SelecTrader Mentorship Final Exam
A major goal in trading with SelecTrader is to:
Trading not to lose
Be a consistently profitable trader
Know everything there is to know about trading
What are the 3 worst words a trader can use when trading?
I Hate That
I Overlook That
I Know That
I Ignore That
Which of these series is in the proper order for the 4 R’s of Trading?
Resolve to Trade, Review the Trade, Rules to Trade, and the Reason to Trade
Rules to Trade, Review the Trade, Reason to Trade and Resolve to Trade
Review the Trade, Rules to Trade, Resolve to Trade, Reason to Trade
Reason to Trade, Rules to Trade, Resolve to Trade, Review the Trade
What does trading noise, such as the “Wall Street Influence,” contribute to trading success?
Detracts the trader from the important activities to be a consistently profitable trader
Can speak intelligently about many facets of the financial markets
Allows a trader to impress family and friends
When the price is going up on the chart, what does it represent?
Doesn’t represent anything
Buyers are more aggressive than sellers
Sellers are more aggressive than buyers
When the price is going down on the chart, what does it represent?
Doesn’t represent anything
Buyers are more aggressive than sellers
Sellers are more aggressive than buyers
Trader’s leave clues on the charts as to how to best trade them. What are they called?
Arrangements
Patterns
Diagrams
Impressions
Futures trade in increments known as...
Dollars
Pips
Ticks
Fractional Units
What time do the futures trading markets open, Eastern Standard Time?
6:00 pm
5:00 pm
1:00 am
8:00 pm
Futures are closed for one hour each day, called the Overnight session. What time does this happen, Eastern Standard Time?
4:00 pm until 5:00 pm
7:00 pm until 8:00 pm
5:00 pm until 6:00 pm
12:00 am until 1:00 am
All futures contracts have an expiration date. What are the two most common futures contracts expiration time frames?
Monthly
Weekly
Quarterly
Annually
A LONG trade is what kind of trade?
Taking a long time to reach the profit target
Anticipating that the price of the symbol is going up
Trading a quarterly contract
A SHORT trade is what kind of trade?
Reaching the profit target very quickly
Anticipated that the price of the symbol is going down
Trading a monthly contract
There are four (4) exponential moving averages used on the SelecTrader charts. What are they?
100
200
50
20
10
13
21
55
233
96
What does DPI mean refer to on the SelecTrader charts?
Dots per inch
Dynamic Price Indicator
Digital Price Indicator
Direct Price Interface
How many trade setups are there that are part of the SelecTrader software?
4
5
6
7
Scheduled news may impact the movement of futures symbols. Where can a trader find current news to trade around on the SelecTrader web site?
Market News
Trading Brain
Our Indicators
Master Rules
Where does the futures symbol need to be located in order to open a chart and trade it using SelecTrader?
Chart list
Symbol list
Instrument list
Grid list
What is the process called to change a futures contract?
Migration
Roll over
Transfer
Movement
What is the Dynamic SuperDOM used for?
All order entry and order management
Only entering orders and closing orders
Just placing and changing orders
Placing orders and cancelling orders only
What are the most common benefits to trading futures when compared to stocks or options?
Same margin requirements, small account size and a maximum of 10 trades a session
Same margin requirements, moderate account size and unlimited trades a session
Lower margin requirements, small account size and can trade multiple trades a session
Lower margin requirements, moderate account size and a maximum of 5 trades a session
What is a powerful reason to use the Renko bars for day trading futures?
Bars will plot every 5 minutes
Bars will plot every 1 minute
Bars will plat every 244 ticks
Bar will only plot when the price moves out of that range
What is the order type typically used on the SelecTrader chart to start a trade using the DPI value?
Stop Limit Order
Market Order
One Cancels Other (OCO)
Market if Touched
An “action signal”, like a green or red dot, may give the trader a heads up that what may setup and/or occur on the TurnBar?
Continuation trade
Momentum or Surf trade
Dot Trend or Divergence Reversal trade
Single T trade
What are moving averages used to identify?
Cyclical patterns
Underlying trend over time
Chart oscillation
Volatility of the symbol
The DPI prices or values are used for what reason(s)?
Getting into a trade only
Setting a stop only
Entry into the trade and possible stops
Entry into the trade, management of the trade, and possible stops
The SelecTrader Direction indicator is used for what?
Confirm the trend on the price chart
Confirm the trend of the moving averages
Confirm the movement from the highs and lows
Confirm the SuperTrend direction
What is the SuperTrend used for?
Confirm the trend of the moving averages only
Make sure it’s positive or negative compared to the price movement
It is not used with the trend, only as an indicator
Assist with the direction of the trend as well as the strength of that trend
What does the green background in the Selec Dynamic Price tell the trader?
10 EMA is greater than the 20 EMA and it is greater than the 200 EMA
10 EMA is greater than the 20 EMA and it is greater than the 50 EMA
10 EMA is greater than the 50 EMA and it is greater than the 200 EMA
20 EMA is greater than the 50 EMA and it is greater than the 200 EMA
What does the red background in the Selec Dynamic Price tell the trader?
20 EMA is less than the 50 EMA and it is less than the 200 EMA
10 EMA is less than the 50 EMA and it is less than the 200 EMA
10 EMA is less than the 20 EMA and it is less than the 200 EMA
10 EMA is less than the 20 EMA and it is less than the 50 EMA
What does the grey or black background in the Selec Dynamic Price tell the trader?
The moving averages are not in the proper order
The Direction is not in the right order
The SuperTrend is not supporting the Direction
When 3 contracts are used to trade futures following the SelecTrader rules, how many contracts are in the runner trade or “free” trade?
1 contract
2 contracts
3 contracts
What price is the “break-even” price referring to in a trade?
Target price
Entry price
Exit price
Stop price
Of the three hats every trader wears, which function is responsible for finding trades on the chart?
Chartist
Transactionist
Trade Business Manager
Of the three hats every trader wears, which function is responsible placing trades in the trading platform?
Chartist
Transactionist
Trade Business Manager
When looking for potential trades to consider on the charts, what is one important and critical characteristic for the trader to have?
Multitask
Compartmentalize
Balance
Layering
What is important to find on the chart before interrogating it with the rules?
Compelling reason to trade
Chart moving in the direction of the market
Similar charts moving the same way with similar patterns
What is a powerful assumption a trader may consider as it related to the leg lengths?
Never assume anything on a leg length
Each leg length will be longer than the previous leg length
Each leg length will be the same as the previous leg length
Each leg length is going to be shorter than the previous leg length
A trader may consider trading only the first two TurnBar patterns after touching one of these two moving averages?
10 EMA and/or 20 EMA
10 EMA and/or 50 EMA
20 EMA and/or 50 EMA
50 EMA and/or 200 EMA
If a trader is counting patterns to trade, a wick that reaches and touches which moving average count as a pattern?
10 EMA
20 EMA
50 EMA
200 EMA
What can a trader use to prevent getting into a trade that may not follow through at a breakout level once a symbol breaks out a certain number of times?
The Breakout
The Movement
The Preventer
The Stall
As a potential risk reduction action, when higher volume trading starts at 9:30 am Eastern Time, a trader may wait for the Blue Line to move to what level before considering a directional trade?
+/-50
+/-60
+/-125
+/-135
A trader may be hesitant to trade between which two moving averages, as trades may not follow through?
10 EMA
20 EMA
50 EMA
200 EMA
How does a trader know when the current Double Touch Test of the 200 EMA or the Triple Touch Test of the 50 EMA is over?
Wait for the Direction to move to the +/-135 only
Wait for the DOT and/or the SuperTrend outside of +/25
Wait for the Direction to move to +/-135 and/or DOT and/or SuperTrend outside of +/-25
Wait for the Direction to move to the +/-135 and/or DOT and/or SuperTrend outside of +/-60
What is a preferred direction of the 50 EMA and/or 200 EMA?
In agreement with direction of the trade
In agreement with the direction of the SuperTrend
In agreement with the direction of the Direction
Both are not used together, only the 50 EMA should agree with the SuperTrend
If the charts are moving “slow” during the active trading session, what can a trader do to determine or confirm when the symbol is moving again?
Be patient and wait for the ColorBars or TurnBars to start moving
When there is less than 20 minutes between ColorBars or TurnBars
The Direction Blue Line moves to the +/-135
Wait until the next trading session or trading day
When a ColorBar or TurnBar body or wick touches this moving average, it is a very compelling reason to consider a trade. Which moving average is it?
10 EMA
20 EMA
50 EMA
200 EMA
What is stacking as it relates to trading?
When the moving averages are all crossing each other at the same time
Combining multiple compelling reasons together to support a trade direction
More and more ColorBars are displayed in the run or trend
Leg lengths are getting longer instead of shorter
What is a compelling reason to consider the Single T trade?
Direction Blue Line with a V pattern near the Zero (0) line
Direction Blue Line with a V pattern near the +/- 25 line
Direction Blue Line with a V pattern near the +/-50 line
Direction Blue Line with a V pattern near the +/- 60 line
For the Dot Trend trade, where would a trader prefer to have the Direction Blue Line cut through the Direction Purple Line?
ColorBar prior to the TurnBar
TurnBar
ColorBar after the TurnBar
What is the Momentum Reach?
Momentum arrow ColorBar wick value reaches the body high or low of the TurnBar
Momentum arrow ColorBar wick value reaches the body high or low of one bar ago
Momentum arrow ColorBar wick value reaches the body high or low of two bars ago
When does a gap typically occur or get noticed in futures trading with SelecTrader?
At the open, after the overnight session
During the day at a news announcement
It can happen any time
Gaps are rarely noticed
On what two trades might a trader consider using the Advanced Retracement Rule?
Single T and the Divergence Reversal
Momentum and the Surf
Dot Trend and the Breakout
It can be used on all the trades
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