Beat the Odds in Forex Trading: How To Identify and Profit from High Percentage Market Patterns

Overview

Longtime Forex traders know they will never achieve certainty ofprofit. The best they can hope for is to trade uncertainty for aproven system and a reliable combination of recurringpatterns.

Beat the Odds in Forex Trading shows you how to replace ficklepredictive formulas with tangible market chart patterns todramatically augment your Forex trading results. In this book,skilled currencies trader and trainer Igor Toshchakov (L. A. Igrok)details his Igrok Discrete-Systematic ...

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Overview

Longtime Forex traders know they will never achieve certainty ofprofit. The best they can hope for is to trade uncertainty for aproven system and a reliable combination of recurringpatterns.

Beat the Odds in Forex Trading shows you how to replace ficklepredictive formulas with tangible market chart patterns todramatically augment your Forex trading results. In this book,skilled currencies trader and trainer Igor Toshchakov (L. A. Igrok)details his Igrok Discrete-Systematic Method, the straightforwardand accurate system that allows you to enter and exit the marketaccording to clear-cut mechanical rules instead of vague hunchesand emotional guesswork.

With the Igrok Method, you use measurable statistical signals toestimate the probability that a market will move in a givendirection at a given moment. Beat the Odds in Forex Trading walksyou step-by-step through this proven powerful method so youcan:

  • Set aside fundamental considerations that underpin Forexfluctuations to focus on strategies to profit from thosefluctuations
  • Eliminate the necessity of making market predictions byreplacing them with a strict systematic approach in an otherwisediscrete trading environment
  • Identify statistically significant trends and chart thosetrends to estimate directional probability of the next marketmovement
  • Detect signs of a false trend line break that, in reality,could be confirmation of an ongoing trend continuation
  • Choose currency pairs based primarily on their liquidity,activity, and average amplitude of fluctuations
  • Select money management principles based on situations, tradesystems, and current market conditions
  • Understand, and profit from, the observed behavior of banks andother financial institutions that drive Forex price movements

Filled with in-depth insight and expert advice, Beat the Odds inForex Trading details odds-enhancing trading strategies forentering and exiting the market using the Igrok Method; reviewsstrategies for recognizing and counteracting central bankinterventions that can either destroy or greatly enhance a currencytrading account; and provides templates for short-term and intradaytrading.

Overthinking can harm even the most experienced trader. Beat theOdds in Forex Trading shows you instead how to read the currencymarkets and react—in ways shown over time to increase yourodds of success. It replaces excessive formulas and theoreticalcalculations with proven methods and techniques, resulting in atrading guide that will greatly strengthen your trading approach,from both a philosophical and tactical point of view.

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Product Details

  • ISBN-13: 9780471933311
  • Publisher: Wiley
  • Publication date: 8/4/2006
  • Series: Wiley Trading Series, #271
  • Edition number: 1
  • Pages: 224
  • Sales rank: 713,128
  • Product dimensions: 6.44 (w) x 9.09 (h) x 0.88 (d)

Meet the Author

IGOR TOSHCHAKOV (L. A. IGROK) is a trader, money manager,and founder of the online trading school at www.igrokforex.com andinvestment advisory firm Igrok Trading International. This schoolhas taught hundreds of traders since it opened in 2000 and offersnumerous online courses. Toshchakov currently manages severalportfolios for various entities, and Igrok Trading International isthe exclusive advisory firm for "Mina Capital" Fund of Funds in "C"and "D" share classes.

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Table of Contents

Introduction vii

PART I Recommendations to Novice Traders 1

CHAPTER 1 How to Get Started 3

CHAPTER 2 Establishing a Trading Account 7

CHAPTER 3 Choosing the Right Dealer 15

PART II Developing a Trading Method 25

CHAPTER 4 Psychological Challenges of Speculative Trading 27

CHAPTER 5 Discretionary versus Mechanical Trading Systems 33

CHAPTER 6 Technical and Fundamental Analysis 37

PART III The Igrok Method 51

CHAPTER 7 Philosophy of the Igrok Method 53

CHAPTER 8 Evaluating Probabilities Using Technical Analysis 59

CHAPTER 9 Basic Trading Strategies and Techniques 77

CHAPTER 10 Choosing a Currency Pair to Trade 95

CHAPTER 11 Money Management Rules and Techniques 97

CHAPTER 12 Market Behavior and Trader Discipline 103

PART IV Short-Term and Intraday Trading Strategies Using the Igrok Method 111

CHAPTER 13 Principles of the Intraday Trading Plan 113

CHAPTER 14 Entering the Market 117

CHAPTER 15 Exiting the Market 125

CHAPTER 16 The Importance of Timing 133

CHAPTER 17 Trading Strategy During the Central Bank Intervention 141

PART V Templates for Short-Term and Intraday Trading 145

CHAPTER 18 Average Daily Trading Range Templates 147

CHAPTER 19 Technical Formation Templates 159

CHAPTER 20 Trendlines, Support, and Resistance Templates 191

CHAPTER 21 A Sample Trade 207

Index 211

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