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Synopsis:
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.
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Jacket Description:
Marilyn's book is informative without being overwhelming and certainly "simplified" without becoming simplistic. It's the book I would hand a friend or family member who is new to the forex trading world and wants to get introduced to it the right way. It's an excellent foundation from which to begin your pursuit of successful forex trading.
Raghee Horner, co-founder of EZ2Trade Software and author of "Forex Trading for Maximum Profit"
This book is a refreshingly honest work that contains no hype or promises of easy money. Instead, Marilyn covers all of the bases in a truthful manner and gets right to the core issues that determine success or failure in the Forex market. This manual will serve as a much needed eye opener for those who have been 'blinded by the hype.
Ed Ponsi, president of FXEducator.com and author, "Forex Patterns and Probabilities"
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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 stock-picking 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.
About The Author:
Marilyn McDonald is an accomplished speaker, author, forex trader, and a series 3 licensed Futures Broker. As marketing director for InterbankFX, she manages their expansive InterbankFX University and conducts lectures on an international circuit. Marilyn has dedicated herself to preparing and educating traders for entrance into the forex market.
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Table of Contents:
xi
Preface
xiii
Introduction
1 Chapter One: Why Choose Forex?
7 Chapter Two: What You Need to Know About Forex Trading
7 Swap What Is It and Why Does it Matter?
8 Be Aware of Fraudulent Schemes
13 Chapter Three: The Majors
13 The U.S. Dollar
15 The Euro
16 The Japanese Yen
17 The Swiss Franc
19 Chapter Four: Fundamental vs. Technical Analysis
20 Fundamental Analysis
24 Technical Analysis: A Beginner's Guide
33 Chapter Five: Making or Breaking News
36 So, You Want to Trade the News
37 What Exactly Happens To The Market?
38 The Players
40 So, You Still Want To Trade The News?
42 Now, More News!
43 The Final Headline
45 Chapter Six: Automated Trading
46 What is Automated Trading?
46 Why Use Automated Trading?
48 How To Write an Expert Advisor
49 How To Test the Expert Advisor
51 Chapter Seven: Mentally Preparing to Trade
53 Be Sure to Check Your Emotions at the Door
54 What About Using a Managed Account?
56 Final Warning, Forex is Not for Everyone
59 Chapter Eight: Make Your Plan
60 Elements to Consider
60 Essentials of a Trading Plan
62 How Much Should You Trade?
64 What Are The Most Active Times To Trade?
64 What Pairs Should You Trade?
66 How Do I Choose Take-Profit and Stop-Losses?
68 How Far Back Do You Look?
69 What Time Frames Should You be Looking At?
69 What Should My Daily Goal Be In Profit or Losses?
70 Being Out of the Market Can Be a Good Move
71 How Long Should You Use a Demo Account Before You Go Live?
72 How is a Demo Different Than a Live Account?
72 Check the Crosses and Relative Pairs
76 Getting Stopped Out on a Chart
77 Trading Like a Girl
79 Conclusion
81 Appendix A: Common Indicators Defined
81 Bollinger Bands
82 Standard Deviation
83 Moving Average Convergence/Divergence (MACD)
83 Parabolic SAR
84 Double Exponential Moving Average (DEMA)
85 Triple Exponential Moving Average (TEMA)
85 Momentum
86 Commodity Channel Index
87 Relative Strength Index (RSI)
88 Stochastic Oscillator
89 Fibonacci Line Studies
91 Appendix B: Finding Patterns in Your Charts
95 Appendix C: More About News: The Business Cycle
97 Candlestick Patterns
109 Appendix D: More News to Trade
109 The Business Cycle
108 Gross Domestic Product GDP
109 Indices of Leading, Lagging and Coincident Indicators
111 The Employment Situation
112 Industrial Production and Capacity Utilization
114 Institute for Supply Management Indices
115 Manufacturers' Shipments, Inventories, and Orders
116 Manufacturing and Trade Inventories and Sales
117 New Residential Construction
117 The Conference Board's Consumer Confidence and University of Michigan Consumer Sentiment Indices
118 Advance Monthly Sales for Retail Trade and Food Services
119 Personal Income and Outlays
120 Consumer and Producer Price Indices
123 Glossary
131 About the Author
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