Are you ready for live day trading?
Do you think you have what it takes to become a day trader making consistent profits? Find out by answering the next 40 quests!
The next 40 quests will test your knowledge about day trading and general trading concepts extensively. At the end you will know if you have the knowledge to start live day trading with real money. 95% of the people fail this test. Are you one of the 5%?
1. Money management
Money management is the most crucial part for any trader or investor. If you can’t handle your personal finances, getting started with trading or investing is doomed to fail or worse.
What other entity in the following list is paying itself first?
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On what subject do you think average people spend more money on than an average millionaire?
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What would be the cheapest way to invest but has potentially the most value?
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What would best describe luck?
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What is the biggest enemy you will ever face when trading or investing?
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2. Basic Charting
When you are day trading, you are looking at charts most of the time. Knowing how to mark up charts to find support & resistance and trends is crucial for any daytrader.
What are charts?
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What happens when you select a time frame?
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Market structure is broken when?
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What is “going short”?
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3. Reading candlesticks
What do you think candlesticks represent?
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What is a bullish momentum?
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What price type is number 1 in this picture?
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What is true about the following candlestick?
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What is true about the candlestick below?
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What is true about this candlestick?
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4. The orderbook
What do you think the orderbook represents?
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Can you know how many buyers are in the top position in the order book?
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What are whales in the context of trading or investing?
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What is a stop loss?
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5. Managing risk
If you started with $1000 and lost 50% in a trade gone bad, how much % do you need to win back to get break even (back to $1000)?
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What is leverage?
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What is spread?
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What is liquidity?
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What is the liquidation price in the above example and how much can the price drop before you get liquidated?
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6. Indicators
What are trading indicators?
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What does overbought and oversold mean?
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What is a divergence in trading?
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What is volume in trading?
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What are the four types of indicators?
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What is volatility?
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7. Backtesting and trading journal
Why should you never skip backtesting any day trading strategy?
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Did you awnser all questions correctly? Let me know in the comment section below!
P.s. all of the above quests and much more information can be found in our free ultimate day trading guide.
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