Preschool>= Lesson Status ?
Kindergarten>= Lesson Status ?
Elementary>= Lesson Status ?
Grade 1 Support and Resistance Levels
Grade 2 Japanese Candlesticks
Grade 3 Fibonacci
Grade 4 Moving Averages
Grade 5 Common Chart Indicators
Middle School>= Lesson Status ?
Grade 7 Important Chart Patterns
Grade 8 Pivot Points
Summer School>= Lesson Status ?
High School>= Lesson Status ?
Grade 9 Trading Divergences
Grade 10 Market Environment
Grade 11 Trading Breakouts and Fakeouts
Grade 12 Fundamental Analysis
Grade 13 Currency Crosses
- What is a Currency Cross Pair?
- Crosses Present More Trading Opportunities
- Cleaner Trends and Ranges
- Taking Advantage of Interest Rate Differential
- Obscure Crosses
- Planning Around News and Fundamentals
- Creating Synthetic Pairs
- Euro and Yen Crosses
- How to Use Crosses to Trade the Majors
- How Cross Currency Pairs Affect Dollar Pairs
- Summary: Currency Crosses
Grade 14 Multiple Time Frame Analysis
Undergraduate>= Lesson Status ?
- Why Keep a Trade Journal?
- Benefits of Keeping a Journal
- What Should You Record in Your Journal?
- Potential Trading Area
- Entry Trigger
- Position Sizing
- Trade Management Rules
- Trade Retrospective
- Trading Journal Statistics
- Reviewing Your Trading Journal
- Difficulties of Keeping a Trade Journal
- Summary: Keeping a Trade Journal
Graduation>= Lesson Status ?
- Which Trading Style is Best for You?
- Which Currencies Should You Trade?
- What is Your Level of Trading Experience?
- Should You Be a Discretionary, Mechanical, or Hybrid Trader?
- What Kind of Mechanical System Suits Your Personality?
- What is Your Attitude Towards Risk?
- What Kind of Stop Suits Your Trading Style?
Position trading is the longest term trading and can have trades that last for several months to several years!
This kind of trading is reserved for the ultra-patient traders, and requires a good understanding of the fundamentals.
Because position trading is held for so long, fundamental themes will be the predominant focus when analyzing the markets.
Fundamentals dictate the long term trends of currency pairs and it is important that you understand how economic data affects your countries and its future outlook.
Because of the lengthy holding time of your trades, your stop losses will be very large.
You must make sure you are well capitalized or you will most likely get margin called.
For an idea of how much money you should have in your trading account, check out our money management lesson.
Position trading also requires thick skin because it is almost guaranteed that your trades will go against you at one point or another.
These won't just be little retracements either.
You may experience huge swings and you must be ready and have absolute trust in your analysis in order to remain calm during these times.
You might be a position trader if:
- You are an independent thinker. You have to be able to ignore popular opinion and make your own educated guesses as to where the market is going.
- You have a great understanding of fundamentals and have good foresight into how they affect your currency pair in the long run.
- You have thick skin and can weather any retracements you face.
- You have enough capital to withstand several hundred pips if the market goes against you
- You don't mind waiting for your grand reward. Long term trading can net you several hundred to several thousands of pips. If you get excited being up 50 pips and already want to exit your trade, consider moving to a shorter term trading style.
- You are extremely patient and calm.
You might NOT be a position trader if:
- You easily get swayed by popular opinions on the markets.
- You don't have a good understanding of how fundamentals affect the markets in the long run.
- You aren't patient. Even if you are somewhat patient, this still might not be the trading style for you. You have to be the ultimate zen master when it comes to being this kind of patient!
- You don't have enough starting capital.
- You don't like it when the market goes against you.
- You like seeing your results fast. You may not mind waiting a few days, but several months or even years is just too long for you to wait.
While you are logged into your account,
you can save your progress in the School of Pipsology!
- Each Trader is Unique
- Time is Money
- Day Trading
- Swing Trading
- Position Trader
- Summary: What type of Trader are you?