FX Bootcamp's Guide to Strategic and Tactical FOREX Trading

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In The Art of War, renowned military strategist Sun Tzu states, "The general who wins the battle makes many calculations in his temple before the battle is fought. The general who loses makes but few calculations beforehand." While this observation comes from one of the oldest military treatises in the world, it's an important piece of advice for traders looking to win in today's dynamic Forex market.

As the Chief Currency Coach at FX Bootcamp, author Wayne McDonell helps ...

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In The Art of War, renowned military strategist Sun Tzu states, "The general who wins the battle makes many calculations in his temple before the battle is fought. The general who loses makes but few calculations beforehand." While this observation comes from one of the oldest military treatises in the world, it's an important piece of advice for traders looking to win in today's dynamic Forex market.

As the Chief Currency Coach at FX Bootcamp, author Wayne McDonell helps clients around the world excel in the Forex field by training them to develop and execute a trading plan with military precision. Why does this approach work so well? The answer is simpleâ??trading Forex is similar to war in that they are both zero-sum games, and in Forex trading, this means that one trader's gain can only come from another's equivalent loss. So, outthinking your opponent is essential to victory in both of these arenas.

Divided into five comprehensive parts, The FX Bootcamp's Guide to Strategic and Tactical Forex Trading puts this competitive market in perspective and shows you how to achieve success within it. This reliable resource opens with a detailed look at the technical indicators you'll need to use in your trading endeavors. From here, you'll discover how to combine these popular indicators to formulate a comprehensive strategy and learn how to use this information to create a tactical trading plan"one that will help you pull the trigger to get in and out of trades.

Besides introducing you to a proven Forex trading methodology and showing you how to improve performance by running your trading operations like a business, this book also addresses some the most important psychological aspects of tradingâ?'including greed, fear, loss, and isolationâ?'and discusses what you must do to overcome such obstacles.

In Forex trading, patience and discipline are just as important as technical and fundamental analysis. With The FX Bootcamp's Guide to Strategic and Tactical Forex Trading, you'll discover how developing positive trading habits and the right trading skills will put you in a better position to profit over the long haul.

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Product Details

  • ISBN-13: 9780470187708
  • Publisher: Wiley
  • Publication date: 9/22/2008
  • Series: Wiley Trading Series, #334
  • Edition number: 1
  • Pages: 256
  • Sales rank: 1,042,041
  • Product dimensions: 6.30 (w) x 9.00 (h) x 1.30 (d)

Meet the Author

WAYNE McDONELL is the Chief Currency Coach of FX Bootcamp (www.fxbootcamp.com), a live Forex training organization. He is a professional Forex trader, a member of the National Futures Association, and a registered Commodities Trading Advisor. Respected in the Forex industry as a successful trainer, McDonell is a regular speaker at major investing conferences and expos in Asia, Europe, and America. His videos are syndicated around the world on outlets including Forex Television, FXstreet.com, MoneyShow.com, and MSN. His live trading Webinars have attracted up to 1,000 traders each. McDonell has written "how-to" articles for investing magazines, such as Your Trading Edge and the FOREX Journal magazine. He has also received notoriety in the National Post, TechWeek, Interactive Week, and Inc. magazine to name a few.

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Table of Contents



Which Do You Do?

PART ONE: Basic Training.

CHAPTER 1: Lagging Indicators.

Moving Averages.

Moving Average Convergence Divergence (MACD).

Bollinger Bands.

Standard Deviation.


CHAPTER 2: Leading Indicators.

Price Support and Resistance.

Fibonacci Retracements.

Fibonacci Extensions.


Part One Summary.

PART TWO: Strategic Analysis.

CHAPTER 3: How to Gather Market Intelligence to Formulate a Trading Strategy.

Spy Plane View.

Inflation Sensation.

Central Banking.

Inflation Targeting.

Cost of Money.

Money Magnets.

Interested in Valuation.

Foreign Exchange.

Demanding Consequences.

House of Cards.

Not Interested.


CHAPTER 4: The Carry Trade.

Free House.

Scary Carry.

Power Yen.


CHAPTER 5: Forex and the Fed.

Forex Economics.

The Federal Reserve System.


CHAPTER 6: Commodity Correlations.

Commodity Correlation: Oil.

Commodity Correlation: Gold.

Commodity Correlation: Equities.

Trading Commodities.


CHAPTER 7: Greenback Guru: Why You Should Specialize in Trading U.S. Dollars.

What's Your USD Bias?

Currency Correlation Coefficient.

Trading Currency Correlation.

Trading a Basket of Currencies.


Yet another Reason.


Part Two Summary.

PART THREE: Rules of Engagement.

What's the Time?

CHAPTER 8: Market Analysis.

Speed of the Market.

Momentum of Price.


CHAPTER 9: Fundamental Analysis.

Economic Announcements.

Global Money Flow.

Interest Rates and Currency Values.

Market Bias.

Announcement Calendar.


CHAPTER 10: Technical Analysis.

Self-Fulfilling Prophecy.

Range Analysis.

Trend Analysis.

Pivot Analysis.


CHAPTER 11: Risk Analysis.

Fear of Loss.

Fear of Profit.


FX Bootcamper Credo.

Limits for Loss.

Limits for Profit.

More Tactics for Trade Entry and Exits.

Your Mind's Eye.

Do Nothing.

Do You Have the Guts?

Second Chances in Forex.


Part Three: Summary

PART FOUR: Tactical Planning.

CHAPTER 12: Candlestick Patterns.

Reversal Patterns.

Reverse and Continuation Patterns.

Trending Only.


CHAPTER 13: Range Trading.

Get in the Ring.

Floors and Ceilings.

Over and Out.


CHAPTER 14: Trading the News.

Conservative News Trades.


Part Four Summary.

PART FIVE: Psychological Warfare.

CHAPTER 15: How to Cope with Pre- and Post-Trading Stress Disorders.

Going Mental.

Common Thread.

Understand Yourself, Understand Your Trades.


CHAPTER 16: Trade Journals.

3X the 4X.


CHAPTER 17: Target Practice.


CHAPTER 18: Three-Year Plan.

FX Business Planner.

Risk Management.


Part Five Summary.

CHAPTER 19: Closing Notes.

The Genesis of FX Bootcamp.

Lead by Example.

Additional Support.


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Customer Reviews

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Sort by: Showing all of 3 Customer Reviews
  • Posted March 6, 2010

    This book presents a complex subject in an easy to understand and down to earth method that makes it a great learning tool and reference resource. Subject matter is comprehensive since all tools needed in the traders tool box are fully discussed.

    Wayne McDonell takes apart the complexities of currency trading and simplifies it for any reader. The materials presented include Fundamental and Technical Analysis, Trader Psychology, Money Management, Currency Relationships, Futures, relevant Commodities, and Improvement strategies.

    It is true that all indicators are not discussed and it is true that every possible candle pattern is not discussed and it is true that there a many other methods that are successful. However, if your goal is to become a successful trader capable of playing any position on the field then this is a must read.

    I am taking the time to write this review not to promote the book however I got a fair review when I was starting out and needed to figure out what books I should read to make my time effective and the information useful. I was and still am very happy with my purchase as I gained experience and am able to compare other products purchased to subject matter covered and their practical usefulness.

    Here are some of my reasons. There is no great wisdom or revelation that will knock you over to make you a complete trader. However since Forex Strategic and Tactical Trading takes a complex subject and simplifies it for new traders the concepts and methodologies have to be planned, practiced and closely observed to the letter. Traders Creed! As I gained experience, and then contemplating on the concepts discussed, the complexity of the concept was realized. Therefore by doing and practicing is a first step as you read, study, develop. A demo account is highly recommended. This is a simple example. Wayne uses the 5 closing exponential moving average (EMA) crosses the 8 open simple moving average (SMA) values to illustrate a condition change. On the first pass--- a bit of light reading--- this all seem logical and all is well. However as you do the work of traders, the once simple 5EMA X 8SMA cross takes on greater significance. The practical significance of just this simple concept will become greater as different time frames and trading styles become more real in your trading life. So the book is now to me a very practical reference guide. Again, the simplicity of the concept description was helpful to quickly grasp the global however as I did the work, gained experience, I also gained a better and more precise understanding of concept. Good reference material is always very helpful since details and thoughtfulness in Wayne's discussion are rediscovered.

    The conclusion is that you may get the basics here. As you gain experience and knowledge, it becomes an excellent reference source to enable you to fully apprehend the dept of concepts. Refer to the book to further develop your full understanding as you grow to be that all around trader with an in-depth comprehension of not only the Technical and Fundamental aspects of trading but included are the different market relationships including oil, gold, futures, trader's psychology etc..

    Many authors will include these subjects partially, but the question to be answered is, 'How can you realistically grow from reading a book about driving to actually driving'? Wayne provides a simple approach that will require your full attention. It is a great learning tool for the beginner. Also great reference resources after you have learned the basics and are ready to meditate on the advanced methodologies and trader psychology.

    1 out of 1 people found this review helpful.

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    Posted October 19, 2010

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    Posted June 3, 2011

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