Things All Traders Should Know
Game to brush up on your trading terminology.
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Topics of this game:
- foreign exchange
- sideways movement
- the "floor", prevents price from free falling
- the "ceiling", prevents price from continuously buying
- buy or uptrend
- downtrend or sell
- a measurement of movement in the market
- marking your chart down to your smallest timeframe to "trap" price
- an unintended movement that will need to be corrected
- currency pairs are moving the SAME direction. if 1 is buying, then other is buying.
- currency pairs are moving in OPPOSITE directions. if 1 is buying, the other is selling
- getting out of a trade having not won nor lost money
- a company you create a trading account with
- used to analyze the market for current and future trading opportunities
- trend is temporarily moving opposite of intended direction. turns around to its original trend
- trend is moving opposite of true trend, corrects up to 75% of the original trend then continue trend
- a complete change in market trend
- the price you enter the market
- the ability to gear your account
- entering the trade immediately with the current market conditions
- an instruction to the broker to enter you into a trade at a specific price in the future
- a pending order- your entry placed ABOVE market price and you think price will buy then reverse
- a pending order- your entry is placed BELOW market price and you think price will fall, then buy up
- a pending order- your entry is placed ABOVE market price and you believe price will continue to rise
- a pending order- your entry is placed BELOW market price and you believe price will continue to fall
- a specific price that you expect to be in profit and taken out of a trade
- a specific price that you are ok with being taken out of a trade
- the amount of money you are putting at risk
- the amount of pips between your market entry and the broker
- a tool used to see specific movements in the market. also used as support/ resistance
- tells you every detail of an currency pair. customizable in every way
- the trading forecast
- a detailed currency strength meter that we look for a percentage of (+/-)60% to be considered good
- a person with little patience, in and out of trades on the smaller timeframes
- a person who stays in a trade no longer than 48 hours
- person will hold a trade for a long time, entries are very precise and on the higher timeframes
- very patient trader, waits for very specific breaks in market structure
- a patient and logical trader, trades based off the news.
- the inclusion of the mental hurdles that come with trading. trading is 20% skill, 80% mindset
- designed to establish discipline while trading
- break, hold and close above/ below a line of support/ resistance or consolidation zone
- fake breakout
- patterns the market follows
- trading from zone to zone. no indicators are used
- British exit from the European Union
- a credible news sources reporting on everything economic
- essentially how well the economy is doing. includes employment, cpi, interest rates etc.
- 1st week of the month. GDP numbers come out for the month prior
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