Practice Questions For CMT Level 1 Set 2

www.bhooshanshanbhag.
com, Practice questions for CMT Level 1 Set 2
Practice Questions for Level 1

1. Which of the following statements about NH-NL line is INCORRECT?
a. It is the difference between the number of stocks making new high to those
making new lows on a trading day
b. It is a leading indicator
c. It is plotted as a continuous line
d. It is overbought above 80 and oversold below 20.
2. When the stock market direction is to be determined, 60 % stocks have closed

above their 50 day moving average, whereas 35 % have closed below. 5 % are
just along the line. Which stocks are better candidates for short selling?
a. Those closing above the line
b. Those closing below the line.
c. Those closing along the line.
d. Those closing along the line but were recently above the line.
3. When the investment related articles from experts are clearly bearish,
a. The market is about to top out.
b. the market is about to bottom out.
c. Market has topped out already and it is time to liquidate long positions if held
still.
d. Market has bottomed out already and has started rising.
4. The number of contracts a speculator is permitted to hold at a given time in

the markets is termed as-
a. Open interest
b. Speculator trading limit
c. Margin
d. Position limit
www.bhooshanshanbhag.com, Practice questions for CMT Level 1 Set 2
5. Which of the following DOES NOT have a trader involved in selling?
a. Primary Market
b. Secondary market
c. Options Market
d. Futures Market
6. In stock markets, the only group making successive profits is-
a. Large institutions.
b. Small speculators
c. Company Insiders
d. Derivatives traders
7. What happens when the bid-ask spread becomes zero?
a. Execution of a buy order
b. Execution of a sell order
c. A tick appears on the chart
d. Any one of the above takes place.
8. Which is the weakest part of a trading system?
a. The trader
b. The system
c. The oscillators
d. Price patterns
9. For stock markets to fall,
a. Ask must chase the bid
b. Bid must chase the ask
c. Either bid or ask should chase the other

d. Neither bid or ask should chase the other.
10. The maximum power of the bears is represented by-
a. Highest point of the bar
b. Close of the bearish bar
c. Low of the bar
d. Opening of bullish bar.
11. An elongated impulse wave whose motive subwave is showing a total of

nine subwaves. This type of wave is called-
a. Motive wave
b. Extension.
c. Double wave
d. Complex correction.
12. Wave 4 can enter the top of wave 1 if-
a. A motive wave is being formed.
b. A diagonal is being formed
c. A vicious bear market is taking place.
d. A sharper, complex correction is taking place.
13. It was observed that wave A started at 27 and continued till 24. Wave B was
completed at 28 and wave C got completed at 23. How can this pattern be best
described?
a. Expanding flat
b. Regular flat
c. Running flat
d. Leading diagonal.
14. How is the wave structure given in the diagram best described?

a. Contracting triangle
b. Zigzag
c. Running triangle
d. Running flat
15. According to Efficient Market Hypothesis, which of the following

statements is WRONG?
a. Markets discount everything every fast.
b. There are no definite support or resistance levels.
c. There is no meaning to words like the market is oversold.
d. Previous resistance is not easy to break.
16. Venus saw the chart of Xeta technologies. The stock was between 25 and 32
for a period of six months. She drew two horizontal lines at these two levels.
Today, the stock is trading at 35. The horizontal line at 32 represents_______
for the stock.
a. Resistance
b. Support
c. Either resistance or support
d. It cannot be correctly decided unless the further move of the stock is watched.
17. Alex found that Visha Tech stock had given a buy signal on 10 minute chart
but sell signal on hourly chart. End of the day charts are neutral. What action
would be most appropriate in this condition?

a. Buy the stock with a tight stop loss
b. Short sell the stock
c. Do not trade the stock
d. Buy the stock but keep the stop loss slightly more away.
18. Which of the following is NOT related to Fibonacci ratio phi ()?
a. 0.618
b. 1.618
c. 0.500
d. 2.618
19. Which group of the following may be termed as the key to making money?
a. Objectivity, Analysis, Discipline and risk management
b. Objectivity, flexibility, discipline and risk management
c. Subjectivity, research, discipline and risk management
d. Studies, Discipline, risk control and non-leveraged positions.
20. Three things should never be neglected in the market. Which one of the
below four DOES NOT fit in this list?
a. Ticker Tape
b. Federal Reserve
c. Crowd at the extremes
d. Advice from market experts.
21. The stock price of Kennedy Consultants is falling for last 30 days. Ronny
observed that one indicator was still rising continuously. Which of the following
is he observing?
a. 10 day Moving average.
b. Relative strength

c. Relative strength index
d. Rate of change
22. Reuters CCI is a measure of-
a. Inflation
b. Deflation
c. Stagflation
d. Recession
23. Which of the following is the best suited to decide whether a stock is
underperforming a market or not?
a. Relative strength
b. Relative strength index
c. Divergence studies
d. Moving averages
24. Chris is determining mean for the data 123.4, 125.7, 129.5, 122.8, 124.7,
133.5, 127.8, 129.5, 130.5, 128.7, 129.5, 132.8. What would be the correct
mean?
a. 129.5.
b. 128.2.
c. 129.1.
d. 128.9.
25. When data points are scattered,
a. Standard deviation reduces
b. Accuracy increases
c. Standard deviation increases
d. Sensitivity increases

26. _______________ is also called the presidential cycle.
a. Kondratiff Cycle
b. Kitchin cycle
c. 28 day cycle
d. Juglar Cycle
27. Which of the following statements is NOT in accordance with the ethical
standards adopted?
a. The interest of clients should be rated higher than that of the analyst.
b. During the analysis of a stock, an analyst should also give weightage to the
views of other analysts.
c. One should encourage others to practice high standards of ethics.
d. One should strive to maintain and improve the competence.
28. VHS Finance, a broking house for trading securities offers an interesting
package to their existing clients. If the existing client bring new clients to VRS
Finance, 10 % of the brokerage generated will be paid to the existing client.
Binny is an existing client of VHS, who is also a technical analyst. He
encourages his own circle of customers to open accounts with VHS. His view is
to get that extra 10 % income. In the light of ethics, how is his action viewed?
a. His action puts self interest ahead of that of the customers.
b. His extra income is illegal and hence in violation of the code.
c. It is possible that his action may influence unnecessary trades for his clients
in order to generate extra brokerage.
d. There is no violation of ethics on his behalf as the clients would have traded
anywhere else any way.
29. According to Efficient Market Hypothesis, Prices accurately

summarise_________
a. The sentiment about the stock in public
b. All the publicly and privately known information about the stock

c. All future expectations from the stock.
d. All the past information about the stock.
30. ADX has _______ number of lines indicating the overall direction in which
a trade should be taken.
a. 2
b. 3
c. 2 or 3
d. 4
31. Jessy found that the volume shown by the indicator ‘On-balance Volume’
was negative. What can she conclude from this observation?
a. The calculation of indicator is wrong. There cannot be negative volume.
b. When shares change hand, the volume is negative for the seller, so it is from
seller’s account.
c. It indicates the bearishness in the underlying.
d. On-balance volume is always negative. Nothing can be concluded from this.
32. Which of the following observations indicate a stronger bearish signal?
a. Peak above zero shown by Price ROC
b. Peak below zero shown by Price ROC
c. Low above zero shown by price ROC
d. Low below zero shown by price ROC.
33. Put call ratio is –
a. Market breadth indicator
b. Market momentum indicator
c. Market sentiment indicator
d. External Indicator for markets.

34. Which of the following indicates short covering in futures market?
a. Price decreasing and open interest increasing.
b. Price decreasing and open interest decreasing.
c. Price increasing and open interest increasing.
d. Price increasing and open interest decreasing.
35. Zoya found that the futures price of Codex International was decreasing, and
the open interest was also decreasing. Which of the following is taking place in
the stock?
a. Short covering
b. Short built up
c. Long built up
d. Profit booking
36. Identify the type of pattern marked with a circle in the given chart-
a. Bullish continuation
b. Bullish reversal
c. Bearish continuation
d. Bearish reversal
37. A typical head and shoulder formation requires about ____________ for
formation.
a. Three days

b. Three weeks
c. Three months
d. Three years.
38. In the chart given below, point A is at 370, B is at 290 and C is at 320.
Assuming there is a break down at point C, what would be the target for this
formation?
a. 260
b. 270
c. 240
d. 200
39. Typical borrowing by the government by selling bills is for the period-
a. Shorter than 1 year
b. 1-5 years
c. 1-10 years
d. longer than 10 years.
40. Financial markets offer two choices for investment. These are-
a. Debt and Equity
b. Debt and Bonds
c. Equity and Commodity

d. Futures and Options.
41. Which of the following is NOT associated with commodities as an asset?
a. Taxes
b. Storage cost
c. Transportation cost
d. Dividend
42. Tax rates are decided by-
a. Fiscal policy
b. Monetary Policy
c. Economic policy
d. Micro-finance policy
43. In which asset class it is difficult to determine the exact relative value?
a. Stocks
b. Bonds
c. Commodities
d. Real Estate
44. Exchange rates between two currencies, not involving the US dollar are
termed as-
a. Cross rates
b. Non-US rates
c. Mutual rates
d. Local rates
45. Who maintains the value of currency of a country within limits?
a. Government of that country
b. UNO
c. Central bank of that country
d. Investors and hedgers
46. Which of the following has closest tradability as paper currency?
a. Government bonds
b. Government Notes
c. Government bills
d. Corporate bonds
47. The Government is offering 4 % on its bills. Corporates are offering 6 %.

The difference in rates is typically expressed as-
a. 50 %
b. 2 %
c. 200 basis points
d. 1.5 times
48. A French bank wants to buy US government bonds. What route should they
take?
a. Participate in US government auctions.
b. Offer US government their proposal though there is no auction.
c. Buy bonds from primary dealers
d. All the three routes given above are applicable.
49. Which of the following gives returns only due to price change? Treasury
bills, treasury bonds, Agricultural commodities or Precious metals?
a. Agricultural commodities and precious metals.
b. Precious metals and treasury bills
c. Agricultural commodities, precious metals and treasury bills.
d. Agricultural commodities, precious metals, treasury bonds as well as treasury

bills.

50. Eagle Airways wants to sell some commercial instruments in order to

generate funds. They have no intentions of buying them back but issue shares of
the company to investors on a later date. What type of commercial instrument
should they sell?
a. Callable Bonds
b. Putable Bonds
c. Convertible bonds
d. Corporate notes
51. S & P Case-Shiller index is related to-
a. Equities
b. Commodities
c. Foreign exchange
d. Real estate
52. Detrended time series-
a. Shows a distinct direction of movement.
b. Tends to remain range bound.
c. Shows distinct patterns like head and shoulder
d. Is never flat.
53. Price charts have come into application since-
a. 1830
b. 1870
c. 1890
d. 1930
54. A complete collection of daily charts of the Wall Street was first published
by-
a. Samuel Nelson

b. Robert Rhea
c. Richard Wyckoff
d. William Hamilton
55. According to Russell, when Dow Jones industrial average moves below
_____________for the second time, it is a confirmation of bear market.
a. 30 days
b. 30 weeks
c. 200 days
d. 52 weeks
56. Demand for government bonds is indicated by-
a. Bid to cover ratio
b. Bid ask spread
c. Days to deliver number
d. Opinions of investment advisors
57. What is the advantage for the companies of selling equity to investors over
bonds and notes?
a. Investors tend to buy equity more than bonds or notes.
b. Equity is more liquid than bonds or notes
c. Equity need not be purchased back.
d. Equity gives voting rights to investors.
58. Financial and political instability would show positive effect on the price of-
a. Stocks
b. Bonds
c. Bullion
d. Real estate

59. Who gave the name ‘Dow Theory’ to the thoughts put forward by Charles
Dow?
a. Samuel Nelson
b. Robert Rhea
c. Richard Wyckoff
d. William Hamilton
60. According to Russell, the major bull market ends when the yields for major
Dow Jones Industrials reach-
a. 3.5
b. 5.0
c. 7.5
d. <2.0
GET MORE MATERIAL FOR PRACTICE

More such questions are available. There is a complete
ebook having nearly 600 questions on this syllabus. Just
log on to www.lulu.com and search for Systematic
Technical Analysis. You can buy the level 1 or level 2
ebook as per your requirement. What this ebook
contains?
1. Complete syllabus in a point wise quick revision
format.
2. Over 200 questions (with answers) for practice, just
the way they are given above.

3. Three complete question sets containing 120

questions each, with answers.
I am sure this will prove to be a useful help to you, and
assist you in finding out which part of syllabus you
need to study more.
Disclaimer: The questions in these ebooks have been set
by Dr. Bhooshan Shanbhag, CMT, CFTe and his team.
These are for testing your preparedness for the exam.
We do not claim that the same questions would appear
in the actual exam. No person associated with actual
examination is involved in preparation of this material,
or a part of it.
Answers to Set 2
1. Which of the following statements about NH-NL line is INCORRECT?
.d. It is overbought above 80 and oversold below 20. (There are no overbought
or oversold levels on NH-NL). (Chapter 6-9, General Market Indicators)
2. When the stock market direction is to be determined, 60 % stocks have closed

above their 50 day moving average, whereas 35 % have closed below. 5 % are
just along the line. Which stocks are better candidates for short selling?
. b. Those closing below the line. (Chapter 6-9, General Market Indicators)
3. When the investment related articles from experts are clearly bearish,
. b. the market is about to bottom out. (Chapter 6-9, General Market Indicators)
4. The number of contracts a speculator is permitted to hold at a given time in

the markets is termed as-
. d. Position limit. (Chapter 6-9, General Market Indicators)
5. Which of the following DOES NOT have a trader involved in selling?

. a. Primary market (It is the company that sells the shares in primary market,
and not a trader). (Chapter 6-9, General Market Indicators, 27-38, Mass
Psychology)
6. In stock markets, the only group making successive profits is-
. c. Company insiders. (Chapter 27-38, Mass Psychology)
7. What happens when the bid-ask spread becomes zero?
. c. A tick appears on the chart (Chapter 6-9, General Market Indicators)
8. Which is the weakest part of a trading system?
. a. The trader (Chapter 6-9, General Market Indicators, 27-38, Mass

Psychology)
9. For stock markets to fall,
. a. Ask must chase the bid (Chapter 6-9, General Market Indicators, 27-38,
10. The maximum power of the bears is represented by-
. c. Low of the bar (Chapter 6-9, General Market Indicators, 27-38, Mass
Psychology)
11. An elongated impulse wave whose motive subwave is showing a total of

nine subwaves. This type of wave is called-
. b. Extension. (Chapters 39-40. Elliott Wave Theory)
12. Wave 4 can enter the top of wave 1 if-
. b. A diagonal is being formed (Chapters 39-40. Elliott Wave Theory)
13. It was observed that wave A started at 27 and continued till 24. Wave B was
completed at 28 and wave C got completed at 23. How can this pattern be best
described?
. a. Expanding flat (Chapters 39-40. Elliott Wave Theory)
14. How is the wave structure given in the diagram best described?
. a. Contracting triangle (Chapters 39-40. Elliott Wave Theory)

15. According to Efficient Market Hypothesis, which of the following

statements is WRONG?
. d. Previous resistance is not easy to break. (Burton and Shah, different

chapters)
16. Venus saw the chart of Xeta technologies. The stock was between 25 and 32
for a period of six months. She drew two horizontal lines at these two levels.
Today, the stock is trading at 35. The horizontal line at 32 represents_______
for the stock.
. b. Support (It was resistance earlier. Now as the stock has crossed that level, it
will act as a support. (Chapter 6-9, General Market Indicators, 27-38, Mass
Psychology)
17. Alex found that Visha Tech stock had given a buy signal on 10 minute chart
but sell signal on hourly chart. End of the day charts are neutral. What action
would be most appropriate in this condition?
. c. Do not trade the stock (Chapter 6-9, General Market Indicators, 27-38, Mass
Psychology)
18. Which of the following is NOT related to Fibonacci ratio phi ()?
. c. 0.500 (Chapters 39-40. Elliott Wave Theory)
19. Which group of the following may be termed as the key to making money?
. b. Objectivity, flexibility, discipline and risk management (Chapter 25-26,

Being right or making money).
20. Three things should never be neglected in the market. Which one of the
below four DOES NOT fit in this list?
. d. Advice from market experts. (Chapter 25-26, Being right or making

money).
21. The stock price of Kennedy Consultants is falling for last 30 days. Ronny
observed that one indicator was still rising continuously. Which of the following
is he observing?
. b. Relative strength. It is more of understanding based question. As relative

strength is comparison with some other asset, if that asset is falling faster,

relative strength can still increase). (Chapter 25-26, Being right or making
money).
22. Reuters CCI is a measure of-
. a. inflation. (Chapter 25-26, Being right or making money).
23. Which of the following is the best suited to decide whether a stock is
underperforming a market or not?
. a. Relative strength(Chapter 54)
24. Chris is determining mean for the data 123.4, 125.7, 129.5, 122.8, 124.7,
133.5, 127.8, 129.5, 130.5, 128.7, 129.5, 132.8. What would be the correct
mean?
. b. 128.2
25. When data points are scattered,
. c. Standard deviation increases.
26. _______________ is also called the presidential cycle.
. b. Kitchin cycle
27. Which of the following statements is NOT in accordance with the ethical
standards adopted?
. b. During the analysis of a stock, an analyst should also give weightage to the
views of other analysts. (Analysis should be independent. This means views of
others should NOT be influencing your analysis).
28. VHS Finance, a broking house for trading securities offers an interesting
package to their existing clients. If the existing client bring new clients to VRS
Finance, 10 % of the brokerage generated will be paid to the existing client.
Binny is an existing client of VHS, who is also a technical analyst. He
encourages his own circle of customers to open accounts with VHS. His view is
to get that extra 10 % income. In the light of ethics, how is his action viewed?
. c. It is possible that his action may influence unnecessary trades for his clients
in order to generate extra brokerage.

29. According to Efficient Market Hypothesis, Prices accurately

summarise_________
. b. All the publicly and privately known information about the stock. (Burton
and Shah, chapter 1, Page 6; chapter 1, Page 8- Strong form of EMH)
30. ADX has _______ number of lines indicating the overall direction in which
a trade should be taken.
.a. 2. (Only +DI and –DI tell the direction. Though there are three lines in the
indicator, the third line, ADX or DMI as it is called does not provide any
information about the direction).
31. Jessy found that the volume shown by the indicator ‘On-balance Volume’
was negative. What can she conclude from this observation?
. c. It indicates the bearishness in the underlying.(On-balance volume is positive

on the day the market is up. The entire volume is considered buyer’s volume
and is treated as positive. On the other hand on a down day, the entire volume is
negative).
32. Which of the following observations indicate a stronger bearish signal?
. b. Peak below zero shown by price ROC.
33. Put call ratio is –
. c. Market sentiment indicator.
34. Which of the following indicates short covering in futures market?
. d. Price increasing and open interest decreasing.
35. Zoya found that the futures price of Codex International was decreasing, and
the open interest was also decreasing. Which of the following is taking place in
the stock?
. d. Profit booking.
36. Identify the type of pattern marked with a circle in the given chart-
. c. Bearish continuation.

37. A typical head and shoulder formation requires about ____________ for
formation.
. c. Three months.
38. In the chart given below, point A is at 370, B is at 290 and C is at 320.
Assuming there is a break down at point C, what would be the target for this
formation?
. c. 240.
39. Typical borrowing by the government by selling bills is for the period-
. a. shorter than 1 year
40. Financial markets offer two choices for investment. These are-
. a. Debt and Equity.
41. Which of the following is NOT associated with commodities as an asset?
. d. Dividend
42. Tax rates are decided by-
. a. Fiscal policy.
43. In which asset class it is difficult to determine the exact relative value?
. d. Real Estate. (Rarely the units are exactly identical and liquidity is low. Price
is too subjective).
44. Exchange rates between two currencies, not involving the US dollar are
termed as-
. a. Cross rates.
45. Who maintains the value of currency of a country within limits?
. c. Central bank of that country
46. Which of the following has closest tradability as paper currency?
. c. Government bills.

47. The Government is offering 4 % on its bills. Corporates are offering 6 %.

The difference in rates is typically expressed as-
. c. 200 basis points. (Rate spread is typically expressed in the terms of basis
points, where 1 basis point is 0.01 %).
48. A French bank wants to buy US government bonds. What route should they
take?
. c. Buy bonds from primary dealers (Foreign banks cannot participate in

government auctions, and have to buy through primary dealers).
49. Which of the following gives returns only due to price change? Treasury
bills, treasury bonds, Agricultural commodities or Precious metals?
. c. Agricultural commodities, precious metals and treasury bills. (Treasury

bonds also give interest as an additional form of returns other than the price
change).
50. Eagle Airways wants to sell some commercial instruments in order to

generate funds. They have no intentions of buying them back but issue shares of
the company to investors on a later date. What type of commercial instrument
should they sell?
. c. Convertible bonds (Callable bonds- Company has option to buy them back
before maturity. Putable bonds- investors can sell them back to company before
maturity. Convertible bonds- Investors can swap debt for equity).
51. S & P Case-Shiller index is related to-
. d. Real Estate.
52. Detrended time series-
. b. Tends to remain range bound.
53. Price charts have come into application since-
. a. 1830(Chapter 1-5- History of technical analysis)
54. A complete collection of daily charts of the Wall Street was first published
by-
. b. Robert Rhea(Chapter 1-5- History of technical analysis)

55. According to Russell, when Dow Jones industrial average moves below
_____________for the second time, it is a confirmation of bear market.
. b. 30 weeks. (Chapter 1-5- History of technical analysis)
56. Demand for government bonds is indicated by-
. a. Bid to cover ratio
57. What is the advantage for the companies of selling equity to investors over
bonds and notes?
. c. Equity need not be purchased back.
58. Financial and political instability would show positive effect on the price of-
. c. Bullion
59. Who gave the name ‘Dow Theory’ to the thoughts put forward by Charles
Dow?
. a. Samuel Nelson. (Chapter 1-5- History of technical analysis)
60. According to Russell, the major bull market ends when the yields for major
Dow Jones Industrials reach-
. a. 3.5. (Chapter 1-5- History of technical analysis)
GET MORE MATERIAL FOR PRACTICE

More such questions are available. There is a complete
ebook having nearly 600 questions on this syllabus. Just
log on to www.lulu.com and search for Systematic
Technical Analysis. You can buy the level 1 or level 2
ebook as per your requirement. What this ebook
contains?
1. Complete syllabus in a point wise quick revision
format.

2. Over 200 questions (with answers) for practice, just

the way they are given above.
3. Three complete question sets containing 120

questions each, with answers.
I am sure this will prove to be a useful help to you, and
assist you in finding out which part of syllabus you
need to study more.
Disclaimer: The questions in these ebooks have been set
by Dr. Bhooshan Shanbhag, CMT, CFTe and his team.
These are for testing your preparedness for the exam.
We do not claim that the same questions would appear
in the actual exam. No person associated with actual
examination is involved in preparation of this material,
or a part of it.

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com, Practice questions for CMT Level 1 Set 2

Practice Questions for Level 1

c. It is plotted as a continuous line

d. It is overbought above 80 and oversold below 20.

2. When the stock market direction is to be determined, 60 % stocks have closed

a. Those closing above the line

b. Those closing below the line.

c. Those closing along the line.

a. The market is about to top out.

b. the market is about to bottom out.

d. Market has bottomed out already and has started rising.

4. The number of contracts a speculator is permitted to hold at a given time in

b. Speculator trading limit

5. Which of the following DOES NOT have a trader involved in selling?

6. In stock markets, the only group making successive profits is-

7. What happens when the bid-ask spread becomes zero?

a. Execution of a buy order

b. Execution of a sell order

c. A tick appears on the chart

d. Any one of the above takes place.

8. Which is the weakest part of a trading system?

9. For stock markets to fall,

a. Ask must chase the bid

b. Bid must chase the ask

c. Either bid or ask should chase the other

www.bhooshanshanbhag.com, Practice questions for CMT Level 1 Set 2

d. Neither bid or ask should chase the other.

10. The maximum power of the bears is represented by-

a. Highest point of the bar

b. Close of the bearish bar

c. Low of the bar

d. Opening of bullish bar.

11. An elongated impulse wave whose motive subwave is showing a total of

12. Wave 4 can enter the top of wave 1 if-

a. A motive wave is being formed.

b. A diagonal is being formed

c. A vicious bear market is taking place.

d. A sharper, complex correction is taking place.

www.bhooshanshanbhag.com, Practice questions for CMT Level 1 Set 2

15. According to Efficient Market Hypothesis, which of the following

a. Markets discount everything every fast.

b. There are no definite support or resistance levels.

c. There is no meaning to words like the market is oversold.

d. Previous resistance is not easy to break.

c. Either resistance or support

www.bhooshanshanbhag.com, Practice questions for CMT Level 1 Set 2

a. Buy the stock with a tight stop loss

b. Short sell the stock

c. Do not trade the stock

a. Objectivity, Analysis, Discipline and risk management

b. Objectivity, flexibility, discipline and risk management

c. Subjectivity, research, discipline and risk management

d. Studies, Discipline, risk control and non-leveraged positions.

c. Crowd at the extremes

d. Advice from market experts.

a. 10 day Moving average.