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9780470602126

Getting Started in Currency Trading: Winning in Today's Forex Market, 3rd Edition

by
  • ISBN13:

    9780470602126

  • ISBN10:

    0470602120

  • Edition: 3rd
  • Format: Paperback
  • Copyright: 2010-04-01
  • Publisher: Wiley
  • Purchase Benefits
List Price: $19.95

Summary

Getting Started in Currency Trading, Second Edition will act as both an introduction and a reference manual for beginning and intermediate traders. A description of the Foregin Exchange (FOREX) market and a brief history are followed by a section of FOREX terms clearly defined with examples. The FOREX market has grown substantially and evolved dramatically in recent years, and this new edition helps you adapt to these changes.The reader is then taught how to open his own trading account. A step-by-step section then walks the reader through the physical process of placing and liquidating currency orders accompanied by numerous screen captures of what to expect inside a dealer's trading platform.Trading strategy and tactics are described in detail along with some fundamental and technical analysis to assist the trader in his decision making process. FOREX arithmetic calculations are also handled in a clear step-by-step process. Recommendations, guidelines and caveats appear throughout the book.This latest edition of Getting Started in Currency Trading contains significant updates, including a new chapter on FOREX trading platforms and trading tables. Archer has also revitalized his successful trading plan to help you put it all together and really get started. The book will contain numerous diagrams, tables, lists and screen captures to aid in the reader's understanding of this seemingly complex market.

Table of Contents

Introduction
About This Book
How This Book Is Organized
Companion Web Site
Disclaimer
The Foreign Exchange Markets
The FOREX Landscape
Introduction-What Is FOREX?
What Is a Spot Market?
Which Currencies Are Traded?
Who Trades on the Foreign Exchange?
How Are Currency Prices Determined?
Why Trade Foreign Currencies?
What Tools Do I Need to Trade Currencies?
What Does It Cost to Trade Currencies?
FOREX versus Stocks
FOREX versus Futures
Summary
A Brief History of Currency Trading
Introduction
Ancient Times
The Gold Standard, 1816-1933
The Fed
Securities and Exchange Commission, 1933-1934
The Bretton Woods System, 1944-1973
The End of Bretton Woods and the Advent of Floating Exchange Rates
International Monetary Market
Into the Millennium
Arrival of the Euro
The CFTC and the NFA
Summary
Two Ways to Trade FOREX
Introduction-Futures Contracts
Currency Futures
Contract Specifications
Currencies Trading Volume
U.S. Dollar Index
Volume and Open Interest
Where to Trade
FOREX Futures
Summary
Getting Started
Regulation: Past,Present, and Future
Regulation in the FOREX Market
Regulation Past
Regulation Present
Regulation Future
Summary
The Forex Lexicon
Currency Pairs
Major and Minor Currencies
Cross Currency
Exotic Currency
Base Currency
Quote Currency
Pips
Ticks
Margin
Leverage
Bid Price
Ask Price
Bid-Ask Spread
Quote Convention
Market Maker and ECN
Transaction Cost
Rollover
Summary
Trading Tables
Pips
Profit and Loss
Margin
Leverage
The Bid-Ask Spread
Profit Threshold
For Futures Traders
Summary
A Guide to Forex Brokers
Broker-Dealer Due Diligence
Demo Accounts
Market Maker or ECN?
FCM or IB?
Platform Capabilities
Trading Tools
The Trader's Desktop
News
Platform Stability and Backbone
Historical Data
Data Feed
Orders
Margin Requirements
Order Backup
Account Minimums
Pairs, Crosses, and Exotics
Deposits and Withdrawals
Transaction Costs
Trading Hours
Customer Service
Documentation
Requoting
Stop Harvesting
Ballooning Spreads
Financials
Rollovers and Interest
FOREX Broker-Dealers
Popular Broker-Dealers
The Big Three
For the Professional
Fraud, Scams, and Off-Exchange
Broker-Dealer Due Diligence Form
Summary
Opening a FOREX Account
Account Types
Opening the Account: Steps
Summary
Making the Trade
Orders
Market Orders
Limit Orders
Stop Orders
Combination Orders
Specialty Orders
Order Placement
Order Execution
Order Confirmation
Open Orders
Summary
The Tools of the Trade
Fundamental Analysis
Supply and Demand
Interest Rates
Balance of Trade
Purchasing Power Parity
Gross Domestic Product
Intervention
Other Economic Indicators
Forecasting
Summary
Technical Analysis
Overview
Bar Charts
Trendlines
Support and Resistance
Recognizing Chart Patterns
Reversal Patterns
Continuation Patterns
Candlestick Charts
Point and Figure Charts
Charting Caveat-Prediction versus Description
Indicators and Oscillators
Relative Strength Indicator
Momentum Analysis
Moving Averages
Bollinger Bands
Indicator Caveat-Curve-Fit Data
Wave and Swing Analysis
Cycle Analysis
Trading Systems
The Technician's Creed
Summary
A Trader's Toolbox
General Principles
A KIS Toolbox
A Chart Interpretation Technique
GSCS Rules
The Nofri Congestion Phase Method
Pugh Swing Chart Formations
A Moving Average and Oscillator Battery
Contrary Opinion
Volume and Open Interest
Heuristics
Summary
The FOREX Marketplace
Organizing Your Bookmarks
Portals and Forums
Charting and Technical Services
FOREX Education
News and Calendars
Live Data and APIs
Historical Data
System Development Tools
FOREX Managed Accounts
Peter Panholzer
Advisory Services
Online Reference Guides
Spread and Binary Betting
Periodicals-In Print and Online
Books
Summary
Retail FX Platforms
Professional FX Platforms
Trading Platform Features
Summary
The Complete Forex Trader
The Plan! The Plan!
Parts of the Plan
Plan Materials
Mission-Critical Information Sheet
Biofeedback Form
The Snowflake Method
Trade Heuristic Worksheet
30 Trade Campaign Worksheet
Continuation Charts
SnagIt
Performance Diagnostics
Record Keeping
When Things Go Wrong
Summary
Money Management Simplified
Breaking Even-The Belgian Dentist
Expectations
Trader Profiles
Parameters for Trader Profiles
The Trade Campaign Method (CTM)
Calculating CTM Profit and Loss
Protecting Profits
Stop-Loss Orders-Physical or Mental?
Selecting Currency Pairs to Trade
Summary
Psychology of Trading
The Trading Pyramid
Fear and Greed,Greed and Fear
Profiling Performance
The Attitude Heuristic
Characteristics of Successful Traders
Summary
Improving Your Trading Skills
Techniques
Skills
Trading the News
Summary
Extra For Experts
Options and Exotics
Options
An Options Primer
Basic Options Terms
The Pros and Cons of Options
The Four Basic Options Strategies
Purchasing and Writing Options
Advanced Options Strategies
The Greeks
The Retail FOREX Options Landscape
Options for Trading
Options for Money Management
Exotics
Trading Exotics
Summary
Computers and FOREX
Technical Analysis
Expert Advisors
Automated Trading and BOTS
High-Frequency and Ultra-High-Frequency Trading
Into the Future of FOREX
The Trend Machine
Arbitrage
Pros and Cons of Arbitrage
Summary
How the FOREX Game Is Played
Market Makers and ECNs
A Peek under the Hood
List of World Currencies and Symbols
Euro Currency Unit
Time Zones and Global FX Trading Hours
Central Banks and Regulatory Agencies
Resources
Periodicals
Books
Web Sites
Online FOREX Tour
FX Calculation Scenarios
Calculating Profit and Loss
Calculating Units Available
Calculating Margin Requirements
Calculating Transaction Cost
Calculating Account Summary Balance
Glossary
Index
Table of Contents provided by Publisher. All Rights Reserved.

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