The Quote

You have the book. Each round the ladder is in front of you — depth on both sides, your queue position, your inventory — and you make one placement: join the touch, step ahead, back away, skew, pull, or cross and pay to get flat. Then the flow arrives. It starts as a quiet open where the spread is free money. By the close you'll face an informed seller working your bid, a fast market that makes your quote a free option, and an inventory limit with the price gapping away from you. Quote tight and you get picked off; quote wide and you earn nothing. Every world of the course, live.

💵

CapitalYour P&L cushion. Every fill marks against it. Zero → the desk stops you out and the session is over.

📈

P&LRunning trading P&L. 50 is flat; capture the spread to build it, get picked off and it falls.

🎩

Desk standingThe desk's confidence in your quoting. Price the right risk and it builds. Zero → they take the book off you.

📦

InventoryPosition carried against your limit. Past 100% the risk desk force-flattens you into the worst of the move.

You quote the market. Everyone who trades with you chose to. Survive the session.