Trader’s basics test
1/5
Some questions can have two or more correct answers
What is a candle?
A piece of wax with a wick
A price change indicator
A reflection of price changes over time
What is meant by the term "trend" in trading?
Intense, directional price movement in one direction under pressure from market participants
Price movement when you can make lots of identical trades in a row
The opinion of the vast majority of traders about which direction to make the trade in
After how many losing trades in a row should you end your trading day?
After 3-4
Until the account is out of money
Depends on the money management style
What should a trader do when important news is being released?
Look for a buy entry on a short time frame if the news comes out better than expected, or a fall if the news comes out worse than expected
Try to avoid active trading
Follow the news closely. You need to be aware of what is happening in the world
What trading sessions are considered most optimal for “calm” trading?
It just depends on the right level of volatility for my Trading System, regardless of the trading session
Pacific and Asian
Summer and winter
Result: Beginner
Congratulations! You have a good start in your trading journey.
Key recommendations:
- Do not rush into learning the basics of trading. Spend as much, if not more time learning as you do trading
- Learn the basic concepts of “Trend”, “Support/Resistance Levels” before you start actively making trades
- Use a Demo account before starting each of your trades
Result: Experienced
Congratulations! Obviously, you have enough experience to get additional income with trading. We’ll try to help you with a few tips
Key recommendations:
- Learn more about alternative approaches to money management
- Test new strategies on a Demo account and add them to those already used in trading
- Re-read materials on candlestick analysis and Dow theory and use them more actively in your trading
Result: Professional
Congratulations! You are really common with all of this and that’s great. Maybe some our tips will help you to get something new in trading
Key recommendations:
- Learn more about Elliott Wave Theory and Harmonic trading – we have all the tools for this
- Get VIP status privileges to improve your results
- Share your experience and knowledge with the blog community as an author!
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