Risk before anything else
What the worst case looks like for each kind of position, how the size of a loss is worked out in advance, and why the decision is made before a position is opened rather than while it runs.
Hexenkraft s.r.o. · education project · Prague
Options are not a bet. They are rules, and rules can be read.
HexAlpha is a course on derivatives and options for people who want to understand these instruments before they touch them. We start with risk rather than strategy. We give no recommendations and promise no outcome.
5 modules, 48 hoursOnline or one to oneRisk taught firstNo recommendations, no signals
What is actually taught
Four things it usually stands or falls on
These are not tricks. They are properties of the instrument that can be understood in an afternoon, and without which nothing else makes sense.
01
An option is a right, not an obligation
The buyer of an option buys the possibility of doing something, not the duty to do it. The seller carries the opposite duty. Almost everything else follows from that single difference, including why the two sides carry very different risk.
02
The premium is the price of time and uncertainty
What you pay for an option is not the price of the underlying. It is the price of the time left until expiry and of how far the underlying might move. As either one shrinks the premium loses value, even if the underlying has not moved at all.
03
Time works against the holder
Time value decays towards expiry and never the other way. So the holder of an option needs something specific to happen, and needs it by a specific date. That constraint does not exist when you simply own a share.
04
Leverage cuts both ways
Leverage means a small move in the underlying produces a large move in the result. Exactly as large downwards as upwards. On some positions a loss can exceed what you put in, and that sentence is usually the least-read line in the documentation.
Risk warning
Read this before the rest of the page
Derivatives and options are complex, leveraged instruments. A loss can considerably exceed the amount originally put in, and a substantial share of non-professional participants lose money on them. This website sells no such instrument and does not encourage anyone to trade one. We teach how these instruments work, and we start with risk rather than with strategy.
Education only. Not investment advice and not a product offer. We manage no money and promise no outcome.
Programme
Five modules, forty-eight hours
The order is not accidental. Risk comes first, because without it the other modules cannot be explained properly.
The anatomy of an option
Underlying, strike, expiry, premium, European and American style. Buyer and seller side by side, including how their profit and loss profiles differ.
What moves an option's price
Intrinsic and time value, volatility, interest rates, time to expiry. The sensitivities known as the greeks, and what each of them actually measures.
Reading the documentation and the costs
Key information documents, contract specifications, margin, fees, spreads. How to work out the real cost of a position before you open it.
Regulation, tax and where to check
Who supervises what in Czechia, what a licence does and does not mean, how to check a counterparty in the Czech National Bank's registers, and how Czech tax treats derivatives.
5 modules
48 hours
How we teach
Three rules that hold in every module
01
The loss first, the gain after
Every instrument is taken from its worst possible outcome. If you cannot work that out, we do not think you should be working anything else out yet.
02
We teach the method, not the answer
We will not tell you what to buy or sell. We will show you how to read a specification, work out your own figures and ask the questions that matter.
03
We also say what cannot be taught
Nobody can predict the market and a return without risk does not exist. We would not know how to run a course that claimed otherwise.
Formats
Online, one to one, or for a team
Group, online
Live teaching in a small group over video. Materials stay with the participants.
One to one
Pace and content set by what you already know. Suited to one subject in depth.
For companies
Training for a team as part of a company programme. Content assembled to the brief.
Scope
What we do and what we firmly do not
The most important paragraph on the site. It is deliberately near the top rather than buried in the terms.
- HexAlpha is the education project of hexenkraft s.r.o. We teach, and we do nothing else.
- We are not an investment firm and not an investment adviser, and we are not supervised by the Czech National Bank. We hold no licence or registration from it.
- We manage nobody's money, we accept no deposits, and no payment is taken anywhere on this website.
- We give no investment recommendations, no trading signals and no personal advice. Nothing here is an offer or an inducement to trade.
- We promise no outcome. Teaching changes what you understand, not what the market does.
Questions
What you ask most often
No. hexenkraft s.r.o. is an education company. We are not an investment firm and not an investment adviser, we are not supervised by the Czech National Bank and we hold no licence from it. We give no recommendations on particular trades.
No. We provide no signals in any form. The course teaches how the instruments work and how to work out for yourself what a position means. The decision stays yours and you make it at your own risk.
No. The first module assumes nothing and starts with risk. Anyone who has worked with derivatives before can join later, but the order makes sense as it stands.
The price depends on the format and the scope. We send it in writing after a short exchange of emails, so that we offer what you actually need. No payment is taken on this website.
We issue a certificate of completion at the end. It is a record of attendance on an educational course. It is not a professional qualification and not an authorisation for any regulated activity.
Because derivatives are leveraged and a loss on them can exceed what you put in. Anyone who does not know that at the start cannot judge anything that comes after it. If it puts you off, the course has done its job before it began.
The company
Who stands behind HexAlpha
Everything below is publicly verifiable in the commercial register.
- Company details
- Hexenkraft s.r.o.
- Company ID
- 29665931
- VAT ID
- CZ29665931
- Legal form
- limited liability company
- File number
- C 450419
- Register court
- Municipal Court in Prague
- Address
- V zahradách 2462/31
180 00 Prague 8
Czech Republic - info@hexenkraft.eu
- Registered activity
- out-of-school education, courses, training and lecturing
Have a specific question?
Write it to us. We will answer even if the course makes no sense for you, and we will say so straight away.