Forex for Beginners: A Comprehensive Guide to Profiting from the Global Currency Markets
is a guide for those who want to earn extra income trading currencies without committing large amounts of time or money. This book will introduce global investors to the basics of forex (foreign exchange) trading and provide them with a solid framework for analyzing currencies and profiting from their fluctuations. Topics covered include the forces that cause exchange rates to fluctuate, an overview of the mechanics of trading, analytical and forecasting tools, how to profit from pricing trends, and common pitfalls that often ensnare traders.
While most books make grandiose promises of instant success and large profits, Forex for Beginners represents an alternative approach to investing in forex. The forex market is dominated by institutional capital and algorithmic trading, making it unrealistic to think that day traders can beat the market by relying on charts and technical indicators alone. Thus, the emphasis here is on fundamental analysis—using economic concepts to spot currency misalignments—and staking out positions to profit from them over a period of weeks and months.
If you’re eager to tap into the world’s largest financial market on a part-time basis, this is the book for you. You will gain an understanding of how currency markets work and use this knowledge to generate income.
What you’ll learn
Investors from all countries will:
- Understand how global currency markets operate and how currencies are exchanged
- Learn why exchange rates fluctuate, from the standpoint of economics and human psychology
- Open an account and become fluent in the mechanics of trading foreign exchange
- Learn how to avoid getting skinned alive by trading professionals and brokers
- Adapt your personality and financial circumstances to a specific approach to analyzing and trading currencies
- Avoid pitfalls and limit risk to prevent profit from turning to loss
- Earn money and have fun trading
Who this book is for
Forex for Beginners: A Comprehensive Guide to Profiting from the Global Currency Markets is a guide to trading currencies for those with some investing experience but who lack the specific knowledge they need to trade forex. This guide does not promote a get-rich-quick approach, nor is it predicated on overly complex methods. It is geared instead to international investors who want simple-but-effective answers to these simple questions: "Why do currencies fluctuate?" And, "How can I profit from those fluctuations?" Most importantly, it is for those who want to generate additional income or pad their savings accounts without sitting in front of their computers and trading for hours on end.
Table of Contents
Chapter 1: Forex Market: History and Overview
Chapter 2: What Are Your Options?
Chapter 3: What Makes Currencies Move
Chapter 4: Overview of Trading Strategies
Chapter 5: Overview of Fundamental Analysis
Chapter 6: Overview of Technical Analysis
Chapter 7: Advanced Trading Strategies
Chapter 8: How to Choose a Broker and Open an Account
Chapter 9: Open a Practice Account and Begin Trading
Chapter 10: Currency Risk
Chapter 11: How to Become a Successful Investor
Appendix: Internet Tools for Success