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17 Proven Currency Trading Strategies: How to Profit in the Forex Market

ISBN: 978-1-118-38552-4
272 pages
December 2012
17 Proven Currency Trading Strategies: How to Profit in the Forex Market (1118385527) cover image

Description

A comprehensive guide to Forex trading for individual investors

Countless money-making opportunities abound in the Foreign Exchange (Forex) market every day, but how does an amateur investor take advantage of these opportunities to earn high returns? This book by CNBC-featured Forex Expert Mario Singh provides a comprehensive solution to this question.

Following the first section that explains in plain English—what is Forex trading, how money is made in the Forex "game," the six major players involved, and the importance of knowing one's Trader Profile—the second section focuses on specific and practical guidance which includes:

  • A "Trader Profile Test" to help the reader get a clear picture of his natural trading style and which of five trading profiles he belongs to (Scalper, Day Trader, Swing Trader, Position Trader or Mechanical Trader)
  • 17 proven trading strategies (between 2 to 5 strategies for each trader profile) for the reader to immediately start cashing in on the Forex market
  • Descriptions of an array of real-world trading scenarios, with tips on how to address them
  • A section that shows the reader how to custom-tailor a trading system designed for his sensibilities and risk tolerance
  • Forex hedging strategies for finance professionals at multinational corporations

Short on theory and long on practical insights and step-by-step guidance, 17 Proven Currency Trading Strategies—How To Profit in the Forex Market will help anyone—from beginners to professionals, and everyone in between—to master the Forex market and be consistently profitable.

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Table of Contents

Preface xi

Acknowledgments xix

PART ONE Forex Is a Game 1

CHAPTER 1 How to Play the Game 3

The Forex Game 3

Forex and the Seven Majors 5

Leverage 11

Summary 14

CHAPTER 2 How Money Is Made in the Game 15

Buy Low, Sell High 15

Three Points in Every Trade 17

Bid/Ask Spread 23

What Causes the Price of Currencies

to Fluctuate? 25

Fraction Theory 30

Reading the Charts 31

Market Structure 37

Summary 48

CHAPTER 3 The Six Major Players 51

Central Banks 51

Commercial and Investment Banks 58

Multinational Corporations 62

Institutional Traders 68

Retail Forex Brokers 69

Retail Traders 70

Summary 70

CHAPTER 4 Why You Must Play the Game 73

Top 17 Reasons to Trade Forex 73

Summary 84

CHAPTER 5 Play It Your Way: Understanding

Your Profile 87

The Experiment 88

Five Categories of Forex Traders 92

Your Perfect Strategy 98

Summary 107

PART TWO Strategies to Win the Game 109

Includes details on the FXPRIMUS

100% bonus trading credit

CHAPTER 6 Strategies for Scalpers 111

Strategy 1: Rapid-Fire Strategy 111

Strategy 2: Piranha Strategy 118

CHAPTER 7 Strategies for Day Traders 125

Strategy 3: Fade the Break 126

Strategy 4: Trade the Break 131

Trading the News 138

Strategy 5: Gawk the Talk 143

Strategy 6: Balk the Talk 148

CHAPTER 8 Strategies for Swing Traders 155

Strategy 7: Trend Rider 155

Strategy 8: Trend Bouncer 163

Strategy 9: Fifth Element 169

Strategy 10: Power Ranger 177

Strategy 11: The Pendulum 185

CHAPTER 9 Strategies for Position Traders 191

Strategy 12: Swap and Fly 192

Strategy 13: Commodity Correlation (Part 1) 199

Strategy 13: Commodity Correlation (Part 2) 204

Strategy 14: Siamese Twins 210

CHAPTER 10 Strategies for Mechanical Traders 217

Strategy 15: Guppy Burst 217

Strategy 16: English Breakfast Tea 223

Strategy 17: Good Morning Asia 228

CHAPTER 11 Conclusion 235

Bibliography 239

About the Author 241

About the Website 243

Plus FXPRIMUS 100% bonus trading credit

Index 245

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Author Information

Mario Singh is founder and CEO of FX1 Academy, the first and largest Forex education company in Singapore and Malaysia. He has personally touched the lives of over 20,000 people, helping them move closer to their financial goals through Forex trading. Mario Singh is also the director of training and education of FXPRIMUS, Asia's fastest growing Forex broker. He is featured regularly in Smart Investor and Your Trading Edge, and has appeared on CNBC, Channel NewsAsia, "Personal Money," News Radio, City News, The Straits Times, FXstreet, and Your Choice. He also writes a weekly Forex column for a Singaporean national newspaper, My Paper.

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