Next Steps in Forex

As a follow up to our ‘First Steps in Forex’ course, ‘Next Steps’ is aimed at intermediate level of traders helping you understand charting techniques, trading system development and other MetaTrader trading opportunities. Click on the relevant Modules below to access and kick start your Forex trading learning journey with GO Markets.

Module 1: Next Steps Charting techniques

1.1: Module introduction

1.2: Chart patterns

Learning Outcomes:

Understand the key principles behind using chart patterns in trading decision making
Identify common chart patterns and their potential meaning in relation to market sentiment.

1.3: Candlesticks

Learning Outcomes:

Understand the key principles of using candles in trading decision making
Identify common candlestick patterns and their potential meanings in relation to market sentiment.

1.4: Next Steps trend trading

Learning Outcomes:

Revise the key principles of moving averages as an indicator for trading action
Define the three major types of moving averages and choose which one you will use for your trading
Describe how you can use multiple moving averages to ensure multiple timeframe trend trading
Identify why the angle of a moving average may be important as a part of your decisions.

1.5: ATR levels

Learning Outcomes:

Understand the meaning of Average True Range (ATR) and what it is telling you about price action
Describe how you can use the ATR to set initial stops, profit targets, and trailing stop levels as a part of your trading exit system.

1.6: Fibonacci

Learning Outcomes:

Revise the key principles of support and resistance and why Fibonacci levels can be used as an extension of these
Understand the underlying concept of Fibonacci levels and how to apply these in Forex trading
Identify the key "rules of the game" when using Fibonacci levels as a part of your trading decisions.

Module 2: Developing a Forex trade entry system

2.1: Module introduction

Learning Outcomes:

Understand the purpose of this module.

2.2: Developing your trading plan

Learning Outcomes:

Identify the key components of a trading plan and why having one is a critical part of your trading
Using the example provided (download before watching) to create (or revise) your trading plan.

2.3: Advanced position sizing

Learning Outcomes:

Recognise the essential function of correct position sizing in your trading risk management
Identify your individual tolerable risk level for any single trade.

2.4: Your trading journal - the key to trading growth

Learning Outcomes:

Recognise the vital role that a journal can play in your trading development and your trading system
Identify the different levels of measuring your trading performance, and the minimal components of a meaningful journal
Describe and apply effective review systems of journal information in formal trading system review.

2.5: Trading as a business

Learning Outcomes:

Recognise the purpose and contribution that additional systems may offer your trading
Identify, plan, and create the systems outlined in this unit.

2.6: Accumulating into an open FX position

Learning Outcomes:

Recognise the potential of, and key practice points relating to accumulating into an open position
Know the key principles and system points of accumulating to apply as part of your trading plan.

2.7: Mastering trading discipline

Learning Outcomes:

Identify the three key areas of trading discipline that you must address
Recognise the potential impact of ill-disciplined trading in your ongoing trading results
Develop awareness of and prioritise key areas in yor discipline checklist.

Module 3: Advanced MT4 & MT5 trading opportunities

3.1: Module introduction

Learning Outcomes:

Understand the purpose of this module.

3.2: Advanced entry orders

Learning Outcomes:

Identify the advanced entry order types that you can potentially use on your MT4 platform
Know the trading ideas behind each order type and the associated risks.

3.3: An introduction to CFDs

Learning Outcomes:

Define CFDs and the trading opportunities they can create
Understand the similarities and differences in knowledge and action between trading CFDs and Forex on your MT4 platform
Find CFDs on your MT4 platform.

3.4: Your trading journal - the key to trading growth

Learning Outcomes:

Identify the commodity CFDs you can trade on the GO Markets MT4 platform
Identify the margin, pricing structure, base currency, and contract sizing of each CFD type.

3.5: Trading Index CFDs

Learning Outcomes:

Locate the index CFDs you can trade on your MT4/MT5 platform and then add them to your "Market Watch" box
Identify the margin, pricing structure, base currency and contract sizing of each CFD type
Understand what may move the value of indices and articulate the impact of these within your trading system.