FIRE Basics Quiz
FIRE Basics Knowledge Quiz
Test your understanding of the FIRE (Financial Independence, Retire Early) philosophy and trading fundamentals with this engaging quiz! Whether you're a seasoned trader or just starting your journey toward financial independence, this quiz will challenge your knowledge and help you learn.
- Multiple choice questions to test your FIRE and trading knowledge
- Insightful explanations for each answer
- Perfect for beginners and experienced traders alike
What does FIRE stand for?
Financing Individuals for Investing and Expenses
Finally Investing and Rich forEver
Financially Independent and Retire Early
Free Into Relaxing Eternally
What are the three types of Market traders? [In order of trading length]
What is the difference in a swing trader and day trader? [Select All That Apply]
Day traders typically do not keep any open trading positions overnight.
Swing trading happens at a slower pace and requires immense discipline and patience.
Swing trading is always done with a lower lot to handle the retrace and "swings" of the market.
Day trading is more profitable than swing trading.
Day traders open and close multiple positions within a single day, while swing traders take trades that last multiple days, weeks or even months.
Swing trading is more profitable than day trading.
What does a bearish market indicate?
Upward Trends/Lower Highs
Downward Trend
Higher Lows
Buy Entry
What does a bullish market indicate?
Upward Trend
Downward Trend/Higher Lows
Sell Entry
Lower Highs
Which of these is an example of twin trading for proper risk management for GBPJPY, lot size 0.04? [Select All That Apply]
GBPJPY 0.04
GBPJPY 0.02, GBPJBY 0.02
GBPJPY 0.01, GBPJPY 0.01, GBPJPY 0.01, GBPJPY 0.01
GBPJPY 0.01, GBPJPY 0.03
If you entered a trade with a 0.10 lot size and gained 15 pips, what is your profit?
$.15
$1.50
$15.00
$150
What is a pip?
A ratio of how much buyers pay to exchange their currency
The measurement unit to express the change in value within a currency
The 4th number after the comma
The largest trading unit in a pair
If EURCAD is at 1.48792, which number represents the pip?
79
92
87
2
When entering/placing a trade how many types of entry options are we provided?
One
Two
Three
Four
Five
Aside from market execution, What are the other four trade entry types?
A ____ _______ takes place when an order is placed below price and then price goes up.
A ____ _____ takes place when an order is placed above price and then price goes down.
A ____ _____ takes place when an order is placed above price and keeps going up.
A ____ _____ takes place when an order is placed below price and keeps going down.
What is your balance plus loss or profit?
Equity
Margin
Free Margin
Profit
What is free margin?
Balance plus equity
Money available to trade with
Money placed into a new trade
Ratio between equity and margin
Please determine A based on the graphic.
Entry Price
Currency Value
Lot Size
Total Pip Amount
Please Determine B and C, based on the graphic.
B. Currency Pair, C. Entry Point
B. Crypto Pair, C. Trade Amount
B. Lot size, C. Free margin
B. Pair, C. Lot Size
Please determine D, based on the graphic.
Total Swap
Total Profit/Losses
Total Equity
Total Trend Value
Please determine E and F, based on the graphic.
E. Swap Loss, F. Total Profit
E. Stop Loss, D. Tiny Profit
E. Stop Loss, F. Take Profit
E. Single Losses, F. Take Profit
Please determine G, based on the graphic.
G. Take Profit
G. Current Market Price
G. Previous Market Price
G. Target Profit
What is a pip goal?
A calculator that accurately determines how much money you have made over a period of time, and keeps it all together
An App that shows wins and losses per trade, for a trading period
A weekly profit target that can be changeed based on how your trading is going and how lucky you feel when trading
A standard pip target set for daily, weekly or monthly trades to keep you disciplined.
What is the most effective way to determine when to exit a trade before it hits TP?
Price Action
Just Guess
Pip Goals
Let is stay for more money
If your pip goal is 10 pips per trade and you enter USDCAD Sell at 1.40948, when should you exit according to your goal?
1.40848
1.40938
1.41148
1.41050
Which candle correctly defines OHCL on a bullish candle?
A
B
C
D
Which correctly defines OHCL on a bearish candle?
A
B
C
D
In FIRE, What do we consider proper risk management/discipline? [Select All That Apply]
Trading with 0.01 Lot size (or 10% of account)
Trading recklessly without reading the market
Set a daily goal and don't over trade (Don't get greedy)
Don't revenge trade (Trying to make up your losses)
Be disciplined and remember you are in control
Entering the trade as soon as a signal is called
Enter with solid entry using the M! (Don't rush)
At what point are you ready to trade live? [Select All That Apply]
Once you are two and free
The day you begin with FIRE
Once you have only seen Red in Demo
Once you have passed the basics quiz with a 90%+
Once you have seen at LEAST a week of blue in your demo with disciplined trading and risk management
Once you have mastered the basics academy
Once you understand Harmonic Scanner and can enter trades on your own. compliance
Once you see other people making money
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