Forex Trading Secrets: Trading Strategies for the Forex Market

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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.

Author(s): James Dicks
Edition: 1
Publisher: McGraw-Hill
Year: 2010

Language: English
Pages: 337

Contents......Page 6
Preface......Page 12
Acknowledgments......Page 14
Disclaimer......Page 16
Introduction......Page 18
Part 1 The Basics......Page 20
Back to the Basics: A History of the FOREX......Page 22
FOREX versus Stocks......Page 26
FOREX versus Futures......Page 28
The U.S. Dollar......Page 30
The Australian Dollar......Page 31
The British Pound......Page 32
The Japanese Yen......Page 33
The Dollar Index......Page 34
Gold CFDs......Page 35
Cross-Rate Currency Pairs......Page 36
Swedish Krona......Page 37
The Iraqi Dinar......Page 38
Opening a Position......Page 40
Managing a Position......Page 42
Pips and Lots......Page 43
Order Types......Page 46
Where Is the Market Going?......Page 48
Stops and Targets......Page 51
Spreads and Swaps......Page 52
Technical versus Fundamental......Page 53
FOREX Trading Accounts......Page 56
Choosing a Broker......Page 57
Tools......Page 66
Who Trades the FOREX?......Page 68
What Kind of Trader Am I?......Page 69
Trading Techniques......Page 70
The Trader’s Levels of Ascension......Page 74
Part 2 Money Management......Page 78
Are You Really Fit to Trade in the FOREX Market?......Page 80
Trading Plans......Page 81
Rules and Discipline......Page 86
How the Market Works......Page 92
Rules for Working with the Market......Page 93
Paper Trading......Page 96
Money Management......Page 100
Managing Risk......Page 105
Leverage and True Leverage......Page 106
Overtrading and Overconfidence......Page 108
Overleveraging......Page 110
Trade Expectations......Page 111
Part 3 Trading Psychology......Page 112
Trading Psychology......Page 114
Emotions of Trading......Page 118
How to Get Out of a Bad Trade......Page 124
Become a Pro......Page 129
Affirmations......Page 132
Power of Networking......Page 136
Part 4 Fundamental Analysis......Page 140
Fundamental Analysis......Page 142
Dow Theory......Page 144
Fundamental Indicators......Page 146
Japan’s Monetary Policy......Page 156
FOREX Currency Carry Trade......Page 158
Interventions......Page 159
Gross Domestic Product (GDP)......Page 161
Trading the News......Page 162
What Are Contrarian Indicators?......Page 164
Part 5 Technical Analysis......Page 166
Technical Analysis......Page 168
Types of Charts Showing Price Action......Page 169
Trend Indicators......Page 181
Market and Volatility Indicators......Page 187
Understanding Oscillators......Page 192
A Unique Indicator: Ichimoku Kinko Hyo......Page 195
Divergences......Page 196
Candlesticks......Page 200
Chartism Patterns......Page 204
Reversal Patterns......Page 205
Continuation Patterns......Page 211
Elliott Waves......Page 222
Harmonic Price Patterns......Page 227
Fractals......Page 233
Trading Naked (Only Price Action)......Page 234
Support......Page 236
Resistance......Page 237
Moving Averages......Page 238
Other Indicators......Page 239
Entering Positions......Page 240
Pivot Points: Do They Work?......Page 241
Psychological Levels......Page 245
Using Multiple Time Frames......Page 247
Trend Is Your Friend......Page 250
Expert Advisors and Automatic Programming Interfaces (APIs)......Page 252
Advanced Robots: Neural Networks in the FOREX......Page 254
Part 6 Building Your Portfolio......Page 258
FOREX Options......Page 260
Spot FOREX Options......Page 265
FOREX Futures......Page 266
FOREX Exchange-Traded Funds (ETFs)......Page 267
Contracts for Difference (CFDs)......Page 268
Commodities......Page 269
Indices (Securities)......Page 270
Breakouts......Page 272
Channeling......Page 277
Hedging......Page 280
Basic Oscillator-Based Strategy......Page 281
Basic Moving-Average Crosses......Page 282
Trading Gaps......Page 283
Daily High-Low......Page 284
Conclusion......Page 288
Appendix......Page 292
B......Page 308
C......Page 309
D......Page 310
E......Page 311
G......Page 312
M......Page 313
P......Page 314
S......Page 315
T......Page 316
V......Page 317
Bibliography......Page 318
B......Page 320
C......Page 322
D......Page 323
E......Page 324
G......Page 326
I......Page 327
L......Page 328
M......Page 329
O......Page 330
P......Page 331
R......Page 332
S......Page 333
T......Page 334
W......Page 336