Forex Trading

Forex Trading Test 6

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Define the forex trading?

Correct! Wrong!

Explanation:
In order for forex trading to function, traders must be able to simultaneously buy and sell one currency for another. You trade a pair of two currencies when you trade foreign exchange. The base currency is the first, while the quote currency is the second. You constantly trade a currency pair when trading forex.

Another confirmation can be obtained using the Fibonacci Retracement Tool.

Correct! Wrong!

Correct answer:
True

When a trader retains an open position for more than 24 hours, does the futures contract in question incur rollover interest?

Correct! Wrong!

Correct answer:
False

True/False: Only trades made during the New York session are provided by the Harmonic Scanner and the Bounceback Tool.

Correct! Wrong!

Correct answer:
False

What virtues do successful traders possess?

Please select 4 correct answers

Correct! Wrong!

Correct answer:
They master one strategy
They stick to a well-developed Trading plan
They never stop learning
They find multiple confirmations before entering a trade.

What are currency pairs that are indirect?

Correct! Wrong!

Correct answer:
When base currency is USD

When did governments in affluent nations stop controlling the FX market?

Correct! Wrong!

Explanation:
State regulation of foreign exchange trading was abolished in developed countries in 1973, marking the start of the era of fully floating and comparatively unrestricted markets.

A trader Bought GBP/AUD @ 1.8890 and Sell 1.8940 calculate p&l in USD? AUD/USD = 0.7860

Correct! Wrong!

Correct answer:
$393

Trader Bought 2 Standard Lot of Gold Comex @1150 and sold 2 Lots @1154 calculate P& L?

Correct! Wrong!

Correct answer:
$800

What three types of analysis are there?

Please select 3 correct answers

Correct! Wrong!

Correct answer:
Fundemental
Sentimental
Technical

A trader Long 1 Standard Lot of USD/JPY @122.10 and close position @122.50 Calculate Profit and Loss in USD?

Correct! Wrong!

Correct answer:
$326.53