- ForeX Trading for Maximum Profit. The Best Kept Secret Off Wall Street. Edition No. 1
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IQ Option automatically calculates the amount I stand to earn as a profit if my trade is successful. Forex is short for foreign exchange. The forex market is a place where currencies are traded. It is the largest and most liquid financial market in the world with an average daily turnover of 6. Collect your Earnings.
ForeX Trading for Maximum Profit. The Best Kept Secret Off Wall Street. Edition No. 1
Finally, you collect your earnings the good part! Ron Finberg. Recent comment author. The Foreign Exchange market offers the best trading hours hours a day! And if this wasn't enough, most brokerages will guarantee stop-loss orders. The only guaranteed stops I have seen were only in my dreams! N o Gaps and Guaranteed Stops. There are no gaps in this market and stops are guaranteed. You may be wondering, "Did I read that correctly?
Because the market doesn't have any gaps, you never have to deal with gap opens. The hour trading and massive liquidity virtually guarantee that your stops will be executed without slippage. Although you should check with your brokerage, most firms offer this guarantee Sunday through Friday As an experienced stock and futures trader I know better than to ask for that from my futures or stockbroker.
The futures and stock markets simply can't offer traders this guarantee mainly because of limited trading hours that result in frequent gap opens.
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Any stop-loss orders priced within this gap will not be executed at the stop-loss price but rather will become market orders at the next available price, Ouch! Let's imagine waking up on Tuesday morning. London is the most active time zone in the Forex and it is five hours ahead of New York.
If New York is considered the center of the stock universe, then London is the center of the Forex universe. Since this is truly a global market, as one time zone finishes trading for the day, another is just beginning or already underway. News and short-term fundamentals have very little to no long-term impact because of the hour, worldwide participation. There is no physical location where Forex is traded because it is an "interbank exchange" and is traded electronically through a network of banks, phones, and the fnternet.
Besides being open 24 hours a day, the Forex market is as large as it is because it is not located in a single city or exchange. In this way it differs greatly from the New York Stock Exchange or the Chicago Mercantile Exchange, both of which trade at a central exchange.
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Investing in stocks, bonds, and real estate are common ways to diversify a portfolio. Unfortunately, most people do not fully realize the benefits of including currencies to a portfolio. Think of currencies like the stock of a country. Currencies offer a market with high leverage and guaranteed stops. It is also a great market to diversify into because with just six U. Scandals, Manipulation, and News.
ForeX Trading for Maximum Profit: The Best Kept Secret Off Wall Street - PDF Free Download
While I am a chartist that means I believe that the news is built into the price action , I do acknowledge that reports can and do effect the Forex markets in the short term. Many times these economic events can be the catalyst of, for example, a breakout or pullback. Think of it this way: If you had 10people in a room and wanted to make them react a certain way to an idea or fact, it probably wouldn't be terribly difficult to change the minds of at least half or more.
What if you wanted to do the same to 1, or ,? What about one million people? How effective would or could you be? This size alone makes it very difficult to manipulate. Currencies don't have accounting scandals or wayward CEOs. Consider that because the foreign exchange mar- ket is open 24 hours a day, each country can react to whatever relevant information is available at that time.
This is precisely why the Forexreacts so logically to news and fundamentals. Many times economic and world events have already been factored into the market by the time New York opens. Because the market is continually open, starting in Sydney and moving on to Hong Kong, Tokyo, Singapore, Frankfurt, London, and New York, it allows the news to be digested by each time zone. Moving from one time zone to another "dilutes" any sudden or extreme reaction that is typically found in domestic markets where there is lirnited trading hours and where reactions are often exaggerated because many of the participants react to news or fundamentals all at one time.
It reveals itself to all of us each and every day i f w e are willing to pay attention. Too many times we try to box it, label it, or beat it. In the end, all we need to do is study and measure it. With that end in mind, this book is predominately about the specific tools and strategies of trading. In fact, I kept a "sticky note" above my computer screen as I wrote reminding me of my goal: Write a book that could make me a trader again if I forgot everything I knew, I endearingly labeled this endeavor to friends and family members as the "teach myself to trade from scratch if I got amnesia" book.
If you've been at this trading game for any length of time, you have undoubtedly bought many books. From my experience, most are what I have come to call "glossary education" books, These are those books that include a few paragraphs to a few pages on every conceivable pattern and indicator available, but no real methodology.
It's full of definitions and explanations, but when you're through reading it you're no closer to a step-by-step methodology than you were before reading the book. It's the difference between general information and applicable knowledge. And just in case I haven't made i t abundantly clear, we're here seeking knowledge, my friends. When I was first getting into trading I didn't know where to start. I had various mutual fund accounts and shares of IBM stock, which I wanted to trade using market timing. Mind you this was years before the Internet as we know it now.
I would call. Eventually I started trading commodities and I bought a subscription to a service that would mail me charts once a week that I could update by hand until the next set of charts were mailed to my home the following week. So I ordered a service that delivered quotes and charts via satellite.
One thing became clear in a hurry: high-tech tools weren't going to make me a trader; having a methodology was going to be the key My number-one problem was that I didn't have a methodology. Books on the subject of trading were not nearly as readily available as they are today So I did the next best thing, I made phone calls to people that I thought could tell me how to get started.
I was 17 years old and decided I would phone the people on my list of traders and make a donation to their favorite charity in their name if they would talk with me because I figured they wouldn't talk with a "kid" who was calling out of the blue. Funny enough, I think between my youth and unusual offer, everyone on my list took my call, most by appointment.
They were generous with their time, many spending an hour or more answering questions, This time was invaluable but not for the reasons you would think, though. None of them revealed some closely held secret to trading. Matter of fact, in hindsight, many of them were actually portfolio managers and investors rather then traders, but it didn't matter, They all shared one common while dispensing their advice: trade and risk management. When discussing trade or risk management, they all had a set of steps they'd go through, beginning with a matrix of questions they'd asked themselves as they analyzed their positions.
From these professionals, I learned the power of asking the right kind of questions when in a trade.
Their time was invaluable to me and I am forever grateful to them. A blueprint would allow me to "build a trade" the same way over and over again. It would allow me to use a set of tools in a consistent manner. I began to visualize myself as a "trading carpenter.
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Where to enter the market? Where to set my profit targets? Where to set my stop-loss? It is important to know pertinent facts about the market you are trading, but if the information doesn't answer the three questions just mentioned, it is not helpful or necessary information. In my opinion, traders shouldn't concern themselves with much more than price action. A chartist or technical trader believes that news is built into price action. And it is wiih this philosophy that a chartist or technical trader can participate in any market as long as it is liquid. A liquid market is a market that has enough volume to enter and exit quickly and without significant slippage.