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Forex Trading
The Basics
Explained in Simple Terms
Plus FREE Bonus
Trading System
Copyright 2015 by James Brown - All rights reserved
This book is geared towards providing information in regards to the topic and issue
covered
...
If advice is
necessary, legal or professional, a practiced individual in the profession should be
ordered
...
In no way is it legal to reproduce, duplicate, or transmit any part of
this document in either electronic means or in printed format
...
All rights reserved
...
The trademarks that
are used are without any consent, and the publication of the trademark is without
permission or backing by the trademark owner
...
Disclaimer
This book is designed to provide information that the author believes to be accurate
on the subject matter it covers, but it is sold with the understanding that neither the
author nor the publisher is offering individualized advice tailored to any specific
portfolio or to any individual’s particular needs, or rendering investment advice or
other professional services such as legal accounting advice
...
There is a substantial risk of loss associated with trading these markets
...
No system or methodology has ever been developed that can
guarantee profits or ensure freedom from losses
...
The trade examples provided were hypothetical only and were
prepared with the benefit of hindsight
...
Additionally, this book is not intended to serve as the basis for any financial
decisions, as a recommendation of a specific trading system
...
No warranty is made with respect to the accuracy or completeness of the
information contained herein, and both the author and the publisher specifically
disclaim any responsibility for any liability, loss or risk, personal or otherwise,
which is incurred as a consequence, directly or indirectly, of the use and application
of any of the contents of this book and the bonus system
...
My knowledge of currency trading extends over a 14 year period and has evolved
from the old fashioned manual charting when I first started in 2002, to trading on
multiple screens and entering the arena of automated trading
...
This book is for those of you who are just starting to consider trading Forex but
don’t know where to start, given the abundance of information on the internet
...
I have deliberately kept the explanations quite simple and straightforward so
everyone can understand it
...
Well you have come to the right place, as this book will take you through the basics,
explain Forex in a plain and simple manner and give you enough information to get
started sooner rather than later, in the exciting world of Forex Trading
...
It is also called
currency trading, or just FX trading, and every now and then you may see it
referred to as Spot FX
...
Trading currencies is a
little different to trading shares or stocks, as currencies are traded against each
other
...
It is not as confusing as it sounds, so bear with me
...
They have been around for years and your grandparents may have even
traded them
...
It is only in the last 15 or so years that the retail Forex industry has opened up to the
likes of you and I, where you can start trading with a very small deposit into a
brokerage account
...
9% of all transactions are carried out online
...
Just to give you an idea of what I mean, in early 2014 and
according to the Bank for International Settlements, Forex trading increased to an
average of $5
...
To put this in perspective, this averages out to
be $220 billion per hour
...
These figures are huge! There is no other way to put it
...
Also with this much volume
on a daily basis, the average trader like you and I have absolutely zero chance of
influencing market direction
...
For
example you may have bought XYZ stock at $24
...
50 to protect you against any major losses
...
10
...
10 overnight, it has also
opened $1
...
This rarely happens in Forex trading, but having said that it can happen, especially
over the weekend as this is the only time the Forex market is closed
...
Late 2003 I was in
open positions over the weekend where I was basically going against the US dollar,
and then US troops captured Saddam Hussein
...
I have learnt my lesson and I am rarely in open positions over the
weekend
...
This is a very small basket compared to the
number of stock choices you have
...
Here you have the problem of finding a needle
in a haystack
...
All of your efforts and
concentration can be targeted in a very narrow field, so you can get on with the
trading sooner than later
...
Now this is
something that you may not understand if you have never traded a financial
instrument before, especially if you have never looked at charts
...
I am not saying that Forex doesn't range
...
You will understand this once you
start looking at the charts
...
Most trading is conducted electronically
over the internet on your nominated broker's online account
...
This will be explained shortly, but it can be very cheap to trade
considering some pairs now have less than one pip spread
...
Granted you are not
going to make millions from this, but it is a start
...
Some Further Advantages of Forex Trading
So we need somewhere to trade and as stated earlier, this is all done online via the
internet
...
This is brilliant if you want to try out
different trading methods and ideas
...
Just ensure you don't get them confused
...
It is like walking across a plank of wood 6 inches above
the ground, compared to walking across the exact same plank of wood ten stories up
in the air
...
When there is real money on the line, you will think and act different! Trust me on
this
...
Unlike a lot of
stock data where you have to pay a monthly data subscription fee or stuck with 15
minute delayed data, your Forex data is all freely provided to you by your chosen
broker's trading platform
...
When is the Forex Market Open?
Here I will discuss the trading times and as you will see, there is ample time to trade
Forex
...
As most
people would be aware if you were trading stocks then you would trade these
through an exchange, whether it was the New York Stock Exchange or the
Australian Stock Exchange
...
All trading is done through the banks or market makers, which are basically
the brokers that traders like you and I would use
...
▪ The first to open is Asia, which includes New Zealand, Australia, Singapore,
Japan etc
...
▪ This is then followed by the European session
...
The European session is the main session as it normally
has the greatest volume traded
...
▪ The last session to open is the US session, and this session can also be very
frantic, especially early in the day where there can at times, be major news releases
that have a big effect on the US dollar itself
...
There are no set times, just when banks open for
business in each major financial city and volume picks up
...
I am normally in bed by 2am at the latest, which would be getting
close to lunchtime in the US
...
Every time zone has its
advantages and disadvantages
...
You can also find free custom indicators that clearly put the different session times
on your trading charts
...
Chapter 2
What Do We Trade in the Forex Market?
Let's get into it!
There are several currency pairs that can be traded, but the majority of traders just
stick with a group of about 8 to 10 pairs
...
First up, we have what they call the 'majors'
...
The majors include:
EUR/USD
Euro dollar against the US dollar
USD/JPY
Japanese yen against the US dollar
GBP/USD
Great Britain pound against the US dollar
USD/CHF
US dollar against the Swiss franc
Notice how they are all against the US dollar, therefore when traders discuss these
pairs, they simply just refer to them as the Euro, Yen, Pound (or Cable) and the
Swissy
...
The term Loonie actually comes from the first Canadian
dollar coin
...
Some of the more popular crosses include:
EUR/JPY
Euro dollar against the Japanese yen
GBP/JPY
Great Britain pound against the Japanese yen
EUR/GBP
Euro dollar against the Great Britain pound
There are quite a few others, but these three are probably the most popular traded
...
Personally, I'm Australian, but I rarely trade the Aussie as I am
very comfortable trading the majors for the majority of my trades
...
If I watch my local news, and near the end they have a very brief financial report
where the newsreader may say something like:
"The Aussie dollar was down today against the greenback, reaching a low of 71
cents"
Basically what they are saying is that the Australian dollar has dropped in value
compared to the US dollar, and that one Australian dollar is equivalent to $0
...
As the US dollar is the major currency of the world, you will find most financial
reports will compare your local currency to it, and even some of the other majors
such as the Euro or the Great Britain pound
...
So if the exchange rate moved up to
75 cents, then one Australian dollar would be worth $0
...
You may see the quote for the AUD/USD similar to this: 0
...
7128
I’ll explain shortly why there are two sets of numbers
...
7125,
this shows how many units of the quote/counter currency are needed to buy one
dollar of the base currency
...
7125 is equal to AU$1
...
So if I travelled to the US, then each Aussie dollar I have is worth about 71c US
...
7125 / 0
...
7125 is called the 'bid' price
▪ The 2nd figure of 0
...
7128
...
7125
...
7128 and then immediately close my position
before the price had a chance to move, I would have to close the position by selling
the Aussie at 0
...
Now there is a difference of 0
...
In the case of the Aussie, each 0
...
So on this trade, I would have lost 3 pips
(or 3 points)
...
The
JPY pairs usually only have the two decimal places
...
81 / 97
...
This tells me that one US dollar is equal to approximately 97
...
The bid price is 97
...
83, and that there is a 2 pip spread
...
01 move is called a pip
...
This has come about as the result of spreads becoming tighter over the
years
...
8 of a pip or even less
...
If you see three
or five decimal places and depending on how precise your trading is, I would
suggest you just ignore the very last digit
...
For example if you saw a quote for the EUR/USD as 1
...
38663, you would
simply read it as 1
...
3866 by dropping the last digits
...
This is just to keep it simple
...
1 away from 6
...
2 pips
...
It can be very confusing at first
...
5 I am on, just to keep it very simple
...
This is a minefield in
itself!
Where Do We Trade Forex?
You will have to open an online brokerage account to enable you access that
broker's trading platform
...
You do not need to deposit any funds with a broker to gain access to
their demo platforms, as most are quite willing to let you try them without any
obligation
...
What About Choosing a Broker?
This is a good question and you will get a variety of answers if you were to ask
around in the trading community
...
Trust me on this!
The retail forex industry is still relatively young and it does not have the same
regulations and rules to follow as a lot of other traded financial instruments
...
But having said
this, a lot of governments are beginning to formulate rules and regulations that do
give forex traders better protection
...
It was only recently I
heard of one Swiss based broker disappearing with all their clients’ funds
...
There are plenty of good brokers around, so there is no need to panic and
get stressed about this
...
What I am talking about here, is if you
had say $100,000 to trade (which you don't need!), I wouldn't be depositing all of
this with the one broker
...
This caused an insane, huge, untradeable price spike in Swiss franc
related pairs, which basically wiped out trading accounts or made some traders
extremely profitable
...
Alpari UK was
one of the major players affected and is no longer in existence
...
So be careful where you put your funds and only deposit
what is required
...
Me personally, I
haven't got a problem with dealing with overseas brokers
...
I didn't have a choice really as up to a couple of years
ago, there weren’t any Australian based brokers that I felt comfortable with, but that
has since changed
...
Every platform appears to have its advantages and disadvantages
...
One of the most popular forex trading
platform is Metatrader, or more commonly referred to as MT4
...
How this works, is that you would go to your
chosen broker's website, sign up with them, and then download the MT4 software
from their site
...
Obviously
they will provide further instructions on how to deposit funds into your brokerage
account
...
I personally find the MT4 platform one of the best, especially for the charts
...
Even though the charts and
other features are excellent on the MT4 platform, I am not particularly happy with
the way you place orders
...
But the charts are excellent, or did I already say that?
Being an Aussie, I use GoTrader or Pepperstone for my MT4 platform and I am
quite happy with both of them
...
There are
even dedicated forums and groups that just discuss this platform
...
Things like Moving
Averages, MACD, RSI, Bollinger Bands etc
...
Don't worry if this sounds a little confusing at the moment as it
does become clearer as you become more familiar with the platform
...
There are thousands of them
...
This is a software program that is loaded onto your platform and then onto selected
charts
...
It all sounds too easy, doesn't it! Again you can design your own or let
someone else do it for you
...
Again, be warned! There are plenty of scammers out there selling trading robots
based on outrageous promises of untold wealth
...
The good ones are few and far between
...
I have used CMS and their VT Platform in the past, and
they too have an excellent charting package
...
One of my favourites is Oanda
...
The web
based platform doesn’t require any software to be downloaded, which means you
can access this platform from any computer that is Java equipped
...
There is also one other big advantage using Oanda with regards to trade
position size and it is one of the reasons I like them so much
...
Oanda is certainly a great beginner's broker and platform/s
...
oanda
...
Normally all the good brokers will be within one or two pips of each other, which
really isn't an issue
...
Too bad if you had an order set
around where the price spiked, whether it be a buy/sell order or a stop loss
...
If
you stick with a decent broker, you will avoid these types of problems
...
I mentioned the term the 'spread' earlier, which is the difference between the bid and
the ask prices
...
Nowadays, it is not uncommon to get spreads on the EUR and JPY
for 1 pip or less, and the other majors, for less than 3 pips, as are a few of the 2nd
tier pairs and crosses
...
For you to make any profit, you must
first make up the spread
...
0774 and
you had a 3 pip spread, then the price would have to rise to 1
...
Remember you buy at the ask price and sell on the bid price
...
0771 / 1
...
It then
has to look like this before you can get out at breakeven 1
...
0777, which is a
3 pip increase in price
...
What is volatility? It can be when the market is very quiet, like when the
market opens early in the week, or after hours at the end of the US session before
the Asian session has cranked up
...
This is where some
brokers can really widen their spreads
...
Oanda does this, and the spreads can go out to 20 pips on the volatile
pairs like the GBP/USD
...
Something you have to be aware of
...
In the case of CMS, their spreads remained constant but during the
very volatile times, you would have difficulty placing orders or stops close to the
current market price
...
One order would be filled and they would cancel the other, looking for a
decent run in the original direction
...
So the casinos changed their rules to take away that edge from the punters
...
Then we have the problem of requotes and slippage
...
Keep in mind, there can be times of very high volatility,
where you just won’t be filled at a price you may have elected to do so
...
This is also where Demo trading can give you a false
sense of security, as demo platforms will always fill trades or orders at those
specified levels as it is only a computer program working on numbers, not the real
market conditions
...
It does
happen
...
It wasn't that long ago, that they were a little inconsistent and
traders did have problems that were plastered all over forums, therefore affecting
certain broker ’s reputations
...
But once again, I would suggest you do your own due diligence by getting out there
into Google-land and checking things out
...
Forex is a leveraged financial instrument, as is Options, Futures, CFDs, Warrants
etc
...
You trade Forex in 'lots'
...
For example, Oanda trades in
'units', but they can be easily converted to a lot size equivalent
...
There is a standard lot, a mini lot and a micro lot:
One standard lot
100,000 units of the base currency and is normally expressed as 1
...
1 lot
One micro lot
1,000 units of the base currency and is normally expressed as 0
...
All words that are
important, but there is no need to get stressed about them as they can all be
controlled and I'll show you an easy way to stay out of trouble
...
As stated earlier, Forex is a leveraged instrument, so if your broker offers you
100:1 leverage, then for every 1 unit you have in your trading account, you can
control 100 units in a trade
...
If you are
over leveraged and a trade goes against you, and you decide not to take any action,
your broker will close the trade on your behalf to protect their interests, even
though you may have blown your account out
...
It is not something that concerns me
as my risk is controlled on all trades
...
Important Information for US based Traders
1
...
It is “Big Brother ’s” way of telling you what’s best for you
...
It will take a little
research on your part
...
Another US only regulation is not allowing traders to hedge, which means that
you cannot have a buy and a sell trade open at the same time on the same pair
...
Some actual trading systems call for trades
to be taken in both directions at the same time also
...
3
...
Basically if you are trading multiple trades on one pair, and these would be all
in the same direction as you are not allowed to hedge, you have to exit the
trades in the same order that you entered
...
Refer to your Broker for exact information on this
...
I’ve heard more
complaints about this rule than the others
...
Lot Size and Equivalent Pip Value
Just to refresh your memory, if the EUR/USD moved from 1
...
3928, it has
moved a total of 4 pips, and if the USD/JPY moved from 95
...
19, it also
moved 4 pips
...
If I was trading 1 standard lot ($100,000), then each pip is worth US$10
...
The same US$10 per pip also applies to the GBP/USD,
AUD/USD and NZD/USD
...
Now all the other forex pairs aren't quite as simple due to the
fact that the USD is not the quoteor counter currency
...
Me, I keep it simple, and consider all pairs to have a 1 pip value of
US$10
...
If you do need to know the exact pip value, there are plenty
of free websites with a built in calculator to do the math for you
...
As stated earlier,
Oanda is slightly different here as they trade in units, which can be very useful for
precise money management
...
0 lot / $100,000), then 1 pip on a
mini lot (0
...
01 lot
/ $1,000) is worth $0
...
Simple! And to keep it very easy and simplified, just
consider every Forex pair the same
...
If your style
of trading is affected by the exact price of pips on the Forex pair you are trading,
then you will have to use something like a dedicated forex calculator to work out the
exact values
...
Let's get into a Trade Example:
I have $2,235 in my trading account, and I am happy to risk 2% on each trade
...
3928
...
3898
...
Now I need to know what my position size will be, where I am risking no more than
2% of my overall account balance of $2,235
...
70
...
In this trade, the math would look something like this:
$2,235 x 2% = $44
...
70 / 30 pips = 1
...
49 mini lots (0
...
You
would have to round this down to either 1 mini lot (0
...
4 mini lots (0
...
If you are unsure of the position size, whether it is in standard or mini lots, just do
the math backwards to confirm
...
70 on this trade
...
70, due to the fact you had rounded your position size down
...
Account balance is $37,840, your trade risk is 3%, and you are placing an order to
sell the GBP/USD at 1
...
4607, which is 45 pips away
...
20
$1135
...
226'
Therefore my position size would be 25
...
5226 lots), or rounded
down to 25
...
52 lots) which is basically 2
...
Do the math in reverse if you want to double check your position size
...
20, and your stop is 45 pips, and each pip is worth $10 on a
standard lot
...
5 lots, then 45 x 2
...
20 risk
...
By using this formula, you should never have to worry about leverage, margin or
risk
...
But having said that, it all depends on your risk
percentage levels and your actual trading methods
...
It will just take a bit longer to achieve this than if
you were risking 10% on each trade
...
These are quite handy and ensure you get
the figures correct
...
Probably not so much of an issue if you are a longer timeframe style trader, say the
weekly or monthly charts, but if you are a day trader, then it certainly is an issue
...
I have suggested 2-3% which is quite common amongst successful
traders, even less is better according to some
...
If you want to risk 10% on a trade, that is up to you
...
This is a
point where you will be taken out of a trade if something does go wrong
...
You may also have internet problems or the biggie, unfavourable
news comes out that completely catches you by surprise and before you know it,
your trade is down a 100 pips or so
...
It doesn't matter where you live, you
can never be guaranteed of 100% reliable internet connection
...
When I was trading full time back in the mid 2000s, I also had a
backup with the old dial up to my cable broadband
...
One other thing I would strongly suggest is that you
have your broker's phone number handy, so you can ring them direct and either
close trades or move stops etc
...
Again, this may
only be available with the bigger well known brokers
...
Potentially the biggest problem is news releases or unexpected news
...
The good thing about it, is
that most of the news is released at set times which is very easy to keep track of
...
So what am I saying here? MAKE SURE YOU USE STOPS ON ALL TRADES
...
These just don't
work in Forex trading, especially if trading the smaller time frames
...
To give you an example of price movement in a 24hr period, I believe the average
for the EUR/USD is around 100 pips and the GBP/USD is about 120 pips, give or
take
...
When I say move, it may start and finish
at the same price, so I am referring to a possible range of movement here
...
Not good! If you are not sure what a stop is: it is an
order to close out your trade automatically if the trade goes against you by a
predetermined amount
...
3950, and obviously wanting it to increase in price to profit
...
3920
...
It wouldn't matter if you were online or at the beach as it all happens
automatically
...
They are easy to place at the start of the trade and easy to adjust once the
trade is up and running
...
Having said all that, there are certain strategies that don’t use stops
...
Generally these types of trading systems are not suitable for
those who are not comfortable trading this way and who do require some further
expertise to be successful
...
A Little More on Risk
Just a couple of points that I have not spoken about
...
I have discussed risk per trade where I suggest no
more than 2-3% per trade
...
One thing I must point out though is the problem with correlation
...
The most obvious and highly correlated pairs are the EUR/USD and the USD/CHF
as they basically move pretty well opposite each other, under normal circumstances
...
The EUR/JPY and GBP/JPY can also move pretty much in the same direction often
...
This is something you will have to be aware of when it comes to total risk on your
trades
...
I also spoke about planned 'news releases' that may or may not move the markets
...
30pm my time for 3 major items of news out of
the US
...
30pm, so it won't be an issue
...
Now sometimes there is unplanned news that may affect the Forex prices
...
Lots of things
can move the market when you least expect it and it does happen on a regular basis!
I have been sitting at my computer, quite aware of all news coming out, when
suddenly a pair may just shoot up 50-100 pips in a minute or two - it gets the heart
pumping as you quickly check all the news releases to see what has caused the blip
...
It
doesn't matter if it is false, as the market will eventually correct itself
...
Further Discussion about Risk
This subject seems to be never ending but as already stated, it is very important to
fully understand risk and how it affects yourtrading
...
Just going back to my example of only risking
2% on each trade
...
Say for example, you only traded the EUR/USD and your stop was always 30 pips
...
This will
obviously increase your account balance, and if you were to maintain your 2% risk
on the next trade, then technically your position size would be slightly larger on this
trade
...
Now some traders would suggest that you stay on the same position size for a
session, some say the week, and others would suggest a month
...
Other traders will suggest you adjust your position size after every trade
...
Some say this disadvantages you if you
are trying to recover from losses due to the fact you will be entering trades with a
smaller position size if you had a few losses in a row
...
As I have said many times, I am trying to keep it simple
...
Come the following week, I'll have a look at my account balance and
make adjustments if necessary
...
Now some traders may not make that many trades in a week, or they may rattle off
30 trades in a session, so everyone will have their own way of doing things
...
There is no way I can cover all types of trading scenarios, nor do I intend to do so
...
There is no right or wrong way, and at the end of the day, if you make a
profit and don't get too stressed or worn out doing it, then you are doing something
right
...
With Forex
trading, the majority of small retail traders like you and I, would probably use some
sort of technical analysis, which is basically trading off the charts, using whatever
indicators, patterns or set ups you choose
...
Still a method for some I guess
...
I have already
touched on this above, but I’ll go over it again
...
Here we are trading based on a theory
on how you think the market will react to a particular news item like an Interest Rate
cut or something similar
...
There is some sort of news released every day that will affect some
currency in some way
...
The problem with the news releases is that although they are just about all set at a
certain time, if you are not aware of them, they can catch you out
...
30am New York time on the first Friday of every
month
...
It does happen! Imagine how you
would feel if you just left the room to go to the bathroom without a stop in place,
only to return 2 minutes later to find your trade so far in the red, you feel sick
...
It is very simple to use as
you can modify it to suit your own requirements
...
Just click on the 'Filter' tab on the top right hand side above the title bar
...
It is also set in your local time, so that makes it easier
also
...
I will write these down in my
journal, and if it is something big, I'll normally set an alarm to warn me about 10
minutes prior
...
It is crucial that
you are aware of these news releases, especially if you are a short term trader, and
make sure you have a plan in place if you are trading through them
...
Most of this
trading is done off the charts, hence the expression 'chartists' or 'technical analysis'
etc
...
Earlier I discussed how most Forex brokers offer a charting package with their
platform, and how the live data was free
...
Some
of these platforms have excellent charts, like the MT4 platform, Ninja Trader or VT
...
Having said that, you can still trade off the Oanda
charts no problems at all; they just haven't got all the bells and whistles
...
I am not going
to go into all the various indicators, fibs, pivots, breakouts, trend lines etc
...
So you can do your own research here and find something that suits you
...
You can also add custom
indicators to the platform
...
Jump in the trading forums or
Google it
...
The resources available online these days are incredible,
but if you are having problems, you can always contact me
...
As we already know, the Forex market runs 24hrs a day
during the week, so there is plenty of opportunity to trade
...
On the trading platforms, most brokers offer 1 minute, 5 minute, 15 minute, 30
minute, 60 minute, 4 hour, daily, weekly and monthly charts
...
Some also offer tick, 10 minute, 2 hour and 3 hour charts
...
Everyone wants to be a Day Trader! Myself included
...
It is especially cool if someone asks you
what you do for a living, and you reply "I'm a Day Trader"
...
I
wish it was that easy though
...
This all sounds good in theory, but it is very
difficult to do
...
Not many I would imagine, but enough to show that it is possible
...
Again, this is a decision you have to make, whether you want to be in a trade for
days or minutes
...
Trading off the shorter time frames will give you more action,
more spreads to make up and more than likely smaller profits
...
Trading on a Daily chart may require you to have
a stop 120 pips away from your entry price, and when you consider the 2% risk
rule, you would end up with a much smaller position size
...
The trade of being the possible
potential profit as I'd expect to drag a lot more pips from a Daily chart trade than a 5
minute chart trade
...
Then you have to decide which pair or pairs you want to trade
...
This may also help
with giving you more action, if that is what you are after
...
It also plays with your mind a little,
especially if you have a losing trade on one pair and try to make up for it on another
pair, which may cause you to ignore your normal exit rules
...
If you are going to trade off the smaller timeframes, may I strongly suggest you
concentrate on one pair to start? This just makes life a lot easier and you can put all
of your efforts and concentration into this one pair
...
I have a couple of basic
indicators on both charts
...
One it has
the lowest spread on Oanda, dropping down as low as 0
...
I think it accounts
for close to 70% of total Forex volume
...
I close down my charts and do
other stuff
...
The above is what I do, and what works for me
...
If you have had
experience at trading anything, you will know that there are thousands of different
ways to trade, and Forex is no different
...
It covers all the major topics and
is quite informative considering it is such a huge topic
...
It is a book that would be well placed in any good trading library
...
Chapter 5
Further Information on Forex Specifics
Risk-Reward Ratio
The risk: reward ratio is something that you may hear a fair bit about
...
All it is doing is comparing your risk to your reward
...
If we had a risk:reward of 1:2, then for every one unit we are risking, we would be
looking for two units in return
...
If it was a risk:reward of 1:3, then we would be looking for a 90 pip
profit on the same example
...
It all depends on your
trading success rate
...
If you were successful on
40% of your trades, then in the long run you would be a profitable trader
...
But if your success rate dropped below 35%, then you would start to
have problems long term
...
But if that same method
had a success rate of 70%, then this trader would be profitable overall
...
To take this further, a trader may have a method where they have a 20 pip stop and a
100 pip target on all trades
...
Here, they would only need a
success rate of just under 20% to be a profitable trader
...
Don't be scared off by what others say about risk:reward
...
If you are losing long term, then something has to
be changed
...
Types of Orders
Trading Forex and placing orders is very similar to other types of trading
...
But I'll go over the more common order types for those that are
new to trading
...
This is where you may experience some slippage on some platforms
if the market is moving quickly, which is something to be aware of! If you miss the
price you hit the buy or sell button at, you will be asked if you want to go with the
new price
...
This is called a re-quote and it can be a little
frustrating at times
...
That's probably the easiest way to explain it
...
The Sell Stop order is the opposite
...
Buy Limit or Sell Limit - this is where you are looking for a reversal and going
against the current trend
...
A trader may use this if they are trading off Fib levels or Pivot points etc
...
Dare I say it, but a Sell Limit order is the opposite
...
Again, there may be some resistance level, Bollinger bands or
something else that makes the trader think that price is going to reverse near their
entry point
...
This is up to you, but I would strongly suggest at
least a stop loss is set as soon as possible
...
This is where Oanda is good as you can set defaults for entry size, stop and profit
...
Position size on Oanda can either be set as 'unit size', 'US dollar amount'
or a 'percentage'
...
You would use this just to trail your stop at a certain level behind the
current price to lock in profit as a trade develops
...
Keep in mind that a lot of these different brokers or different platforms have their
rules for how close you can place stops, profit targets etc
...
You will
find that broker A is good for something that broker B is not, however broker B
may offer another item on their platform that is far superior to broker A
...
The trick is to find a nice balance of
honesty (very important), reliability, spreads, execution, charts, support etc
...
How Many Pips is Enough?
This is something that may get your attention, as you may be surprised on what little
profit is actually required to make a success of Forex trading
...
Remember this is not necessarily from the low to the high or vice versa, as the
market may start and finish on the same price in that period
...
I don't know what your lifestyle is like or what you would consider to be a decent
income from trading to maintain your present lifestyle, so let’s just talk in general
terms
...
That's typical here in Australia
...
So we are looking at roughly a 40hr week plus travel time and
expenses etc
...
You trade for a few hours on your $10,000 account, keeping your risk per
trade at the 2% mark, keeping your stops nice and tight and lock in profits quickly
...
It doesn't sound like much and it also doesn't seem to be too hard
...
Now on the $10,000 account with 2% risk and tight stops, trading one (1) standard
lot would be quite possible
...
If you were trading the EUR, GBP, AUD or NZD, then that
would be exact
...
For us Aussies, that is about AU$220 (depending
on the exchange rate at the time)
...
Do this
for 5 days however, and you end up with 100 pips or US$1,000 or AU$1,100
...
I don't know about you guys, but US$1,000 per week is a handy sum in any man's
language (or woman's)
...
If this is the case, then I'm sure you can start trading
with a much larger account size or I can show you a way to increase the amount
without any further risk using the power of compounding! If you can make 20 pips
on a daily basis, you would be crazy not to try and improve your profit without
increasing your risk
...
We
make the 100 pips for the week; therefore end up with a profit of $1,000
...
The following week our account balance is now
$11,000, and with the same 2% risk per trade, we can now trade 1
...
If we make the same 20 pips per day, we are then making $220 profit
for the day or $1,100 for the week
...
2 standard lots, and
so on
...
Now
some of you may think that this is pie in the sky stuff and a little unbelievable
...
I can assure you that 10% per week is not that spectacular in the world of Forex
trading
...
The above may be possible to achieve in a perfect world, but who lives in one of
those? We all know that it isn't that easy as there is something about traders that
seem to just stuff it all up
...
Most of the above revolves around a day trading type method
...
But there is nothing to stop you from aiming for the $1,000 weekly
target and adjusting your position size accordingly
...
You
don't have to go for the big kill every trade
...
20 pips profit a day will do it!
I told you Forex trading is easy!!
Chapter 6
Trading Psychology
Now here is a subject that you love to hate! Even though a lot of people will just
gloss over this and think it is really not an issue in their trading, they could not be
further from the truth
...
The majority
of the human race has emotions and these emotions certainly come into play when
you have some real hard earned cash on the line
...
I know I have
...
No one would
have to work, and if that was the case, we wouldn't have any financial markets to
trade
...
So what makes you think you can be one of the 5-10%
that can make a go of this trading game? I'm not just talking about Forex here; I'm
talking about all trading
...
The way I look at it is that you are fearful
of losing out on the big move, so you stay in the trade, or you are greedy and want
everything from a trade so again, you stay in the trade
...
Say we are looking at the 5 minute chart on
the EUR/USD
...
Now the market can only do one of three things
...
Now if you had gone long and bought the
EUR/USD, and it heads up, you are a winner
...
So to keep things simple here, you have a
33% chance of losing money, which means you have a 66% of not losing money
...
It doesn't matter what
method you use to trade, as there are thousands to choose from, which in your eyes
will give you a higher probability of the trade moving in your preferred direction
...
Why is this so hard?
Human emotions make it hard
...
Just because it looks like the perfect buy set
up at the time, this may not be the case where you actually bought at the exact high
for the day
...
One of my favourite sayings,
which I say aloud to myself several times a day, is 'Patience, courage and discipline'
...
Patience is obvious
...
Don't be afraid of missing out on a trade as there will be another potential
opportunity sooner than later
...
Sure, you may miss some
nice moves every now and then, but so be it
...
Courage refers more to have conviction in your trading method and following it
through, during both good and bad times
...
You stick with the plan and see each trade through to the
end
...
You have a tested trading method and you have
certain rules within this method
...
Without discipline, you will be tempted to change the rules mid-stream, which
will further confuse the emotions and lead to further problems
...
Without one of the legs, the stool is useless
...
This
is just my little saying that keeps me focused as they are words I use every day
...
Here are a few example of how the market plays with your mind
...
You then get stopped out to the exact pip, where the
market reverses and heads back in the first choice direction, past your original entry
point and beyond
...
This sort of thing will frustrate
you, but if the market dropped and came within 1 pip of your stop and then reversed
back in your first choice direction, giving you a very successful trade, then you
would consider yourself lucky that your stop loss held by one pip
...
One result will have you feeling like the whole world
is against you and the other result will have you feeling like the king of the world
...
You are down 20 pips and you now have a nice trade on
another pair
...
The trade goes well, gets up to +18 pips and then
turns around and heads south quickly, stopping you out
...
Your
emotions are being tested, because if you had followed your rules, you could have
taken the 15 pips profit as per your rules, and only been down 5 pips to date
...
There are many examples of what can go wrong like removing a stop or even
moving a stop further away, adding to losses, ignoring your target, ignoring
reversal or exit signals, cutting your profits too early, not concentrating, forgetting
about news releases, trading while sick (or after a few drinks), letting your ego
decide market direction etc etc etc
...
There is no simple answer to all of these potential problems, you just have to work
on your own discipline and work out your own way of dealing with these sorts of
issues
...
Also get used to seeing potential trades come and go without you
being on them
...
It is also an
advantage if you can control your own emotions, by treating every trade, whether a
winner or loser, the same
...
If you want to be profitable, stick with your
rules, concentrate and keep your emotions in check
...
By this I mean that you would have a normal job where you are
required to work 38, 40, 50 or whatever hours a week
...
So you may have this psych built into you that you have
to work your 40hr week to be entitled to your $1000 pay check
...
Now with trading, things are a little different, and it
does take a little getting used to
...
So first up we'll go back to my Day Trader example, where I was chasing the 20
pips a day scenario
...
30pm local
...
So it has taken me 30 minutes to hit
my daily target
...
What do you think most traders
will actually do? They think, well that only took me 30 minutes to hit my target, so
imagine what I can achieve in a few hours
...
Then you have the problem of
chasing your tail for the next few hours just trying to get back to the 20 pip target
...
I did
this a few times in the past, as I was a bit of a slow learner but now, as soon as I hit
my target, stops are brought in real tight to lock it in, and if the market continues in
a favourable direction, then good luck to me, but once I'm stopped out, I won't enter
another trade
...
Another example I experienced, was trading with a group off the 60 minute charts
where we were in the market at all times
...
We were trading 3 pairs and our overall target was +200
pips for the week
...
As you can imagine, monitoring 3 pairs every hour can
lead to sleep deprivation, marriage breakdowns, lack of social life etc, but the good
news was, that most weeks we were finished by Tuesday evening
...
It was very tempting to continue trading for the rest of the week to go for the
big kill, and initially we use to do this, and like the 20 pip a day example, we would
end up losing a few trades dragging us back to where we started on the Monday
...
On a good week, we
would only enter a couple of trades and be done within a few hours
...
What I am getting at here, is just because it only took you a few minutes or hours to
earn what you would normally earn in a day or a week, don't think you have to
justify chasing more trades to account for your time
...
Try to avoid the greed factor and just concentrate on taking small consistent profits
over time without wearing yourself out
...
It may be slow going at
first and you may think it will take forever to achieve any real significant returns,
but once it cranks up like the snowball example, you will be rolling in it
...
It is only the
mind that plays tricks on you when you start dealing in bigger numbers
...
The plan is to build up slowly but surely, and when you get to a level
you are comfortable with, then it may be a good idea to start enjoying your profits
and reinvesting money into other ventures such as charities, education, family or
even an Aston Martin
...
Well, that's enough of the deep and boring, albeit very important, stuff
...
But please be very aware of fear and greed and how
it can affect your trading!
Chapter 7
Time to Trade
Okay time to get into the trading
...
It is now a matter of
getting your hands dirty by actually doing a bit of trading
...
This is
a great idea, but please don't be fooled into thinking that you can replicate your
demo trading into your live trading without missing a beat
...
Not much I
know, but enough to keep you interested
...
As you have probably guessed by now, I am a technical trader, which means I look
at the charts to determine my trade entries etc
...
When I say I trade off the charts, it basically means I am using technical analysis
...
Now there are thousands of technical
indicators and trading methods out there
...
Just look in any of
the big Forex trading forums, and you will find plenty of free information on all
sorts of methods on trading from tick charts to the monthly charts
...
You have to remember, what may work well for one trader, may not work at all for
another
...
Trader A may be
long, and Trader B may be short
...
Different horses for different courses
...
I am aware of a lot of them, having tried most of them out
...
I do have my favourite
indicators, and I have ones that I have no idea of how anyone works them out
...
That is, they only really move after the market moves, and their position is only
obvious after the market position is obvious
...
That hindsight is a great tool! I figure all I need is a time machine that puts
me about 1hr into the future and then lookout Forex
...
When you are trading live using your indicators and watching
the very far right of your chart (the current price), you only have an opinion of
which way the price is going to move next, as you do not know for certain which
way it will go
...
They say a lot of technical indicators are self-fulfilling
...
An example would be using Pivot Points
...
Was
it the actual R1 level that stopped price or was it the case where many traders knew
about this level and set sell orders at that level, forcing price to bounce down off it?
Who knows? The same applies to popular Moving Averages like the 50 or 200, also
Fib Levels, Bollinger Bands etc
...
Period!
You can have all the indicators in the world on your chart, with all the planets
aligned, where you think 100% that price is going in a certain direction, only to see
the exact opposite
...
PRICE IS KING!
As a trader, I much prefer to open a trade in the direction of the market at the time,
or to say it another way, I go with the trend
...
Go
back to my above example of the Pivot Points with price approaching the R1 level
...
There is nothing to say that the market will
stop and reverse at that R1 level, as it may continue right through without skipping a
beat
...
I have seen quite a few different systems over the years, and have come to appreciate
the amount of effort and imagination that goes into some of them
...
The trick is finding something that works
for you
...
Sometimes I like to be done for the day quickly and other times, I have no problems
being constantly in the market
...
Also I don't want to be sitting at my
computer for hours on end, but then again, I enjoy the thrill of the chase
...
I guess I have to find a balance like everyone else, hence the reason I
have two accounts to cover both types of trading
...
Day Trading or Longer Term Trading?
I will cover short term trading first
...
If you are a
Day Trader, that means you will be in and out of the market within the same day or
session
...
They call this ‘being flat’ in trading jargon
...
You have probably gathered by now that I
have a specific target for the day, and this is normally around 20 pips profit
...
With the day trading, I stick to trading just the one pair, the EUR/USD
...
On Oanda,
which is my day trading platform, the spread is normally less than 0
...
If you
were trading a pair that had a spread of 5 pips, then as soon as you enter, the market
has to move at least 5 pips in your favour just to get you to break even
...
I will look at starting my trading any time after 2pm local
...
As previously mentioned, I will check
with Forex Factory before I start to see what major news releases are due out that
may affect the EUR or the USD
...
Very important!
I won’t go into specific set ups that Day Traders use; as there are just so many
variations I could not do them justice in this book
...
An example could be
a Day Trader using the 5 min chart for entries and exits, but bases all these trades on
the direction of the 1hr chart, which acts a filter of sorts
...
With day trading, you have to really go all-out effort wise, with total concentration
...
Just about every day, there are one or two decent moves on the 5 min chart that will
make it all worthwhile
...
Perhaps
start your day with a small trade looking for 5 pips just to give you that winning
feeling
...
They certainly help
but there are plenty of times where you would just look at the chart and see
something doesn't look quite right, and in that case, you may give it a miss
...
There will be plenty of trades coming along
soon enough
...
When I say long term, I am normally referring to
trading off the 1hr, 4hr or daily charts
...
Some may even refer using the 1hr
and 4hr charts as Swing Trading
...
With the daily charts, I normally check my trades at least once a day, possibly twice
...
A bit of a dead zone really, which suits me just fine
...
That
will do me
...
Trading off the daily charts allows you plenty more free time to do the other things
in life, like go to the beach, walk the dogs, play chess or whatever blows your hair
back
...
No need to limit yourself to
the one pair here
...
But please be warned, you cannot take the same position size in your trades
...
One is that it will be highly unlikely you will use
the same tight stops as you would use on a day trading (5 min) method
...
Keep in mind your risk per trade
...
So it only makes sense that if you used a 15 pip stop on a 5 min
chart trade and were using a 150 pip stop on a daily chart, your position size on the
daily chart is going to be a lot smaller
...
Again it is a risk issue, but more of
an overall risk
...
Just be aware of
your overall risk when you combine all your open trades
...
A bit of common sense is required here
...
It
just doesn't sit well with them as it is playing with their mind
...
You have to look at the big picture
though, because as soon as you nail the start of a good move, your profit can be in
the many hundreds or even thousand plus pips
...
Trading several pairs may also help with an overall result (as long as you are not
wrong on every trade)
...
I would suggest you look to the month to
month results, as this will give you a much better overall indication of how your
daily chart trading is performing
...
Trading off the 4hr or Daily charts is a laid back way of trading and may suit the
trader that may have a normal day job or family duties that prevent them from
becoming a zombie and sitting at your computer for hours on end
...
You have to find
something that works for you, and something that you are comfortable with
...
Keeping a Journal or Diary
Before I get into the actual trading side of things, one thing I do want to mention is
the use of a Trading Journal or Diary
...
A journal or a diary can be as simple as an exercise book where you handwrite
everything
...
You may decide to keep your
information online via an ongoing word document or something similar - just make
sure you keep copies and back it up as you go
...
One glance at these can give me a quick and accurate
overview of how a particular method is performing, especially if you add colour to
it
...
If you are trading a particular method, you may
wish to describe how it works in detail for future reference, and also to record any
modifications to the method as you go
...
Once you have traded a particular method for a while, you could make some
comments on how it is performing, and how it may be improved
...
Maybe you would like to comment on how you are feeling at the time, or if you had
any technical problems, or any other outside interference that disrupted your
trading
...
Here is an example of my Journal entries
...
Before I start trading at all, I will go to my Trading Journal, write in the day and the
date, followed by my starting account balance
...
I already
know my money management rules as they are loaded into my trading platform, but
I would have written this down previously in the Journal
...
I don't care what the news is, just when it is coming out so I
can be prepared for it
...
30pm – USD
This tells me that at 10
...
Simple as that and I will set an alarm on my mobile that actually has a
voice recording of me saying 'Check the charts Jim, as there is major news coming
out soon'
...
Then I'm
into the trading if I know I have a clear couple of hours
...
Okay, so the first trade is on, and here is an example of how I would write it up
...
EUR B 1
...
4215 @ 6
...
Stop -20, target +20
Mkt had turned up nicely with all signals on 5 min chart bullish
...
Went up to +15, so stop moved up to 1
...
Closed at B/E at 6
...
Again I was up over 10 pips and let it slip
...
My first trade for
the day
...
The position size, stop and target are all pre-set in my trading
platform, so they just happen automatically
...
I then comment on the 60
minute chart, with MPL standing for the main pivot line
...
I then explain why I closed the trade due to the fact I didn't like the
look of the 5 minute chart as the indicators must have started to turn bearish
...
I then go on to state that I should have taken some profit at least
out of this trade as I was up over 10 pips in profit
...
Once my target is hit, stops are
tightened right up or I just close out
...
So you can see it is fairly basic, but it does give me something to go back over at
the end of the day to see what I did either right or wrong
...
The Journal will cover a lot more detail
than just a simple spreadsheet with results
...
Thank you again for downloading this book! I hope it has helped you gain a good
understanding of how the whole Forex market is set up and how it works
...
You do not need to be bamboozled with technical and complicated jargon
...
The same applies to Forex Trading
...
There are so many factors
to be taken into consideration, but like anything, if you practice enough and learn by
your mistakes, you can go on to be a part of the small group of successful traders
...
Bonus Trading System
Download MT4 and indicators HERE
After providing your preferred email address on the above link, you will receive an
email with a Drop Box "zipped" folder
...
Instructions
...
Template
Modified MACD
...
ex4
MACD_Platinum
...
ex4
QMP Filter 1
...
ex4
QQE ADV
...
Version 2 of this presentation was put together in December 2015 therefore; any
MT4 version close to this date will work well
...
It is owned by the Metaquotes Software
Company
...
It is simple to
use and if you are having any difficulties, Google and YouTube also provide access
to many free tutorials
...
You will need to
upload all of these indicators onto your MT4 platform for the template to display
correctly
...
ly/MT4-load-indicators-and-template
▪ There is no mention of the ATR Stop indicator on the video and this will be
explained later
...
▪ With regards to the MACD Platinum and QQE Adv indicators, there is no
requirement for them to be displayed on the chart, but they do have to be uploaded
onto your MT4 platform as they are the two indicators required to make the QMP
Filter work
...
▪ When you load your template you should see a grey background chart with a 25
SMA and 240 LMA over price, and also the QMP Filter with the red and green dots
...
This is
represented by the dark blue line and also the zero level
...
Below these 2x MACDs, you will have a 3rd
standard MACD with the histogram highlighted also
...
Here are a few ideas regarding
how I like to trade and of course, it is entirely up to you whether you choose to do
this too
...
I may drop down to 1hr or 30m charts if I
do have screen time available
...
Trading gives me a lifestyle, which doesn’t include
sitting in front of my computer staring at charts for hours on end
...
I
like the price already heading in the direction I am trading
...
I keep the position size very small, for example I may use 0
...
With the 4hr charts and lower, I generally consider a position size of 1 to
2% risk on each trade, already knowing approximately where my stop would be
...
However, please be aware of
combined correlation (risk) when trading multiple pairs
...
Sure it may go in your favour, but it also may not, and with 3x trades on
involving the GBP, it could get painful very fast
...
News events do not worry me too much when trading off the Daily
charts, but I will keep an eye on them with the smaller time frames
...
The absolute critical one is that the Modified MACD (6,12,1) must have crossed
the zero level, and this must have been confirmed
...
Rarely do I trade mid candle
unless I have set a buy or sell stop order
...
A same color QMP Filter dot
...
If the Mod MACD had crossed up through the zero level, then this
signifies a buy and therefore you would need a green dot on the QMP Filter
...
This means that
you will see a red/green dot on this before anything else which gives you a warning
that there may be a change of direction coming
...
Price has to have closed either above or below the 25 SMA depending on whether
you are buying or selling
...
The bottom standard MACD has to have had a cross of the two lines in the same
way as the buy/sell signal above
...
And it does not matter what the histogram is showing
...
Following, are some examples of entries
...
It
wasn’t until the fast 6,12,1 MACD in the center crossed the zero level that the sell
entry was then confirmed
...
The trade is entered on the open of the small
white candle just to the right of the red dashed line
...
The above screenshot also shows numerous entries across a chart with both buy and
sell
...
As you can see, up until the last sell entry, the others all had the QMP
Filter give an early indication of impending reversal trades
...
In the above screenshot, I am using an example of where you may only wish to take
trades that are going in the same direction as the 240 LMA
...
I would tend to
do this style of trading if I was trading off the smaller time frame charts
...
No
...
I explain that in further detail below
...
You may even wish to consider trading within a
certain time if you were say, trading off the 5m charts eg the start of the London
session for 3hrs only
...
Another possibility would be to look
at a higher time frame and identify a major trend and then drop down to the lower
time frame charts and only take trades in that same direction
...
Another option would be to consider re-entries if already stopped out, or even
additional entries
...
Great opportunity to enter further
trades in the same direction however, be careful of position size and overall risk
when doing this as eventually that trend will end
...
In the above screenshot you can see a nice trend up
...
As the trend progressed up there
were a couple of pullbacks which were indicated by the red QMP Filter dots
...
Take further buy positions? It’s up to you
...
I normally go near the previous high/low
area, or on the other side of the MAs if they are close
...
You can also add the ATR Stop indicator to the chart at this time and use a
level just on the other side of it, if in fact price is on the correct side at the time of
entry
...
I would still take the trade anyway
...
This is the indicator with the stepped looking
red and blue lines above and below price
...
I tend to keep price either just above it in a sell trade
or just below it in a buy trade
...
Here you can see how it would have had me stopped out near the bottom of
the trend
...
I keep it off the charts until I need it, as it does clutter up the chart
somewhat
...
At least close half my
position if it hits this area
...
Taking profits or trailing stops is up to the individual
...
This works well on the bigger time frames
...
These two MACDs, even though in
the same window, actually work independent of each other and can be very
dynamic
...
It
doesn't happen all of the time, but you will see it often
...
The histogram also gives me an idea of momentum
and it is something I keep an eye on for an early indication
...
Here
you can see that the center MACDs have had a line cross marked by the arrow
...
But generally, if this
appears on the right side of your chart in live time, then consider tightening up your
stop or closing out a part of your position (or both)
...
Then there is the green dot
on the QMP Filter, which is another early warning that price could be changing
direction
...
So there are plenty of signs showing you that there
is more than likely a possible price reversal on the way
...
Always!
The ONLY exception which I may consider is when major news is coming out soon
and I am in a trade already that has either a small loss, or is sitting on a small profit
...
Both, with stops in place
...
Now you may get a change of direction with a new QMP Filter signal, which
is quite common, but everything else remains intact
...
But if the bottom standard MACD also changes
direction and price is getting ugly, I may bail out of the trade altogether
...
This normally
occurs in sideways markets, especially in the lower time frames during the very
quiet times of the trading day
...
Plenty of red and green dots on the QMP Filter, but remember to watch the
fast 6,12,1 MACD in the center and how that moves around the zero level
...
The best way to check this out is by putting the template on a few different pairs
over a few different time frames and manually back testing it to see how it works
...
Also using the cross hair can be a very useful tool to assist
...
I have prepared a YouTube video with some trade
examples, along with some discussion on trade
management here:
http://bit
...
It is simple, very mechanical and
can also be very profitable if you remain disciplined
...
which you can add to suit as
appropriate
...
As I stated earlier, keep your position size
reasonably small, your risk small and scale out of winning positions
...
You do not have to wait for a stop loss to be activated
if you can see or suspect a reversal is coming
...
Every Trader loves it when you have a trade on with zero risk as your stop
is on the good side of your entry
...
I
wish you all the best with your forex trading and if you need to ask any questions or
would just like to talk Forex, then you are welcome to email me at:
jagfx33@gmail
...
For your convenience, the link here will take you directly back to where you
purchased the book to do this
...
to/Forex-Trading-Basics
All the best,
Jim
Recommended Reading
High probability trading : take the steps to become a successful trader1st Edition
Marcel Link
The Little Book of Market Wizards: Lessons from the Greatest Traders
Jack D
...
forexfactory
...
php
Forex TSD
http://www
...
com/
Steve Hopwood
http://www
...
com/phpBB3/index
...
babypips
...
donnaforex
...
php?
PHPSESSID=cf9bbe02f96eeb902218dd15dc4534c1;wwwRedirect
Table of Contents
Chapter 1 Welcome to the World of Forex Trading
Chapter 2 What Do We Trade in the Forex Market?
Chapter 3 How Do You Actually Trade Forex?
Chapter 4 Fundamental or Technical Analysis?
Chapter 5 Further Information on Forex Specifics
Chapter 6 Trading Psychology
Chapter 7 Time to Trade
Chapter 8 Conclusion