Verfügbarkeit: Currency trading for dummies

Currency trading for dummies:

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Hauptverfasser:	Galant, Mark (VerfasserIn), Dolan, Brian (VerfasserIn)
Format:	Buch
Sprache:	English
Veröffentlicht:	Hoboken, NJ Wiley 2007
Online-Zugang:	Inhaltsverzeichnis
Beschreibung:	XVIII, 338 S. graph. Darst.
ISBN:	9780470127636 0470127635

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MARC


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Datensatz im Suchindex

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adam_text	Contents at a Glance Introduction................................................................./ Part 1: Trading the Worid s Largest Financial Market......7 Chapter 1: Currency Trading 101.....................................................................................9 Chapter 2: What Is the Forex Market?...........................................................................17 Chapter 3: Who Trades Currencies? Meet the Players................................................31 Chapter 4: The Mechanics of Currency Trading..........................................................45 Part 11: Moving Currencies: bribing Forces Behind Forex Rates.....................................................69 Chapter 5: Getting to Know the Major Currency Pairs................................................71 Chapter 6: Minor Currency Pairs and Cross-Currency Trading.................................95 Chapter 7: Looking at the Big Picture..........................................................................113 Chapter 8: Understanding and Applying Market News, Data, and Information.....137 Chapter 9: Getting Down and Dirty with Fundamental Data.....................................153 Chapter 10: Cutting the Fog with Technical Analysis................................................177 Part HI: Developing a Trading Plan............................205 Chapter 11: Training and Preparing for Battle............................................................207 Chapter 12: Identifying Trade Opportunities..............................................................225 Chapter 13: Risk-Management Considerations...........................................................247 Part IV: Executing a Plan..........................................265 Chapter 14: Pulling the Trigger.....................................................................................267 Chapter 15: Managing the Trade..................................................................................281 Chapter 16: Closing Your Position and Evaluating Your Trading Results...............293 Part V: The Part of Tens............................................303 Chapter 17: Ten Habits of Successful Currency Traders...........................................305 Chapter 18: Ten Beginner Trading Mistakes...............................................................311 Chapter 19: Ten Rules of Risk Management................................................................315 Chapter 20: Ten Great Resources.................................................................................319 Index.......................................................................323 Table of Contents Introduction..................................................................7 About This Book...............................................................................................2 Conventions Used in This Book.....................................................................2 What You re Not to Read.................................................................................3 Foolish Assumptions.......................................................................................3 How This Book is Organized...........................................................................4 Part I: Trading the World s Largest Financial Market........................4 Part II: Moving Currencies: Driving Forces Behind Forex Rates.......5 Part HI: Developing a Trading Plan.......................................................5 Part IV: Executing a Plan........................................................................5 Part V: The Part of Tens.........................................................................5 Icons Used in This Book..................................................................................5 Where to Go from Here....................................................................................6 Part h Trading the World s Largest Financial Market.......7 Chapter 1: Currency Trading 101.................................9 What Is Currency Trading?.............................................................................9 Speculating as an enterprise...............................................................10 Currencies as the trading vehicle.......................................................10 What Affects Currency Rates?......................................................................11 Fundamentals drive the currency market.........................................12 Unless it s the technicals that are driving the currency market ....12 Or it may be something else...............................................................13 Developing a Trading Plan............................................................................13 Finding your trading style...................................................................14 Planning the trade................................................................................14 Executing the Trading Plan from Start to Finish........................................15 Chapter 2: What Is the Forex Market?...........................17 Getting Inside the Numbers..........................................................................18 Trading for spot....................................................................................19 Speculating in the currency market...................................................19 Getting liquid without getting soaked...............................................20 Around the World in a Trading Day.............................................................20 The opening of the trading week........................................................21 Trading in the Asia-Pacific session....................................................22 Trading in the European/London session.........................................23 Currency Trading For Dummies Trading in the North American session............................................23 Key daily times and events.................................................................24 The U.S. dollar index............................................................................26 Currencies and Other Financial Markets....................................................26 Gold........................................................................................................27 Oil...........................................................................................................28 Stocks.....................................................................................................28 Bonds.....................................................................................................29 Getting Started with a Practice Account.....................................................29 Chapter 3: Who Trades Currencies? Meet the Players.............31 The Interbank Market Is The Market ........................................................31 Getting inside the interbank market..................................................32 Bank to bank and beyond....................................................................33 Hedgers and Financial Investors..................................................................34 Hedging your bets................................................................................35 Global investment flows......................................................................37 Speculators.....................................................................................................38 Hedge funds..........................................................................................39 Day traders, big and small..................................................................40 Governments and Central Banks..................................................................41 Currency reserve management..........................................................41 The Bank for International Settlements.............................................43 The Group of Seven..............................................................................43 Chapter 4: The Mechanics of Currency Trading ..................45 Buying and Selling Simultaneously..............................................................45 Currencies come in pairs.....................................................................46 The long and the short of it................................................................49 Profit and Loss................................................................................................51 Margin balances and liquidations......................................................51 Unrealized and realized profit and loss.............................................52 Calculating profit and loss with pips.................................................52 Factoring profit and loss into margin calculations..........................54 Understanding Rollovers and Interest Rates..............................................54 Currency is money, after all................................................................54 Value dates and trade settlement.......................................................55 Market holidays and value dates.......................................................56 Applying rollovers................................................................................57 Understanding Currency Prices...................................................................58 Bids and offers......................................................................................59 Spreads..................................................................................................59 Executing a Trade...................................................... 60 Trading online.......................................................................................60 Orders............................................................. 62 Table of Contents Part 11: Moi/ina Currencies: Driving Forces Behind Forex Rates......................................................69 Chapter 5: Getting to Know the Major Currency Pairs.............71 The Big Dollar: EUR/USD...............................................................................72 Trading fundamentals of EUR/USD.....................................................72 Trading behavior of EUR/USD.............................................................75 Tactical trading considerations in EUR/USD.....................................78 East Meets West: USD/JPY............................................................................79 Trading fundamentals of USD/JPY.....................................................79 Price action behavior of USD/JPY......................................................82 Tactical trading considerations in USD/JPY.....................................85 The Other Majors: Sterling and Swissy.......................................................86 The British pound: GBP/USD..............................................................86 Safe haven or panic button: USD/CHF...............................................88 Price action behavior in GBP/USD and USD/CHF.............................90 Tactical trading considerations in GBP/USD and USD/CHF............91 Chapter 6: Minor Currency Pairs and Cross-Currency Trading......95 Trading the Minor Pairs: USD/CAD, AUD/USD, and NZD/USD..................96 Trading fundamentals of USD/CAD....................................................96 Trading fundamentals of AUD/USD....................................................99 Trading fundamentals of NZD/USD..................................................101 Tactical trading considerations in USD/CAD, AUD/USD, and NZD/USD................................................................103 Cross-Currency Pairs...................................................................................106 Why trade the crosses?.....................................................................107 Calculating cross rates......................................................................108 Stretching the legs..............................................................................109 Trading the JPY crosses....................................................................110 Trading the EUR crosses...................................................................Ill Chapter 7: Looking at the Big Picture ..........................113 Currencies and Interest Rates....................................................................114 The future is now: Interest rate expectations.................................115 Relative interest rates........................................................................116 Monetary Policy 101....................................................................................117 Looking at benchmark interest rates...............................................118 Easy money, tight money..................................................................118 Identifying monetary policy cycles..................................................119 Watching the central bankers...........................................................122 Interpreting monetary policy communications.............................124 Managing expectations......................................................................126 Currency Trading For Dummies Official Currency Policies and Rhetoric....................................................127 Currency policy or currency stance?...............................................127 Calling the shots on currencies........................................................129 Currency market intervention..........................................................131 Geopolitical Risks and Events....................................................................134 Chapter 8: Understanding and Applying Market News, Data, and Information ..........................137 Sourcing Market Information......................................................................138 The art of boarding a moving train..................................................138 Taking the pulse of the market.........................................................139 Analysts, economists, and strategists: What s the difference? ....141 Rumors: Where there s smoke, there s fire.....................................142 Putting Market Information into Perspective: Focusing on Themes.....143 Driving fundamental themes.............................................................143 Analyzing technical themes..............................................................147 Reality Check: Expectations versus Actual...............................................148 The role of consensus expectations................................................149 Pricing in and pricing out forecasts.................................................150 When good expectations go bad......................................................151 Anticipating alternative outcome scenarios...................................151 Chapter 9: Getting Down and Dirty with Fundamental Data.......153 Finding the Data...........................................................................................154 Economics 101 for Currency Traders: Making Sense of Economic Data.............................................................155 The labor market................................................................................155 The consumer.....................................................................................156 The business sector...........................................................................156 The structural.....................................................................................157 Assessing Economic Data Reports from a Trading Perspective............157 Understanding and revising data history........................................158 Getting to the core.............................................................................159 Market-Moving Economic Data Reports from the United States...........160 Labor-market reports.........................................................................160 Inflation gauges...................................................................................163 Gross domestic product (Relevance: High)....................................164 Trade and current account balances...............................................165 Leading economic indicators (Relevance: Low)...........................166 Institute for Supply Management and purchasing managers reports.......................................................166 Consumer sentiment reports............................................................167 Personal income and personal spending (Relevance: Medium).... 168 Retail sales (Relevance: High)..........................................................168 Durable goods orders (Relevance: Medium).................................169 Table of Contents Housing-market indicators................................................................169 Regional Federal Reserve indices....................................................170 The Fed s Beige Book (Relevance: High).........................................171 Major International Data Reports..............................................................172 Eurozone..............................................................................................172 Japan....................................................................................................173 United Kingdom..................................................................................174 Canada.................................................................................................174 Australia..............................................................................................175 Switzerland..........................................................................................175 New Zealand........................................................................................175 Chapter 10: Cutting the Fog with Technical Analysis.............177 The Philosophy of Technical Analysis......................................................178 What is technical analysis?...............................................................178 What technical analysis is not..........................................................178 Forms of technical analysis...............................................................179 Finding support and resistance........................................................179 Waiting for confirmation....................................................................181 The Art of Technical Analysis.....................................................................182 Bar charts and candlestick charts...................................................182 Drawing trend lines............................................................................183 Recognizing chart formations...........................................................185 Fibonacci retracements.....................................................................196 The Science of Technical Analysis.............................................................198 Momentum oscillators and studies..................................................198 Trend-identifying indicators.............................................................202 Part 111: Dei/eloping a Trading Plan............................205 Chapter 11: Training and Preparing for Battle...................207 Finding the Right Trading Style for You....................................................207 Real-world and lifestyle considerations..........................................208 Making time for market analysis......................................................209 Technical versus fundamental analysis...........................................209 Different Strokes for Different Folks..........................................................210 Short-term, high-frequency day trading..........................................211 Medium-term directional trading.....................................................214 Long-term macroeconomic trading..................................................216 Developing Trading Discipline...................................................................219 Taking the emotion out of trading....................................................220 Managing your expectations.............................................................221 Keeping your ammunition dry..........................................................222 Currency Trading For Dummies Chapter 12: Identifying Trade Opportunities.....................225 Developing a Routine for Market Analysis................................................225 Performing Multiple-Time-Frame Technical Analysis..............................226 Identifying Relevant Support and Resistance Levels..............................231 Trend lines...........................................................................................232 Highs and lows....................................................................................232 Congestion zones...............................................................................232 Retracements......................................................................................233 Looking for Symmetry with Channels and Retracements......................233 Drawing price channels.....................................................................233 Finding support and resistance with Fibonacci retracements.....235 Listening to Momentum..............................................................................237 Factoring momentum analysis into your routine...........................237 Looking at momentum in multiple time frames.............................238 Trading on divergences between price and momentum...............239 Using momentum for timing entry and exit....................................240 Trading on Candlestick Patterns................................................................242 Building a Trade Strategy from Start to Finish.........................................243 Chapter 13: Risk-Management Considerations..................247 Managing Risk Is More Than Avoiding Losses.........................................247 Market liquidity, volatility, and gap risk..........................................248 Leverage amplifies gains and losses — and expectations............251 Knowing your margin requirements................................................252 We have a winner here! Protecting your profits.............................253 Placing your orders effectively.........................................................253 Applying Risk Management to the Trade..................................................256 Analyzing the trade setup to determine position size...................256 Doing the math to put the risk in cash terms.................................258 Devising the trading plan in terms of risk.......................................258 Choosing Your Trading Broker...................................................................261 Different business models of brokers..............................................261 Financial risks of brokers..................................................................262 Technology Issues and Contingency Planning.........................................263 Part IV: Executing a Plan...........................................265 Chapter 14: Pulling the Trigger................................267 Getting into the Position.............................................................................267 Buying and selling at the current market........................................268 Averaging into a position..................................................................268 Trading breakouts..............................................................................272 Table of Contents Making the Trade Correctly........................................................................277 Buying and selling online..................................................................277 Placing your orders............................................................................279 Chapter 15: Managing the Trade...............................281 Monitoring the Market while Your Trade Is Active..................................282 Following the market with rate alerts..............................................282 Staying alert for news and data developments..............................283 Keeping an eye on other financial markets.....................................284 Updating Your Trade Plan as Time Marches On......................................286 Trend lines move over time..............................................................287 Impending events may require trade plan adjustments...............289 Updating Order Levels as Prices Progress................................................290 Increasing take-profit targets............................................................290 Tightening stop-loss orders to protect profits...............................291 Chapter 16: Closing Your Position and Evaluating Your Trading Results...............................293 Closing Out the Trade..................................................................................294 Taking profit and stopping out.........................................................294 Setting it and forgetting it: Letting the market trigger your order..............................................................296 Squaring up after events have happened........................................297 Exiting at the right time.....................................................................298 Getting out when the price is right..................................................299 Assessing Your Trading Strategy...............................................................299 Identifying what you did right and wrong.......................................300 Updating your trading record...........................................................301 Part (/: The Part of Tens.............................................303 Chapter 17: Ten Habits of Successful Currency Traders ..........305 Trading with a Plan......................................................................................305 Anticipating Event Outcomes.....................................................................306 Staying Flexible.............................................................................................306 Being Prepared for Trading.........................................................................306 Keeping Technically Alert...........................................................................307 Going with the Row/Trading the Range....................................................307 Focusing on a Few Pairs..............................................................................308 Protecting Profits.........................................................................................308 Trading with Stop Losses............................................................................308 Watching Other Markets.............................................................................309 Currency Trading For Dummies Chapter 18: Ten Beginner Trading Mistakes.....................311 Running Losers, Cutting Winners...............................................................311 Trading without a Plan................................................................................312 Trading without a Stop Loss.......................................................................312 Moving Stop-Loss Orders............................................................................312 Overtrading...................................................................................................313 Overleveraging.............................................................................................313 Failing to Adapt to Changing Market Conditions.....................................313 Being Unaware of News and Data Events..................................................314 Trading Defensively.....................................................................................314 Keeping Realistic Expectations..................................................................314 Chapter 19: Ten Rules of Risk Management.....................315 Trade with Stop-Loss Orders......................................................................315 Leverage to a Minimum...............................................................................316 Trade with a Plan.........................................................................................316 Stay on Top of the Market...........................................................................316 Trade with an Edge......................................................................................316 Step Back from the Market..........................................................................317 Take Profit Regularly....................................................................................317 Understand Currency Pair Selection.........................................................317 Double-Check for Accuracy........................................................................318 Take Money Out of Your Trading Account................................................318 Chapter 20: Ten Great Resources..............................319 Technical Analysis of the Financial Markets, by John Murphy................319 Japanese Candlestick Charting Techniques, by Steve Nison....................320 Elliott Wave Principle, by A. J. Frost and Robert R. Prechter, Jr.............320 Technical Analysis Explained, by Martin J. Pring.....................................320 Technical Analysis For Dummies, by Barbara Rockefeller.......................321 The Book of Five Rings, by Miyamoto Musashi........................................321 Reminiscences of a Stock Operator, by Edwin Lefevre.............................321 Market Wizards: Interviews with Top Traders, by Jack D. Schwager......322 Thirty Days ofForex Trading, by Raghee Horner......................................322 Come into My Trading Room, by Alexander Elder, MD............................322 Index........................................................................323
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spellingShingle	Galant, Mark Dolan, Brian Currency trading for dummies
title	Currency trading for dummies
title_auth	Currency trading for dummies
title_exact_search	Currency trading for dummies
title_full	Currency trading for dummies by Mark Galant and Brian Dolan
title_fullStr	Currency trading for dummies by Mark Galant and Brian Dolan
title_full_unstemmed	Currency trading for dummies by Mark Galant and Brian Dolan
title_short	Currency trading for dummies
title_sort	currency trading for dummies
url	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020058859&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
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