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7 Winning Strategies For Trading Forex

Real and actionable techniques for profiting from the currency markets

By Grace Cheng

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About the Author

Grace Cheng

Grace Cheng is an investor and FOREX trader, and is the co-founder and chief editor of DailyMarkets.com - a financial community weblog dedicated to 24/7 breaking news and market opinions from traders, money managers and investors. Inspired by veteran investor Jim Rogers' adventurous spirit of traveling around the world, in 2007 and 2008, she fulfilled her dream of travelling around the globe from ... Read more on Grace Cheng

Contents Listing

About The Author
Preface
Introduction

PART I - TRADING FOREX

1. Getting started
Unique Characteristics of the Forex Market
Investing vs Trading
Trading Time Frames
Warming Up
- Opening an account
- Currency codes
- Currencies are traded in pairs
- Trade size
- Pips
- Reading forex rates
- Understanding rollover
- What sort of leverage can I get?
- Trading
- Volatility
- Common types of order
How to Choose a Broker
Forex Trading Is A Serious Business
A Day in the Life of a Full-Time Forex Trader

2. Spot Forex Market Structure

Market Players
- Banks
- Large companies
- Central banks
- Institutional investors/speculators
- Forex brokers
How the OTC Structure Affects Self-Directed Traders
Summary

3. How To Overcome The Odds Of Trading Forex

Mind
- Do You Have the Mental Strength?
- Fear and Greed
- Face And Control Your Fears
- Focus On the Big Picture

Money
- Preserve Your Capital
- Be Well-Capitalized
- Cap Your Losses and Get Your Profits

Method
- The old question: technicals or fundamentals?
- Method is malleable
Summary

4. The Ten Rules of Trading Forex


PART II - STRATEGIES

Strategy 1 - Market Sentiment
What Is Market Sentiment?
What Factors Influence Market Sentiment?
- Interest rates
- Economic growth
- Geopolitical risks
Ways of Measuring Market Sentiment
1. Commitment Of Traders (COT) report
2. Market's reactions to news
Summary

Strategy 2 - Trend Riding
Time Frames of Trends
Trend Directions
Stages of a Trend
Using Currency Price Charts
- Trendlines
- Measuring trend strength
Technical Execution Of The Strategy
Summary

Strategy 3 - Breakout Fading
The Crowd Likes to Trade Breakouts
Why Most Breakouts Fail
Tricks of Institutional Dealers and Traders
- Lack of fresh blood
Identifying The Opportunities
- Where potential fakeouts occur
- Chart patterns
- Best market condition to fade breakouts
Summary

Strategy 4 - Breakout Trading
Types of Breakouts
Measuring Reversal Breakouts
Identifying the Opportunities
- Where potential breakouts occur
- Chart patterns
Filtering False Breakouts
Summary

Strategy 5 - Decreased Volatility Breakout
The Volatility Rollercoaster
Ways of Measuring Volatility
1. Moving average
2. Bollinger bands
Triangles
- Identifying the particular type of triangle
- Technical execution of the strategy
- Further strategy enhancement
Summary

Strategy 6 - Carry Trade
What Is A Carry Trade?
More Money Will Follow The Money
Factors Supportive Of Carry Trades
Risks Involved In Carry Trade
Points of Entry
Summary

Strategy 7 - News Straddling
The Importance of News
Market's Reaction to News
Identifying the Opportunities
Single out market-moving news
Note the schedule of news releases
Which currency pair to trade for this strategy?
Technical considerations
Summary

Appendices
Forex Glossary
Currency Codes
Major Regulatory Agencies
About The Author
Preface
Introduction

PART I - TRADING FOREX

1. Getting started
Unique Characteristics of the Forex Market
Investing vs Trading
Trading Time Frames
Warming Up
- Opening an account
- Currency codes
- Currencies are traded in pairs
- Trade size
- Pips
- Reading forex rates
- Understanding rollover
- What sort of leverage can I get?
- Trading
- Volatility
- Common types of order
How ...

Jacket Text

Many traders go around searching for that one perfect trading strategy that works all the time in the global FOREX (foreign exchange/currency) market. Frequently, they will complain that a strategy doesn't work. Few people understand that successful trading of the FOREX market entails the application of the right strategy for the right market condition.

7 Winning Strategies For Trading Forex covers:

- Why people should be paying attention to the FOREX market, which is the world's largest and most liquid financial market
- How understanding the structure of this market can be beneficial to the independent trader
- How to overcome the odds and become a successful trader
- How you can select high-probability trades with good entries and exits.

Grace Cheng highlights seven trading strategies, each of which is to be applied in a unique way and is designed for differing market conditions. She shows how traders can use the various market conditions to their advantage by tailoring the strategy to suit each one.

This revealing book also sheds light on how the FOREX market works, how you can incorporate sentiment analysis into your trading, and how trading in the direction of institutional activity can give you a competitive edge in the trading arena.

This invaluable book is ideal for new and current traders wanting to improve their trading performance.

Filled with practical advice, this book is a must-read for traders who want to know exactly how they can make money in the FOREX market.

Media Coverage

Media Review


"A well-written, interesting and easy read, with some excellent trade examples. Those new to or considering the forex market will find 7 Winning Strategies for Trading Forex a useful place ...

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Media Review


Book Review: 7 Winning Strategies for Trading Forex - Traders MagJune 2011

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