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    Forex A Newbies' Guide: Newbies Guides to Finance, #1
    Forex A Newbies' Guide: Newbies Guides to Finance, #1
    Forex A Newbies' Guide: Newbies Guides to Finance, #1
    Ebook115 pages1 hour

    Forex A Newbies' Guide: Newbies Guides to Finance, #1

    By Alan Northcott

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    About this ebook

    Forex for beginners. Forex - A Newbies' Guide explains all you need to know to get started in Forex trading.

    Forex stands for foreign exchange, and is a way of making money by trading on the currency markets, This book shows you forex made simple, explaining just what you can expect:

    An introduction to the symbols, jargon, and mechanics
    Forex brokers (what to watch out for)
    Fundamental analysis (what moves the markets)
    Technical analysis (how you can anticipate the moves)
    Handling your money (don't try to make a profit!)
    Dealing with your losing mindset (you have one, it's only natural!)
    Planning your approach
    Forming a winning forex strategy
    By the time you finish this book, you will be aware of all the possible pitfalls and equipped to make a profitable hobby out of Forex trading.

    The Newbies' Guides to Finance books give critical advice on a variety of financial issues, and Alan Northcott is an experienced financial writer and trading educator.
    Here's what people are saying about Forex - A Newbies' Guide:

    "This book is about the Foreign Exchange Market (or Currency Market) and deals in plain English with everything a person needs to know to obtain a true appreciation of this topic. I like the book's down to earth approach. It is well written and well-structured. I highly recommend it to everybody who wants to obtain a solid basic understanding of what Forex is all about." Johann David Renner

    "This is a good book for Forex traders to read, either new to Forex or trading for some time you will find useful background information and a great overview of the bigger Forex picture which I think is essential if you are going to be successful as a Forex trader." - Matt Lowe

    LanguageEnglish
    PublisherAlan Northcott
    Release dateJan 1, 1990
    ISBN9781501451584
    Forex A Newbies' Guide: Newbies Guides to Finance, #1

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      Book preview

      Forex A Newbies' Guide - Alan Northcott

      Copyright Information Page

      Copyright © 2013 by Alan Northcott. All rights reserved worldwide.

      No part of this publication may be replicated, redistributed, or given away in any form without the prior written consent of the author/publisher or the terms relayed to you herein.

      Alan Northcott

      924 S. Easy Street, Sebastian, FL 32958, USA

      www.AlanNorthcott.com

      This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional services. If legal advice or other expert assistance is required, the services of a competent professional person should be sought.

      Table of Contents

      Copyright Information Page

      About the Author

      Also by this Author

      Disclaimer and Risk Disclosure

      Introduction

      Forex Essentials

      Background

      The Concepts

      The Symbols

      The Pip

      Margin

      The Mechanics

      Forex Brokers

      Caveat Emptor

      Types of Dealing

      Signing Up

      Your Account

      Technical Analysis

      The Foundation of Technical Analysis

      Charting Principles

      Trends

      Patterns

      Moving Averages

      Indicators

      Candlestick Patterns

      Fundamental Analysis

      US Nonfarm Payrolls

      US Federal Reserve

      US Trade Balance

      Other US News

      European Factors

      Intermarket Relationships

      Money Management

      Losing

      Percentages

      Related Trades

      Don't Try to Make a Profit

      Types of Order

      Discipline

      Confidence

      Patience

      Control

      Psychology

      Planning

      Types of Market

      Making an Entry

      Exit Considerations

      Sample Strategy

      Appendix – Forex Robots

      Final Note

      About the Author

      Alan Northcott has been writing and educating in the financial sector for many years and now resides in Florida. His books have been featured on www.better-trades.com, and attract comments from venerable traders such as Greg Morris.

      In addition to works published in his own name, Northcott has been responsible for the production of several trading courses, e-books and countless articles.

      Also by this Author

      In this series –

      Options Trading  – A Newbies Guide

      Alan's Newbies Guide breaks down options trading to the newbie level in an easy to understand and follow style. – Usiere

      Stocks – A Newbies Guide

      A plain man’s guide to the markets, explaining the reasons and ways to invest in stocks.

      Other titles by Northcott –

      The Complete Guide to Investing in Short Term Trading

      The Complete Guide to Using Candlestick Charting

      The Complete Guide to Investing in Gold and Precious Metals

      The Mutual Funds Book

      The Hedge Funds Book

      Asset Protection for Business Owners and High Income Earners

      The Complete Guide to Investing in Derivatives

      For full reviews, see book listings on www.amazon.com

      Disclaimer and Risk Disclosure

      By reading this book you agree that this book and any ideas expressed within are for informational and educational purposes only and do not constitute advice or recommendations. Trading foreign exchange on margin is a risky business, and may not be suitable for all investors. You must understand that the high degree of leverage can work against you as well as for you.

      Before you start Forex trading, you should carefully consider your financial situation, your level of experience and knowledge, and your appetite for risk. You could lose some or all of your trading capital, and you should not trade with money that you cannot afford to lose. No liability is accepted by Alan Northcott or his successors for any losses whether direct, indirect or consequential suffered by the use of any information contained herein.

      The information given in this book is for educational and personal enjoyment purposes only, and is not a recommendation to enter into trading in any form. If any specific trading or investment or legal advice is required, the services of a competent and appropriately licensed person should be sought.

      Introduction

      Many people are drawn to the prospect of Forex trading because they have heard about the leverage that can be employed, using a small amount of money to control a large amount of money, and therefore with the possibility of making money much faster than you could by simply investing in, say, stocks.

      These people have also, probably, read the warnings in other books and courses, the ones that point out that leverage or gearing of your money is a double-edged sword, and can result in losses much greater than your initial stake – but they may try to ignore it.

      If you think about it, it is obvious that more is lost by Forex traders than gained. Simply, every trade has two sides, or two parties to the transaction, each of whom thinks they are going to gain. What one wins, the other loses. And although you do not pay direct commissions for Forex transactions, there is a difference between the buying and selling prices, called the spread, which effectively takes a little out of each deal for the Forex broker. Therefore, traders as a whole finish worse off.

      The statistics are actually a little worse than that would imply. It's estimated that more than 80% (some say 90%) of would-be traders fail and have to give up. You see the ones that succeed are continually taking beginners to the cleaners. They need a constant fresh supply of novice traders and their funds, so they can continue to enjoy their success.

      So does that mean you should give up now and save your money? The answer for some people is probably. If you're going to compete with the experts, then you cannot expect to do so simply by buying a $97 Forex robot, or by looking for a secret trick that you can implement in 5 minutes. You need to be prepared to study and analyze the markets, and to make sensible decisions, and even then no one with realistic knowledge of the markets is going to guarantee that you will make a profit. If you want to take on the challenge, pitting your wits and knowledge against

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