Stage Question Answer

Do you know how to read currency quotes? Yes

Do you have a full understanding of pips, lots, leverage, margin, rollover, swap and spread? Yes

Do you know how to accurately calculate position size risk? Yes

Do you understand the relationship between drawdown and the profit recovery rate? No

Do you know how to read a candlestick chart? No

FOUNDATION
Do you understand the basic market mechanics of why price moves? No

Do you have a basic understanding of probabilities, random distribution and expectancy? No

Do you have a charting software set up in a clear and simple format? No

Do you know how Forex brokers operate and how to execute trade orders? No

Do you have a demo or live trading account set up? No

Do you understand the difference between swing, minor and sub market structure? No

Do you know how to identify both strong and weak highs/lows? No

Do you know how to identify a Change of Character in market structure? No

Do you understand multi-timeframe analysis and the fractal nature of the market? No

Do you know how to use the concept of Premium and Discount on a price range? No
TECHNICAL ANALYSIS
Do you know how to identify & draw all types of Supply and Demand zones (range/pivot/fractal)? No

Do you know how to validate strong S&D zones via structure and flips? No

Do you know how to identify resting pools of liquidity on a price chart? No

Do you know how to use liquidity concepts to refine S&D zones? No

Do you understand the benefits and drawbacks to both Risk and Confirmation entries? No

Do you understand the difference between mechanical and discretionary trading? No

Do you know why a mechanical edge increases your probability of success long-term? No

Do you have a fixed repeatable method for mapping market structure? No

Do you have a mechanical method for identifying and drawing S&D zones? No

Do you have a fixed method for entering the market the same way everytime? No
MECHANICAL EDGE
Do you have a fixed method for consistent stop loss placement? No

Do you have a mechanical trade management strategy? No

Do you have fixed risk management rules? No

Do you consider your trade plan to be easily testable? No

Do you have certainty in your strategy when executing and managing trades in the live market? No

Do you have a written trading plan? No

Is your trade plan compatible with your personality and your current lifestyle? No

Does your plan include screenshots of perfect examples of your trade setup(s)? No

Have you collected at least 20 Case Studies on your trading plan? No

Have you performed Daily markups on your trading plan for at least one full month? No
PROCESS
Have you backtested your plan with bar replay on at least one full month of data? No

Do you have profiles for the individual characteristics of each currency pair you trade? No

Are you confident that your trading plan provides a long-term edge? No

Do you journal every single trade that you take & perform reviews on a Weekly, Monthly, Quarterly & Annual basis? No

Is your trade plan adherence >90% every month? No

Do you understand and accept that the outcome of individual trades is random? No

Do you understand and accept that a proven mechanical edge will play out over a large sample size of trades? No

Are you able to execute trades that fit your plan without hesitation or doubt? No

Are you able to follow your trade management rules without emotional interference? No

Do you understand and accept that losing trades are a part of your probability model and are a cost of doing business? No
PSYCHOLOGY
Do you journal your emotional state before, during and after each trade? No

Do you hold yourself 100% accountable for your results, good or bad? No

Do you understand & accept that you don't need to know what is going to happen next to make money? No

Do you judge your performance on a Quarterly and Annual basis? No

PSYCHOLOGY

Have you put mental enhancing activities in your routine? No

© Photon Trading Ltd - All rights reserved. Do not share, copy, reprodEuce or sell any part of this document unless you have written permission from Photon Trading.
 Work Required Completed Progress

Foundation 7 3

Technical Analysis 10 0

Mechanical Edge 10 0 65

Process 10 0

Psychology 10 0

Score 47 3