THE ONYX ACADEMY

TRADER DEVELOPMENT
PROGRAMME
THE ONYX OVERVIEW
ACADEMY Onyx Capital Group have developed a 10-day classroom training
TRADER programme based on their Elite Trader Development pathway.

DEVELOPMENT The programme navigates through the history & fundamentals of the
PROGRAMME oil industry, through the refined products and the key market players
to trading the physical & derivative markets and identifying arbitrage
opportunities.
(DURATION: 10 DAYS)

Utilising live charts, the programme introduces fundamental analysis

identifying the key drivers of energy prices. The programme also
encompasses technical analysis, risk management, behavioural
finance, and trader psychology. Leveraging Onyx’s proprietary data,
participants engage in discussion on market positioning and
formulating effective trading strategies. Additionally, the course
offers insight into bond, FX, and equity markets, discussing inter-
market correlations and their impact on commodity prices.

Participants are equipped with essential ‘desk ready’ skills.

Emphasising proficiency with desk systems such as Cloud 9, Eagle risk
management, WEB Ice, Reuters, Excel, Bloomberg, SOD/EOD reports,
clearing, trade settlement and compliance protocols. Interactive
games gauge the accuracy of trade entries, culminating in a full day
dedicated to live online trading simulations where participants are
pitted against each other in real-time market scenarios.

Throughout the programme, case studies, tests, quizzes, and a

comprehensive end of course exam maintain engagement and
facilitate continuous learning. A trading simulator provides
participants with a platform to showcase and refine their skills in a
pressured environment.

Upon successful completion, candidates are awarded the Onyx

Academy digital certificate, validating their proficiency in trading and
market analysis.

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TARGET AUDIENCE

Our comprehensive programme is designed to empower both new graduates and prospective
traders, while also delivering invaluable insights to professionals across various business lines,
including risk management, compliance, and middle and
back-office operations.

PROGRAMME METHODOLOGY

Instructor-led facilitation using live charts, interactive case studies, trading simulators, quizzes, tests,
and our end-of-course Onyx Academy-certified exam. The Programme also includes in-person
presentations from Onyx traders, brokers, and research, as well as members of risk and compliance.
Participants will also be given access to Onyx Edge & Onyx Flux to monitor and discuss current
market pricing, trends, and market positioning data.

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LEARNING OBJECTIVES

Upon completion of the programme, participants will gain a comprehensive understanding of:

➢ The fundamentals of the oil industry, ➢ The fundamentals of the oil industry,
its history, extraction, refining, its history, extraction, refining,
transportation, and pricing transportation, and pricing

➢ The numerous participants trading in ➢ The numerous participants trading in

the oil market, plus their roles and the oil market, plus their roles and
motives motives

➢ The drivers of energy prices in both ➢ The drivers of energy prices in both
physical and derivative markets. Plus, physical and derivative markets. Plus,
the forward curves the forward curves

➢ The refined oil products, plus where ➢ The refined oil products, plus where
and how they trade and how they trade

➢ The distinction between hedging and ➢ The distinction between hedging and
speculation strategies speculation strategies

➢ Trading physical oil markets, and the ➢ Trading physical oil markets, and the
link between the physical & derivative link between the physical & derivative
markets markets

➢ Price settlements and the significance ➢ Price settlements and the significance
of pricing windows of pricing windows

➢ The mechanics of derivative products; ➢ The mechanics of derivative products;

futures, swaps, and options, including futures, swaps, and options, including
why and how they trade why and how they trade

➢ Exchanges, margin, and OTC trading ➢ Exchanges, margin, and OTC trading

➢ Liquidity & volatility ➢ Liquidity & volatility

➢ How to analyse markets with ➢ ow to analyse markets with technical

technical analysis, behavioural analysis, behavioural finance, and
finance, and trader psychology trader psychology

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PROGRAMME OUTLINE

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MODULE 1: 1 DAY
Introduction - commodity & oil markets fundaments

➢ Introduction to physical oil and its ➢ The refined products

history
➢ Pricing mechanisms
➢ The different methods of oil
exploration and extraction ➢ Roles & key players in energy
markets -
➢ Transportation and storage Producer/transporter/refiner/end-
user/hedger/market maker,
➢ Crude oil quality, product refining, HF/speculator (types of
blending, & specifications HF/algo/CTA/quants…), broker,
asset manager, ETF, research….
➢ The upstream/midstream/
downstream players

CASE STUDIES

1 The market players and their hedging needs. A basic physical commodities
deal.

Analysing the logistical complexity of oil transportation and the need for
2 hedging.

3 Crack spread price movements and hedging requirements.

Commodities quiz
4

TEST: MODULE 1 REVIEW

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MODULE 2: 1 DAY
What drives energy prices?

➢ Organisation of the Petroleum ➢ Global macro – the importance of

Exporting Countries (OPEC) the US $ and bond curves. What
interest rates (OIS curve/Fed Funds
➢ Geopolitical events futures) can tell us about the global
economic outlook
➢ Supply & demand models
➢ Volatility & liquidity
➢ Market positioning, open interest,
COT data and Onyx proprietary ➢ Season movers & driving season
research
➢ Micro events – refinery outage,
➢ Physical versus paper price drivers fractionator explosion…

➢ Economic data

CASE STUDIES

1 How might these scenarios impact the oil price? How will other markets be
affected?

COT reports and Onyx data

2

3 2023 Medford fractionator explosion. What different ways might the market
react?

EBOB during the Colonial Pipeline ransomware attack 2021.

4

TEST: MODULE 2 REVIEW

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MODULE 3: 1 DAY
Commodity trading foundations

➢ Physical oil trading and price settlement ➢ Refined products

- Petrochemicals
➢ Derivative products – futures, swaps, and - Natural Gas liquids
options - Gasoline
- Naphtha
➢ Exchanges, clearing and margin Versus OTC - Jet fuel/Kerosene
- Gasoil/diesel/heating oil
➢ Oil derivative contracts network - Very low sulphur fuel oil
- Residual high sulphur fuel oil
➢ Crude oil – physical uses, derivative market, - Refinery margin
and the dated Brent ecosystem
➢ Volatility & liquidity
➢ Global macro – the importance of the US $
and bond curves. What interest rates (OIS ➢ Season movers & driving season
curve/Fed Funds futures) can tell us about the
global economic outlook ➢ Micro events – refinery outage,
fractionator explosion…

CASE STUDIES

May 2020 WTI trading at $-37 barrel, and gold physical/futures dislocation.
1 Plus, the impact of the COMEX silver market margin rule changes in May
2011 and its wider financial market implications.

2 Gas-napping at the wheel! Feb 2024

Swaps versus futures roll off. How would you manage this market makers
3 position?

Identify the link and trading opportunities between products, calendar

4 spreads and geographies.

5 GasNap breaking the physical economic ceiling in 2022.

TEST: MODULE 3 REVIEW

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MODULE 4: 1 DAY
Technical analysis, risk management and predicting market behaviour.

➢ From traditional forms to technical analysis and ➢ Back-testing strategies using Python
candle stick charts
➢ Oscillators and momentum
➢ Technical analysis as a risk management tool
and the critical importance of a stop loss ➢ Why position sizing matters

➢ Trading spreads versus out rights with technical ➢ The impact of volatility
analysis
➢ Combining technical analysis with
➢ Trading different time frames fundamental analysis and heuristics

➢ Moving averages and trend following trading ➢ Creating a process and having the
strategies discipline to stick to it!

➢ Bollinger bands and mean reverting trading ➢ Game plans, journaling, review, and
strategies self-reflection

➢ The critical importance of risk management and

how to lose money well!

CASE STUDIES

1 Identifying trading strategies from current charts

The Turtle Traders Trading Strategy. Process & discipline

2

3 Position sizing test

Creating your own rules-based trading strategy

4

TEST: MODULE 4 REVIEW

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MODULE 5: 1 DAY
Trading commodity markets and constructing your portfolio.

➢ Oil derivatives market analysis and data ➢ Adding to winners and the role (and risk) of
sources, plus how to read the financial markets leverage

➢ Leveraging Onyx proprietary data to ➢ Your exit strategy, risk management and limits
develop your market analysis & trading
strategy ➢ Communicating your position

➢ Hedging versus speculation and optimising ➢ Hedging FX exposure & inter-market correlations
physical price risk
➢ Arbitrage – cross trading products, geography,
➢ Analysing physical and paper flows calendar spreads….

➢ Heuristics and forming a hypothesis ➢ How a market maker will trade – core view, price
making, flow & back book
➢ Determining fair value
➢ How hedgers vs speculators approach the markets
➢ Hunting opportunities
➢ Life cycle of a trade
➢ Risk/reward, position sizing, entry, and the
importance of a stop loss ➢ Review of Onyx Brokerage’s current trade ideas

➢ R multiples, Sharpe/Sortino ratios

CASE STUDIES

1 Review of Onyx data, research, and Alpha trade ideas. Identifying value.

Studying current market research, price action and Onyx data, build a view and
2 how would a market maker, a hedger, and a speculator trade this scenario.

3 COT report after an OPEC cut, April 2023.

Scenario-based case study. How would you trade these events?

4

TEST: MODULE 5 REVIEW

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MODULE 6: 1 DAY
Behavioural finance & trading psychology
➢ Psychology & how we make decisions – ➢ Why do traders lose money?
neuroscience & neuroeconomics – research and statistics

➢ Performance preferences – a strengths- ➢ The 5 stages of loss

based approach to trading
➢ Traits of winning traders – research and
➢ Understanding our hardwiring – how the statistics
brain responds to pressure
➢ The importance of process and discipline
➢ Chemicals in our body and how they
influence our trading (with a focus on ➢ Psychometric testing and feedback
adrenaline, cortisol & dopamine)
➢ Lessons from other markets – EURCHF,
➢ Our behavioural biases and how they Nickel, Iron ore & cotton, GameStop &
impact trading and investing AMC, Tesla/Lucid/Rivian, Zoom & Peloton,
Crypto, Nvidia, and many more!
➢ Identifying OUR OWN biases and
emotions

CASE STUDIES

1 Trader mindset, the discipline required to compete at the top level.

Behavioural finance quiz

2

3 What are my personality traits?

Risk management and the rules of trading

4

TEST: MODULE 6 REVIEW

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MODULE 7: 1 DAY
Peak performance in trading & dealing under pressure.

➢ How to build ruthless approach to ➢ Overcoming our behavioural biases

relentless self-improvement (after first identifying them!)

➢ Dealing with pressure ➢ Statistics proving the importance of

nutrition, fitness, rest/sleep, water,
➢ Mental toughness & self-awareness mindfulness/meditation….

➢ Grit, with ‘West Point’ research. Why ➢ Factors impacting cognitive performance
passion & resilience are the secrets to
success ➢ Stress reduction and techniques for
immediate and long-term health benefits
➢ Agile thinking and the entrepreneurial
mindset ➢ Creating a winning environment &
building a team around values
➢ Failing fast = developing a growth
mindset

CASE STUDIES

1 Trader mindset, the discipline required to compete at the top level.

2 Pressure tests!

3 How could you improve YOUR performance, right now?

Creating a winner – sports psychology, can we replicate it in the

4 workplace? The traits of the world’s top athletes and business leaders.

TEST: MODULE 7 REVIEW

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MODULE 8: 2 DAYs
Being desk ready!

➢ How to use web ICE, cloud 9, ICE chat, Reuters, ➢ Compliance & regulation
Flux, Bloomberg, and Eagle
➢ Dodd-Frank, Basel III, EMIR, MIFID II
➢ Trade entry & reconciliation, live P&L, MTM
analysis ➢ Examples of market manipulation

➢ Continuous review and evaluation – extreme ➢ The future of compliance & regulation
ownership
➢ The impact of financialisaton and technology
➢ What’s expected of a trader?
➢ Artificial intelligence & machine learning in
➢ Daily processes markets and how they influence price action

➢ Blottering ➢ Understanding the concepts of the IT

infrastructure
➢ The link between trader, broker, sales,
research, IT, compliance, risk, finance… ➢ Growing sophistication in financial data

➢ Excel spreadsheeting workshop ➢ The future for oil and derivative markets

➢ Python coding introduction

➢ The reality on the desk in the heat of battle!

CASE STUDIES

1 Identifying trading strategies from current charts

The Turtle Traders Trading Strategy. Process & discipline

2

3 Position sizing test

Creating your own rules-based trading strategy

4

TEST: MODULE 8 REVIEW

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MODULE 9:1 DAY
Simulator

Participants will use a state-of-the-art simulator to learn to assess their skills within a similar
environment which mirrors real-world trading scenarios. This immersive approach not only enhances
participant engagement but also substantially reduces training time and costs significantly.
Furthermore, the simulator facilitates detailed analysis of results, highlighting every aspect of
traders’ skills and weaknesses.

END OF COURSE. ONYX CAPITAL GROUP CERTIFIED EXAM.

*** COURSE REVIEW AND CONCLUSION ***

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TRAINER BIO

James has over 20 years of front-office trading

experience having worked for investment banks
and a hedge fund in London, New York, Tokyo, and
Singapore. He also has over 10 years of lecturing &
facilitation experience, travelling to 21 countries,
and teaching with over 40 clients. He specialises in
Commodity Markets, Global Financial Markets,
Technical Analysis, Behavioural Finance, Risk
Management & Performance Enhancement.

James is also a Chartered Market Technician

(C.M.T.) and was a Board member of the Chartered
Market Technicians Association for 7 years. He has
appeared on Bloomberg television numerous times
conducting live interviews on current market risks
JAMES BRODIE and trends. He was also the Chief Investment
Head of Learning and Development Officer for a Singapore-based Hedge Fund where he
programmed algorithmic trading systems based on
rules developed from his trading experience and
technical analysis background.

As Onyx’s Head of Learning and Development

James designs & delivers specific courses around
commodity markets, technical analysis, strategic
trading, behavioural finance, risk management &
relevant programs that address knowledge gaps. He
also uses live charts to discuss these topics in the
current market environments.

James’ clients have included, Abrdn, Barclays,

Citibank, Credit Suisse, DE Shaw, Goldman Sachs,
HSBC, JP Morgan, BP, Nomura, ArcelorMittal, Noble
Group and Manulife Asset Management.

James also rowed for Great Britain and won medals

at three consecutive World U23 rowing
championships. He is a three-time national rowing
champion of Great Britain, has completed 8
Ironman triathlons around the world, and has twice
swum from Alcatraz to shore!

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TRAINER BIO

With over 15 years of applied experience, Chris has

a distinguished background in the field of
Performance Psychology, supporting clients and
teams from the world of business and elite level
sport. His expertise in the areas of resilience,
emotional management, team dynamics and
decision making have enabled him to optimise the
performance of those who are required to thrive in
environments of extreme pressure.

Having started his career in elite level football,

Chris went on to work with world class athletes in
Tour level tennis and golf, Olympic disciplines and
UCI ProTour cycling. His more recent experience
has been as part of the renowned Performance
CHRIS GOODER Psychology team at the FA working with England
Performance Director football teams and perhaps most notably as the
most recognised figure in delivering Performance
Psychology in Formula 1, over an 8 season period
supporting numerous drivers and teams.

From the Formula 1 paddock to the boardroom,

Chris has taken his learning from working with
world class operators in the sporting space and
translated this to business, delivering human
performance programmes across a range of
industries, to organisations including Goldman
Sachs, UBS, Samsung and Laing O’Rourke.

As Onyx’s Performance Director, Chris works closely

with the traders and leadership groups to optimise
operations, foster an environment of continuous
improvement and ensure that the team are
equipped with the best tools to deliver results, in a
world where demonstrating resilience and making
the right decision under pressure is paramount.

As a keen sportsman himself, when not at the

office Chris can be found on a golf course
(attempting to!) perfect his swing as well as
maintaining his fitness by running around after his
young children.

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