{"product_id":"how-to-make-a-living-trading-foreign-exchange-isbn-9780470442296","title":"How to Make a Living Trading Foreign Exchange","description":"\u003cp\u003eSolid Forex strategies for capturing profits in today's volatile markets\u003c\/p\u003e \u003cp\u003e\u003ci\u003eHow to Make a Living Trading Foreign Exchange\u003c\/i\u003e 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.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eReveals the secrets of the Forex market and how to create a lifetime of income trading it\u003c\/li\u003e \u003cli\u003eOffers advice on maximizing profits during the volatile swings that have increasingly become the norm\u003c\/li\u003e \u003cli\u003eOther titles by Smith: \u003ci\u003eOption Strategies, Third Edition, Seasonal Charts For Futures Traders, Commodity Spreads,\u003c\/i\u003e and \u003ci\u003eProfits Through Seasonal Trading\u003c\/i\u003e\n\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eMake more from today's Forex market with \u003ci\u003eHow to Make a Living Trading Foreign Exchange\u003c\/i\u003e.\u003c\/p\u003e \u003cp\u003ePreface xi\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 1 The Basics of Foreign Exchange Trading 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSell a Yard of Cable 2\u003c\/p\u003e \u003cp\u003eDon’t Want to Trade! 4\u003c\/p\u003e \u003cp\u003eTransaction Costs 7\u003c\/p\u003e \u003cp\u003eIt Never Stops 8\u003c\/p\u003e \u003cp\u003eMy Biggest Losing Trade 8\u003c\/p\u003e \u003cp\u003eThe Bottom Line 11\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 2 Trend Analysis 13\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat Is a Trend? 14\u003c\/p\u003e \u003cp\u003eHow to Profitably Trade Bull and Bear Markets 18\u003c\/p\u003e \u003cp\u003eHow to Trade the Trend 21\u003c\/p\u003e \u003cp\u003eMegaphones and Pennants 25\u003c\/p\u003e \u003cp\u003eAverage Directional Index 27\u003c\/p\u003e \u003cp\u003eThe Bishop 28\u003c\/p\u003e \u003cp\u003eThe Bottom Line 30\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 3 Channel Breakouts 31\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Beginnings of Channel Breakouts 31\u003c\/p\u003e \u003cp\u003eWhat Is a Channel Breakout? 32\u003c\/p\u003e \u003cp\u003eBetter Channel Breakouts 35\u003c\/p\u003e \u003cp\u003eThe Pros and Cons of Channel Breakouts 39\u003c\/p\u003e \u003cp\u003eThe Bishop 40\u003c\/p\u003e \u003cp\u003eADX Filter 43\u003c\/p\u003e \u003cp\u003eThe Principle of Instant Gratification 46\u003c\/p\u003e \u003cp\u003eRejection Rule 46\u003c\/p\u003e \u003cp\u003eThe Last Bar Technique 51\u003c\/p\u003e \u003cp\u003eTactics 52\u003c\/p\u003e \u003cp\u003eTaking Profits 52\u003c\/p\u003e \u003cp\u003eThe Bottom Line 53\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 4 The Conqueror 55\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Beginnings of the Conqueror 55\u003c\/p\u003e \u003cp\u003eWhat Is True Range? 56\u003c\/p\u003e \u003cp\u003eEnhancing the Conquistador 57\u003c\/p\u003e \u003cp\u003eAdjusting the Stop 63\u003c\/p\u003e \u003cp\u003eThe Bottom Line 65\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 5 Stochastics 67\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat Are Stochastics? 67\u003c\/p\u003e \u003cp\u003eHow to Use Stochastics as an Overbought and Oversold Indicator 69\u003c\/p\u003e \u003cp\u003eTrading Signals from Crossovers 71\u003c\/p\u003e \u003cp\u003eProfitability of Stochastics 74\u003c\/p\u003e \u003cp\u003eWarnings 75\u003c\/p\u003e \u003cp\u003eThe Best Way to Make Money Using Stochastics 76\u003c\/p\u003e \u003cp\u003eGo with the Trend 81\u003c\/p\u003e \u003cp\u003eHow I Use Stochastics 81\u003c\/p\u003e \u003cp\u003eInterview with George Lane 82\u003c\/p\u003e \u003cp\u003eThe Bottom Line 89\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 6 Pattern Recognition 91\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInside Days 91\u003c\/p\u003e \u003cp\u003eDouble Whammy 94\u003c\/p\u003e \u003cp\u003eMultiunit Tactic 95\u003c\/p\u003e \u003cp\u003eReversal Days 97\u003c\/p\u003e \u003cp\u003eRiding the Rejection Rule 101\u003c\/p\u003e \u003cp\u003eThe Bottom Line 103\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 7 Risk Management 105\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eStopping Bad Risk Management 105\u003c\/p\u003e \u003cp\u003eHow to Make Sure We Are Never Wiped Out 108\u003c\/p\u003e \u003cp\u003eGood Risk Management: Fixed Fractional 108\u003c\/p\u003e \u003cp\u003eHow Many Contracts Should I Put On? 109\u003c\/p\u003e \u003cp\u003eHighly Correlated Positions 109\u003c\/p\u003e \u003cp\u003eKelly Formula 110\u003c\/p\u003e \u003cp\u003eTrade Your Equity Curve 114\u003c\/p\u003e \u003cp\u003eTake a Time Out 115\u003c\/p\u003e \u003cp\u003eTurning Poor Systems into Good Systems 115\u003c\/p\u003e \u003cp\u003eHow Big a Position Should I Take? 116\u003c\/p\u003e \u003cp\u003eThe Bottom Line: Diversify through Time 117\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 8 Slingshot 119\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Importance of Minimizing Losses 120\u003c\/p\u003e \u003cp\u003eBeware of Taking Profits Too Early 121\u003c\/p\u003e \u003cp\u003ePsychological Profits 122\u003c\/p\u003e \u003cp\u003eConfirmations 123\u003c\/p\u003e \u003cp\u003eMaximum Excursion Analysis 124\u003c\/p\u003e \u003cp\u003eUsing the Slingshot for Profits 125\u003c\/p\u003e \u003cp\u003eThe Mini-Slingshot 128\u003c\/p\u003e \u003cp\u003eThe Bottom Line 130\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 9 The Psychology of Successful Trading 131\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhy Do You Trade? 132\u003c\/p\u003e \u003cp\u003eThe Pressures of Trading 136\u003c\/p\u003e \u003cp\u003eWhy Do You Lose? 137\u003c\/p\u003e \u003cp\u003eAddressing a Lack of Knowledge 138\u003c\/p\u003e \u003cp\u003eAddressing a Lack of Capital 140\u003c\/p\u003e \u003cp\u003eAddressing a Lack of Self-Discipline 141\u003c\/p\u003e \u003cp\u003eAn Example of Overcoming the Bizarre Twists and Turns of the Mind 143\u003c\/p\u003e \u003cp\u003eTreat Trading as Education 144\u003c\/p\u003e \u003cp\u003eStress-Free Trading 147\u003c\/p\u003e \u003cp\u003eBe the Casino 148\u003c\/p\u003e \u003cp\u003eDeveloping Your Trading Plan 149\u003c\/p\u003e \u003cp\u003eFilling Out the Plan 150\u003c\/p\u003e \u003cp\u003eThe Importance of a Postmortem 153\u003c\/p\u003e \u003cp\u003eThe Bottom Line 155\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 10 Putting It All Together 157\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDiversifying to Reduce Risk 157\u003c\/p\u003e \u003cp\u003eUse a Mental Checklist 158\u003c\/p\u003e \u003cp\u003eHow to Trade Only One Method 159\u003c\/p\u003e \u003cp\u003eThe Bottom Line 160\u003c\/p\u003e \u003cp\u003eEpilogue: Key Insights for Maximizing Your Trading Profits 161\u003c\/p\u003e \u003cp\u003eAppendix: Suggested Reading 177\u003c\/p\u003e \u003cp\u003eAcknowledgments 179\u003c\/p\u003e \u003cp\u003eAbout the Author 181\u003c\/p\u003e \u003cp\u003eIndex 183\u003c\/p\u003e \t \u003cp\u003e\u003cb\u003eCOURTNEY D. SMITH\u003c\/b\u003e is Chairman of the Investment Mentoring Institute, an organization devoted to building great investors. He is also President and CIO of Courtney Smith \u0026amp; Co., Inc., which manages money for institutions, family offices, and high-net-worth individuals. Mr. Smith is the owner and Editor in Chief of \u003ci\u003eCommodity Trading Consumer Research\u003c\/i\u003e (\u003ci\u003eCTCR\u003c\/i\u003e)—the premier tracking service for the futures industry—and author of six books, including \u003ci\u003eOption Strategies\u003c\/i\u003e (Wiley). He has made more than 1,000 TV appearances on shows such as \u003ci\u003eWall Street Journal Report, Moneyline,\u003c\/i\u003e and other programs on CNBC, Fox News, Bloomberg, and CNN.   Foreign exchange is the most traded instrument in the world. It's not hard to understand why. Nobody \u003ci\u003eneeds\u003c\/i\u003e to buy stocks, but because of today's extensive global trade we must all deal directly or indirectly with the forex world. Yet, while trading foreign exchange is one of the most exciting and potentially lucrative activities in the world, about 90 percent of traders lose money. In \u003ci\u003eHow to Make a Living Trading Foreign Exchange\u003c\/i\u003e, Courtney D. Smith provides a concrete and comprehensive approach to becoming a profitable forex trader.  \u003c\/p\u003e\u003cp\u003eSmith first explains all the basic information you need to know to get started in trading forex. He then introduces the tested, profitable techniques that will help you make money in the forex market, offering a variety of different methods to use over different time horizons—from those that look at the market from the perspective of days and weeks to those that hold positions for less than one day. Smith describes, for instance, a system that monitors the market from three different time perspectives and doesn't enter the market until all three are calling for an entry into the market.\u003c\/p\u003e \u003cp\u003eHe also details a new way to filter trades that eliminates about half of all losing transactions. And he tells how to sidestep the usual traps that drain money from your account using his method to identify short-term turning points and, more important, to identify major turning points. Smith concludes by showing you how all the techniques in the book fit together into a coordinated program for creating profits.\u003c\/p\u003e \u003cp\u003eThroughout the book, the author stresses the two most important aspects of trading: risk management and trader psychology. \u003ci\u003eHow to Make a Living Trading Foreign Exchange\u003c\/i\u003e shows how to take risk management one step beyond and use it as an offensive weapon for enhancing profits. And perhaps, most important, it tells how to overcome the biggest block against making money in the markets: your own psychology. Whether you're a novice or a pro, says Smith, following the techniques in this book will turn forex trading into your ticket to financial freedom.\u003c\/p\u003e \t \u003cp\u003eForeign exchange is the most traded instrument in the world. It's not hard to understand why. Nobody \u003ci\u003eneeds\u003c\/i\u003e to buy stocks, but because of today's extensive global trade we must all deal directly or indirectly with the forex world. Yet, while trading foreign exchange is one of the most exciting and potentially lucrative activities in the world, about 90 percent of traders lose money. In \u003ci\u003eHow to Make a Living Trading Foreign Exchange\u003c\/i\u003e, Courtney D. Smith provides a concrete and comprehensive approach to becoming a profitable forex trader. \u003c\/p\u003e\u003cp\u003eSmith first explains all the basic information you need to know to get started in trading forex. He then introduces the tested, profitable techniques that will help you make money in the forex market, offering a variety of different methods to use over different time horizons—from those that look at the market from the perspective of days and weeks to those that hold positions for less than one day. Smith describes, for instance, a system that monitors the market from three different time perspectives and doesn't enter the market until all three are calling for an entry into the market. \u003c\/p\u003e\u003cp\u003eHe also details a new way to filter trades that eliminates about half of all losing transactions. And he tells how to sidestep the usual traps that drain money from your account using his method to identify short-term turning points and, more important, to identify major turning points. Smith concludes by showing you how all the techniques in the book fit together into a coordinated program for creating profits. \u003c\/p\u003e\u003cp\u003eThroughout the book, the author stresses the two most important aspects of trading: risk management and trader psychology. \u003ci\u003eHow to Make a Living Trading Foreign Exchange\u003c\/i\u003e shows how to take risk management one step beyond and use it as an offensive weapon for enhancing profits. And perhaps, most important, it tells how to overcome the biggest block against making money in the markets: your own psychology. Whether you're a novice or a pro, says Smith, following the techniques in this book will turn forex trading into your ticket to financial freedom.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989380514021,"sku":"NP9780470442296","price":73.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470442296.jpg?v=1761783887","url":"https:\/\/k12savings.com\/products\/how-to-make-a-living-trading-foreign-exchange-isbn-9780470442296","provider":"K12savings","version":"1.0","type":"link"}