eBook
Related collections and offers
Overview
Just a decade ago, the Foreign Exchange was a market reserved for a select few. Now, anyone can actively trade in this profitable market—even those with no formal financial education. Enter James Dicks, a leading FOREX expert and educator who cut his teeth in this burgeoning market and wants to share his years of experienced wisdom with you.
FOREX Trading Secrets is a one-stop sourcebook packed with everything a trader needs to quick-start success in a 24-hour market. In addition to covering every fundamental aspect of the FOREX, this hands-on guide provides hard-won tools and strategies from a seasoned trader, who helps you minimize your exposure to the inherent risk in this unique market.
A useful volume you’ll turn to again and again, FOREX Trading Secrets features specific examples of proven trading strategies working in the real world, a simple and profitable technique for money management, and confidence-building skills for creating your own source of income.
If you have never traded the FOREX before, FOREX Trading Secrets is the place to start. It covers the essential basics, including all major currency pairs, the mechanics of trading, how to place a trade, and deciding what type of trader you are. Experienced traders gain expert insight into the fundamentals, as well as such advanced topics as creating a successful trading plan,managing risk, mastering your emotions, and building your portfolio. You will benefit from
- An insider’s clarification of the Carry Trade
- Seeing technical indicators and patterns through a master’s eyes
- The secrets to FOREX diversification
- A detailed explanation of the author’s personal trading approach
- A Trader’s Ten Commandments
There is no holy grail of FOREX trading, but with FOREX Trading Secrets, all you need is practice to build a powerful trading toolbox for wealth security in the world’s biggest financial market.
Product Details
| ISBN-13: | 9780071747097 |
|---|---|
| Publisher: | McGraw Hill LLC |
| Publication date: | 02/22/2010 |
| Sold by: | Barnes & Noble |
| Format: | eBook |
| Pages: | 304 |
| File size: | 5 MB |
About the Author
Table of Contents
Preface xi
Acknowledgments xiii
Disclaimer xv
Introduction xvii
Part 1 The Basics 1
1 What You Must Know to Get Started 3
Back to the Basics: A History of the Forex 3
Forex versus Stocks 7
Forex versus Futures 9
2 Major Currencies and Pairs 11
The U.S. Dollar 11
The Euro 12
The Australian Dollar 12
The Canadian Dollar 13
The British Pound 13
The Swiss Franc 14
The Japanese Yen 14
The New Zealand Dollar 15
The Dollar Index 15
The Dow Jones Industrial Average (DJIA) 16
Gold CFDs 16
Crude Oil 17
Cross-Rate Currency Pairs 17
Exotic Currency Pairs 18
Chinese Yuan or Renminbi 18
Swedish Krona 18
Norwegian Krone 19
The Iraqi Dinar 19
3 Anyone Can Learn the Forex 21
Forex 101 21
Opening a Position 21
Trading on Margin 23
Managing a Position 23
Closing a Position 24
Pips and Lots 24
The Lot 27
Order Types 27
Where Is the Market Going? 29
Stops and Targets 32
Spreads and Swaps 33
Technical versus Fundamental 34
4 Preparing Yourself Adequately before Jumping into the Market 37
Forex Trading Accounts 37
Choosing a Broker 38
Tools 47
Who Trades the Forex? 49
What Kind of Trader Am I? 50
Trading Techniques 51
The Trader's Levels of Ascension 55
Part 2 Money Management 59
5 The Secret to Making Money 61
Are You Really Fit to Trade in the Forex Market? 61
Trading Plans 62
Rules and Discipline 67
How the Market Works 73
Rules for Working with the Market 74
Paper Trading 77
6 How to Keep Your Profits 81
Money Management 81
Managing Risk 86
Leverage and True Leverage 87
Overtrading and Overconfidence 89
Overleveraging 91
Trade Expectations 92
Part 3 Trading Psychology93
7 Mastering Emotions 95
Trading Psychology 95
Emotions of Trading 99
How to Get Out of a Bad Trade 105
Become a Pro 110
8 Mind over Matter for Huge Profits 113
Affirmations 113
Power of Networking 117
Part 4 Fundamental Analysis 121
9 Economics 123
What Does Economic Release Mean? 123
Fundamental Analysis 123
Dow Theory 125
Fundamental Indicators 127
Japan's Monetary Policy 137
Forex Currency Carry Trade 139
Interventions 140
Gross Domestic Product (GDP) 142
Trading the News 143
What Are Contrarian Indicators? 145
Part 5 Technical Analysis 147
10 Technical Indicators 149
Technical Analysis 149
Types of Charts Showing Price Action 150
Trend Indicators 162
Market and Volatility Indicators 168
Understanding Oscillators 173
A Unique Indicator: Ichimoku Kinko Hyo 176
Divergences 177
11 Technical Patterns 181
Candlesticks 181
Chartism Patterns 185
Reversal Patterns 186
Continuation Patterns 192
Elliott Waves 203
Harmonic Price Patterns 208
Fractals 214
Trading Naked (Only Price Action) 215
12 Support and Resistance 217
Support 217
Resistance 218
Trendlines 219
Moving Averages 219
Other Indicators 220
Entering Positions 221
Exiting Positions 222
Pivot Points: Do They Work? 222
Psychological Levels 226
Using Multiple Time Frames 228
Trend Is Your Friend 231
13 Automated Trading 233
Expert Advisors and Automatic Programming Interfaces (APIs) 233
Advanced Robots: Neural Networks in the Forex 235
Part 6 Building Your Portfolio 239
14 Secrets to Forex Diversification 241
Forex Options 241
Spot Forex Options 246
Forex Futures 247
Forex Exchange-Traded Funds (ETFs) 248
Contracts for Difference (CFDs) 249
Commodities 250
Indices (Securities) 251
15 My Favorite Ways to Trade 253
Breakouts 253
Channeling 258
Hedging 261
Basic Oscillator-Based Strategy 262
Basic Moving-Average Crosses 263
Trading Gaps 264
Daily High-Low 265
Conclusion 269
Appendix 273
Glossary 289
Bibliography 299
Index 301