Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results. Therefore, always consider your investment strategies and risk-appetite, before choosing a Forex brokerage firm and investing in the different financial assets.
I am new to trading forex but have been trading stocks and options for over 5 years. Aspects of the forex market are very intriguing 24 hour trading, a small 'universe' of currencies to watch vs. Let me state from the outset that the editing indeed leaves much to be desired. Typos, letters or spaces left out and smallish charts that forces one to bring out a magnifying glass at times.
But none of this has anything to do with the value of the content of the book. Anyone dismissing this book simply due to editing are 'missing the forest for the trees,' as the saying goes. But the minor editing blunders are unfortunate and are the reason for only 4 stars instead of 5.
You can focus on one thing at a time to insure that you 'get it' before moving on. And everything builds upon the preceding chapters fairly smoothly, so it works.
If you want that, I suggest Murphy's tome on Technical Analysis. Instead, she is clearly outlining some of the key tools that she uses to trade forex and provides adequate reasoning for her choices. She does not dismiss other indicators as not being useful - she simply seems to have found that following a simple system with these tools works for her. And I would have to agree that it is easy to become bogged down in 'indicator paralysis' and I find her simplicity refreshing.
Unlike any stock broker that I know, you can open a demo account or 3 or 5! I have not seen any other author put the style, market conditions and tools together in such a clear manner.
With the high leverage issues in forex, these issues become very critical, more so than with stocks and options. This is typically a boring area for most readers, but ignore it at your financial peril! The demo account is doing too well to leave unfunded! As you can tell, I highly recommend this book. If you are new to forex, you can buy many books for half the cost of this one, some that are a lot thicker, too!
But I doubt that you can find a better book to help you become comfortable with the market, the 'whys' and 'hows' of trading forex, and perhaps most importantly, how to manage your trades and money in differing market conditions. Open a demo account if you are not already active in forex 3. What could be better? Written so that this beginner can understand.
Raghee does an excellent job presenting this material. This author has no reason to sell you all her best trading secrets, but she does have a reason to successfully market a dream and make a killing from unsuspecting buyer's hopes and dreams. The "information" in this book is very vague and incomplete, leaving the reader at a complete loss on trying to learn how to forecast the forex market.
Not only does the author tease the reader with bits and pieces of her secret strategy that do not fit together, but the writing in the book is so poor you'd think that a juvenile delinquent wrote the book on a Sunday night for a class project due on Monday. If you want to throw money away, buy this book. Otherwise you'd have better luck in the forex market by throwing darts at currency bills and investing in those. If you are new to Forex or wanted to get in now, this book will suit you best.
It gives you the good reviews and reminders of "practices" required to do Forex trading. It's probably true that this is the only book you can find for this purpose for now, as I did some searches and couldn't find the same. Other Forex books, are really more on history, technicals and academic oriented. I couldn't rate it higher, as probably my expectation was wrong, I was looking for "secrets" or a sound methodology to do Forex trading, this book covers this part base on a methodoloy which I don't find it any "special", the methodology is not easy to use to my standard.
It's quite difficult to catch the points also, as the charts are really too small, and no clear indications of enter and exit decisions. Overall, a good reading and should help. But as always, have the knowledge is one thing, putting them to practice is another. See all 76 reviews. Most recent customer reviews. Published on June 15, Published on March 15, Published on February 22, Published on March 29, Published on March 18, We are pleased to offer our client's free access to the world's most popular trading platform, MT4!
Award-winning foreign exchange technical analysis. Emailed directly to your inbox - twice daily! Streamed straight to your MT4 platform! Trading Central is an internationally renowned research organisation with a proven track record in delivering an accurate and timely assessment of the financial markets. As experts in technical analysis, Trading Central provides market insights and knowledge based on many years of experience acquired on the trading floors of reputable banking institutions and through the affiliation it has with key partners such as Bloomberg, Dow Jones Newswire and Thomson Reuters.
I would not like to receive information on upcoming offers. Confidence — to believe in yourself and your trading strategy, and to have no fear. Discipline — to remain calm and unemotional in a realm of constant temptation the market.
Focus — to stay concentrated on your trading plan and to not stray off course. Logic — to look at the market from an objective and straight forward perspective. Patience — to wait for only the highest-probability trading strategies according to your plan. Realism — to not think you are going to get rich quick and understand the reality of the market and trading. Savvy — to take advantage of your trading edge when it arises and be aware of what is happening in the market at all times.
As traders, we can take advantage of the high leverage and volatility of the Forex market by learning and mastering and effective Forex trading strategy, building an effective trading plan around that strategy, and following it with ice-cold discipline. Money management is key here; leverage is a double-edged sword and can make you a lot of money fast or lose you a lot of money fast. The key to money management in Forex trading is to always know the exact dollar amount you have at risk before entering a trade and be TOTALLY OK with losing that amount of money, because any one trade could be a loser.
More on money management later in the course. Banks — The interbank market allows for both the majority of commercial Forex transactions and large amounts of speculative trading each day. Some large banks will trade billions of dollars, daily. Companies — Companies need to use the foreign exchange market to pay for goods and services from foreign countries and also to sell goods or services in foreign countries.
An important part of the daily Forex market activity comes from companies looking to exchange currency in order to transact in other countries. They can use their substantial foreign exchange reserves to try and stabilize the market. This means, the person or institutions that bought or sold the currency has no plan of actually taking delivery of the currency; instead, the transaction was executed with sole intention of speculating on the price movement of that particular currency.
Retail speculators you and I are small cheese compared to the big hedge funds that control and speculate with billions of dollars of equity each day in the currency markets. Individuals — If you have ever traveled to a different country and exchanged your money into a different currency at the airport or bank, you have already participated in the foreign currency exchange market.
Investors — Investment firms who manage large portfolios for their clients use the Fx market to facilitate transactions in foreign securities. For example, an investment manager controlling an international equity portfolio needs to use the Forex market to purchase and sell several currency pairs in order to pay for foreign securities they want to purchase. Retail Forex traders — Finally, we come to retail Forex traders you and I. The retail Forex trading industry is growing everyday with the advent of Forex trading platforms and their ease of accessibility on the internet.
Retail Forex traders access the market indirectly either through a broker or a bank. There are two main types of retail Forex brokers that provide us with the ability to speculate on the currency market: Brokers work as an agent for the trader by trying to find the best price in the market and executing on behalf of the customer.
For this, they charge a commission on top of the price obtained in the market. Advantages of Trading the Forex Market: This means dense liquidity which makes it easy to get in and out of positions. There is no opening bell in the Forex market.
Straight through order execution allows you to trade at the click of a mouse. Also, there is no structural market bias like the long bias of the stock market, so traders have equal opportunity to profit in rising or falling markets. While the forex market is clearly a great market to trade, I would note to all beginners that trading carries both the potential for reward and risk.
Many people come into the markets thinking only about the reward and ignoring the risks involved, this is the fastest way to lose all of your trading account money. Jump To Next Chapter — Part 2: What Is Forex Trading? What is Professional Forex Trading? What is Fundamental Analysis? What is Price Action Trading Analysis? Introduction to Forex Charting. Common Forex trading mistakes and traps. What is Technical Analysis. How to Make a Forex Trading Plan. The Psychology of Forex Trading.
The way you show us these instructions according to me its very interesting, So i need t to start it but i have to learn fast. So I read to try your forex trading article. I am very much interested in trading,especially after going through your notes. I want to learn more Tony Gauteng, South Africa. But i wanna know how can i do it.
I wanna start as soon as possible. Am based in south Africa. I like the fect that you have made it clear that there are risks involved and that one can lose money easily. Am going to join. HI Nial m thinking this could be my thing if u can help understand better abt Forex I will truly appreciate it. Tsieng, you can join our online trading courses and access all members services via this link — http: Hy Neil …im so interested in Forex.
Great forex knowledge, I was directed here by my big bro, a co-trader. It is indeed worth what he esteemed it. Love your posts on our site, https:
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