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TRAINING CONTENT:
1. Currency Trading: The Ultimate Home-Based Business
Welcome to the foreign exchange market, the biggest financial market around the globe traded by millions of currency traders daily. According to the BIS study Triennial Central Bank Survey 2004, average daily turnover in traditional foreign exchange markets was estimated at $1,880 billion.
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2. The Forex Market
Foreign Exchange or FOREX is the financial market where a nation's currency is exchanged for that of another. Traditionally, private traders only means of gaining access to the foreign exchange market was through banks that transacted large amounts of currencies for commercial and investment purposes.
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3. Why Trade The Foreign Exchange Market?
You can trade forex whenever you want, day or night, this market never closes its doors. Most forex brokers offer trading starting Sunday around 6 PM through Friday 4 PM Eastern Standard Time. This is a very big advantage over stock trading with its limited trading hours and opening gaps. Forex gaps are very uncommon.
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4. Forex vs. Futures and Equities
Forex trading provides several advantages over futures-and equities trading.
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5. Main Trading Sessions / Market Hours in the Forex Market
The forex market is a 24 hour continuous market which starts from Sunday 5pm EST through Friday 4pm EST, it can be divided into 3 major sessions that overlap each other. These sessions are: Asian, European and
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6. Understanding Currency Pairs
Forex trading is the simultaneous buying of one currency and the selling of another and is always done in currency pairs, such as GBP/USD or USD/CAD. A currency pair represents the exchange rate between the two currencies.
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7. How To Make Money Forex Trading?
When trading currencies online, profits are made by making transactions through an online currency trading platform. For better understanding, let's consider the following basic examples how to make profits when buying and selling currency pairs .
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8. The Concept Of Leverage And Margin In Forex
One of the main attractions to trade forex is big leverage and allows currency traders to borrow money and use that money to to profit from the fluctuations in exchange rates between two currencies.
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9. Type of Forex Orders
The placement of orders in the market saves the trader the time and tedious job of monitoring market price for levels and also ensures that he does or implements what he intends to do.
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10. Forex Market Daily Interest Rollover
In the spot fx market, trades settle in two business days and open trading positions held at time of rollover are automatically rolled over by the forex broker to the next settlement date, the open trade position is swapped for a new position expiring the following settlement date at 5pm EST rollover.
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11. Currency Day Trader Work Station
When it comes to currency day trading, make sure you have all of the tools and equipment necessary to get started properly. If you are in a trade and your computer crashes every 5 seconds, you will lose money guaranteed! What follows is my personal view on the subject.
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12. Types of Forex Trading Accounts
Nowadays, a mini forex trading account is the most popular type of FX trading accounts, it is designed for traders who are new to the currency market or those who can't afford to open a standard account.
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13. Choosing A Forex Broker
In order to trade currencies online, you have to select an online forex broker. This is not an easy task because there are many brokers to choose from. What follows are eight things you will need to take into account when you are going to open an account with a forex broker.
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14. About Forex Charts
A forex chart is a visualized representation of the price movements between buyers and sellers in the currency market and is a technical trader's primary tool to analyze the market in real-time.
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15. Type Of Forex Charts
Charts are primary tools to analyze the currency market in real-time and every currency trader should use them. There are three main types of forex charts: candelestick charts, bar charts and line charts.
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16. Two Ways To Analyze And Trade Currencies
There are two basic approaches to analyze the forex market and make trading decisions, fundamental analysis and technical analysis. The fundamental trader concentrates on the underlying causes of price movements in currency pairs, while the technical trader studies the price movements themselves using technical tools.
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17. What is Technical Analysis?
Technical analysis is the study and analysis of market price movement in order to forecast future market price movement and does not concern itself with a currency's basics or fundamentals.
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18. Forex Trading Patterns & Indicators Analysis
How does the professional trader organize the endless stream of price data into a logical format that doesn't require rocket science to interpret? Technical analysis is an extremely visual medium and this one fact alone sets it apart from the colder method of fundamental “value-based” analysis.
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19. Understanding Support & Resistance Levels
The concept of SUPPORT and RESISTANCE is essential to understanding and interpreting price charts affectively.
Think of price charts as the result of SUPPLY and DEMAND of BUYERS, the “BULLS” and SELLERS, the “BEARS”. The bulls push prices higher and the bears push prices lower.
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20. Dow Theory
Dow Theory is a theory on price movements that provides a basis for technical analysis. The theory was derived from 255 Wall Street Journal editorials written by Charles H. Dow.
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21. Three Types of Trends in Forex
A trend reflects the average rate of change in price over time. Trends exist in all time frames and all markets. Forex Day traders may attempt to establish and take action in the short-term trends to within minutes.
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22. Trendlines and Trendchannels
Trendlines are of the most valuable tools in any type of technical trading, they will help identify the trend as well as potential areas of support and resistance. There are 2 types of trendlines, the rising- and falling trendline.
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23. Introduction to Candlesticks & Simple Patterns
Candlestick charts and it's patterns are very popular among currency traders because they are much more visually appealing than a simple line or bar chart.
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24. Reversal "Top & Bottom" Candlestick Dictionary
Pattern: Consists of two candlesticks: A very large white body followed by a small black body that is contained within the previous bar.
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25. Bullish Candlestick Dictionary
Pattern: A long white body followed by several small body's and ending in another long white body. The small body's are usually contained within the first white body's range.
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26. Bearish Candlestick Dictionary
Pattern: A long black body followed by several small body's and ending in another long black body. The small body's are usually contained within the first black body's range.
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27. Using Candlestick Patterns To Identify Entry Points In Trending Markets
Candlestick patterns, combined with support & resistance, trendlines or other technical analysis tools can be very powerful in finding possible market entry and exit points more quickly and with a higher degree of reliability.
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28. Using Candlestick Patterns To Identify Entry Points In Range-Bound Markets
In range-bound market conditions or sideways trend, the currency pair price swings back and forth for a prolonged period between easily seen upper and lower limits.
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29. Introduction To Chart Patterns
Identifying chart patterns is just a method for trying to forecast market trends. Patterns are used in forex as either reversal or continuation signals and are formed by support & resistance levels and by more complex versions of trend lines.
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30. Chart Continuation Patterns
Continuation patterns are chart patterns which set up the currency pair for a follow through move in the direction of the prior trend.
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31. Chart Reversal Patterns
Reversal patterns are chart patterns which reverse the trend of a currency pair once the pattern is confirmed.
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32. Fibonacci Trading In Forex
Fibonacci numbers were developed by Leonardo Fibonacci, a mathematician who was born in Pisa, Italy around 1172 and are a series of numbers in which each successive number is the sum of the two previous numbers.
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33. Using Pivot Points In Forex
Pivot points have proven themselves to be effective in currency trading, they are short term trend indicators used by day traders as a predictive tool to forecast the current day's support and resistance levels based on the previous day's high, low and close levels (at 5 PM NY time).
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34. Forecasting The Forex: The Elliott Wave Principle
Developed by Ralph Nelson Elliott in the 1930s, the Elliott wave principle is a very popular technical analysis tool that allow traders to forecast trends in the foreign exchange market or any other financial market such as the stock market.
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35. Forex Technical Indicator Analysis: Introduction
A technical indicator is a mathematical calculation using price( and volume) history and is primary used to build mechanical and automated fx trading systems.
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36. Forex Technical Indicators: Trend-Following
Trend-following technical indicators determine the direction of the current trend and react much more smoothly to price action than oscillators. They look deeply into past price data and often have internal smoothing to filter out market noise and minor volatility to evaluate the overall direction of the "time frame" been studied.
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37. Forex Technical Indicators: Trend-Confirming
Trend-confirming indicators help to confirm the new trend and are very helpful in avoiding false breakouts and whipsaws because they measure the strength of the trend.
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38. Forex Technical Indicators: Momentum Oscillators
Momentum oscillators react very quickly to short-term changes in price, flipping back and forth between overbought and oversold levels. Oscillators are useful in both ranging and trending currency markets.
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39. How To Avoid Using Similar Technical Indicators
When building a forex trading system, make sure not to use very similar trading indicators on the same chart timeframe because you will collect the same type of technical information more than once and very often, this will lead to bad trading results.
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40. Forex: Discretionary Trading Versus Mechanical Trading
Primarily there are two types of forex traders, mechanical system traders and discretionary traders. Let's take a closer look at both approaches and find out which is best when trading currencies.
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41. Mechanical Forex Trading Systems Defined
To succeed as a currency trader, you must have a very good understanding how the forex market works, without a strong foundation of forex core market knowledge, you can never take yourself to the next levels of currency trading.
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42. Steps To Create A Mechanical Forex Trending Trading System
A mechanical forex trending trading system is mainly based on technical indicators and a set of rules to enter and exit trades. Trending systems will only perform well in trending currency markets. Rarely will you get one forex system that is able to exploit both ranging and trending markets.
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43. Choosing the Right Chart Time Frame For You
What is the right time frame for you? Well, it all depends on your personality. You have to feel comfortable with the time frames you are trading in.
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44. MA-ADX Forex Trending Trading System Walkthrough
The MA-ADX trending system consists of two moving averages that will spot a new trend + a trend-confirming (ADX) indicator to confirm the new trend.
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45. Fundamental Analysis: Analyzing Currencies Like Stocks
Why does it take more euros to buy dollars this year than it did last year? Currencies, just like stocks or metals are powered by the forces of supply and demand. Foreign exchange rates are influenced by internal and external factors.
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46. Trading Forex During Key Economic News Releases
Trading currencies during key economic news releases is a growing trend that is taking place among forex day traders. Currency pairs that move 100 pips or more within seconds after a major news release, such as the non-farm payrolls make news trading very attractive to short term traders.
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47. Forex News Trading Strategies
Traders want to take advantage of the discrepancy between the forecasted and the actual key economic number when trading the numbers.
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48. Economic Indicators Explained
The balance of payments is separated into two main accounts: the current account and the capital account. It's a complete summary of a nation's economic transactions and the rest of the world including merchandise, services, financial assets and tourism.
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49. US Economic Numbers to Keep an EYE On
The rankings for US economic data as seen in below table are based on an analysis of 20-minute and daily ranges. As seen in below table for example, the Non-farm Payroll release days can cause a big shake up in the forex market.
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50. Which Currency Pair(s) Should I Choose ToTrade?
There are many currency pairs to choose from but which pairs should you trade? In my opinion, the currency pair(s) you choose to trade should be based on your trading style and trading experience.
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51. Major Currency Pairs Personalities
The seven most liquid pairs are traded against the US dollar with the first four pairs being the majors, followed by three commodity pairs. Other currency pairs are better known as the currency crosses, most popular crosses are those that include the euro, they are EUR/JPY, EUR/GBP and EUR/CHF.
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52. The Commodity Pairs
The three currency pairs that have the highest correlations with commodities are the Canadian dollar (CAD), Australian dollar(AUD), and the New Zealand dollar(NZD). Highly correlated to rising and falling gold prices are the AUD/USD and NZD/USD currency pairs, the single biggest beneficiary of rising oil prices is the USD/CAD.
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53. Most Popular Currency Crosses Analysis
Currency cross rates are currency pairs that does not include USD, such as EUR/JPY. Pairs that involve the EUR rate are called euro crosses, such as EUR/CHF and EUR/JPY. All other currency pairs that don't involve USD or EUR are generally referred to as cross rates. Examples of cross rates are GBP/CHF and CAD/JPY.
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54. Keeping a Forex Trading Journal
Keeping a personalized trading journal of all your market transactions is one of the most valuable actions a trader can perform, it will help you to become a better currency trader.
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55. Forex Money Management Matters
Money management is a crucial aspect when it comes to forex trading, lack of proper money management or even trading without money management is treating trading as a gamble, a major cause of failure among new forex traders.
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56. The Complete Forex Trading Methodology
When trading goes well, it can be a fantastic experience but when it goes bad it can be a terrifying one. It is true that fortunes have been made and will still be made in the markets but it is just as important to realise that without the correct understanding.
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57. Forex Trading Rational Observations
The greatest number of losing traders is found in the short-term and intra-day time horizons. This has less to do with the time frame and more to do with the fact that many of these traders lack proper preparation and a well thought-out trading plan that only comes with experience.
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