Trading Apprentice Program
True or False Entrance Exam

Pour yourself a cup of coffee and give yourself a good 5-10 minutes to take the same True or False Entrance Exam that Richard Dennis and Bill Eckhardt used to help vet from the thousands of applicants to their original Trading Apprentice Program. CAN YOU BEAT THE CURRENT AVERAGE SCORE??? 69.96 %
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Q01: One should favor being long or being short, whichever one is comfortable with.

True False

Q02: On initiation, one should know precisely at what price to liquidate if a profit occurs.

True False

Q03: One should trade the same number of contracts in all markets.

True False

Q04: If one has $100,000 to risk, one ought to risk $25,000 on every trade.

True False

Q05: On initiation, one should know precisely where to liquidate if a loss occurs.

True False

Q06: You can never go broke taking profits.

True False

Q07: It helps to have the fundamentals in your favor before you initiate.

True False

Q08: A gap up is a good place to initiate if an uptrend has started.

True False

Q09: If you anticipate buy stops in the market, wait until they are finished and buy a little higher than that.

True False

Q10: Of three types of orders (market, stop, and resting), market orders cost the least skid.

True False

Q11: The more bullish news you hear and the more people are going long, the less likely the uptrend is to continue after a substantial uptrend.

True False

Q12: The majority of traders are always wrong.

True False

Q13: Trading bigger is an overall handicap to one's trading performance.

True False

Q14: Larger traders can 'muscle' markets to their advantage.

True False

Q15: Vacations are important for traders to keep the proper perspective.

True False

Q16: Under trading is almost never a problem.

True False

Q17: Ideally, average profits should be about three or four times average losses.

True False

Q18: A trader should be willing to let profits turn into losses.

True False

Q19: A very high percentage of trades should be profits.

True False

Q20: A trader should like to take losses.

True False

Q21: It is especially relevant when the market is higher than it's been in 4 and 13 weeks.

True False

Q22: Needing and wanting money are good motivators to good trading.

True False

Q23: One's natural inclinations are good guides to decision making in trading.

True False

Q24: Luck is an ingredient in successful trading over the long run.

True False

Q25: When you're long, 'limit up' is a good place to take a profit.

True False

Q26: It takes money to make money.

True False

Q27: It's good to follow hunches in trading.

True False

Q28: There are players in each market one should not trade against.

True False

Q29: All speculators die broke.

True False

Q30: The market can be understood better through social psychology than through economics.

True False

Q31: Taking a loss should be a difficult decision for traders.

True False

Q32: After a big profit, the next trend-following trade is more likely to be a loss.

True False

Q33: Trends are not likely to persist.

True False

Q34: Almost all information about a commodity is at least a little useful in helping make decisions.

True False

Q35: It's better to be an expert in one to two markets rather than try to trade ten or more markets.

True False

Q36: In a winning streak, total risk should rise dramatically.

True False

Q37: Trading stocks is similar to trading commodities.

True False

Q38: It's a good idea to know how much you are ahead or behind during a trading session.

True False

Q39: A losing month is an indication of doing something wrong.

True False

Q40: A losing week is an indication of doing something wrong.

True False

Q41: The big money in trading is made when one can get long at lows after a big downtrend.

True False

Q42: It's good to average down when buying.

True False

Q43: After a long trend, the market requires more consolidation before another trend starts.

True False

Q44: It's important to know what to do if trading in commodities doesn't succeed.

True False

Q45: It is not helpful to watch every quote in the markets one trades.

True False

Q46: It is a good idea to put on or take off a position all at once.

True False

Q47: Diversification in commodities is better than always being in one or two markets.

True False

Q48: If a day's profit or loss makes a significant difference to your net worth, you're overtrading.

True False

Q49: A trader learns more from his losses than his profits.

True False

Q50: Except for commission and brokerage fees, execution 'costs' for entering orders are minimal over the course of a year.

True False

Q51: It's easier to trade well than to trade poorly.

True False

Q52: It's important to know what success in trading will do for you later in life.

True False

Q53: Uptrends end when everyone gets bearish.

True False

Q54: The more bullish news you hear, the less likely a market is to break out on the upside.

True False

Q55: For an off-floor trader, a long-term trade ought to last three or four weeks or less.

True False

Q56: Others' opinions of the market are good to follow.

True False

Q57: Volume and open interest are as important as price action.

True False

Q58: Daily strength and weakness is a good guide for liquidating long-term positions with big profits.

True False

Q59: Off-floor traders should spread different markets of different market groups.

True False

Q60: The more people are going long, the less likely an uptrend is to continue in the beginning of a trend.

True False

Q61: Off-floor traders should not spread different delivery months of the same commodity.

True False

Q62: Buying dips and selling rallies is a good strategy.

True False

Q63: It's important to take a profit most of the time.

True False

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Trading Apprentice ProgramTrue or False Entrance Exam

69.96 %

Trading Apprentice Program
True or False Entrance Exam