Forex Essentials in 15 Trades The Global-View.com Guide to Successful Currency Trading

by Bland, John; Meisler, Jay M.; Archer, Michael D.

• ISBN13: 9780470292631
• ISBN10: 0470292636
• Edition: 1st
• Format: Hardcover
• Copyright: 2009-03-09
• Publisher: Wiley

Summary

Traders are constantly learning their craft. Those who do not share information, discuss tactics and review prior trades are doomed for failure. Global-View.com knows this. It is the leading destination for Forex traders looking to learn and discuss trading. With over 33,000 registered users from 125 countries, Global-View.com exposes its users to an incredible base of knowledge.In this book, the authors dissect each of 15 chosen trades, using the material to expose some of the best (and worst) practices of a Forex trader. The book weaves a plethora of Global-View.com information into the detailed dissection. Each description will include how the trade was selected and why it was made, as well as money management and psychological aspects of the trade. Entertaining anecdotal stories are interspersed throughout each trade story.

Author Biography

John M. Bland is cofounder of Global-View.com. Prior to this, he was a bank forex consultant, fund manager, and independent trader.

Jay M. Meisler is cofounder of Global-View.com. Prior to this, he was an interbank dealer, fund manager, and independent trader.

Michael D. Archer has been involved in the futures and FOREX markets for three decades as a trader, writer, money manager, and systems developer.

Table of Contents

Preface

How This Book Is Organized

Beyond the Book: The GVI Forums

Ready to Go

Introduction

Origins of Global-View

The Goals of Global-View

Why an Open FOREX Forum?

Forum Rules of Behavior

How to Use the Forums

GVI Professional: A Special Forum

Additional Trader Support

As You Go Forward

The Basics of FOREX

An Introduction to FOREX

FOREX First Steps: What is it?

Why Trade FOREX?

FOREX Terms

FOREX Calculations

Market Conventions

Quoting Conventions

Elements of a Trade Plan

Summary

The Importance of Money Management

CFTC Warning

Key to Success as a Trader: Preserve Your Capital

What Is Leverage?

Example of a Hypothetical Trade

Money Management Rules

Use Stop Losses

How Much to Risk on a Trade

Ready to Trade?

Summary

Technical Trading

What is Technical Analysis?

The Technical Analysis Landscape

Summary

Fundamentals for FOREX Trading

What is Fundamental Analysis?

All Price Moves are not Created Equal

Interest Rates

Typical Fundamental Market Frameworks

Trading in a Crisis Economy

Summary

Trading the News

Caveat Emptor (Let the Buyer Beware)

Market Orders

Trading the News - Complex and Risky Do Your Homework

Popular Releases for News Traders

Summary

Trader Profiles Good Traders, Bad Traders

What Is Your Trader Profile?

Good Trader versus Bad Trader

Summary

Selecting a FOREX Broker

Broker-Dealer Due Diligence

The First Decision: Market-Maker or Electronic Communications Network (ECN?Broker-Dealer Spotlight

Third-Party Services

After the Demo Account

Summary

15 Trades and Their Stories

Heuristic-Based Trading

The Snowflake Trading Heuristic

A KIS (Keep It Simple) System

Summary

Trade #1: A Symphony of Numbers Money Management

The Six Components of Money Management

The Campaign Trading Method

Analyzing the Trade

Summary

Trade #2: Know When to Hold Them...Money Management

The Bounce

Analyzing the Trade

Summary

Trade #3: Scaling the Wall Money Management

The Dagger

Analyzing the Trade

Market Thickness

Summary

Trade #4: The Trend is Your Friend Money Management

Trend Components

The Matrix

How Do You Determine the Major Trend?

Market Environments

Analyzing the Trade

Summary

Trade #5: Don't be a Flatlander Money Management

The Three Chart System

The Importance of Perspective

Analyzing the Trade

Summary

Trade #6: Sit on Your Hands Psychology

Trading Versus Holding

Analyzing the Trades

Summary

Table of Contents provided by Publisher. All Rights Reserved.