Before you start
What this module changes in your trading process.
Explain how exchanges, brokers, and market makers fit into an order lifecycle.
Ekosistem PasarBrokerJenis OrderOrder bookSpreadMarket order
Before writing a strategy, understand the playing field: how orders meet in the order book, the role of brokers and APIs, and what each order type implies.
Module outline
Before you start
Explain how exchanges, brokers, and market makers fit into an order lifecycle.
Lesson 1
Menjelaskan peran bursa, broker, dan market maker dalam siklus hidup sebuah order.
Saat Anda menekan "beli", order Anda menempuh perjalanan. Memahaminya penting karena di sinilah biaya dan slippage muncul . Pemain utama • Bursa / Exchange: tempat order bertemu (mis. NYSE, Nasdaq, Binance).
Untuk FX yang terdesentralisasi, "tempat" ini berupa jaringan bank & ECN. • Broker: perantara yang memberi Anda akses ke pasar, menyediakan platform & API, dan menahan dana Anda. • Market maker / penyedia likuiditas: pihak yang selalu siap membeli/menjual, menyediakan likuiditas dan untung dari spread. • Clearing & settlement: proses di belakang layar yang memastikan kepemilikan & dana benar-benar berpindah.
Siklus hidup order • Strategi Anda menghasilkan order → dikirim ke broker via API. • Broker meneruskan ke bursa/venue (atau menjalankan order lewat venue broker). • Order dicocokkan (matched) dengan order lawan di order book. • Eksekusi (fill) dikonfirmasi kembali ke Anda — sebagian atau penuh. • Settlement & pembaruan saldo/posisi.
Example
Practical example: Order menempuh: strategi → broker/API → venue → matching → fill → settlement.
Key points
Practice checkpoint
Apply this lesson to one market you actually watch. Write the rule, the data needed, the risk check, and the condition that invalidates the idea.
Before continuing
Lesson 2
Membaca order book (bid/ask, spread, depth) dan memahami bagaimana order dieksekusi.
Pasar modern adalah continuous limit order book (CLOB) : daftar order beli (bid) dan jual (ask) yang menunggu pada berbagai harga. Sisi Harga Volume Ask (jual) 100.04 800 Ask (jual) 100.03 500 Ask (jual) — best 100.02 300 Bid (beli) — best 100.00 400 Bid (beli) 99.99 700 Di sini best bid = 100.00 dan best ask = 100.02, maka spread = 0.02.
Depth (kedalaman) adalah volume tersedia di tiap level — penting untuk order besar. Jenis order utama • Market order: eksekusi segera pada harga terbaik tersedia. Pasti terisi , tetapi harga tidak pasti (bisa kena slippage). Order beli market mengambil dari sisi ask. • Limit order: hanya tereksekusi pada harga yang Anda tentukan atau lebih baik.
Harga pasti , tetapi tidak pasti terisi . • Stop (stop-market): menjadi market order saat harga menyentuh level pemicu — dipakai untuk stop-loss. • Stop-limit: menjadi limit order saat pemicu tersentuh — terkendali, tetapi berisiko tidak terisi saat pasar bergerak cepat.
Example
Practical example: Order book = bid/ask menunggu; spread = best ask − best bid; depth = volume per level.
Key points
Practice checkpoint
Apply this lesson to one market you actually watch. Write the rule, the data needed, the risk check, and the condition that invalidates the idea.
Before continuing
Lesson 3
Membedakan jenis order (market, limit, stop, stop-limit) dan kapan memakainya.
Kode strategi berbicara ke pasar melalui API broker/exchange . Dua pola umum: • REST API: permintaan-jawaban (request/response) — cocok untuk menempatkan order, cek saldo, ambil histori.
Contoh: "POST /orders". • WebSocket: aliran data real-time (harga, order book, status order) yang didorong server — cocok untuk strategi yang butuh data live. • FIX protocol: standar institusional untuk pesan order — jarang dipakai ritel.
Example code: # Contoh konsep memanggil API broker (REST) import requests order = { "symbol": "BTCUSDT", "side": "BUY", "type": "LIMIT", "price": 60000, "quantity": 0.01 } # requests.post(BASE_URL + "/api/order", json=order, headers=auth) # -> server mengembalikan order_id & status Otentikasi & keamanan API memakai API key + secret .
Example
# Contoh konsep memanggil API broker (REST) import requests order = { "symbol": "BTCUSDT", "side": "BUY", "type": "LIMIT", "price": 60000, "quantity": 0.01 } # requests.post(BASE_URL + "/api/order", json=order, headers=auth) # -> server mengembalikan order_id & status
Key points
Practice checkpoint
Apply this lesson to one market you actually watch. Write the rule, the data needed, the risk check, and the condition that invalidates the idea.
Before continuing
Fieldwork
Build one worksheet for Market Ecosystem, Brokers, APIs, and Order Types: state the market, the rule, the data input, the risk limit, the validation check, and the review note before using it live.
Glossary
Checkpoint quiz
Quiz results can add XP when you are signed in.
Progress action
Marking complete saves the module, updates streak activity, and awards XP only once per module.
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Risk note: Metavulus learning content is for education and market preparation only. It is not financial advice, investment advice, or a trading recommendation.