One question from every lesson in the curriculum, in curriculum order. Answer and the correct
option is revealed immediately with the explanation and a link straight to the lesson it came from.
Nothing is saved and nothing is sent anywhere — the score is calculated in your
browser and disappears when you close the tab. Retake it as often as you like.
How to read your score
56+ (90%) — the curriculum is in. 43–55 (70–89%) —
solid, but go back to the blocks you missed. Below 43 — do not treat this as a
pass mark you failed. It tells you which blocks to re-read, which is the only thing a quiz is good for.
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ANSWERED
THE MASTER QUIZ
62 questions · one per lesson · immediate feedback · nothing saved
Question 01 of 62 · Foundations
On EURUSD, how much is one pip?
Correct: B. On most currency pairs, one pip is 0.0001 — the fourth decimal place. Lesson 01 — What is a pip →
Question 02 of 62 · Foundations
You have a $5,000 account and risk 1% per trade. How many dollars are you risking?
Correct: C. 1% of $5,000 is $50. That is the dollar amount you lose if the stop is hit. Lesson 02 — Position sizing →
Correct: B. The spread is the gap between the bid (sell) and ask (buy) price. It is the built-in cost on every trade, paid on entry. Lesson 04 — Spread, commission and swap →
Question 05 of 62 · Foundations
What is slippage?
Correct: B. Slippage is the difference between the price you asked for and the price you got. It is measured in pips. Lesson 05 — What is slippage →
Question 06 of 62 · Foundations
What does margin level measure?
Correct: B. Margin level = (equity ÷ used margin) × 100. This is the number the broker uses to decide when to warn and when to liquidate. Lesson 06 — Margin calls and stop-outs →
Question 07 of 62 · Foundations
What is the ask price?
Correct: B. The ask is the price at which the market will sell to you. If you are buying, this is the price you pay. The spread is the difference between ask and bid. Lesson 07 — Trading vocabulary starter →
Question 08 of 62 · Foundations
What defines a trading style?
Correct: B. Holding period is the root variable. Timeframe, target size, trade frequency, cost ratio and screen time are all downstream of it. Lesson 08 — Trading styles →
Question 09 of 62 · Chart reading
What is a support zone?
Correct: B. Support is a band, not a line. The band captures the cluster of buyers who acted at slightly different prices within the same area. Lesson 09 — Support and resistance as zones →
Question 10 of 62 · Chart reading
What are the two required components of a supply or demand zone?
Correct: C. The base is where the order was worked; the leg-out is the evidence that part of it went unfilled. Without a leg-out there is nothing to come back for. Lesson 10 — Supply and demand zones →
Question 11 of 62 · Chart reading
What defines an uptrend?
Correct: B. An uptrend is a sequence of higher highs and higher lows. Both conditions must be true at the same time. A line or a moving average is a description of a trend, not the trend itself. Lesson 11 — Trend and market structure →
Question 12 of 62 · Chart reading
How many candlestick patterns carry real information?
Correct: B. Five patterns matter: pin bar, engulfing, doji, inside bar, and morning/evening star. Everything else is a variation or a distraction. Lesson 12 — Candlestick patterns that matter →
Question 13 of 62 · Chart reading
What is R?
Correct: B. R is the risk unit — the entry-to-stop distance in whatever units the chart uses. Its dollar value depends on your position size, but 1R itself is always the entry-to-stop distance. Lesson 13 — The R-multiple →
Question 14 of 62 · Chart reading
What does a moving average measure?
Correct: B. A moving average takes the last N closes, adds them, and divides by N. It is a smoothing function, not a prediction. Lesson 14 — Moving averages →
Question 15 of 62 · Chart reading
What does RSI measure?
Correct: B. RSI divides average gains by average losses over the lookback period (default 14) and maps the result to 0–100. Above 50 = gains winning. Below 50 = losses winning. Lesson 15 — Momentum indicators →
Question 16 of 62 · Chart reading
Which Fibonacci level is the golden ratio?
Correct: C. 61.8% is the golden ratio — the limit of consecutive Fibonacci numbers divided by the next one. It is the most-watched retracement level. Lesson 16 — Fibonacci retracement & extension →
Question 17 of 62 · Chart reading
What defines a fair value gap?
Correct: C. A fair value gap is a three-candle pattern. The middle candle moves so fast that candle 1 and candle 3 never overlap, leaving a price band the market skipped. Lesson 17 — Fair value gap →
Question 18 of 62 · Chart reading
What defines a liquidity sweep?
Correct: B. A sweep requires the reversal. If price pushes through and keeps going, that is a break of structure, not a sweep. The close back inside the range is the defining feature. Lesson 18 — Liquidity sweep →
Question 19 of 62 · Chart reading
What is an order block?
Correct: B. An order block is the last candle in the opposite direction before a strong impulse move. For a bullish OB: last red candle before a strong up move. For bearish: last green before a strong down move. Lesson 19 — Order blocks →
Question 20 of 62 · Chart reading
What is a Judas Swing?
Correct: B. The Judas is a false move at the London or NY session open that pushes past the Asian range boundary, triggers stops and breakout traders, then reverses and delivers the real move in the opposite direction. Lesson 20 — Judas Swing →
Question 21 of 62 · Chart reading
What are the boundaries of the OTE zone?
Correct: B. OTE is the Fibonacci retracement zone between 0.618 and 0.79. Some material uses 0.786 instead of 0.79; the two are functionally identical. Lesson 21 — Optimal Trade Entry (OTE) →
Question 22 of 62 · Chart reading
What does a volume bar actually measure?
Correct: B. Volume is the number of contracts, shares, or lots that changed hands. It is activity, not direction. Every trade has both a buyer and a seller, and volume counts both. Lesson 22 — Volume & Market Profile →
Question 23 of 62 · Chart reading
What is regular bearish divergence?
Correct: C. Regular bearish divergence is price making a higher high while momentum (RSI or MACD) makes a lower high. It is a reversal warning at the top of an uptrend. Lesson 23 — Divergence →
Question 24 of 62 · Market structure
What does a market order do in the order book?
Correct: B. A market order is a taker order. It consumes the best available price and moves the book if the size is larger than what is resting at that level. Lesson 24 — Market microstructure →
Question 25 of 62 · Chart reading
What is the fundamental structure of Elliott Wave Theory?
Correct: B. Elliott Wave says markets move in five waves with the trend (impulse) and three waves against it (correction). The pattern repeats at every timeframe. Lesson 25 — Elliott Wave Theory →
Question 26 of 62 · Advanced methods
What defines a harmonic pattern?
Correct: C. The ratios are what make a harmonic pattern. Without the specific Fibonacci relationships between XA, AB, BC and CD, you are just drawing shapes. Lesson 26 — Harmonic patterns →
Question 27 of 62 · Advanced methods
What does the "Composite Man" represent in Wyckoff's method?
Correct: C. The Composite Man is Wyckoff's mental model for the aggregate behaviour of large operators. Not a real person — a way of asking "who is on the other side of this trade, and what do they need from me?" Lesson 27 — Wyckoff Method →
Question 28 of 62 · Advanced methods
Which two Ichimoku lines form the cloud?
Correct: C. The cloud (Kumo) is the area between Senkou Span A and Senkou Span B. Both spans are plotted 26 periods into the future. Lesson 28 — Ichimoku Cloud →
Question 29 of 62 · Advanced methods
What does the 1x1 Gann angle represent?
Correct: B. The 1x1 angle is one unit of price per one unit of time. It looks like a 45-degree angle only when the chart is properly scaled so that one unit of price equals one unit of time. Lesson 29 — Gann Theory →
Question 30 of 62 · Market structure
When is the London–New York overlap?
Correct: B. The London–New York overlap runs roughly 13:00–17:00 UTC and is the deepest liquidity window of the day. Times shift by an hour with DST. Lesson 30 — Trading sessions & overlaps →
Question 31 of 62 · Market structure
What is the typical correlation between EURUSD and DXY?
Correct: B. EURUSD and DXY are heavily negatively correlated because the euro makes up 57.6% of the DXY basket. The coefficient typically ranges from −0.90 to −0.98. Lesson 31 — Correlation & Intermarket →
Question 32 of 62 · Market structure
What is the carry trade?
Correct: B. The carry trade borrows in a low-yield currency (the funding currency) and invests in a high-yield currency (the target currency), earning the interest rate differential as swap. Lesson 32 — Carry trade →
Question 33 of 62 · Market structure
What is the turn-of-the-month effect?
Correct: C. The turn-of-the-month effect is a documented pattern where the last trading day of the month plus the first three trading days of the next produce returns significantly above the monthly average. It was first documented in equities in 1987. Lesson 33 — Seasonality →
Question 34 of 62 · Advanced methods
Which of the four pillars is generally the strongest driver of currency value?
Correct: B. Interest rates are the strongest fundamental driver. Capital flows toward higher real yields, and the rate differential between two currencies is the single best predictor of medium-term exchange rate direction. Lesson 34 — Fundamental analysis →
Question 35 of 62 · Market structure
What is the difference between hawkish and dovish?
Correct: C. Hawkish means leaning toward tighter policy (higher rates). Dovish means leaning toward looser policy (lower rates). The tone of the statement matters more than the decision itself. Lesson 35 — Central bank policy & rate cycles →
Question 36 of 62 · Market structure
What shape does the Dollar Smile framework describe?
Correct: C. The Dollar Smile has the dollar rallying at both extremes — US exceptionalism and global crisis — and weakening in the middle, when global growth is decent but not exceptional. Lesson 36 — The Dollar Smile theory →
Question 37 of 62 · Market structure
What is the most important concept for reading a data release?
Correct: B. The consensus forecast is already priced in. What moves price is the deviation from expectations. A 200K NFP is bullish if the consensus was 150K and bearish if the consensus was 250K. Lesson 37 — The economic calendar →
Question 38 of 62 · Market structure
What is the difference between sentiment and positioning?
Correct: B. Sentiment is a measure of opinion — surveys, polls, chatter. Positioning is a measure of what traders have actually put on the book. Only positioning moves price. Lesson 38 — Market sentiment & positioning →
Question 39 of 62 · Strategy
What is the safest entry on a breakout?
Correct: B. The retest gives you a precise entry, a tighter stop, and a higher win rate. Buying the initial break means entering at the extreme of the move with the worst possible risk-to-reward. Lesson 39 — Breakout strategy →
Question 40 of 62 · Strategy
What is the fundamental flaw of grid trading?
Correct: B. The grid has no stop-loss by design. In a range, that is fine. In a trend, every level fills against the move and the floating loss compounds. The grid has no floor. Lesson 40 — Grid trading →
Question 41 of 62 · Strategy
Why is the first spike after a news release a trap?
Correct: C. The first spike exists to take out stops on both sides of the market. Spreads widen 10–30 pips. Slippage is unpredictable. It is a liquidity event, not a directional signal. Lesson 41 — News trading →
Question 42 of 62 · Market structure
What is the primary purpose of a watchlist?
Correct: C. A watchlist is a filter. Its job is to reduce the universe to the few instruments where your edge lives. Everything else is noise. Lesson 42 — Building a watchlist →
Question 43 of 62 · Strategy
What are the five sections of a trading plan?
Correct: B. The five sections are Watchlist, Entry, Exit, Risk, Review. Everything else is either redundant or belongs in the journal. Lesson 43 — Building a trading plan →
Question 44 of 62 · Risk
What does the 1% rule say?
Correct: C. The 1% rule is a maximum loss per trade: 1% of account balance. It is not about margin, leverage, or profit targets. Lesson 44 — The 1% rule →
Question 45 of 62 · Risk
How is drawdown measured?
Correct: B. Drawdown is peak-to-current. If you started at $10k and grew to $15k, then fell to $13k, your drawdown is from $15k, not from $10k. Lesson 45 — Drawdown and survival →
Question 46 of 62 · Risk
Where does a stop-loss actually belong?
Correct: C. The stop goes where the trade idea is proven wrong. Not at a comfortable pip distance. Not at the exact swing low. At the structural invalidation level. Lesson 46 — Stop placement, not stop size →
Correct: C. Expectancy in R = (Win rate × Average win in R) − (Loss rate × Average loss in R). This is the single number that answers "does this strategy have an edge?" Lesson 48 — How to know if a strategy is working →
Question 49 of 62 · Risk
What happens to a backtest when you add realistic costs?
Correct: C. Realistic costs reduce expectancy. Spread, commission, and slippage all eat into the edge. Backtests that assume zero costs overstate expectancy by 0.05–0.15R per trade. Lesson 49 — Backtest vs live →
Question 50 of 62 · Psychology
What is the least useful column in a trading journal?
Correct: C. P&L is the outcome. It tells you what happened but not why. The inputs — setup, execution, risk, emotion — tell you what to change. Lesson 50 — The trading journal →
Question 51 of 62 · Psychology
What is the difference between FOMO, revenge trading, and tilt?
Correct: C. FOMO is triggered by watching a move happen without you. Revenge is triggered by a loss. Tilt is triggered by accumulated losses and is physiological. Each needs its own circuit breaker. Lesson 51 — FOMO, revenge and the tilt →
Question 52 of 62 · Psychology
What are the four levels of the losing streak protocol?
Correct: B. Level 1 (continue at full size), Level 2 (halve the risk), Level 3 (pause 48 hours), Level 4 (full reset). Each triggered by streak length and drawdown depth. Lesson 52 — The losing streak protocol →
Question 53 of 62 · Execution
What is the main difference between demo and live?
Correct: C. Same chart. Same interface. Same instruments. The difference is the pressure of real money — cortisol, elevated heart rate, narrowed attention, and the temptation to break rules. Lesson 53 — Demo accounts →
Question 54 of 62 · Execution
What are the five fields of an order ticket?
Correct: C. Direction, entry, stop, target, size. Order type is a sixth decision you make first, but the five fields are the trade itself. If any one is missing, you do not have a trade. Lesson 54 — Placing your first trade →
Question 55 of 62 · Execution
Where does your money sit when you trade on MT4 or MT5?
Correct: C. MT4 and MT5 are software. They do not hold client funds. The broker is the counterparty, holds the account and executes the orders. MetaQuotes is only the software company that licences the platform to the broker. Lesson 55 — Platform guide — MT4, MT5, TradingView →
Question 56 of 62 · Execution
Why is moving the stop to break-even too early often a mistake?
Correct: B. Markets retrace. A move to break-even at 1R is regularly hit by the retracement that comes before the next leg. The trade was correctly read and correctly entered — the management turned a winner into a scratch. It is only justified when a specific structural reason exists. Lesson 56 — Trade management →
Question 57 of 62 · Execution
What does a signal service actually provide?
Correct: C. A signal is four numbers and a direction. Direction, entry price, stop-loss, take-profit. Size, timing, platform, execution, management and journaling are all still yours. Lesson 57 — How to follow a signal service →
Question 58 of 62 · Execution
What are the four numbers that make up total trading cost?
Correct: C. Spread, commission, swap and slippage. Add them together for one round turn and you have the only number that actually changes your P&L between brokers. Lesson 58 — How to read a broker comparison →
Question 59 of 62 · Execution
What is the difference between A-book and B-book?
Correct: B. A-book means the broker passes the trade to an external LP and earns from markup or commission. B-book means the broker internalises the trade and is on the other side. Both paths return a fill in your platform. Lesson 59 — What a broker actually does →
Question 60 of 62 · Execution
What are the eight sections of a trading plan?
Correct: B. Objectives, markets, timeframes, setups, risk, management, review, contingencies. Eight sections, one page. Every rule from the previous sixteen lessons lives in one of them. Lesson 60 — Trading plan — the template →
Question 61 of 62 · Execution
What does regulation actually protect?
Correct: C. Regulation protects your money from the broker, not from the market. It requires segregated funds, runs a compensation scheme, mandates negative balance protection, and provides dispute resolution. None of these prevent you from losing money on a bad trade. Lesson 61 — How regulation protects you →
Question 62 of 62 · Execution
What determines your tax residency for trading?
Correct: C. Tax residency is determined by where you physically live and where you intend to live, usually based on a 183-day rule and other tests. It has nothing to do with your broker's location or your account currency. Lesson 62 — Regulation & tax framework →
After the quiz
Missed a Block 1 question? Re-read 01 through 08 before anything else. Everything later assumes them.
Missed a Risk question?Lesson 44 and lesson 46 are the two that matter most.
Missed several in one block? That is the signal. One miss is noise; three in a row is a gap.
Full marks? Knowing the material and executing it are different problems. Lesson 50 is where the second one starts.