Do not expect a detailed analysis of each currency pair or the effect crude oil may have on the Canadian dollar. I will not discuss traditional technical patterns, Elliot Wave theory, or Gartley patterns (whatever the heck they are). These topics have been discussed ad nauseum by other authors and I see no reason to cover them again.
I don’t use them in my trading, so why should I include them in this book? I am only interested in identifying support or resistance, where price is now, where is it headed, and how can I profit regardless of the cost of tea in China. Throughout this book I refer to the theme of bargain hunting. Many traders tend to lose their shrewd business sense when it comes to trading.
The same trader who wouldn’t pay a penny too much for a car will pay full price for a trade. These traders chase breakouts, sell resistance, and buy support. I want to reset your thinking and remind you that trading is no different from any other market. Demanding the best deal out of every trade lowers your risk and increases your profits. No trade is worth taking unless you are able to dictate your terms to the market. Throughout the chapters on bargain hunting you’ll learn the principles and methodologies I follow to be the cheapest trader I can possibly be. It’s a badge I wear proudly.
Content :
CHAPTER 1 Exploring the Currency Market
What Is Forex ?
Forex Roots
Forex Participants
Forex versus
Exchange Markets
Trade Mechanics
Order Types
Margin and Leverage
Earning Interest S
electing a Currency
Dealer
CHAPTER 2
Principles of a Bargain Hunter
CHAPTER 3 Reading Price Action
Understanding Supply and Demand
Identifying Support and Resistance
Trading Price Action
CHAPTER 4 Managing Risk
Always Use a Stop Order
Beware of Overtrading
Reducing Your Transaction Costs
Stop Thinking about Losses in Pips
Managing Risk through Position Size
Manage Risk Consistently
Be Conservative with Trailing Stops
Is Losing 70 Percent of Your Trades Bad?
Know When to Take a Break
CHAPTER 5 Managing Profit
Common Profit Management Techniques That Increase Volatility
Identifying Profit Targets
Identifying Profit Targets with Fibonacci Ratios
Using Trailing Stops
Automating Profit with Limit Orders
CHAPTER 6 Bargain Hunting Along
the Edge
Determining Trends
Identifying a Bargain Day
Locating a Support and Resistance Zone
Managing Risk
Managing Profit
Example Trades
CHAPTER 7 Bargain Hunting with Price Action
Identifying a Bargain Day with Price Action
Managing Risk
Managing Profit Example Trades
CHAPTER 8 Bargain Hunting with the
Commodities Channel Index
The Traditional CCI Trade
The Bargain Hunter’s CCI Trade
CHAPTER 9 Bargain Hunting with
Fundamental Data
Why Trade News? What News Is Worth Trading?
Which Currency Pair Should You Trade
Understanding Market Reactions
Trading a Fundamental Event Closing Bell
CHAPTER 10 Achieving Consistency: Simple
Steps Every Trader Can Take
Stop Searching for the Forex Holy Grail
Fix Yourself First
Are You Really Going to Earn 100 Percent a Month?
Consider Long-Term Trading
Specialize
Develop a Written Trading Plan
Keep a Trading Journal
Demo Trade Properly
Download
Author:By RYAN O’KEEFE
John Wiley & Sons, Inc.
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