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


The first plain-English introduction to foreign currency exchange trading--one of today's hottest profit opportunities

The foreign currency market is the largest financial market in the world, and foreign exchange trading is quickly becoming one of today's most high-profile, potentially lucrative markets....

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Forex Made Easy: 6 Ways to Trade the Dollar

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The first plain-English introduction to foreign currency exchange trading--one of today's hottest profit opportunities

The foreign currency market is the largest financial market in the world, and foreign exchange trading is quickly becoming one of today's most high-profile, potentially lucrative markets. One problem is that books on the topic are complex, technically dense, and difficult for Forex novices to grasp.

FOREX Made Easy is the first book to approach the topic in a detailed yet accessible style, gradually and deliberately moving from simple to complex in easy and natural language. Author James Dicks--founder of the popular trading software 4X Made Easy--draws upon his trading knowledge to give readers only the information they need, from setting up a workstation to trading electronically.

This Forex guidebook provides traders with:

  • An easy-to-follow, six-step process for FOREX trading

  • Methods for gaining an advantage using technical analysis

  • Dozens of examples to illustrate key points

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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
  • 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 xiii

Acknowledgments xv

1 What Is the FOREX? 1

Introduction 1
FOREX Defined 12
A Brief History of the FOREX 13
Free-Floating FOREX Market 13
Major FOREX Participants 14
2 More FOREX 15

Currency Pairs 15
Recommended Currency Pairs 16
Why Trade the FOREX 19
Volume in the FOREX 19
Analyzing the FOREX 23
How Profits Are Made 23
The FOREX as a Two-Way Market 25
3 Forecasting the Market 29

Fundamental Analysis 29
Technical Analysis 32
Fundamental versus Technical Analysis 33
4 Currency Options 35

Currency Options Introduction 35
Options Pricing 36
Advantages of Trading Options 37
European and American Options 37
Exotic Options 38
Lock in Profits 40
Accelerate Your Profits 41
5 Creating a Workstation for Trading 43

Workstation Location 43
Trading Computer and Accessories 44
Internet Connection 45
Trading Software Programs 45Continuing Education 48
6 Fundamentals of Trading 51

Introduction to Trading Theory 52
Trends Defined 53
Trend Cycles 53
High-Probability Trading 55
Sideways, Nontrend Strategy: Wait for Strong Trends 55
Uptrend Trading Strategy: But at Dip Bottoms 55
Downtrend Trading Strategy: Sell at Rally Tops 58
Symmetrical Triangle 58
Ascending Triangle: A Bullish Continuation Pattern 63
Descending Triangle 65
The Falling Broadening Formation 67
Support Breakdown or Resistance Breakout 67
The Double Bottom 68
Head and Shoulders (Crown) 70
7 Economic Fundamentals 73

Introduction 73
Economic Indicators 74
Inflation Indicators 76
Employment Indicators 78
Consumer Spending Indicators 78
Leading Indicators 79
8 Introduction to Technical Analysis 81

Technical Analysis Defined 81
Technical Analysis Assumptions 82
Bar and Candlestick Charts 83
Technical Analysis Terms 86
Market Patterns: Uptrends, Downtrends,and Sideways Trends 87
Support and Resistance 95
Moving Averages 95
9 Advanced Trading Charts and Indicators 103

Tools for Technical Analysis 104
Bollinger Bands 104
Directional Movement Index (DMI) 107
Stochastic Indicator 107
Moving Averages (Simple, Weighted, and Exponential) 110
Moving Average Convergence/Divergence (MAC/D) 116
Momentum 119
Relative Strength Index (RSI) 119
Rate of Change (ROC) 122
Volume 122
10 Fibonacci Numerical Sequences and Elliot Waves 125

Introduction 125
Fibonacci Rectangles and Shell Spirals 127
Fibonacci Retracements 128
Fibonacci Extensions 128
Fibonacci Time 129
Fibonacci Circles 130
Elliot Waves 135
11 Money Management Principles 139

Trade with Sufficient Capital 140
Exercise Discipline 140
Be Patient and Persistent 141
Employ Risk-to-Reward Ratios 141
Follow Trading Rules 143
Accept Losses 144
Always, Always Use Stops 144
When In Doubt, Stay Out 145
Never Overleverage Your Account 145
Make Realistic Goals That Can Be Achieved within Reason 146
Always Trade with Money You Can Afford to Lose 147
Protecting Your Profits 147
Keep a Trading Log 147
12 Six Steps to Success 149

Identify Current Long- and Short-Term Trendsand Which Trend to Trade 149
Check News and Market Announcements 150
Identify Support and Resistance Levels 151
Use Studies and Indicators for Entry 151
Buy at Dip Bottoms (Uptrends) or Sell on RallyTops (Downtrends) 151
Use Proper Money Management 152
13 Getting Started with a Trading Station 155

Access the PremiereTrade Web Site 156
Install and Run the Dealing Software 156
Open a Demo Trading Account 156
Dealing Rates Window 157
Open Positions Window 159
Accounts Window 161
Multiple-Accounts Window 163
Orders Window 163
Placing a Market Order 164
Placing a Stop/Limit on an Open Position 167
Change Price on a Stop/Limit (Open Position) 168
Delete Stop/Limit (Open Position) 168
Close an Open Position 169
Placing an Entry Order 170
Change an Entry Order 171
Canceling an Entry Order 173
Reports 173
Customizing the Trading Screen 173
Trading Station Options 175
14 Corporations in the FOREX 179

Introduction 179
Forward Transactions 180
Examples of Strategies 181
Portfolio Management and Currency Risk 183
15 The Business of Trading 185

Staring your Business 185
The Tax Code 186
How to Become a Trader 187
What If I Don’t Make Enough Money to UseThose Deductions? 188
How to Make the Win/Win Better 188
What Kind of Corporation Should You Use? 189
Let’s Take a Look at Some Examples 190
Appendix: Bretton Woods System and Post–BrettonWoods System 193

Glossary 199

Bibliography 207

Charts, Figures and Credits 207

Index 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

    No text was provided for this review.

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