Forex Trading QuickStart Guide

Troy Noonan

Description

THE ULTIMATE BEGINNER'S GUIDE TO FOREX TRADING– INCLUDES A COMPREHENSIVE ONLINE LIBRARY OF TRADING DIGITAL TOOLS!

The ONLY Forex Trading Book Complete With a Library of FREE Digital Trading Tools Including the Author’s Own Trade Analyzer and a Powerful Trading Indicator

Billions of dollars are moving through the forex market every hour. Are you ready to start trading?

Foreign exchange traders capitalize on exposure to the largest financial market in the world. Foreign currency markets run around the clock, and with little more needed than an internet connection, popular currency pairs can be traded from anywhere on the globe.

With high liquidity, a decentralized marketplace, and commission-free trading across the board, foreign exchange trading is a powerful tool for anyone who wants to take control of their own financial success story.

In Forex Trading QuickStart Guide, author and veteran trader Troy Noonan draws on his decades-long career spent in the trenches of the foreign currency markets to outline the exact path that new forex traders should take.

The book presents insights distilled from thousands of trades on the global forex markets, including guidance on technical and fundamental analysis, interpreting charts, and mastering the psychology of successful forex traders.

Wild trading successes, the lessons learned from painful failures, and the resulting forex trading fundamentals that Troy has imparted to thousands of trading students are on full display in this book. It doesn’t matter if you are an experienced trader who is new to the foreign currency asset class or a complete novice just getting started—this book will demystify the international foreign currency market and put you firmly on the path to success!

Forex Trading QuickStart Guide Is Perfect For:

• Complete beginners - even if you've never placed a forex trade before!

• People who tried trading foreign currency in the past but didn't find success because of complicated courses or phony forex “gurus”

• Existing forex traders who want to hone their skills & increase their earning potential

• Anyone who wants the freedom of making full-time income with part-time effort!

Forex Trading QuickStart Guide Explains:

• The Inner Workings of the Foreign Exchange Market

• Currency pairs – How to Spot Opportunities and Execute Winning Trades

• How to Back Test and Validate your Trade Plans to Minimize Trading Risk*

You Will Learn:

• The Mechanics of the Foreign Currency Markets – How to Analyze Popular Currency Pairs, How to Identify Good Entry Points, and How to Interpret the Geopolitical Factors Others Miss

• Technical and Fundamental Analysis – How to Interpret the Language of the Markets and Know When to Hold On to Your Money, How to Spot Warning Signs and the Signals That Tell Pro Traders When to Make a Move

• The Psychology of Trading Forex – The Often Discounted But Essential Mindset Changes That Bring Pro Traders to the Head of the Pack
• How to Pick a Broker – What Essential Features to Look For in a World-Class Broker, How to Read the Charts They Provide, How to Interpret Chart Patterns, and More!

*LIFETIME ACCESS TO FREE FOREX TRADING DIGITAL ASSETS*
Forex Trading QuickStart Guide comes with lifetime access to a library of exclusive tools and videos designed to help you get started quickly and become a better trader faster.

Introduction

Chapter 1: The Great Big World of Financial Markets

Chapter 2: Understanding the Forex Market

Chapter 3: Currencies and Lot Sizes

Chapter 4: Factors that Affect Currencies

Chapter 5: Determining if Forex Trading is Right for You

Chapter 6: Choosing a Broker and a Platform

Chapter 7: Using Technical Analysis

Chapter 8: Understanding Chart Patterns

Chapter 9: Understanding Indicators

Chapter 10: Applying the SMA Indicators

Chapter 11: Using Trading Systems

Chapter 12: Using Dynamic Systems

Chapter 13: Putting Risk Management to Work for You

Chapter 14: Managing Trades

Chapter 15: Trading and Digging Ditches

Conclusion

Appendix

About the Author

About QuickStart Guides

Glossary

References

Index

Sujets

• Online Trading
• Economie gestion
• E-Commerce
• Electronic commerce
• Economics
• Business
• Foreign Exchange

Informations

• Publié par: ClydeBank Media LLC
• Date de parution: 28 février 2022
• Nombre de lectures: 18
• EAN13: 9781636100142
• Langue: English
• Poids de l'ouvrage: 2 Mo

Extrait

Table of Contents
Introduction
Who I Am
Trading, Teaching, and Learning Forex
Trading Is War. Don’t Be a Casualty.
Meet Two Traders
Let’s Get Started
Chapter by Chapter
PART I - Exploring the Forex Market
| 1 | THE GREAT BIG WORLD OF FINANCIAL MARKETS
What Are Financial Markets, and Why Do We Need Them?
Types of Financial Markets
How Financial Markets Work
Forex: The Largest Market of Them All
| 2 | UNDERSTANDING THE FOREX MARKET
A Brief History of Forex Trading
Who Trades in the Forex Market?
Forex Market Hierarchies
| 3 | CURRENCIES AND LOT SIZES
Currencies Traded on the Forex Market
Currency Pairs
Understanding a Currency Quote
Forex Lot Sizes
Forex: The Market that Never Sleeps
| 4 | FACTORS THAT AFFECT CURRENCIES
Political, Natural, or Social Circumstances
Inflation and Interest Rates
National Debt
Balance of Trade and Current Account Deficits
Gauging the Effects of These Factors
| 5 | DETERMINING IF FOREX TRADING IS RIGHT FOR YOU
Assessing Your Goals
Assessing Your Current Situation
Figuring Out the Style that Works Best for You
Practice and Patience Are Necessary
Diving In
PART II - TOOLS OF THE TRADE
| 6 | CHOOSING A BROKER AND A PLATFORM
Selecting a Broker
Selecting a Trading Platform
Some Forex Brokers and Platforms
The Case for Having More Than One Account
| 7 | USING TECHNICAL ANALYSIS
Technical Analysis vs. Fundamental Analysis
Price Charts: An Important Technical Analysis Tool 
Reading a Price Chart 
How to Draw Trend Lines 
Support and Resistance
Do Not Overcomplicate Your Chart 
| 8 | UNDERSTANDING CHART PATTERNS
Trending and Consolidating Markets 
Common Reversal Patterns 
Common Continuation Patterns 
Tips for Using Patterns
| 9 | UNDERSTANDING INDICATORS
Introducing Indicators 
Using Moving Averages
Volatility Indicators 
Oscillators 
Momentum Indicators 
Finding Indicators that Give You the Greatest Edge
| 10 | APPLYING THE SMA INDICATORS
Using the 20 SMA on a Five-Minute Chart
Using the 20 SMA on a 15-Minute Chart
| 11 | USING TRADING SYSTEMS
Defining a Trading System
Using Custom Trade Methodology
Finding a Dynamic System for Trading
| 12 | USING DYNAMIC SYSTEMS
The Snapshot Trading Technique
The 1-2-3 Trade Setup
PART III - Increasing your chances for success
| 13 | PUTTING RISK MANAGEMENT TO WORK FOR YOU
Volatility Risk
Using Leverage
Drawdown and Losing Streaks
Using Stop Losses
Setting Position Size
| 14 | MANAGING TRADES
Exhaustion Trades
Swing Trading Using the Exhaustion Trade
| 15 | TRADING AND DIGGING DITCHES
Trade Methodology
Risk and Money Management
The Importance of Trading Psychology
The 5-Point Rites of Passage Action Plan
Conclusion
Appendix
About the Author
About ClydeBank Media
Glossary
References
Copyright
BEFORE YOU START READING, DOWNLOAD YOUR FREE DIGITAL ASSETS!

DOWNLOAD DIGITAL ASSETS NOW:
www.clydebankmedia.com/forex-assets
Introduction
Foreign exchange is one of the most exciting markets for traders. It is open nearly 24 hours a day during the week and is far more liquid than other financial markets. Every day, the world’s governments, banks, businesses, and traders buy and sell currencies. Some are simply looking to buy or sell goods in other countries. Others are hedging risks or speculating on major changes in the market. To me, it doesn’t matter why they’re placing trades, only that they are trading. Their activities create opportunities for me—and for you, if you learn the techniques of how to effectively trade in this lively market.
In fact, the activity in the forex markets presents profitable opportunities for the smallest of traders. The long open hours make it accessible to those who need flexibility. New traders can get started with relatively small amounts of initial capital and use leverage to build their accounts over time.
I’ve been trading for close to 30 years. I’ve seen technologies change, currencies consolidate, and new assets emerge. The fundamentals don’t change, though. The best traders pay attention to the basics and take the time to do the work before they start to trade. I’ve learned from them, and I want to pass that discipline on to you.
My approach to trading is based on a straightforward idea: we need to win more than we lose; otherwise, we just lose. As traders, we win by implementing techniques, or trading methodologies, combined with “tradeplans” using clear parameters that we have backtested, forward tested, and practiced. It is this rigorous testing that allows us to prove to ourselves that our tradeplans will win more than 50% of the time. From there, we supplement our winning tradeplans with smart money management techniques—methods for determining how much we risk and when we risk it. Beyond that, we do nothing, absolutely nothing other than allow the trade to play out as it will. Believe it or not, that last part is the hardest to master. When I say we do nothing, I mean we don’t get in our own way. Sounds easy enough, right? It’s not. To be successful, you have to shut out the noise, abandon the emotion, and just execute. The reason for trading is to make money, that’s it. If you can begin to accept that now, then your chances for success will grow. Again, it sounds easy. It’s not.
I know you’re ready to get started, but I hope you’ll take the time to read through this book before you turn your hard-earned money over to a broker. Too many traders rush in without doing the work, and they do so to their detriment. The up-front work of reading books like this cover to cover, learning how to trade using a simulated account (not real money), and committing to the rigorous testing of your tradeplans before you deploy them is what will create your edge in the market. Most traders don’t take the time to study, practice, and test. Consequently, they never learn how to properly trade. They jump in unprepared and without a plan. One of the main reasons I’m writing this book is to prevent you from making that mistake. I want you to be prepared, ready and determined to succeed.
Who I Am
I’m a California dude, through and through. I grew up here and love the climate, the beaches, and the mountains. I’ve taken to the culture, the laid-back hustle that goes on. People here work hard, but they also know how to have fun. Before I took up trading, I was ensconced in the music business. I played drums in a few rock bands, and I did event production on the jazz scene. As a musician, I understood that making music becomes more fun the better you are at it, and the only way to get better is to practice.
As with drumming, the path to becoming a real winning trader is long and arduous, but for me, the payoff that makes it all worthwhile is that it has given me the means and the flexibility to enjoy the rest of my life. While I continue to trade, teach trading, and write books about trading like this one, I also continue to play drums and hang out with my friends and family, all while enjoying the financial fruits of my labors.
My proficiencies in trading span the gamut from swing trades to day trades, from commodities futures to spot market trades in dented pizza sauce cans that fell off the forklift. I’ve done a lot of different things in life, but, for better or for worse, I can confidently say that there’s nothing out there quite like forex. It’s the largest financial market, open nearly 24 hours a day during the week (its hours are almost as nonstop as mine were when I was a professional musician). Forex is active, attracting banks, corporations, and individual traders. Great trading opportunities are simply among the by-products of the forex market’s massive, nonstop activity. I’ve always loved this market. In fact, it was my experience in the forex market that altered my personal life forever—in a good way!
The Great Pound Short (and How It Changed My Life)
The story starts in 1991. That year, the British government joined the European Exchange Rate Mechanism (ERM). This was the predecessor to the European Union’s single currency, the euro. Under the ERM, the central banks of the European nations agreed to keep their exchange rates in tight ranges relative to the other European currencies. This reduction of exchange-rate risk would make it easier for businesses to buy and sell goods across the continent. The Bank of England needed to keep interest rates high in order to maintain the agreed-upon exchange rate against the German mark.
In 1992, George Soros, a hedge fund manager with a penchant for currency trading, noticed that this arrangement had created a problem for the British pound. It was overvalued relative to where it should have been based on the British economy. Soros started betting that the pound would fall in value, a process known as short selling in trader language. Over the summer of 1992, he built up a short position that was reported to be worth $10 billion.
On September 16, 1992, the British government realized that it could not meet the standards it had agreed to. The Bank of England announced that it would be leaving the ERM. The next day, the pound fell by 15% against the German mark, and Soros made an estimated $1 billion in profit, a trade that would infamously become known as the “trade that broke the Bank of England.”
Almost 30 years later, this Soros trade remains a legend in the currency markets. Soros’s firm had an army of analysts who were able to look at the political and economic situation in Europe and then draw up a trade with little downside risk. Had Soros been wrong, the pound’s exchange rate would have been almost exactly the same as it was when he opened the short position. In the worst case, then, he would have broken even.
I was just beginning to trade forex myself at the time of Soros’s famous short, and, by coincidence, my best reading of the charts at that time led me to place a similar trade, shor