FX Bootcamp's Guide to Strategic and Tactical FOREX Trading

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Overview

Praise for The FX Bootcamp's GUIDE TO Strategic and Tactical Forex Trading

"Wayne McDonell is the most popular Forex speaker on our Web site. His live training and educational events draw large crowds of traders because he can explain complex Forex trading concepts in a common language that anyone can understand. This book does the same. I highly recommend it."
—Francesc Riverola, CEO of FXstreet.com

"If you're looking for specific strategies and methods for making money with ...

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Overview

Praise for The FX Bootcamp's GUIDE TO Strategic and Tactical Forex Trading

"Wayne McDonell is the most popular Forex speaker on our Web site. His live training and educational events draw large crowds of traders because he can explain complex Forex trading concepts in a common language that anyone can understand. This book does the same. I highly recommend it."
—Francesc Riverola, CEO of FXstreet.com

"If you're looking for specific strategies and methods for making money with currency trading, you need to start reading this book today. Wayne knows from experience what it takes to succeed in the Forex markets. He provides step-by-step instructions and explains in common language what to look for in charts and in the news to find profitable trades immediately. Don't make a single Forex trade until you've read this book!"
—Tim Bourquin, founder of The Forex Trading Expo

With The FX Bootcamp's Guide to Strategic and Tactical Forex Trading, McDonell shares his invaluable experience as a Forex trader and commodities trading advisor with you. Filled with in-depth insights and practical advice, this straightforward guide will teach you how to think for yourself and trade successfully—relying on your own technical, fundamental, and even psychological analysis. First, you'll become familiar with the indicators—from moving averages to price support and resistance—that form the foundation of the trading methodologies discussed in the book. Then, you'll discover how to put together a trading plan, and trade that plan for maximum profits. Along the way, McDonell also takes the time to discuss the various challenges you may face while trading Forex and explains how treating your trading operations like a business can improve overall performance.

If you want to be a successful Forex trader, you must have a firm understanding of how the global market works and how to trade it. With The FX Bootcamp's Guide to Strategic and Tactical Forex Trading, you'll quickly learn how to gather intelligence, formulate a strategy, and confidently pull the trading trigger.

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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: 1,299,414
  • 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

Preface.

Introduction.

Which Do You Do?

PART ONE: Basic Training.

CHAPTER 1: Lagging Indicators.

Moving Averages.

Moving Average Convergence Divergence (MACD).

Bollinger Bands.

Standard Deviation.

Summary.

CHAPTER 2: Leading Indicators.

Price Support and Resistance.

Fibonacci Retracements.

Fibonacci Extensions.

Summary.

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.

Summary.

CHAPTER 4: The Carry Trade.

Free House.

Scary Carry.

Power Yen.

Summary.

CHAPTER 5: Forex and the Fed.

Forex Economics.

The Federal Reserve System.

Summary.

CHAPTER 6: Commodity Correlations.

Commodity Correlation: Oil.

Commodity Correlation: Gold.

Commodity Correlation: Equities.

Trading Commodities.

Summary.

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.

Petrodollars.

Yet another Reason.

Summary.

Part Two Summary.

PART THREE: Rules of Engagement.

What's the Time?

CHAPTER 8: Market Analysis.

Speed of the Market.

Momentum of Price.

Summary.

CHAPTER 9: Fundamental Analysis.

Economic Announcements.

Global Money Flow.

Interest Rates and Currency Values.

Market Bias.

Announcement Calendar.

Summary.

CHAPTER 10: Technical Analysis.

Self-Fulfilling Prophecy.

Range Analysis.

Trend Analysis.

Pivot Analysis.

Summary.

CHAPTER 11: Risk Analysis.

Fear of Loss.

Fear of Profit.

Limits.

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.

Summary.

Part Three: Summary

PART FOUR: Tactical Planning.

CHAPTER 12: Candlestick Patterns.

Reversal Patterns.

Reverse and Continuation Patterns.

Trending Only.

Summary.

CHAPTER 13: Range Trading.

Get in the Ring.

Floors and Ceilings.

Over and Out.

Summary.

CHAPTER 14: Trading the News.

Conservative News Trades.

Summary.

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.

Summary.

CHAPTER 16: Trade Journals.

3X the 4X.

Summary.

CHAPTER 17: Target Practice.

Summary.

CHAPTER 18: Three-Year Plan.

FX Business Planner.

Risk Management.

Summary.

Part Five Summary.

CHAPTER 19: Closing Notes.

The Genesis of FX Bootcamp.

Lead by Example.

Additional Support.

Index.

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Customer Reviews

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  • 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.

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    Posted October 19, 2010

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