How to Make a Living Trading Foreign Exchange A Guaranteed Income for Life

by Smith, Courtney

Edition: 1st

ISBN13: 9780470442296

ISBN10: 0470442298

Format: Hardcover

Pub. Date: 2010-02-02

Publisher(s): Wiley

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Summary

Solid Forex strategies for capturing profits in today's volatile marketsHow to Make a Living Trading Foreign Exchange puts the world of Forex at your fingertips. Author Courtney Smith begins with an introduction to the Forex market-what it is and how it works. He then delves into six moneymaking techniques for trading Forex, including his unique Rejection Rule that doubles the profit of basic channel breakout systems. In addition to two specific methods for exiting positions at critical levels, Smith also discusses powerful risk management techniques and successful trading psychology strategies that will keep you one step ahead of the game. Reveals the secrets of the Forex market and how to create a lifetime of income trading it Offers advice on maximizing profits during the volatile swings that have increasingly become the norm Other titles by Smith: Option Strategies, Third Edition, Seasonal Charts For Futures Traders, Commodity Spreads, and Profits Through Seasonal TradingMake more from today's Forex market with How to Make a Living Trading Foreign Exchange.

Author Biography

Courtney D. Smith is Chairman of the Investment Mentoring Institute, an organization devoted to building great investors. He is also President and CIO of Courtney Smith & Co., Inc., which manages money for institutions, family offices, and high-net-worth individuals. Mr. Smith is the owner and Editor in Chief of Commodity Trading Consumer Research (CTCR)—the premier tracking service for the futures industry—and author of six books, including Option Strategies (Wiley). He has made more than 1,000 TV appearances on shows such as Wall Street Journal Report, Moneyline, and other programs on CNBC, Fox News, Bloomberg, and CNN.

Preface	p. xi
The Basics of Foreign Exchange Trading	p. 1
Sell a Yard of Cable	p. 2
Don't Want to Trade!	p. 4
Transaction Costs	p. 7
It Never Stops	p. 8
My Biggest Losing Trade	p. 8
The Bottom Line	p. 11
Trend Analysis	p. 13
What Is a Trend?	p. 14
How to Profitably Trade Bull and Bear Markets	p. 18
How to Trade the Trend	p. 21
Megaphones and Pennants	p. 25
Average Directional Index	p. 27
The Bishop	p. 28
The Bottom Line	p. 30
Channel Breakouts	p. 31
The Beginnings of Channel Breakouts	p. 31
What Is a Channel Breakout?	p. 32
Better Channel Breakouts	p. 35
The Pros and Cons of Channel Breakouts	p. 39
The Bishop	p. 40
ADX Filter	p. 43
The Principle of Instant Gratification	p. 46
Rejection Rule	p. 46
The Last Bar Technique	p. 51
Tactics	p. 52
Taking Profits	p. 52
The Bottom Line	p. 53
The Conqueror	p. 55
The Beginnings of the Conqueror	p. 55
What Is True Range?	p. 56
Enhancing the Conquistador	p. 57
Adjusting the Stop	p. 63
The Bottom Line	p. 65
Stochastics	p. 67
What Are Stochastics?	p. 67
How to Use Stochastics as an Overbought and Oversold Indicator	p. 69
Trading Signals from Crossovers	p. 71
Profitability of Stochastics	p. 74
Warnings	p. 75
The Best Way to Make Money Using Stochastics	p. 76
Go with the Trend	p. 81
How I Use Stochastics	p. 81
Interview with George Lane	p. 82
The Bottom Line	p. 89
Pattern Recognition	p. 91
Inside Days	p. 91
Double Whammy	p. 94
Multiunit Tactic	p. 95
Reversal Days	p. 97
Riding the Rejection Rule	p. 101
The Bottom Line	p. 103
Risk Management	p. 105
Stopping Bad Risk Management	p. 105
How to Make Sure We Are Never Wiped Out	p. 108
Good Risk Management: Fixed Fractional	p. 108
How Many Contracts Should I Put On?	p. 109
Highly Correlated Positions	p. 109
Kelly Formula	p. 110
Trade Your Equity Curve	p. 114
Take a Time Out	p. 115
Turning Poor Systems into Good Systems	p. 115
How Big a Position Should I Take?	p. 116
The Bottom Line: Diversify through Time	p. 117
Slingshot	p. 119
The Importance of Minimizing Losses	p. 120
Beware of Taking Profits Too Early	p. 121
Psychological Profits	p. 122
Confirmations	p. 123
Maximum Excursion Analysis	p. 124
Using the Slingshot for Profits	p. 125
The Mini-Slingshot	p. 128
The Bottom Line	p. 130
The Psychology of Successful Trading	p. 131
Why Do You Trade?	p. 132
The Pressures of Trading	p. 136
Why Do You Lose?	p. 137
Addressing a Lack of Knowledge	p. 138
Addressing a Lack of Capital	p. 140
Addressing a Lack of Self-Discipline	p. 141
An Example of Overcoming the Bizarre Twists and Turns of the Mind	p. 143
Treat Trading as Education	p. 144
Stress-Free Trading	p. 147
Be the Casino	p. 148
Developing Your Trading Plan	p. 149
Filling Out the Plan	p. 150
The Importance of a Postmortem	p. 153
The Bottom Line	p. 155
Putting It All Together	p. 157
Diversifying to Reduce Risk	p. 157
Use a Mental Checklist	p. 158
How to Trade Only One Method	p. 159
The Bottom Line	p. 160
Epilogue: Key Insights for Maximizing Your Trading Profits	p. 161
Appendix: Suggested Reading	p. 177
Acknowledgments	p. 179
About the Author	p. 181
Index	p. 183
Table of Contents provided by Ingram. All Rights Reserved.