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Forex IQ

Use our Forex IQ quiz to find out how much you know about foreign currency exchange.

1. The Forex Market is a Centralized Exchange.
True
False
2. What is a Pip?
Price Interest Position
Proprietary Indicator Package
Price Interest Point
Producer Interest Point
3. What does a Japanese Candlestick measure?
Support & Resistance
Price Fluctuation Against Time
Market Reversals
All of the Above
4. Using 100:1 Leverage, if we purchase 10 standard lots, how large is our position?
$1,000
$10,000
$100,000
$1,000,000
5. Using 100:1 Leverage, if we purchase 5 mini lots, what is the approximate profit value, if 10 pips are captured?
$5
$50
$500
$5,000
6. An engulfing bullish candle is an indicator to buy in a downtrend market?
True
False
I don't know
7. While the market is not trending, a trader should focus on what trading strategies?
Perry Kaufman, T3 Tilson, and Moving Averages
Elliot Wave Theory, Moving Averages, Bullish Candle Patterns
Bullish Candle Patterns, Bearish Candle Patterns
Support, Resistance, Consolidation Strategies
I don't know, I need more education
8. On an uptrend, when is the best time to go short?
Never, only trade with the uptrend
Only when scalping on a smaller time frame
When it hits its peak and has 3 or more confirmations of reversal
I don't know, I need more education
9. In a convergence of Fibonacci retracements and trendlines what percentage of the time does the reversal point get tested before actually reversing?
38.2% of the time
50% of the time
61.8% of the time
I don't know, I need more education
10. Why do red light/green light approaches have a lower probability of success than learning why the market moves and how to trade it?
They are programmed by a person and people make mistakes
They do not teach how the market moves, just how to click a mouse button
They give false signals when the market is not in optimal conditions
They hold positions longer than needed because the signals to buy or sell are lagging
All of the Above
I don't know, I need more education
11. What are the three major Bullish Candlestick Patterns?
Morning Star, Bullish Engulfing Candle, Tweezer Bottom
Hanging Man, Dark Cloud Cover, Evening Star
Spinning Tops, Shooting Star, Hammer
Bullish Doji Star, Piercing Line, Gravestone Doji
12. When selling an Evening Star formation, you should set your stop how many pips above the high?
35
20
15
40
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