Forex Simplified: Behind the Scenes of Currency Trading

Forex Simplified: Behind the Scenes of Currency Trading

by Marilyn McDonald


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Trade With DISCIPLINE. The Forex Market is the largest financial market in the world. While getting started may be easy, staying in the game takes discipline, patience, and a great deal of preparation.
Know The Facts Before You Enter The Forex Market. Get to know the major currencies and learn to do such essential tasks as calculate swap rates.
This book will give you the confidence to achieve your investment goals.
Master The Tools Of The Trade. Get the most relevant economic news releases, and find out how to take advantage of this vital data. Learn the basics of Automated Trading Systems and more with this complete guide to online trading.
Check Your Emotions At The Door. Develop the right trading psychology and block emotions from your trading decisions. Learn to recognize market trends with both Fundamental and Technical analysis and use these stockpicking methods to make important trading decisions.
Create A Plan To Protect Your Profits. Discover tactics for deciding when and how much to trade and what time frames to consider in your analysis.
Determine when the forex market is most active as well as other trading plan essentials.

Product Details

ISBN-13: 9781592803163
Publisher: Marketplace Books
Publication date: 08/28/2007
Pages: 156
Product dimensions: 9.00(w) x 6.00(h) x 0.33(d)

Table of Contents

Preface     xi
Introduction     xiii
Why Choose Forex?     1
What You Need to Know About Forex Trading     7
Swap - What Is It and Why Does it Matter?     7
Be Aware of Fraudulent Schemes     8
The Majors     13
The U.S. Dollar     13
The Euro     15
The Japanese Yen     16
The Swiss Franc     17
Fundamental vs Technical Analysis     19
Fundamental Analysis     20
Technical Analysis: A Beginners Guide     24
Making or Breaking News     33
So, You Want to Trade the News     36
What Exactly Happens To The Market?     37
The Players     38
So, You Still Want To Trade The News?     40
Now, More News!     42
The Final Headline     43
Automated Trading     45
What is Automated Trading?     46
Why Use Automated Trading?     46
How To Write an Expert Advisor     48
How To Test the Expert Advisor     49
Mentally Preparing to Trade     51
Be Sure to Check Your Emotions at the Door     53
What About Using a Managed Account?     54
Final Warning, Forex is Not for Everyone     56
Make Your Plan     59
Elements to Consider     60
Essentials of a Trading Plan     60
How Much Should You Trade?     62
What Are The Most Active Times To Trade?     64
What Pairs Should You Trade?     64
How Do I Choose Take-Profit and Stop-Losses?     66
How Far Back Do You Look?     68
What Time Frames Should You be Looking At?     69
What Should My Daily Goal Be In Profit or Losses?     69
Being Out of the Market Can Be a Good Move     70
How Long Should You Use a Demo Account Before You Go Live?     71
How is a Demo Different Than a Live Account?     72
Check the Crosses and Relative Pairs     72
Getting Stopped Out on a Chart     76
Trading Like a Girl     77
Conclusion     79
Common Indicators Defined     81
Bollinger Bands     81
Standard Deviation     82
Moving Average Convergence/Divergence (MACD)     83
Parabolic SAR     83
Double Exponential Moving Average (DEMA)     84
Triple Exponential Moving Average (TEMA)      85
Momentum     85
Commodity Channel Index     86
Relative Strength Index (RSI)     87
Stochastic Oscillator     88
Fibonacci Line Studies     89
Finding Patterns in Your Charts     91
More About News: The Business Cycle     95
Candlestick Patterns     97
More News to Trade     109
The Business Cycle     109
Gross Domestic Product GDP     108
Indices of Leading, Lagging and Coincident Indicators     109
The Employment Situation     111
Industrial Production and Capacity Utilization     112
Institute for Supply Management Indices     114
Manufacturers' Shipments, Inventories, and Orders     115
Manufacturing and Trade Inventories and Sales     116
New Residential Construction     117
The Conference Board's Consumer Confidence and University of Michigan Consumer Sentiment Indices     117
Advance Monthly Sales for Retail Trade and Food Services     118
Personal Income and Outlays     119
Consumer and Producer Price Indices     120
Glossary     123
About the Author     131

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