The FX Bootcamp Guide to Strategic and Tactical Forex Trading

by McDonell, Wayne

• ISBN13: 9780470187708
• ISBN10: 0470187700
• Edition: 1st
• Format: Hardcover
• Copyright: 2008-09-22
• Publisher: Wiley

Summary

A straightforward guide to trading today's dynamic Forex marketWritten by Wayne McDonell, the Chief Currency Coach at FX Bootcamp, this book shows readers how to successfully trade the Forex market on their own. FX Bootcamp's Guide to Strategic and Tactical Forex Trading skillfully explains how to combine popular technical indicators to formulate a comprehensive market strategy. Readers will then learn how to focus on using this information to create a tactical trading plan--one that will help them pull the trigger to get in and out of a trade. Along the way, McDonell takes the time to discuss the various challenges a Forex trader faces, such as greed, fear, loss, and isolation. As a Forex trader and educator of traders, Wayne McDonell knows what it takes to make it in the competitive world of Forex. And with FX Bootcamp's Guide to Strategic and Tactical Forex Trading he shows readers how.

Author Biography

WAYNE McDONELL is the Chief Currency Coach of FX Bootcamp (www.fxbootcamp.com), a live Forex training organization. He is a professional Forex trader, a member of the National Futures Association, and a registered Commodities Trading Advisor. Respected in the Forex industry as a successful trainer, McDonell is a regular speaker at major investing conferences and expos in Asia, Europe, and America. His videos are syndicated around the world on outlets including Forex Television, FXstreet.com, MoneyShow.com, and MSN. His live trading Webinars have attracted up to 1,000 traders each. McDonell has written "how-to" articles for investing magazines, such as Your Trading Edge and the FOREX Journal magazine. He has also received notoriety in the National Post, TechWeek, Interactive Week, and Inc. magazine to name a few.

Table of Contents

Preface	p. xi
Introduction	p. 1
Which Do You Do?	p. 2
Basic Training	p. 5
Lagging Indicators	p. 7
Moving Averages	p. 7
Moving Average Convergence Divergence (MACD)	p. 9
Bollinger Bands	p. 14
Standard Deviation	p. 19
Summary	p. 19
Leading Indicators	p. 21
Price Support and Resistance	p. 21
Fibonacci Retracements	p. 24
Fibonacci Extensions	p. 29
Summary	p. 33
Part One Summary	p. 34
Strategic Analysis	p. 37
How to Gather Market Intelligence to Formulate a Trading Strategy	p. 39
Spy Plane View	p. 39
Inflation Sensation	p. 40
Central Banking	p. 42
Inflation Targeting	p. 42
Cost of Money	p. 42
Money Magnets	p. 43
Interested in Valuation	p. 44
Foreign Exchange	p. 45
Demanding Consequences	p. 45
House of Cards	p. 46
Not Interested	p. 46
Summary	p. 49
The Carry Trade	p. 51
Free House	p. 53
Scary Carry	p. 54
Power Yen	p. 55
Summary	p. 56
Forex and the Fed	p. 57
Forex Economics	p. 57
The Federal Reserve System	p. 69
Summary	p. 73
Commodity Correlations	p. 75
Commodity Correlation: Oil	p. 75
Commodity Correlation: Gold	p. 77
Commodity Correlation: Equities	p. 78
Trading Commodities	p. 81
Summary	p. 81
Greenback Guru: Why You Should Specialize in Trading U.S. Dollars	p. 83
What's Your USD Bias?	p. 84
Currency Correlation Coefficient	p. 85
Trading Currency Correlation	p. 86
Trading a Basket of Currencies	p. 88
Petrodollars	p. 89
Yet another Reason	p. 90
Summary	p. 90
Part Two Summary	p. 91
Rules of Engagement	p. 93
What's the Time?	p. 94
Market Analysis	p. 95
Speed of the Market	p. 95
Momentum of Price	p. 101
Summary	p. 104
Fundamental Analysis	p. 105
Economic Announcements	p. 105
Global Money Flow	p. 106
Interest Rates and Currency Values	p. 106
Market Bias	p. 107
Announcement Calendar	p. 108
Summary	p. 110
Technical Analysis	p. 111
Self-Fulfilling Prophecy	p. 111
Range Analysis	p. 112
Trend Analysis	p. 121
Pivot Analysis	p. 126
Summary	p. 132
Risk Analysis	p. 133
Fear of Loss	p. 133
Fear of Profit	p. 134
Limits	p. 134
FX Bootcamper Credo	p. 135
Limits for Loss	p. 136
Limits for Profit	p. 138
More Tactics for Trade Entry and Exits	p. 139
Your Mind's Eye	p. 140
Do Nothing	p. 141
Do You Have the Guts?	p. 142
Second Chances in Forex	p. 143
Summary	p. 145
Part Three: Summary	p. 146
Tactical Planning	p. 149
Candlestick Patterns	p. 151
Reversal Patterns	p. 152
Reverse and Continuation Patterns	p. 158
Trending Only	p. 161
Summary	p. 162
Range Trading	p. 163
Get in the Ring	p. 163
Floors and Ceilings	p. 164
Over and Out	p. 165
Summary	p. 169
Trading the News	p. 171
Conservative News Trades	p. 174
Summary	p. 182
Part Four Summary	p. 183
Psychological Warfare	p. 185
How to Cope with Pre-and Post-Trading Stress Disorders	p. 187
Going Mental	p. 188
Common Thread	p. 189
Understand Yourself, Understand Your Trades	p. 191
Summary	p. 193
Trade Journals	p. 195
3X the 4X	p. 201
Summary	p. 202
Target Practice	p. 203
Summary	p. 205
Three-Year Plan	p. 213
FX Business Planner	p. 213
Risk Management	p. 216
Summary	p. 222
Part Five Summary	p. 223
Closing Notes	p. 225
The Genesis of FX Bootcamp	p. 225
Lead by Example	p. 227
Additional Support	p. 228
Index	p. 231
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