Session #1 - post lesson information bundle Flashcards
What is the major mistake most new traders make?
being to anxious to trade
What should you do with every teaching and or strategy before you risk money on it?
make sure it pans out on a demo account
A candle that has the body in the upper 50% of the total candle is what?
a signal candle
What are signal candles used for?
to “signal” you that a trade opportunity may be shaping up
What do you do after you find a signal candle?
create a horizontal “trigger” line just above
The “_____ candle” is the candle in which we actually enter a trade.
entry
Which candle is the one where you enter a trade?
entry
When we enter a trade it will be in a candle that has not yet ______________.
completed (it’s still forming)
When you enter a trade you will know you are entering a trade that has overwhelming odds in your favor and has been confirmed by __________.
indicators
There will always be a ______ in the charts of everything that occurs.
record
Check everything out on the Demo that you are learning with play money but treat that play money like it was real _______.
money
The chart, the candles, the price movement, and everything on the DEMO is exactly the same as in ___________.
live trading
Your fears, your actions, your decisions, and your trading discipline will change when you realize that your _______ is at stake.
money
_______ requires quick decisions and quick analysis of the charts behavior.
Trading
If you can’t consistently make money on a demo account, can you with a real account?
no
How many hours of study and practice will it take to learn how to trade?
thousands
Once you see that there is not going to be a trade setup as it looked like there was going to be, you will continue your ____ of the other charts until you come to another possibility.
scan
How many trades at a time should you take?
one
If you scan all six 5-minute timeframe charts, every 5 minutes, you will not miss any trades. True or false?
true
We know there are lots of good trading opportunities to find. What is it that we don’t know?
how big a given trade will be
After you learn the first trade, it will be harder to learn additional trades. True or false
false
True or false: trading larger timeframes is easier
false
I firmly believe the ___________ time frame is superior and much easier and in the end will equal or exceed the profits you can earn from any other trading plan.
five minute
Every signal does not generate a trade that we will take. We only accept the __________.
best tuna
If a potential trade set up fails to materialize then you will minimize that chart and start scanning all the other charts that I have set up for you. You will wait until you see a chart that shows the promise of a ______ trade setup forming.
great
What is the name of the first trade we are learning?
blow off bottom
True or false - For the BLOW OFF BOTTOM TRADES you need to pay very close attention to what constitutes a “signal candle” and the resulting “trigger line” that every “SIGNAL CANDLE” must have put in place.
true
Is it true that you have to write in your trigger lines by yourself, that the software won’t do it for you?
yes
What color are signal candles?
green
Do signal candles have the body in the upper half or lower half of the candle?
upper
Do you take Blow off Bottom trades if the Bollinger Bands are not flat?
no
If the Bollinger Bands are flat, do you take Blow off Bottom trades?
yes
When the Bollinger Bands are flat, can you take a Blow off Bottom trade?
yes
What color candle to you never buy on?
red
What is the minimum spread between the upper and lower Bollinger bands, you should accept when entering a Blow of Bottom trade?
$80
In general it is much better to take trades that are closer to the ________ Bollinger Band.
bottom
You may have two or three trigger lines before you enter a ________.
trade
How many Bollinger Band “must conditions “ are there to meet before entering a trade?
3
Which way must the bottom Bollinger Band be pointing: up, down or flat in order to be okay to enter a trade?
flat
What are we talking about here…“The best trades will have both lines of this indicator entering the envelop of the buy zone.”
Stochastic indicator
If the Lower BB does not meet one of the 3 conditions, you should pass on taking this trade even if the price hits the trigger line above the ___________.
signal candle
The farther from _____ the bottom Bollinger Band is the greater the risk and the lower percentage of success you will have with those trades.
flat
Please be very selective. Anyone can buy at any time, but what are the risks? You want to take trades that have a vast overwhelming advantage in our favor approaching __%.
90
Do you need agreement from the 15 minute timeframe in order to open a trade?
no
What is the T Line?
find the answer
true or false - Generally the CCI will be confirming a trade but we rely mostly upon the Stochastic Indicator.
true
When the __________ are strongly against taking a trade we would be very smart to pay attention and delay our entry.
indicators
The __________ may not always trigger a trade as quick but they definitely insure a smarter trade entry or exit.
indicators
We do not want to be taking any trade where the indicators are saying a strong ___
no!
true or false - Indicators will help us to stay in trades longer and resist the temptation to get out of a trade at a whim.
true
The candle triggering the trade will always be ______ in a Blow Off Buy signal trade.
green
When you see an enter buy trade, should you place your order quickly or should you doddle and take your time?
order quickly
Place a stop loss __________ after you enter the trade
immediately
Place a stop loss __________ after you enter the trade.
immediately
Place your stop loss one or two ____ below the lowest candle or wick in the _________ area.
pips
immediate
How many pips below the lowest candle in the immediate area do you set your stop loss?
one or two
How long should it take to place a stop loss order?
less than 30 seconds
What is the first profit goal for the Blow off Bottom trade?
the middle Bollinger Band
Stay in the trade until it reaches this first goal no matter if you see red candles, pullbacks, retracements, etc. The price will not normally go in a straight line to the ______ Bollinger Band but will go in a zig zag saw tooth motions.
middle
Pullbacks are very normal. Every 2 or 3 candles almost always will have a ________ also called a correction or a retracement.
pullback
We do not exit at pullbacks because we have a ____ ____ in place below the lowest candle or wick in the immediate area of our trade.
stop loss
I know that first goal may be the end of this trade but I wait for ____ _______.
exit signals
What is the most difficult part of trading?
exiting a trade
What do we do if the price immediatly reverses and begins to pull away from the middle Bollinger Band?
exit the trade
Can the 15 minute timeframe help us get a better fix on when to exit a Blow off Bottom trade?
yes
