Basics
Forex is short for
The Foreign Exchange Market
When you enter the market at current market price
Market Execution
Support is known as the ____ and Resistance is known as the ___
Floor/ Ceiling
How often does the harmonic scanner update & what times does it update?
Every 4 hours & 1am, 5am, 9am, 1pm, 5pm, 9pm
The oldest and most lucrative market, which circulates 7.7 trillion dollars daily
The foreign exchange market
The amount of time the market is open (hours and days)
24 hours a day, 5 days a week
What are Legs in this business?
A representation of the members of your organization who are enrolled
What is a Pip
Point of measurement
What type of trades...does price continue going the same way once, even after hitting a threshold?
Buy/Sell Stop
What is an IBO & how do you achieve this?
Independent Business Owner, by informing 3 people of the opportunity & getting them to join the family
You, Buy_____ & Sell ______
Low / High
What is Stop Loss?
A price set for a trade that limits the amount of money lost on the trade (minimizes losses)
Each Candlestick represents
A different timeframe
Buy Limit is to ___ as Sell Limit is to ___ (Analogy)
a bounced ball (price sells down, hits pending order, and then buys up).
throwing a ball at the ceiling (price buys up, hits pending order and then sells down)
Define GV?
Total number of individuals within your organization
Bid is to___ , as Ask is to ____
Buy, Sell
What is Take Profit?
A price set for a trade that maximizes the amount of money made on the trade
How to Calculate potential Profit/Losses
Lot size x # of pips
In the Alligator Strategy, which lines cross to signify a buy
Green crosses the Red line
What are the 4 major trading sessions?
Sydney, Tokyo,London,and New York
What is a Spread
The difference between the the buy (bid) & sell (ask) price
What does it mean when a candlestick has long wicks in an uptrend?
Sellers are trying to sell market down
What does a Trend Line show and what are the two different types
The overall direction the market is moving, Bullish (uptrend) & Bearish (downtrend)
Sensai consists of
1. 2 EMAs & Ichimoku cloud
2. RMM (aka Real Money Maker; RSI, Momentum, Money Flow Index)
3. DMI (Directional moving average)
4.2 MACDs
What is the difference between free margin and margin
Free margin represents the money you have available in your account to trade with and Margin is the amount of money needed to open up a new trade with your broker