Forex Made Easy: 6 Ways to Trade the Dollar [NOOK Book]

Overview

How Investors of Every Size Can Profit From Today's Largest Trading Market



Newly-developed online trading tools and tactics have helped individual investors smash the barriers between Main Street and Wall Street. Nowhere is this more evident than in the foreign currency market, or FOREX. Recent rule changes have opened this phenomenally lucrative market--formerly reserved for banks, corporations, and high ...

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Forex Made Easy: 6 Ways to Trade the Dollar

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Overview

How Investors of Every Size Can Profit From Today's Largest Trading Market



Newly-developed online trading tools and tactics have helped individual investors smash the barriers between Main Street and Wall Street. Nowhere is this more evident than in the foreign currency market, or FOREX. Recent rule changes have opened this phenomenally lucrative market--formerly reserved for banks, corporations, and high net worth individuals--to independent investors, many of whom start with as little as $300! FOREX Made Easy is the first no-nonsense, step-by-step introduction to making the FOREX an integral part of your overall trading program. Pulling back the curtain to reveal how simple and straightforward FOREX trading actually can be, this results-based manual takes you through an easy-to-follow, six-step process to:





  • Use unheard-of 100:1 leverage to make the most of your limited trading capital

  • Practice market-proven techniques guaranteed to minimize your risk exposure

  • Trade the FOREX market online, 24 hours a day, six days a week



FOREX trading has quickly become one of the investing world's hottest opportunities, for all traders and investors, regardless of their size or strategy. Discover how to make it work for you, in renowned FOREX trading pioneer James Dicks' commonsense yet revolutionary FOREX Made Easy.







"In this book I have put together what I feel to be a very investor-friendly understanding of the FOREX market and how to trade it. This is for the everyday investor, looking for an alternative to the stock market for better portfolio diversification."



--James Dicks



From the Introduction



The foreign currency market is the largest and most liquid trading market in the world, with $1.5 trillion or more traded every day. And in our increasingly barrier-free global financial markets, online traders and investors armed with inexpensive point-and-click trading systems, along with a new attitude that markets should be open to all traders, all the time, have made it among the most accessible!



Problem is, the majority of books written on FOREX trading have been needlessly complex and technically dense, written for institutional investors making billion dollar-plus trades. FOREX Made Easy changes all that, telling you everything you need to know minus the unnecessary detail and tactics. The first book to provide you with only the information you need, to allow you to get a feel for the market and determine how to fit FOREX trading into your long-term investing program, this straight-talking guidebook reveals:





  • What the FOREX is, and how and why it has become the major player in today's financial markets

  • Clear instructions for setting up a trading station, opening an account, and placing your first order

  • 6 Steps to FOREX Success--Concise, effective rules for successful trading

  • Fundamental analysis and the FOREX--Economic indicators, inflationary indicators, and more

  • Technical analysis and the FOREX--From basic charts and patterns to Fibonacci, Elliot Wave, and more

  • Money management principles to ensure that you trade with your head instead of your heart

  • Business and tax strategies for squeezing every financial advantage from your FOREX trading practices



FOREX Made Easy gives you much more than just facts and numbers. This first-of-its-kind book provides you with the tools and techniques you need to stand toe-to-toe with the world's most powerful traders and institutions, using FOREX trading like they have for years to both offset your market risks and augment your profits. Simple, uncomplicated, and filled with examples of individual traders using their smaller size to tremendous advantage in the institution-dominated FOREX, it will open your eyes to an opportunity that is unique, unprecedented, and bound to become a staple for traders looking for new sources of profits, and innovative techniques to protect those profits.

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Editorial Reviews

Soundview Executive Book Summaries
The foreign currency market, or FOREX, has become a major player in today's financial markets. In FOREX Made Easy, international currency trading and investing expert James Dicks provides investors with the tools and techniques they need to profit from FOREX trading. According to Dicks, recent rule changes have opened the foreign currency market to independent investors, who can now start with investments as low as $300. Dicks offers a basic six-step process to help investors minimize risk exposure. Copyright © 2004 Soundview Executive Book Summaries
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Product Details

  • ISBN-13: 9780071445979
  • Publisher: McGraw-Hill Education
  • Publication date: 3/15/2004
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition number: 1
  • Pages: 256
  • Sales rank: 1,351,312
  • File size: 5 MB

Meet the Author

James Dicks is president and CEO of PremiereTrade. One of today's leading authorities on trading the foreign currency exchange market as an innovative means of diversification, Dicks speaks to more than 60,000 traders each year through his popular training sessions. He lives in Orlando, Florida.

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Table of Contents

Preface xiiiAcknowledgments xv1 What Is the FOREX? 1Introduction 1FOREX Defined 12A Brief History of the FOREX 13Free-Floating FOREX Market 13Major FOREX Participants 142 More FOREX 15Currency Pairs 15Recommended Currency Pairs 16Why Trade the FOREX 19Volume in the FOREX 19Analyzing the FOREX 23How Profits Are Made 23The FOREX as a Two-Way Market 253 Forecasting the Market 29Fundamental Analysis 29Technical Analysis 32Fundamental versus Technical Analysis 334 Currency Options 35Currency Options Introduction 35Options Pricing 36Advantages of Trading Options 37European and American Options 37Exotic Options 38Lock in Profits 40Accelerate Your Profits 415 Creating a Workstation for Trading 43Workstation Location 43Trading Computer and Accessories 44Internet Connection 45Trading Software Programs 45Continuing Education 486 Fundamentals of Trading 51Introduction to Trading Theory 52Trends Defined 53Trend Cycles 53High-Probability Trading 55Sideways, Nontrend Strategy: Wait for Strong Trends 55Uptrend Trading Strategy: But at Dip Bottoms 55Downtrend Trading Strategy: Sell at Rally Tops 58Symmetrical Triangle 58Ascending Triangle: A Bullish Continuation Pattern 63Descending Triangle 65The Falling Broadening Formation 67Support Breakdown or Resistance Breakout 67The Double Bottom 68Head and Shoulders (Crown) 707 Economic Fundamentals 73Introduction 73Economic Indicators 74Inflation Indicators 76Employment Indicators 78Consumer Spending Indicators 78Leading Indicators 798 Introduction to Technical Analysis 81Technical Analysis Defined 81Technical Analysis Assumptions 82Bar and Candlestick Charts 83Technical Analysis Terms 86Market Patterns: Uptrends, Downtrends,and Sideways Trends 87Support and Resistance 95Moving Averages 959 Advanced Trading Charts and Indicators 103Tools for Technical Analysis 104Bollinger Bands 104Directional Movement Index (DMI) 107Stochastic Indicator 107Moving Averages (Simple, Weighted, and Exponential) 110Moving Average Convergence/Divergence (MAC/D) 116Momentum 119Relative Strength Index (RSI) 119Rate of Change (ROC) 122Volume 12210 Fibonacci Numerical Sequences and Elliot Waves 125Introduction 125Fibonacci Rectangles and Shell Spirals 127Fibonacci Retracements 128Fibonacci Extensions 128Fibonacci Time 129Fibonacci Circles 130Elliot Waves 13511 Money Management Principles 139Trade with Sufficient Capital 140Exercise Discipline 140Be Patient and Persistent 141Employ Risk-to-Reward Ratios 141Follow Trading Rules 143Accept Losses 144Always, Always Use Stops 144When In Doubt, Stay Out 145Never Overleverage Your Account 145Make Realistic Goals That Can Be Achieved within Reason 146Always Trade with Money You Can Afford to Lose 147Protecting Your Profits 147Keep a Trading Log 14712 Six Steps to Success 149Identify Current Long- and Short-Term Trendsand Which Trend to Trade 149Check News and Market Announcements 150Identify Support and Resistance Levels 151Use Studies and Indicators for Entry 151Buy at Dip Bottoms (Uptrends) or Sell on RallyTops (Downtrends) 151Use Proper Money Management 15213 Getting Started with a Trading Station 155Access the PremiereTrade Web Site 156Install and Run the Dealing Software 156Open a Demo Trading Account 156Dealing Rates Window 157Open Positions Window 159Accounts Window 161Multiple-Accounts Window 163Orders Window 163Placing a Market Order 164Placing a Stop/Limit on an Open Position 167Change Price on a Stop/Limit (Open Position) 168Delete Stop/Limit (Open Position) 168Close an Open Position 169Placing an Entry Order 170Change an Entry Order 171Canceling an Entry Order 173Reports 173Customizing the Trading Screen 173Trading Station Options 17514 Corporations in the FOREX 179Introduction 179Forward Transactions 180Examples of Strategies 181Portfolio Management and Currency Risk 18315 The Business of Trading 185Staring your Business 185The Tax Code 186How to Become a Trader 187What If I Don’t Make Enough Money to UseThose Deductions? 188How to Make the Win/Win Better 188What Kind of Corporation Should You Use? 189Let’s Take a Look at Some Examples 190Appendix: Bretton Woods System and Post–BrettonWoods System 193Glossary 199Bibliography 207Charts, Figures and Credits 207Index 209
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Customer Reviews

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Sort by: Showing all of 6 Customer Reviews
  • Anonymous

    Posted October 26, 2006

    good starting point

    has a good section on patterns or indicators to look for. This was my first forex book and I would recommend it. the software they advertise is decent but i would not trade live with it as it locks up on occassion.

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  • Anonymous

    Posted April 29, 2006

    Total Junk...Don't Buy It

    I made the mistake of buying this door stop. It's nothing more but a promotional piece to get you to his website and sell you software and broker services. The 'information' he gives can be found on any forex website.

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  • Anonymous

    Posted February 23, 2006

    Great book for novice that's it

    The forex made easy is a good book for a novice who has no idea about what forex is and does not have a clue of how to get started, but for anyone who has a clue of what forex is and is looking for strategies/setups to trade the forex for profit this book would be a waste of time. P.S. This is a book I recommend to individuals who want to know what forex is about without going on the internet.

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  • Anonymous

    Posted November 18, 2005

    Not worth the hype

    I purchased this book after reading the reviews on this website along with some others expecting to gain the knowledge in the Forex area that I would need in order to feel comfortable trading currencies. I was disappointed when I started reading and all it did was cover the fundamentals of the Forex market and its history. I was also disappointed to feel that the sole purpose of this book was a promotional tool in order to get his readers to open an account with his online trading platform (in which the demo account is free for 30 days and then they close and make you open a real account). I would not say that the whole book was bad because he does give some insight into some trends on candlestick charts but not the technical analysis you would need behind the chart movements to feel comfortable in trading currencies. Also, there was a small section about opening up a trading business that was informative for tax purposes but this book was not what I was looking for. I would have enjoyed it much more if he had showed some of the trends and shared the methods he uses in order to make sure a trade he is placing is secure.

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  • Anonymous

    Posted April 7, 2004

    Excellent Guide to trading the Forex

    I have just finished reading the book from cover to cover. I have traded stocks and futures and I wanted to diversify with currencies. I bought the book and started reading it on a plane ride. It was excellent. There was the compulsary basics and definitions, but then the book went into advanced details on trading strategies, real world applications and honest how to instructions. I was impressed and have decided to start trading. It was also interesting that 3 people stopped me on the plane to ask about the book. I have a positive first impression of the Forex Market and have opened a demo account to practice paper trades as the book suggested.

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  • Anonymous

    Posted March 2, 2009

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