Inside the Trader's Mindby Jimmy Young

Forex Trading Must Know Checklist

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FOREX TRADING MUST KNOW CHECKLIST

 

  1. FOREX TRADING ACCOUNT
    1. How to open a Forex trading account
    2. How to put money into the account
    3. How to take money out of the account
    4. How to put on a trade at the current market price (do a trade right now)
    5. How to place an order to buy at a lower price (do a trade at a better price later)
    6. How to place an order to sell at a higher price (do a trade later at a better price)
    7. How to limit your risk on a trade by putting in a stop loss order
    8. How to pay yourself right now for an open trade that has a profit (market order)
    9. How to pay yourself later at a better price for an open trade (limit order)
    10. How to put both a stop loss order and a take profit order and only one gets done
  2. FOREX CHARTING SOFTWARE
    1. How to access the free Forex charts your Forex trading account provides
    2. How to understand the information displayed on the free Forex charts
  3. TECHNICAL ANALYSIS
    1. What to look for on a Forex chart to find winning trades
      1. Trend
      2. Support
      3. Resistance
      4. Consolidation
      5. Retracement
  4. FUNDAMENTAL ANALYSIS
    1. Interest rates
    2. Central bank interest rate policy
  5. ECONOMIC AND POLITICAL NEWS
    1. Scheduled potentially market moving news
    2. Unscheduled potentially market moving news
  6. MONEY MANAGEMENT
    1. Account size
    2. Trade size
  7. PSYCHOLOGY
    1. How to be unemotional