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The FX Bootcamp Guide to Strategic and Tactical Forex Trading
Wayne McDonell (Author)
9780470187708, Wiley
Hardback, published 10 October 2008
256 pages, Charts: 101 B&W, 0 Color; Tables: 8 B&W, 0 Color
23.2 x 16.4 x 2.8 cm, 0.434 kg
A straightforward guide to trading today's dynamic Forex market Written by Wayne McDonell, the Chief Currency Coach at FX Bootcamp, this book shows readers how to successfully trade the Forex market on their own. FX Bootcamp's Guide to Strategic and Tactical Forex Trading skillfully explains how to combine popular technical indicators to formulate a comprehensive market strategy. Readers will then learn how to focus on using this information to create a tactical trading plan--one that will help them pull the trigger to get in and out of a trade. Along the way, McDonell takes the time to discuss the various challenges a Forex trader faces, such as greed, fear, loss, and isolation. As a Forex trader and educator of traders, Wayne McDonell knows what it takes to make it in the competitive world of Forex. And with FX Bootcamp's Guide to Strategic and Tactical Forex Trading he shows readers how.
Preface xi Introduction 1 Which Do You Do? 2 Part One Basic Training 5 Chapter 1 Lagging Indicators 7 Moving Averages 7 Moving Average Convergence Divergence (MACD) 9 Bollinger Bands 14 Standard Deviation 19 Summary 19 Chapter 2 Leading Indicators 21 Price Support and Resistance 21 Fibonacci Retracements 24 Fibonacci Extensions 29 Summary 33 Part One Summary 34 Part Two Strategic Analysis 37 Chapter 3 How to Gather Market Intelligence to Formulate a Trading Strategy 39 Spy Plane View 39 Inflation Sensation 40 Central Banking 42 Inflation Targeting 42 Cost of Money 42 Money Magnets 43 Interested in Valuation 44 Foreign Exchange 45 Demanding Consequences 45 House of Cards 46 Not Interested 46 Summary 49 Chapter 4 The Carry Trade 51 Free House 53 Scary Carry 54 Power Yen 55 Summary 56 Chapter 5 Forex and the Fed 57 Forex Economics 57 The Federal Reserve System 69 Summary 73 Chapter 6 Commodity Correlations 75 Commodity Correlation: Oil 75 Commodity Correlation: Gold 77 Commodity Correlation: Equities 78 Trading Commodities 81 Summary 81 Chapter 7 Greenback Guru: Why You Should Specialize in Trading U.S. Dollars 83 What’s Your USD Bias? 84 Currency Correlation Coefficient 85 Trading Currency Correlation 86 Trading a Basket of Currencies 88 Petrodollars 89 Yet another Reason 90 Summary 90 Part Two Summary 91 Part Three Rules of Engagement 93 What’s the Time? 94 Chapter 8 Market Analysis 95 Speed of the Market 95 Momentum of Price 101 Summary 104 Chapter 9 Fundamental Analysis 105 Economic Announcements 105 Global Money Flow 106 Interest Rates and Currency Values 106 Market Bias 107 Announcement Calendar 108 Summary 110 Chapter 10 Technical Analysis 111 Self-Fulfilling Prophecy 111 Range Analysis 112 Trend Analysis 121 Pivot Analysis 126 Summary 132 Chapter 11 Risk Analysis 133 Fear of Loss 133 Fear of Profit 134 Limits 134 FX Bootcamper Credo 135 Limits for Loss 136 Limits for Profit 138 More Tactics for Trade Entry and Exits 139 Your Mind’s Eye 140 Do Nothing 141 Do You Have the Guts? 142 Second Chances in Forex 143 Summary 145 Part Three: Summary 146 Part Four Tactical Planning 149 Chapter 12 Candlestick Patterns 151 Reversal Patterns 152 Reverse and Continuation Patterns 158 Trending Only 161 Summary 162 Chapter 13 Range Trading 163 Get in the Ring 163 Floors and Ceilings 164 Over and Out 165 Summary 169 Chapter 14 Trading the News 171 Conservative News Trades 174 Summary 182 Part Four Summary 183 Part Five Psychological Warfare 185 Chapter 15 How to Cope with Pre- and Post-Trading Stress Disorders 187 Going Mental 188 Common Thread 189 Understand Yourself, Understand Your Trades 191 Summary 193 Chapter 16 Trade Journals 195 3X the 4X 201 Summary 202 Chapter 17 Target Practice 203 Summary 205 Chapter 18 Three-Year Plan 213 FX Business Planner 213 Risk Management 216 Summary 222 Part Five Summary 223 Chapter 19 Closing Notes 225 The Genesis of FX Bootcamp 225 Lead by Example 227 Additional Support 228 Index 231
Subject Areas: Finance & accounting [KF]
