Currency Trading For Dummies is a hands-on, user-friendly guide that explains how the foreign exchange (ForEx) market works and how you can become a part of it. Currency trading has many benefits, but it also has fast-changing financial-trading avenues. ForEx markets are always moving. So how do you keep up? With this new edition of Currency Trading For Dummies, you'll get the expert guidance you've come to know and expect from the trusted For Dummies brand—now updated with the latest information on the topic.
Inside, you'll find an easy-to-follow introduction to the global/ForEx market that explains its size, scope, and players; a look at the major economic drivers that influence currency values; and the lowdown on how to interpret data and events like a pro. Plus, you'll discover different types of trading styles and make a concrete strategy and game plan before you act on anything.
- Covers currency trading conventions and tools
- Provides an insider's look at key characteristics of successful currency traders
- Explains why it's important to be organized and prepared
- Offers guidance on trading pitfalls to avoid and risk management rules to live by
Whether you're just getting started out in the foreign exchange market or an experienced trader looking to diversify your portfolio, Currency Trading For Dummies sets you up for trading success.
About the Author
Kathleen Brooks is research director at FOREX.com. She produces research on G10 and emerging-market currencies, providing her clients with actionable trading ideas.
Brian Dolanhas more than 20 years of experience in the currency market and is a frequent commentator for major news media.
Table of ContentsIntroduction 1
Part I: Getting Started with Currency Trading 5
Chapter 1: Currency Trading 101 7
Chapter 2: What Is the Forex Market? 17
Chapter 3: Who Trades Currencies? Meet the Players 33
Chapter 4: The Mechanics of Currency Trading 47
Part II: Driving Forces behind Currencies 71
Chapter 5: Looking at the Big Picture 73
Chapter 6: Understanding and Applying
Market News and Information 99
Chapter 7: Getting Down and Dirty with Fundamental Data 115
Chapter 8: Getting to Know the Major Currency Pairs 139
Chapter 9: Minor Currency Pairs and Cross-Currency Trading 163
Part III: Developing a Trading Plan 179
Chapter 10: Training and Preparing for Battle 181
Chapter 11: Cutting the Fog with Technical Analysis 201
Chapter 12: Identifying Trade Opportunities 229
Chapter 13: Risk-Management Considerations 249
Part IV: Executing a Trading Plan 267
Chapter 14: Pulling the Trigger 269
Chapter 15: Managing the Trade 283
Chapter 16: Closing the Position and Evaluating Your Results 295
Part V: The Part of Tens 305
Chapter 17: Ten Habits of Successful Currency Traders 307
Chapter 18: Ten Rules of Risk Management 313
Chapter 19: Ten Great Resources 317
Appendix: Trading Strategies 321