First Steps in Forex – Module 2

This module moves from the underlying theory of Forex trading to the practical aspect. You will begin to gain an understanding of how people make decisions to enter a Forex trade, and use price charts and market sentiment to contribute to your decision making. We provide an example entry system and further demonstrate how to place trades on the MetaTrader platform. Looking for a different module? Click on one of the buttons below.

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Modules

Module 2.1: Module introduction

Learning outcomes:

Review the key issues covered in Module 1
Outline the purpose and content of this module.

Module 2.2: Types of charts

Learning outcomes:

Describe the types of charts that you can use to view the market in action
Identify the potential use, advantages and disadvantages of line charts, bar charts, and candlestick charts
Become confident in changing chart types on your trading platform.

Module 2.3: A trading trend

Learning Outcomes:

Identify the meaning of 'trend' and what this may mean in the context of market sentiment
Describe how using trends may impact both entry and exit.

Module 2.4: Support and resistance

Learning Outcomes:

Identify support and resistance lines, and what they mean in the context of market sentiment
Describe how these may be used in your trading decision making for both entry and exit.

Module 2.5: Moving averages

Learning Outcomes:

Identify what moving averages are and what they mean in the context of market sentiment
Understand how you can get the most out of this course
Describe how these may be used in your trading decision making for both entry and exit.

Module 2.6: The importance of volume

Learning Outcomes

Identify what changes in trading volume may mean in the context of market sentiment
Describe how volume may be used in your trading decision making for both entry and exit.

Module 2.7: Trading timeframes

Learning Outcomes:

Identify the common time frames traders use and the context in which they should be viewed.

Module 2.8: Position sizing

Learning Outcomes:

Define position sizing and recognise its role in risk management
Describe the factors you should consider when choosing the right position sizing strategy for you
Understand the concept of 'slippage' in Forex trading.

Module 2.9: Economic data releases

Learning Outcomes:

Review the importance of considering economic news releases in your trading
Identify sources of reliable and timely economic news event releases
Identify the impact of economic news on entry and on open positions, and the actions you should consider.

Module 2.10: Bringing it all together – A sample entry system

Learning Outcomes:

Gain an understanding of how the knowledge we've covered so far can be used to develop an entry system
Get clarity on the purpose of an entry system
Be aware that EXIT systems, which we cover later in the course, ARE EQUALLY IMPORTANT.

First Steps in Forex – Module 2

First Steps in Forex – Module 2

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