops below 50x: Maximum leverage varies by symbol. That contract has a lower cap. - My position is close to liquidation: High leverage puts your liquidation price closer to entry. Add margin or reduce size. --- # How Your Balance Is Used as Margin URL: https://mochatrade.com/support/how-your-wallet-balance-is-used-as-margin Last modified: 2026-10-22 Your available balance funds your trades. When you open a position, its margin moves from available to in positions, and comes back when you close. ### Prerequisites & Limits - Available: free to trade or withdraw. - In positions: margin held by your open positions, not available to withdraw. - The margin required for a new trade is shown before you place it. ### Step-by-Step Navigation 1. Sign in at mochatrade.com or download the app and open Portfolio (or Funds). 2. Check Available and In positions. 3. On the Trade page, the Positions tab shows the margin each position uses. ### Common Failures & Troubleshooting - I can't open a new position: Your available balance is below the margin required. Lower the size or leverage, or add money. - My balance looks lower than expected: Some of it is held as margin in open positions. --- # How to Add Margin or Change Leverage on an Open Position URL: https://mochatrade.com/support/how-to-add-margin-or-change-leverage-on-an-open-position Last modified: 2026-10-22 You can add margin to an open position at any time to lower your liquidation risk. You can't change leverage on margin already posted, but adding another order changes your effective leverage. #### Prerequisites & Limits - An open position and enough available wallet balance. - Maximum additional margin equals your position's order value. - Effective leverage = total position value ÷ total margin posted. #### Step-by-Step Navigation 1. Sign in at mochatrade.com or download the app, open Trade and go to the Positions tab. 2. Click the position you want to manage. 3. Click the pencil next to the position's margin, enter the amount to add and confirm. 4. To change effective leverage instead, place another order on the same contract and direction. #### Common Failures & Troubleshooting - Amount rejected when adding margin: You've gone over the maximum (your position's order value) or your available balance. - Leverage selector is locked on my open position: Leverage on posted margin can't be changed. Add a new order to adjust effective leverage. --- # Order Types Available on Mochatrade URL: https://mochatrade.com/support/order-types-available-on-mochatrade Last modified: 2026-10-22 Mochatrade supports Market and Limit entries, Take Profit, Stop Loss and Reduce-Only exits, four conditional order types, and GTC, IOC and FOK time-in-force options. Plan entries, exits and risk in advance instead of watching the market constantly. #### Prerequisites & Limits Category Order Type Use it to Entry Market, Limit Open a position now, or at your chosen price Exit Take Profit, Stop Loss, Reduce-Only Lock in gain, cap losses, or shrink a position without flipping direction Conditional Stop Market, Stop Limit, Take Profit Market, Take Profit Limit Trigger an order when price hits a level Time-in-front GTC, IOC, FOK Control how long a order stays active - GTC (Good-Till-Cancelled): stays open until filled or cancelled. - IOC (Immediate-Or-Cancel): fills what it can immediately, cancels the rest. - FOK (Fill-Or-Kill): fills completely right away, or not at all. #### Step-by-Step Navigation 1. Open any contract and click Long or Short. 2. Choose Market, Limit or Conditional at the top of the order panel. 3. Enter the price and size, turn on Take profit / stop loss if needed, and click Buy or Sell. #### Common Failures & Troubleshooting - My Limit order hasn't filled: The market hasn't reached your price yet. Check the Open orders tab, or adjust your price. - My FOK order was cancelled: It couldn't fill in full immediately. Use IOC or GTC to allow partial or later fills. --- # How to View Open Orders, Positions, Trade History and P&L URL: https://mochatrade.com/support/how-to-view-open-orders-positions-trade-history-and-p-l Last modified: 2026-10-22 Positions, Open orders and Order history are tabs under the chart on the Trade page. Order history shows completed trades with realised P&L, while open positions show unrealised P&L. #### Prerequisites & Limits - Realised P&L: profit or loss from closed trades. - Unrealised P&L: current profit or loss on open positions. #### Step-by-Step Navigation 1. Sign in at mochatrade.com or download the app and open Trade. 2. Switch between the Positions, Open orders, Order history and Fills tabs under the chart (Portfolio → History has the rest). 3. Click any row for full details. #### Common Failures & Troubleshooting - A trade is missing from history: Order history shows completed trades only. Check the Open orders or Positions tab. - Unrealised P&L keeps changing: It moves with the live price until you close the position. --- # How to Close or Partially Close a Position URL: https://mochatrade.com/support/how-to-close-or-partially-close-a-position Last modified: 2026-10-22 On the Trade page's Positions tab, find your position and click Market (or Limit) to close it. To close only part of it, use a Reduce-Only order and keep the rest open. #### Prerequisites & Limits - An open position, and trading must be available. - A closing fee of 0.05% of the closed size applies. #### Step-by-Step Navigation 1. Sign in at mochatrade.com or download the app, open Trade and go to the Positions tab. 2. Select the position you want to close. 3. Click Market (or Limit) on the position's row to close it fully. 4. For a partial close, place a Reduce-Only order for the size you want to close. 5. Confirm. Realised P&L appears in Order history. #### Common Failures & Troubleshooting - My close opened a position in the other direction: The order wasn't Reduce-Only. To exit, use Reduce only, or Market or Limit on the position's row. - Close didn't go through: Contact support with the screenshot of the issue that you are facing. --- # How to Cancel an Open Order (and What Happens to Partial Fills) URL: https://mochatrade.com/support/how-to-cancel-an-open-order-and-what-happens-to-partial-fills Last modified: 2026-10-22 Cancel any order that isn't fully executed from the Open orders tab. Any part already filled becomes an open position, and the unfilled rest stays open or is cancelled depending on your order type. #### Prerequisites & Limits - The order must not be fully executed. - Filled portions can't be cancelled. Close them from the Positions tab instead. #### Step-by-Step Navigation 1. Sign in at mochatrade.com or download the app, open Trade and go to the Open orders tab. 2. Find the order you want to cancel. 3. Click Cancel and confirm. #### Common Failures & Troubleshooting - The order disappeared before I could cancel it: It was fully filled. Check the Positions tab. - Only part of my order cancelled: The filled portion is already a position. Manage it from the Positions tab. --- # Why Your Execution Price Differs From the Displayed Price URL: https://mochatrade.com/support/why-your-execution-price-differs-from-the-displayed-price Last modified: 2026-10-22 The displayed market price can move between placing and filling your order. The gap comes from the spread or from slippage during fast market moves. #### Prerequisites & Limits - Market price: the current displayed price of the contract. - Execution price: the actual price your order fills at. - Spread: the difference between the buying and selling price at any moment. #### Step-by-Step Navigation 1. Sign in at mochatrade.com or download the app, open Trade and go to the Order history tab. 2. Click a completed trade to see its execution price. 3. To control your fill price next time, choose a Limit order on the order ticket. #### Common Failures & Troubleshooting - Big gap on a Market order: Fast-moving markets cause slippage. Use a Limit order to set your price. - Gap even in calm markets: That's the spread between buy and sell prices. --- # Positions or Balance Showing Empty or Zero URL: https://mochatrade.com/support/positions-or-balance-showing-empty-or-zero Last modified: 2026-10-22 A balance or positions screen that suddenly looks empty is usually a display issue, the ₹ / $ view toggle, a position that is closed, or margin reserved by open orders. Run through this checklist and contact support if none of these work. ### Prerequisites & Limits - ₹ / $ toggle: The toggle at the top only changes how amounts are displayed — it never moves your money. - Available vs In positions: 'Available to withdraw' excludes margin held by open positions and open orders, which shows under 'In positions'. Cancelling unfilled orders releases their margin. - Positions can close on their own: A Take Profit or Stop Loss may have triggered, or the position was liquidated — closed positions move to Order history. - Deposits take time: Deposits are credited within 72 working hours and appear under Funds, then Transfers. - Funding: While a position is open, funding is paid or received every 1, 4 or 8 hours depending on the symbol, so the balance moves without a trade. ### Step-by-Step Navigation 1. Update and restart the app; on the web, clear your browser cache or try another browser. 2. Check the ₹ / $ toggle at the top of the screen. 3. Open Trade then Positions. If a position is missing, check Order history — a Stop Loss or Take Profit may have triggered, or it was liquidated. 4. Open Funds and compare Total in your account, Available to withdraw and In positions. Cancel unfilled orders from the Open orders tab to free reserved margin. 5. Just deposited? Track it under Funds then Transfers — crediting can take up to 72 working hours. ### Common Failures & Troubleshooting - Balance locked with no open orders: If margin stays reserved after everything is closed and cancelled, contact support — our team will have it checked. - Deposit completed but buying power unchanged: Contact support with the amount and UTR; we will escalate it. - A trade or withdrawal you did not make: Contact support immediately with screenshots of Funds and your Trade tabs — we secure your account first. - Balance below zero: This can happen after liquidation or fees. Contact support and our team will share the confirmed breakdown and next step. --- # Mochatrade Trading Fees and Funding Rates Explained URL: https://mochatrade.com/support/mochatrade-trading-fees-and-funding-rates-explained Last modified: 2026-10-23 Mochatrade charges taker fees of 0.05% to open and 0.05% to close (0.10% round trip) and maker fees of 0.02% to open and 0.02% to close (0.04% round trip). Funding is a separate periodic payment between Long and Short traders, settled every 1, 4 or 8 hours depending on the symbol. #### Prerequisites & Limits - Opening fee (taker): Rate: 0.05% (5 bps) of position size · When it applies: When a position opens with a taker order - Closing fee (taker): Rate: 0.05% (5 bps) of position size · When it applies: When a position closes with a taker order - Opening fee (maker): Rate: 0.02% (2 bps) of position size · When it applies: When a position opens with a maker order - Closing fee (maker): Rate: 0.02% (2 bps) of position size · When it applies: When a position closes with a maker order - Round-trip total: Rate: 0.10% of position size with taker orders, 0.04% with maker orders · When it applies: Open + close - Funding: Rate: Varies with market conditions; you may pay or receive · When it applies: Every 1h, 4h or 8h, per symbol - Liquidation fee: When it applies: If a position is liquidated - Maker vs taker: A maker order rests on the order book and adds liquidity (for example, a limit order that doesn't fill immediately). A taker order fills immediately against the order book and removes liquidity (for example, a market order). - Example: a ₹10,000 position costs ₹5 to open and ₹5 to close with taker orders, or ₹2 to open and ₹2 to close with maker orders. - Funding keeps the contract price in line with the real market price. It depends on market conditions, not on Mochatrade. #### Step-by-Step Navigation 1. Sign in at mochatrade.com or download the app and open the contract you want to trade in any market. 2. Check Funding and Next funding at the top of the Trade page. 3. Enter your order. The fee is in Fee and slippage details before you place the order. #### Common Failures & Troubleshooting - My balance dropped while my position was open: You likely paid funding at the symbol's interval. Check the rate and interval on the trading screen. - My balance went up without a trade: You may have received funding. - I was charged fees twice: A full trade has two fees, one to open and one to close. - My fee was different from what I expected: Check whether your order filled as a maker (0.02%) or a taker (0.05%); the rate depends on how it fills, not on the order type alone. --- # What Is Liquidation (Square-Off) and When Does It Happen? URL: https://mochatrade.com/support/what-is-liquidation-square-off-and-when-does-it-happen Last modified: 2026-10-22 Mochatrade automatically closes your position when your margin can no longer cover potential losses. It closes at the available market price, a liquidation fee applies, and any remaining balance returns to your wallet. #### Prerequisites & Limits - Your liquidation (square-off) price is calculated from position size, entry price, leverage, margin posted and Mochatrade's liquidation rules. - It's shown on your position screen before and after you open a trade. - Your maximum loss is the margin posted for that position (isolated margin). - Higher leverage puts your liquidation price closer to your entry price. #### Step-by-Step Navigation 1. Before trading, check the estimated liquidation price in the order summary. 2. After opening, find your position in the Positions tab on the Trade page. 3. Read the liquidation price shown on the position card. #### Common Failures & Troubleshooting - I was liquidated at a worse price than shown: In fast markets, slippage or low liquidity can close a position at a different price than the liquidation price. - My position was liquidated very quickly: Rapid price moves during high volatility can reach your liquidation level fast, especially at high leverage. - Liquidation took longer or filled at a different price: When market liquidity is thin, the position may take longer to close or close at a different available price. - I didn't get a warning: Mochatrade may alert you when margin runs low, but alerts aren't guaranteed. Monitor your positions regularly. --- # How to Avoid Liquidation on Your Position URL: https://mochatrade.com/support/how-to-avoid-liquidation-on-your-position Last modified: 2026-10-22 Add margin to move your liquidation price further away, reduce your position size, or close the position yourself at any time. #### Prerequisites & Limits - An open position and available wallet balance (to add margin). - Maximum additional margin equals your position's order value. #### Step-by-Step Navigation 1. Sign in at mochatrade.com or download the app, open Trade and go to the Positions tab. 2. Click the position at risk. 3. Click Add Margin and enter an amount, or click Market (or Limit) to close it to exit. 4. Click Confirm. 5. Optional: set a Stop Loss so the position exits before reaching the liquidation price. #### Common Failures & Troubleshooting - Add Margin fails: You've hit the maximum (order value) or your available balance is too low. Deposit funds first. - Closing isn't working: Take screenshot of error that you are encountering and contact support for further assistance. --- # How to Download Your Trade and P&L Report URL: https://mochatrade.com/support/how-to-download-your-trade-and-p-l-report Last modified: 2026-10-22 Go to Profile → Statements and tax for your monthly statements (PDF) and your Tax P&L for the financial year (CSV). ### Prerequisites & Limits - Monthly statements cover balances, trades, fees, funding and money in and out, one per month since you joined. - Tax P&L lists realised gains and losses with fees and funding, in rupees. ### Step-by-Step Navigation 1. Sign in at mochatrade.com or download the app and open Profile → Statements and tax. 2. Choose Monthly statements or Latest statement. 3. For tax, click CSV next to Tax P&L for the financial year. 4. Statements are sent to your email. ### Common Failures & Troubleshooting - Numbers don't match the app/website: Statements cover whole months, and open positions aren't realised yet. Compare the same period. If it still differs, contact support with the numbers. - Statement not in my inbox: If you haven't received the email, please check your spam folder and verify that your email address is correct under Profile → Your Name. --- # TDS on Mochatrade Trades URL: https://mochatrade.com/support/tds-on-mochatrade-trades-and-how-to-get-your-tds-certificate Last modified: 2026-10-22 TDS may apply depending on the transaction type. Your Tax P&L (Settings → Statements and tax) has the figures a tax advisor needs. ### Prerequisites & Limits - The exact rate and applicability can vary. Mochatrade doesn't give tax advice. - Your Tax P&L lists realised gains and losses with fees and funding, in rupees. - Your PAN on record is reported to the tax authority with your statements, as required. ### Step-by-Step Navigation 1. Sign in at mochatrade.com or download the app and open Settings → Statements and tax. 2. Click CSV next to Tax P&L for the financial year. 3. Share it, with your monthly statements, with your tax professional. ### Common Failures & Troubleshooting - TDS looks different from what I expected: It depends on the transaction type. Check with a tax advisor. - Missing figures for a period: Check the financial year you downloaded. If it's still missing, contact support. --- # How to Secure Your Account: Your 6-digit PIN URL: https://mochatrade.com/support/how-to-enable-two-factor-authentication-2fa Last modified: 2026-10-27 Mochatrade has no password to steal. Keep your 6-digit PIN private — you can change it any time under Settings → Security. ### Prerequisites & Limits - Your 6-digit PIN confirms every withdrawal. #### Step-by-Step Navigation 1. Sign in at mochatrade.com or download the app and open Settings → Security. 2. Under PIN, click Change PIN if you want a new one. ### Common Failures & Troubleshooting - Suspicious activity: Change your PIN and contact support right away. --- # What to Do If You Notice Suspicious Activity on Your Account URL: https://mochatrade.com/support/what-to-do-if-you-notice-suspicious-activity-on-your-account Last modified: 2026-10-27 Change your PIN and contact support right away with the details. Mochatrade will never ask for your PIN or a sign-in code by call, SMS or email. ### Prerequisites & Limits - Never share your PIN or a sign-in code with anyone, including someone claiming to be from Mochatrade support. ### Step-by-Step Navigation 1. Sign in at mochatrade.com or download the app and open Settings → Security. 2. Click Change PIN. 3. Contact support with the date, time and amount of the suspicious activity. ### Common Failures & Troubleshooting - Someone asked me for my code or PIN: It's a scam. Don't share it, and report it to support. - Locked out of my account: Use Trouble signing in? on the sign-in page, then contact support. --- # How to Contact Mochatrade Support and Escalate a Complaint URL: https://mochatrade.com/support/how-to-contact-mochatrade-support-and-escalate-a-complaint Last modified: 2026-10-22 Reach support on Chat or email for any account or trade issue. If it isn't resolved, request escalation on the same channel under Mochatrade's grievance redressal process. #### Prerequisites & Limits - Chat website: the chat in the corner of any page on mochatrade.com - Chat app: Click on profile and select Help and support to start a chat. - Email: support@mochatrade.com - Have your registered email or mobile number ready. - For trade or payment issues, note the date, time, amount, and any transaction ID, UTR or order ID. - Mochatrade support will never ask for your PIN or a sign-in code. #### Step-by-Step Navigation 1. Choose any support channel from above. 2. Describe your issue and share screenshots or IDs. 3. If your issue remains unresolved, reply on the same channel and request escalation. #### Grievance Officer If support hasn't resolved your issue, write to Mochatrade's Grievance Officer, Parth Maheshwari, at grievance@mochatrade.com. Include your name, the email address or phone number on your account, the channel and dates of your earlier conversation with support, and what outcome you want. - Acknowledged within 24 hours of receipt, with a reference number. - Resolved within 15 days. Where the grievance concerns a purchase of services, within one month. - Hours: Monday to Friday, 10:00 to 18:00 IST. Mail received outside these hours counts from the next working morning. Not satisfied with the outcome? Reply to the same thread and say so; the matter is escalated to senior management. The full policy is in the Terms of Service, section 35. #### Common Failures & Troubleshooting - Waiting for a reply: Keep the conversation on one channel so your history stays in one place. - Issue closed but not resolved: Ask for escalation on the same channel. Unresolved complaints are reviewed further under the grievance redressal process. --- # Web vs App: Where to Find Each Feature URL: https://mochatrade.com/support/web-vs-app-where-to-find-each-feature Last modified: 2026-10-27 Mochatrade works both on the web at mochatrade.com and in the mobile app from the Google Play Store or Apple App Store. It is the same account and the same balance — you can sign in from either, and your positions, orders and funds stay in sync. ### Prerequisites & Limits - Availability: MochaTrade is available only to Indian residents. If the app is unavailable on your device, ensure your phone's software is up to date and your device's time zone is set to Indian Standard Time (IST). You can also access MochaTrade through the web at mochatrade.com. - Sign-in: The same passwordless sign-in works on both — Google, or a code sent to your email, plus your 6-digit PIN where asked. - Display: The ₹ / $ toggle at the top changes only how amounts are shown, on both web and app. ### Step-by-Step Navigation 1. Trading: Open Market, pick a contract, choose Long or Short — the Trade page with its Positions, Open orders, Order history, Fills, Balances and Funding tabs is the same on web and app. 2. Money: Deposits, withdrawals and linked bank accounts are under Funds (Total in your account, Available to withdraw, In positions, Transfers). 3. Account: Settings holds Profile (email and mobile), Security (PIN), Verification (KYC status) and Bank and UPI. 4. Support chat: In the app it is under Profile then Help and support; on the web, use the chat bubble on mochatrade.com. ### Common Failures & Troubleshooting - Feature works on web but not in the app (or vice versa): Update the app, restart it and check your connection; on the web, clear your cache or try another browser. If it continues, contact support with your device, OS, app version and a screenshot. - App not found in the store: Search for 'Mochatrade' in the Play Store or App Store. The app is listed for Indian stores only — the web works meanwhile. - App crashing or slow: Update from the store, restart your phone and check your connection; on the web, clear the cache or switch browsers.