Successful Forex Trading Secrets Revealed introduces Forex trading, emphasizing its accessibility, high liquidity, and 24-hour market. It highlights benefits like low margins, no commissions, and high leverage (up to 400:1), contrasting it with futures and stocks.
The guide advises choosing reliable brokers with low spreads, quality execution, and robust tools, while avoiding those with strict margin rules or unethical practices like stop-hunting. It covers fundamental and technical analysis (e.g., Elliott Waves, Fibonacci), urging traders to develop a disciplined strategy, set stop-losses, and let profits run while cutting losses short. Key rules include trading with positive expectancy, managing risk (1-3% per trade), and avoiding emotional decisions. Tools like IFR Forex Watch and GallantFX are recommended. The summary encourages practice with demo accounts and education to profit from the $1.4 trillion daily Forex market.
Excerpts
In case you were wondering; forex trading is nothing more than direct access
trading of different types of foreign currencies. In the past, foreign exchange
trading was mostly limited to large banks and institutional traders however;
recent technological advancements have made it so that small traders can also
take advantage of the many benefits of forex trading just by using the various
online trading platforms to trade.
The currencies of the world are on a floating exchange rate, and they are always
traded in pairs Euro/Dollar, Dollar/Yen, etc. About 85 percent of all daily
transactions involve trading of the major currencies.
Four major currency pairs are usually used for investment purposes. They are:
Euro against US dollar, US dollar against Japanese yen, British pound against US
dollar, and US dollar against Swiss franc. Right now I will show you how they
look in the
trading market: EUR/USD, USD/JPY, GBP/USD, and USD/CHF. As a note you
should know that no dividends are paid on currencies.
If you think one currency will appreciate against another, you may exchange that
second currency for the first one and be able to stay in it. In case everything goes
as you plan it, eventually you may be able to make the opposite deal in that you
may exchange this first currency back for that other and then collect profits from
it.
Table of Contents
Introduction
Why Trade FOREX?
Getting Started
Brokers that you need to avoid
Basic FOREX Strategy
Choosing Your Strategy
Understanding Forex Spreads
Successful Trading Tips
Forex Trading – Rules of Thumb
Dealing with losses
Forex Trading Tools
Summary