Measuring your forex I.Q.
The popularity of forex trading is increasing. More and more people are jumping boat and want to make profit from it. Being so, many companies are offering systems and signals to trade forex. For beginners, there's the appeal of colors flashing buy and sell indicators and the possibility getting quick cash.
The goal of this article is to develop a system of thinking that allows a trader to rely on their own instincts and skills. The question becomes: What does a novice need to know?
Ultimately, questions come abound and thousands of answers emerged from it with years of forex trading experience. To start experimenting on your own level of knowledge of forex is to ask these following technical questions:
1. What's the U.S. dollar as a tool for trading? 2. Which currency pairs are closely tied to fluctuations in gold and which commodities are closely to changes of the U.S. dollar? 3. Name the authorities of the world's main central banks? 4. Which time interval is best for a trade-in? 5. What are the 4 principles in trading sideways patterns? 7. How do you gauge sentiment in foreign exchange? 8. What's the best time of the day to trade? 9. When is trading in countertrend become less risky? 11. Which Fibonacci level is the most crucial? 12. What's the most important report on the yen and when is it released? 13. What's the Chinese currency called? 15. What's the GNP of the U.S. vs. Japan vs. Europe? 16. Which currency pair enables you to make the British pound trade with the euro? 18. What is the cost of the forex trade without commission? 19. In case where forex prices surge or plunge because of the news, how long would you wait to make a trade? 20. What's the average period of a good trade that generates 20 pips? 23. When you see a parabola in charts, what's its usual prediction of the market? 24. What's the most essential piece of data to follow before deciding to trade a currency pair? 25. How and where do you get professional advice for free? 26. How are a cross pair and majors different from each other? 27. What's the meaning of a "false" breakout? 28. What's the best way to spot a reversal of trend? 29. What currency pair is the most affected when oil prices surge? 30. Which indicator gauges the performance of two trading systems? 31. What economic calendar that comes out is the most significant? 32. If gold downtrends, how do you use its patterns to figure out which currency pair to trade? 33. When is your indicator become totally useless for your next trade?