Currency Trading For Dummyes PDF
Part I: Trading the World’s Largest Financial Market
Currency Trading For Dummyes introduces you to the global forex market and gives you an idea of its size and scope. You find out who the players are and what their styles and motivations are. I also look at the impact of other financial markets on currencies. This part is also where I cover the nitty-gritty of currency trading conventions and tools so you know exactly how and what you’re trading.
Part II: Driving Forces behind Currencies
In this part I look at the major fundamental and economic drivers that influence currency values. Also, whether it’s economic data out of the United Kingdom or a political spat in the land down under (that’s Australia, mate!), the forex market moves in response to developments from around the world. I show you how to interpret the data and events like a pro, factoring in market psychology and positioning. I also draw on my years of experience to offer insights that clue you in to how major currencies typically trade so you can know what to expect before you take the plunge.
Part III: Developing a Trading Plan
The military has an old saying: “Proper planning prevents piss-poor performance.” The forex market is pretty much always open and constantly moving. To swim in this ocean and avoid the sharks requires an organized and disciplined approach to trading. In this part, I detail different trading styles, highlight concrete strategies, and provide a game plan for spotting trade opportunities and being prepared to act on them. I introduce you to my preferred technical analysis tools and my approach to using them. I also explore risk-management considerations and rules in depth, because what you don’t know can cost you.
Part IV: Executing a Plan
In this part, I walk you through the various ways of establishing a position in the market, how to manage the trade while it’s open, and how to close out the position on the most advantageous terms. I also look at the learning curve of a trader and suggest techniques to move you up your curve faster. Part V: The Part of Tens Here I offer a series of lists of key characteristics of successful traders, trading pitfalls to avoid, risk