Forex Trading Secrets: Trading Strategies for the Forex Market

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Part 1 The Basics 1

• 1  What You Must Know to Get Started 3

• Back to the Basics: A History of the FOREX 3
• FOREX versus Stocks 7
• 
FOREX versus Futures 9 

• 2  Major Currencies and Pairs 11
• The U.S. Dollar 11 

• The Euro 12
• 
The Australian Dollar 12

• The Canadian Dollar 13

• The British Pound 13
• 
The Swiss Franc 14

• The Japanese Yen 14

• The New Zealand Dollar 15

• The Dollar Index 15
• 
The Dow Jones Industrial Average (DJIA) 16
• Gold CFDs 16
• 
Crude Oil 17

• Cross-Rate Currency Pairs 17
Exotic Currency Pairs 18
• 
Chinese Yuan or Renminbi 18

• Swedish Krona 18

• Norwegian Krone 19
• The Iraqi Dinar 19 

• 3  Anyone Can Learn the FOREX 21
•  FOREX 101 21 

• Opening a Position 21
• Trading on Margin 23
• Managing a Position 23
• Closing a Position 24
• Pips and Lots 24 

• The Lot 27

• Order Types 27

• Where Is the Market Going? 29
• Stops and Targets 32

• Spreads and Swaps 33
• Technical versus Fundamental 34 

• 4  Preparing Yourself Adequately before Jumping into the Market 37
• 
FOREX Trading Accounts 37
• Choosing a Broker 38
Tools 47
• 
Who Trades the FOREX? 49
• What Kind of Trader Am I? 50 Trading Techniques 51
• The Trader’s Levels of Ascension 55 


Part 2 Money Management 59

• 5  The Secret to Making Money 61

• Are You Really Fit to Trade in the FOREX Market? 61
• Trading Plans 62
• 
Rules and Discipline 67

• How the Market Works 73
• 
Rules for Working with the Market 74

• Paper Trading 77 

• 6  How to Keep Your Profits 81
• Money Management 81
• 
Managing Risk 86
• 
Leverage and True Leverage 87
• Overtrading and Overconfidence 89
• Overleveraging 91
•  
Trade Expectations 92 


Part 3 Trading Psychology 93

• 7  Mastering Emotions 95
• 
Trading Psychology 9
• 
Emotions of Trading 99

• How to Get Out of a Bad Trade 105
•  Become a Pro 110 

• 8  Mind over Matter for Huge Profits 113
• Affirmations 113
• 
Power of Networking 117 


Part 4 Fundamental Analysis 121

9 Economics 123


What Does Economic Release Mean? 123

 Fundamental Analysis 123


Dow Theory 125


Fundamental Indicators 127


Japan’s Monetary Policy 137


FOREX Currency Carry Trade 139

Interventions 140
Gross Domestic Product (GDP) 142

Trading the News 143
What Are Contrarian Indicators? 145

Part 5 Technical Analysis 147

• 10  Technical Indicators 149

• Technical Analysis 149
• 
Types of Charts Showing Price Action 150
• Trend Indicators 162
• 
Market and Volatility Indicators 168
• Understanding Oscillators 173
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• Unique Indicator: Ichimoku Kinko Hyo 176
• Divergences 177 

• 11  Technical Patterns 181
• Candlesticks 181
• 
Chartism Patterns 185
• Reversal Patterns 186
• Continuation Patterns 192 


Elliott Waves 203


Harmonic Price Patterns 208


Fractals 214


Trading Naked (Only Price Action) 215

• 12  Support and Resistance 217
• Support 217
• 
Resistance 218

• Trendlines 219

• Moving Averages 219
• 
Other Indicators 220
• 
Entering Positions 221
Exiting Positions 222

• Pivot Points: Do They Work? 222 Psychological Levels 226
• 
Using Multiple Time Frames 228
• Trend Is Your Friend 231 

• 13  Automated Trading 233

• Expert Advisors and Automatic Programming 
Interfaces (APIs) 233
• 
Advanced Robots: Neural Networks in the FOREX 235 


Part 6 Building Your Portfolio 239

• 14  Secrets to FOREX Diversification 241
• FOREX Options 241
• 
Spot FOREX Options 246

• FOREX Futures 247 

• FOREX Exchange-Traded Funds (ETFs) 248
• Contracts for Difference (CFDs) 249
• Commodities 250
• 
Indices (Securities) 251 

• 15  My Favorite Ways to Trade 253
•  Breakouts 253
• 
Channeling 258

• Hedging 261
• 
Basic Oscillator-Based Strategy 262
•  Basic Moving-Average Crosses 263
• Trading Gaps 264
• 
Daily High-Low 265 


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