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Essentials in
15 Trades
The Global-View.com Guide to
Successful Currency Trading
JOHN M. BLAND
JAY M. MEISLER
MICHAEL D. ARCHER
John Wiley & Sons, Inc.
Forex
Copyright
C
2009 by John M. Bland, Jay M. Meisler, and Michael D. Archer. All rights reserved.
Published by John Wiley & Sons, Inc., Hoboken, New Jersey.
Published simultaneously in Canada.
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Library of Congress Cataloging-in-Publication Data:
Bland, John M., 1946–
Forex essentials in 15 trades : the global-view.com guide to successful currency trading /
John M. Bland, Jay M. Meisler, Michael D. Archer.
p. cm. – (Wiley trading series)
Includes index.
ISBN 978-0-470-29263-1 (cloth)
1. Foreign exchange market. 2. Foreign exchange futures. I. Meisler, Jay M., 1948–
II. Archer, Michael D. (Michael Duane) III. Title.
HG3851.B53 2009
332.4
5–dc22
2008047042
Printed in the United States of America.
10987654321
Contents
Preface
xv
How This Book Is Organized
xv
Beyond the Book: The Global-View Web Site
xvii
Ready to Go
xviii
Introduction
xix
Origins of Global-View
xix
Goal of Global-View
xx
WhyanOpenFOREXForum?
xxi
Forum Rules of Behavior
xxii
How to Use the Forums
xxiii
GVI Forex: A Special Forum
xxiv
Additional Trader Support
xxv
As You Go Forward
xxv
PART ONE The Basics of FOREX
1
CHAPTER 1 An Introduction to FOREX
3
FOREX First Steps: What Is It?
6
Why Trade FOREX?
7
FOREX Terms
8
FOREX Calculations
11
Market Conventions
16
Quoting Conventions
16
Elements of a Trade Plan
18
Summary
19
vii
viii
CONTENTS
CHAPTER 2 The Importance of Money Management
21
CFTC Warning
22
Key to Success as a Trader: Preserve Your Capital
22
What Is Leverage?
23
Example of a Hypothetical Trade
24
Money Management Rules
25
Use Stop Losses
27
HowMuchtoRiskonaTrade
28
Ready to Trade?
29
Summary
31
CHAPTER 3 Technical Trading
33
What Is Technical Analysis?
35
Technical Analysis Landscape
35
Summary
47
CHAPTER 4 Fundamentals for FOREX Trading
49
What Is Fundamental Analysis?
49
All Price Moves Are Not Created Equal
50
Interest Rates
51
Typical Fundamental Market Frameworks
57
Trading in a Crisis Economy
60
Summary
61
CHAPTER 5 Trading the News
63
Caveat Emptor (Let the Buyer Beware)
64
Market Orders
65
Trading the News—Complex and Risky
65
Do Your Homework
66
Popular Releases for News Traders
67
Summary
71
CHAPTER 6 Trader Profiles
73
What Is Your Trader Profile?
73
Good Trader versus Bad Trader
75
Summary
77
Contents
ix
CHAPTER 7 Selecting a FOREX Broker
81
Broker-Dealer Due Diligence
82
The First Decision: Market Maker or Electronic
Communications Network?
82
Broker-Dealer Spotlight
83
Third-Party Services
92
After the Demo Account
92
Summary
95
PART TWO 15 Trades and Their Stories
97
CHAPTER 8 Heuristic-Based Trading
99
The Snowflake Trading Heuristic
100
A KIS (Keep It Simple) System
105
Summary
106
CHAPTER 9 Trade #1: A Symphony of Numbers
111
The Six Components of Money Management
111
The Campaign Trading Method
113
Analyzing the Trade
114
Summary
115
CHAPTER 10 Trade #2: Know When to Hold Them . . .
117
The Bounce
117
Analyzing the Trade
123
Summary
124
CHAPTER 11 Trade #3: Scaling the Wall
125
The Dagger
125
Analyzing the Trade
126
Market Thickness
128
Summary
128
CHAPTER 12 Trade #4: The Trend Is Your Friend
129
Trend Components
130
The Matrix
130
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