Topics for preparation
Before you start any forex training, you should do some homework. For example the course on Babypips.com, but skip the part about the indicators, because indicators are useless.
Keep in mind that most of the knowledge in forementioned course
List for self study
The following topics are worth studying.
- Computers & system requirements.
- Stealth banking.
- Neteller and so on.
- Brokers. We selected and thoroughly tested:
- Funding an account with credig card or Neteller.
- Software: MT4, MT5, cTrader, jForex.
- Position: opening, managing, closing partially and completely.
- Range charts & Time based charts.
- What does it mean: EUR/USD = 1.2567?
- Timeframes, range charts.
- Bars. What do you see in a Japanese candlestick? OHLC.
- Buying on Ask, selling on Bid.
- ATR and ADR.
- Bulls & Bears.
- Long & Short.
- Buy & Sell.
- Bid & Ask.
- Stop Loss & Take Profit.
- Lot size.
- Pips, points en ticks.
- Base, Quote, Account currency.
- Trading sessions.
- News trading and avoiding.
- Drawing objects in the charts:
- Horizontal lines (price markers).
- Diagonal lines.
- Fibonacci Retracement.
- Leverage and margin – how they work.
- Calculating price and pips/points.
- From Quote Currency to Account Currency and vice versa.
- Price range to Lot size.
- Money management & Risk management