Forex on Five Hours a Week

A top forex trader reveals how to ease into this market and excel

Trading the forex market has become one of the most popular forms of trading, mainly because of its twenty-four-hour access and the fact that there is always a bull market available in this arena. But not everyone is interested in quitting their jobs and spending all day trying to make a living trading. That's where Forex in Five Hours a Week comes in. This book shows readers how they can master a few techniques, focus their efforts on their choice of time frame, and profit in the forex market. Readers with a day job and little time to dedicate to the market will learn all they need to know to capture consistent profits

Preface vii

Acknowledgments xi

Chapter 1 Making Money in Up and Down Markets 1

Fill in the Blanks 2

A Bull Is on the Loose! 3

Shorting 4

Chapter 2 Full-Time Trading = Full-Time Job 9

Employee Mindset 11

Confessions of a Chart Junkie 12

Analyzing the Market 14

Identify the Trend 16

Time Frames 16

Chapter 3 The Wave 19

Sinking, Soaring, or Sideways? 23

Market Cycles 23

A Wish 28

Market Memory 28

Trade with Price 31

Chapter 4 Objectivity 33

Indicators 34

Order Entry 35

Stop Loss 36

Risk Management 38

Trendlines, Support, and Resistance 41

Static and Dynamic Lines 41

Chapter 5 The Magic of Lazy Days Lines 43

Fibonacci Analysis 44

Lazy Days Lines at Work 45

Using Lazy Days Lines 46

The Wave in Action 48

Real-Life Lazy Days Lines 54

Comprehension + Confirmation = Confidence 55

Chapter 6 The Only Entries You Need 57

Momentum Trading 58

Swing Trading 63

Short Cycle Set-Ups 68

Inside the Range 71

Chapter 7 Around the World 73

Who’s Awake? 74

Financial Centers You Need to Know 75

Prime Time! 76

Pip Movement 81

A Day with the EUR/USD 82

Time Out! 85

Choosing Your Trading Time 95

Chapter 8 Market Pulse 97

U.S. Dollar Index and USD/CAD 104

U.S. Dollar Index and AUD/USD 110

Chapter 9 Trading Psychology 117

Stay in Balance 119

The Role of Experience 120

Trading for Real 123

The Psychology of Market Cycles 125

The Psychology of News 125

The Psychology of Time 127

The Psychology of Numbers, Entries, and Exits 128

Chapter 10 Psychological Numbers 131

Using the Herd 133

The 200 SMA 133

52-Week Highs and Lows 135

Chapter 11 Trading Edge 137

The Right Side of the Chart 145

Consumer Confidence 146

Risk Appetite 148

Sell the News 148

Chapter 12 Is My Broker Friend or Foe? 153

The 2 Percent Question 155

Stop Loss Placement 156

Triage 158

Trading Truths 158

Chapter 13 Embracing Automation 163

Charting Tools 166

Profit Targets 166

Fifteen-Minute Set-Ups 170

Chapter 14 Raghee Recommends 179

Final Thoughts 183

Index 187

Raghee Horner is a private trader, founder of EZ2Trade Software, entrepreneur, and author. She is a regular contributor to a number of sites, including FXStreet, Trading Markets, and eSignal, as well as a featured speaker at the forex and Traders Expos. Horner's commentary and analysis is seen daily by thousands of traders at Raghee.com, gotforex.com, forextraderdaily.com, and her personal blog, ragheehorner.com. She is also the author of the Wiley titles Thirty Days of Forex Trading and Forex Trading for Maximum Profit.

Trading the forex market has become one of the most popular forms of trading, mainly because of its twenty-four-hour access and the fact that there is always a bull market available in this arena—a concept that is rather attractive today.

But what if you don't want to become a full-time trader? What if you just want to spend some time trading because you already have a job you like? Or what if you're just looking to make a few extra dollars every month trading on the side? That's where Forex on Five Hours a Week comes in.

With this book, author Raghee Horner—a top forex trader and trusted teacher of trading systems—distills her forex strategies into the most streamlined systems possible, and shows those with little time to dedicate to the market everything they need to know to capture consistent profits.

By sharing her extensive experience in classic charting techniques, price action, and market psychology, Horner enables traders and investors of any skill level to quickly capitalize on, and make money from, the forex market. Page by page, she lays out a blueprint for fitting forex trading into your current schedule and skillfully addresses how to analyze the market, use visual and objective tools, and formulize a successful trading plan. Along the way, Horner also covers many other essential elements of this discipline, including focusing on the right indicators and set-ups, working across multiple time frames and pairs, and understanding the role of individual financial centers.

Successful trading shouldn't be defined by time, but more importantly, by results. With Forex on Five Hours a Week as your guide, you'll learn how to execute successful forex trades without spending every waking hour in front of a computer screen.

Praise for Forex On Five Hours A Week

"The style allows Raghee Horner to tackle the thorniest concept for beginning traders to understand from the outset—shorting. The explanation is one that is the best I've read in many a book, all because she is conversing with you within the pages.

—Kiara Ashanti, Active Trader Magazine

"Just who is Raghee Horner? That's easy. If you are a forex trader, Raghee Horner is a young woman who can change your life. She can turn your losses into profits. She can take the mystery out of trading this incredible market.

—Peter McKenna, Investor's Business Daily

Trading the forex market has become one of the most popular forms of trading. It's a 24/7 job for many. But what if you have a day job and only a little time to dedicate to the market?

In Forex on Five Hours a Week, top forex trader Raghee Horner shows you how, with a few key techniques and just five hours a week, you can capture consistent profits in the forex market.