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Beat the Odds in Forex Trading: How to Identify and Profit from High Percentage Market Patterns

Beat the Odds in Forex Trading: How to Identify and Profit from High Percentage Market Patterns

Igor R. Toshchakov

ISBN: 978-0-470-04938-9

Aug 2006

244 pages



""Beat the Odds in Forex Trading provides traders with tremendous value by disseminating the trading methods and philosophy of one of the most remarkable Forex success stories since Soros.""
--Alexander De Khtyar, President, Forex International Investments, Inc.

Add certainty and systematization into Forex trading with this practical approach. Author and industry professional Igor Toshchakov shows how recurring market patterns--which can be recognized on a simple bar chart--can be successfully used to trade the Forex market. Written for traders at every level, this valuable resource discusses the challenges of developing a trading method, while revealing the Toshchakov's approach to the market--both from a philosophical and tactical point of view. You'll discover specific trading strategies based on recognizable market patterns, get detailed information on entry and exit points, profit targets, stop losses, risk evaluation, and much more.

Introduction vii

PART I Recommendations to Novice Traders 1

CHAPTER 1 How to Get Started 3

CHAPTER 2 Establishing a Trading Account 7

CHAPTER 3 Choosing the Right Dealer 15

PART II Developing a Trading Method 25

CHAPTER 4 Psychological Challenges of Speculative Trading 27

CHAPTER 5 Discretionary versus Mechanical Trading Systems 33

CHAPTER 6 Technical and Fundamental Analysis 37

PART III The Igrok Method 51

CHAPTER 7 Philosophy of the Igrok Method 53

CHAPTER 8 Evaluating Probabilities Using Technical Analysis 59

CHAPTER 9 Basic Trading Strategies and Techniques 77

CHAPTER 10 Choosing a Currency Pair to Trade 95

CHAPTER 11 Money Management Rules and Techniques 97

CHAPTER 12 Market Behavior and Trader Discipline 103

PART IV Short-Term and Intraday Trading Strategies Using the Igrok Method 111

CHAPTER 13 Principles of the Intraday Trading Plan 113

CHAPTER 14 Entering the Market 117

CHAPTER 15 Exiting the Market 125

CHAPTER 16 The Importance of Timing 133

CHAPTER 17 Trading Strategy During the Central Bank Intervention 141

PART V Templates for Short-Term and Intraday Trading 145

CHAPTER 18 Average Daily Trading Range Templates 147

CHAPTER 19 Technical Formation Templates 159

CHAPTER 20 Trendlines, Support, and Resistance Templates 191

CHAPTER 21 A Sample Trade 207

Index 211