ISBN: 978-0-470-44229-6
208 pages
January 2010
Solid Forex strategies for capturing profits in today’s volatile markets
How to Make a Living Trading Foreign Exchange puts the world of Forex at your fingertips. Author Courtney Smith begins with an introduction to the Forex market-what it is and how it works. He then delves into six moneymaking techniques for trading Forex, including his unique Rejection Rule that doubles the profit of basic channel breakout systems. In addition to two specific methods for exiting positions at critical levels, Smith also discusses powerful risk management techniques and successful trading psychology strategies that will keep you one step ahead of the game.
Reveals the secrets of the Forex market and how to create a lifetime of income trading it
Offers advice on maximizing profits during the volatile swings that have increasingly become the norm
Other titles by Smith:Option Strategies, Third Edition, Seasonal Charts For Futures Traders, Commodity Spreads, andProfits Through Seasonal Trading
Make more from today’s Forex market with How to Make a Living Trading Foreign Exchange.
Table of Contents
Preface.
Chapter 1 The Basics of Foreign Exchange Trading.
Sell a Yard of Cable.
Don’t Want To Trade!
Transaction Costs.
It Never Stops.
My Biggest Losing Trade.
The Bottom Line.
Chapter 2 Trend Analysis.
What Is a Trend?
How to Profitably Trade Bull and Bear Markets.
How to Trade the Trend.
Megaphones and Pennants.
Average Directional Index.
The Bishop.
The Bottom Line.
Chapter 3 Channel Breakouts.
The Beginnings of Channel Breakouts.
What Is A Channel Breakout?
Better Channel Breakouts.
The Pros and Cons of Channel Breakouts.
The Bishop.
ADX Filter.
The Principle of Instant Gratification.
Rejection Rule.
The Last Bar Technique.
Tactics.
Taking Profits.
The Bottom Line.
Chapter 4 The Conqueror.
The Beginnings of the Conqueror.
What is True Range?
Enhancing the Conquistidor.
Adjusting the Stop.
The Bottom Line.
Chapter 5 Stochastics.
What Are Stochastics?
How to Use Stochastics as an Overbought and Oversold Indicator.
Trading Signals from Crossovers.
Profitability of Stochastics.
Warnings.
The Best Way to Make Money Using Stochastics.
Go with the Trend.
How I Use Stochastics.
Interview with George Lane.
The Bottom Line.
Chapter 6 Pattern Recognition.
Inside Days.
Double Whammy.
Multi-Unit Tactic.
Reversal Days.
Riding the Rejection Rule.
The Bottom Line.
Chapter 7 Risk Management.
Stopping Bad Risk Management.
How to Make Sure We Are Never Wiped Out.
Good Risk Management: Fixed Fractional.
How Many Contracts Should I Put On?
Highly Correlated Positions.
Kelly Formula.
Trade Your Equity Curve.
Take a Time Out.
Turning Poor Systems into Good Systems.
How Big of a Position Should I Take?
The Bottom Line: Diversify Through Time.
Chapter 8 Slingshot.
The Importance of Minimizing Losses.
Beware of Taking Profits Too Early.
Psychological Profits.
Confirmations.
Maximum Excursion Analysis.
Using the Slingshot for Profits.
The Mini-Slingshot.
The Bottom Line.
Chapter 9 The Psychology of Successful Trading.
Why Do You Trade?
The Pressures of Trading.
Why Do You Lose?
Addressing a Lack of Knowledge.
Addressing a Lack of Capital.
Addressing a Lack of Self-Discipline.
An Example of Overcoming the Bizarre Twists and Turns of the Mind.
Treat Trading as Education.
Stress-Free Trading.
Be the Casino.
Developing Your Trading Plan.
Filling Out the Plan.
The Importance of a Postmortem.
The Bottom Line.
Chapter 10 Putting It All Together.
Diversifying To Reduce Risk.
Use a Mental Checklist.
How to Trade Only One Method.
The Bottom Line.
Epilogue: Key Insights for Maximizing Your Trading Profits.
Appendix: Suggested Reading.
Acknowledgments.
About the Author.
Index.
Author Information
Courtney D. Smith is Chairman of the Investment Mentoring Institute, an organization devoted to building great investors. He is also President and CIO of Courtney Smith & Co., Inc., which manages money for institutions, family offices, and high-net-worth individuals. Mr. Smith is the owner and Editor in Chief of Commodity Trading Consumer Research (CTCR)—the premier tracking service for the futures industry—and author of six books, including Option Strategies (Wiley). He has made more than 1,000 TV appearances on shows such as Wall Street Journal Report, Moneyline, and other programs on CNBC, Fox News, Bloomberg, and CNN.
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