“Trade like a pro-without giving up your day Job”
This book was written to help people learn to trade around day jobs they can’t quit cold turkey. It contains the authors experience and methods developed close to a decade of analyzing, trading and writing about the spot currency market. The book’s objective is to persuade you from chasing profit all over a five minute chart and learn to trade using a steady, long-term approach.
This book contains the authors experience and methodologies as a trader interested in two things : reducing risk and making money, no regard about market correlations, the big mac index, or speculating whether a central banker is going to shave his mustache off. The author actually does spend time analyzing the market; he is a trader and making money is all he cares about.
Do not expect a detailed analysis of each currency pair or the effect crude oil may have on the Canadian dollar. The discussion is not on traditional technical patterns, elliot wave theory or Gartley Pattern. These topics have been discussed and nausea by other authors and there was no need for inclusion in this book. Methodologies in this book though do utilize prices of support and resistance.
Through out this book the main theme is bargain hunting, Many traders tend to lose their shrewd business sense when it comes to trading. The same trader who wouldn’t pay a penny extra for a car will pay full price for a trade. These traders chase breakouts, sell resistance, and buy support. Demanding the best deal out of every trade lowers your risk and increases your profits. No trade is worth taking unless you are able to dictate your terms to the market. Through out the chapters on bargain hunting you will learn the methodologies and principles that the author uses/follows to be the cheapest trader ever possible.
Each chapter in this book ends with a section called “closing bell” that summarizes the key points on that specific chapter. The simple methodologies in this book don’t require constant attention, they are easy to implement, whether you are new to trading or you have some experience. Ultimately this book is designed to help you trade better today, without giving up your day job or making a drastic change to your life style. Chapters are as follows :
Contents of the Book
Chapter 1 Exploring the Currency Market
- What is Forex?
- Forex roots
- Forex Participants
- Forex Versus Exchange markets
- Trade Mechanics
- Order types
- Margin and leverage
- Earning Interest
- Selecting a currency dealer
- Closing Bell
Chapter 2 Principles of a Bargain Hunter
- Live your Life
- learn to read price action
- Never pay full price
- Managing your Risk
- Managing your profit
- Closing Bell
Chapter 3 Reading Price Action
- Understanding Supply and Demand
- Identifying Support and Resistance
- Trading Price Action
- Closing Bell
Chapter 4 Managing Risk
- Always use a stop order
- Beware of over trading
- Reducing your transaction costs
- Stop thinking about losses in pips
- Managing Risk through position size
- Manage risk consistently
- Be conservative with trailing stops
- Is losing 70% of your trades bad?
- Know when to take a break
- Closing Bell
Chapter 5 Managing Profit
- Common profit management techniques
- That increase volatility
- Identifying profit targets
- identifying Profit targets with Fibonacci ratios
- Using trailing stops
- Automating Profit with limit orders
- Closing Bell
Chapter 6 Bargain hunting along the edge
- Determining trends
- Identifying a Bargain Day
- Locating a Support and Resistance Zone
- Managing Risk
- Managing Profit
- Example trades
- Closing Bell
Chapter 7 Bargain Hunting with price action
- Identifying a Bargain day with price action
- Managing Risk
- Managing profit
- Example Trades
- Closing Bell
Chapter 8 Bargain Hunting with the commodities Channel Index
- The Traditional CCL Trade
- The Bargain Hunters CCL Trade
- Managing Risk
- Managing Profit
- Example trades
- Closing bell
Chapter 9 Bargain Hunting with Fundamental data
- Why trade news?
- What news is worth trading?
- Which currency pair should you trade?
- Understanding market reactions
- Trading a Fundamental event
- Closing Bell
Chapter 10 Achieving Consistency : Simple steps Every Trader can Take
- Stop searching for the holy grail
- Fix yourself first
- Are you really going to earn 100% per month?
- Consider long term trading
- Specialize
- Develop a written trading plan
- Keep a trading journal
- Demo trade properly
- Closing Bell
Summary
Due to risk aversion the author does not trade for a living, trading is a tough business, and there are no short cuts to success. You’ve probably noticed that many of the appointed “gurus” in the trading business work for currency dealers or have other income streams. There is a reason for that: Trading is a fickle business, Investment gains are never linear and some months are better than others. Even when a trader does every thing correctly and according to his plan, he might have nothing to show for it at the end of the month.
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