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

 

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

Personal strategies

  • RSI
  • Channel trading

Speciality Trades

  • Weakend Gap
  • Announcement trades
    • Traps
    • Sell trades
  • Market openings

 

Action Plan

  1. Open a demo account and start trading
  2. Do the beginners course
  3. Do the Free Multi MA Course and apply the concepts