The no-nonsense guide to forex trading

The no-nonsense guide to forex trading

By my estimate, 7 out of 10 of all forex traders have lost money and will continue to lose money. Certainly, all those who traded without first studying and preparing adequately lost. All those who feel that trading forex is just another form of gambling lost. All those who relied solely on tips eventually lost. All those who lack the persistence, the necessary patience and sufficient self-control lost. However, all those who are none of the above should have a decidedly much better fate, and achieve eventual success in time.

You don’t need so much to make a lot more money. You can start trading with a minimum of $300 deposited directly to your trading account. How soon and how fast it will grow is entirely up to you. Your future is in your hands. This Forex Trading Manual has been especially designed for the sole purpose of helping you to attain your trading objectives and goals.

After some initial studies and practice, trading itself can take as little as an hour a day during your free time or even just an hour or two each week. It will depend on your individual style of trading and your turnover periods, be they medium-term, short-term or day trading. The rest of the time, you can go on vacation or just spend all that money that you have made doing the things you enjoy. You may also just bring your laptop or your mobile phone along with you and not have to pass up on your trading opportunities.

And whoever you may be -- a student or out-of-school youth, unemployed or unemployable, a part-timer, a struggling housewife, an embattled employee, a busy executive or especially for retirees and senior citizens – the opportunities are equally as great. So whatever you learn today and whatever skill you are able to develop today will never be lost. It will stay with you and ensure your profitable trading for all the rest of your life.

Not everyone will be able to trade profitably. A few will succeed beyond their wildest dreams but many will fail. However, even a high school kid can trade and earn the big bucks. No reason you can’t.

* If you have USD300 (about PHP13000) free capital that you can trade:

* If you own a laptop or a PC with Internet access,

* If you dream of living a life of reasonable comfort according to your just deserts,

* If you are open to learning new ways of doing things,

* If you are willing to study and develop a new skill,

* If you have a good head for figures and can easily adjust to changing trends,

* If you are self-analytical, make your own decisions and are open to taking calculated risks based on your own personal evaluations,

* If you are methodical, patient and consistent,

* If you are a loner and can operate alone on your own,

* If you believe in yourself and in your ability to evaluate probabilities correctly and that you can succeed if you put your mind to it,

Then, you’re ready to go. So get wet. Go for it! You won’t know if you can until you give it a try.

Table of Contents

Part I Introduction
Forex trading
Part II The Forex Trading Manual
Technical trading as against trading based on fundamentals
The Price Cycle
Support and resistance, stops and limits, entry limits and entry stops
Formulating our trading strategy
TURN100 – Medium-term strategy
Day trading – What I should do
Choosing the currency to trade
Timing
Allocating lots
Taking profits and losses
ASL – Automatic Stop Loss
Adjusting to changes
Demo trading
Evaluating your performance and effecting improvements
Before you trade live
Spiritual prerequisites
Summary of dos and remedial actions
Part III Setting up to trade live
Necessary setting up procedures and preparations
How to open a live trading account
FXCM links
Part IV Stocks vs. Online Forex
Online trading vs. trading in the Philippine Stock Market