Beginner's Skills Notes & Checklist
Please note that that the points shown below which will be developed into a checklist are the presenters notes and are not in any particular order. Please use them when watching the recordings of webinars to get the best value of both.
1st Webinar recording >>> Webinar 1
Objective of checklist
- Feedback of personal experience
- Awareness of critical skills
- Complete list on an ongoing basis
- Wide awareness to narrow focus.
- All you need is an edge
- Simple is better
- Forex trading is simple
- Forex required focused effort
Why trade Forex
- Leverage 100:1
- Volatility http://expert4x.com/forex-currency-volatility-over-a-number-of-weeks/
- Life Style
- Simple but not easy -
Development approach
Charting skills
- Templates
- Profiles
- Multi-chart layout
- MT4 skills course: -
http://www.forextrading-alerts.com/Metatrader4/Metatrader4webinar.html
Order processing skills
- Quick
- Accuracy
- Decide before the time
Indicator Knowledge
- Attitude regarding indicators
- Functions - Trend indicators - Oscillators
- Settings
Reading the market
- Phases of the market
- Events
Dangers
- Paralysis from analysis
- Inactivity
- I will trade when I am ready
- Mental evaluation
- Main decision making must occur before the trade
- Broker activities
- Narrow focus to start with
Psychological Aspects
- Dealing with losses
- Work ethic
- Patience
- Open mind – Volume and charts
- Develop a thick skin attitude to loses
Knowing what type of Forex trader you are
- Scalper (Quick trading & watching the screen)
- Swing trader (Patient trader)
- Automated strategies
- Eye for detail.
Knowledge of the market
- Currencies
- Rhythm
Automated Trading
- Attitude regarding automation
- Types of automation
- Testing
- Creating EAs
- Optimising
- Interpreting
- Strengths and weaknesses
Trading strategies
- Trending markets
- Markets that trade sideways
- Markets that do volatile trends
- Breakout
- Retracement trading
Entry methods
- Breakout
- Reversal
- Continuation
Entry methods
- Breakout
- Reversal
- Continuation
Money management
- Position sizing
- Risk management
The social trader
- Forums
- Trading partners
- Meetings
Essential tools
- Forex Tester
- Forex Strategy Tester
Sources of knowledge
- Beginners course:- http://www.babypips.com/school
- Youtube
Personal strategies
- RSI
- Channel trading
Speciality Trades
- Weakend Gap
- Announcement trades
- Traps
- Sell trades
- Market openings
Action Plan
- Open a demo account and start trading
- Do the beginners course
- Do the Free Multi MA Course and apply the concepts