Learn
The words
, , , , , , , , , , . One sentence each. Hear it. Then the lesson. Look. Do not buy.
Last
The most recent trade. Not a fair-value stamp. If nobody trades, last is just old news.
Bid / ask
Bid is what buyers will pay now. Ask is what sellers will take. The gap is the spread — a cost you do not see on this paper desk.
Spread
Ask minus bid. Tight on liquid names, wide on quiet ones. Paper fills at last skip this on purpose so you can learn size first.
Coin
A crypto token. Not a slice of a company. We never hold a wallet and we never ask for a seed.
Paper
Fake cash on this device. A paper fill is practice at last. It is not a live order and not money you can send.
Fill
When an order becomes a trade. On this desk it is paper at last — hypothetical, no broker, no tax lot.
Halt
When a floor pauses trading on a name. News, an imbalance, or a rule can stop the tape. Last during a halt is old. Not a pick.
NBBO
National Best Bid and Offer: the best bid and offer across U.S. lit markets. A live-desk idea. Delayed last here is not the NBBO. We are not a SIP.
SIP
Securities Information Processor — a public quote consolidator. This classroom is not one. We do not sell a feed.