Details

The Sensible Guide to Forex


The Sensible Guide to Forex

Safer, Smarter Ways to Survive and Prosper from the Start
Wiley Trading 1. Aufl.

von: Cliff Wachtel

41,99 €

Verlag: Wiley
Format: EPUB
Veröffentl.: 30.08.2012
ISBN/EAN: 9781118237458
Sprache: englisch
Anzahl Seiten: 448

DRM-geschütztes eBook, Sie benötigen z.B. Adobe Digital Editions und eine Adobe ID zum Lesen.

Beschreibungen

<p><b>FXstreet.Com’s 2013 Best Book Award!</b></p> <p><i>The Sensible Guide to Forex: Safer, Smarter Ways to Survive and Prosper from the Start</i> is written for the risk averse, mainstream retail investor or trader seeking a more effective way to tap forex markets to improve returns and hedge currency risk. As the most widely held currencies are being devalued, they're taking your portfolio down with them—unless you're prepared.</p> <p>For traders, the book focuses on reducing the high risk, complexity, and time demands normally associated with forex trading.</p> <p>For long-term investors, it concentrates on how to hedge currency risk by diversifying portfolios into the strongest currencies for lower risk and higher capital gains and income.</p> <p>The usual forex materials don't provide practical answers for most retail traders or longer term investors. Virtually all forex <i>trading</i> materials focus on time-consuming, high-leverage, high-risk methods at which most traders fail. Materials about <i>long-term investing</i> in foreign assets rarely take into account the prospects of the related currency. A falling currency can turn an otherwise good investment into a bad one.</p> <p>Throughout the book, the emphasis is on planning and executing only low risk, high potential yield trades or investments and avoiding serious losses at all costs. Packed with richly illustrated examples every step of the way and including additional appendices and references to online resources, the book is the ultimate guide to forex for retail traders and investors seeking to tap forex markets for better currency diversification and income.</p> <ul> <li>Provides traders with safer, smarter, less complex and time-consuming ways to trade forex with higher odds of success. These include the use of such increasingly popular new instruments like forex binary options and social trading accounts that mimic expert traders.</li> <li>Shows investors how to identify the currencies most likely to hold or increase their value, and provides a wealth of ideas about how to apply that knowledge to a long-term, low-maintenance portfolio for both income and capital appreciation.</li> <li>Helps anyone seeking an asset class with low correlation to other markets by explaining how the very nature of forex markets means that regardless of market conditions there's always a playable trend somewhere, regardless of what other asset markets are doing, and how to find and exploit it for a short-term trade or a long-term investment in a currency pair, stock, bond, or other asset</li> </ul> <p><i>The Sensible Guide to Forex</i> is only book that teaches mainstream risk averse investors and traders how to build a portfolio that’s diversified by currency exposure as well as by asset class and sector, via a variety of safer, simpler methods to suit different needs, risk tolerances, and levels of expertise.</p> <p>Written by Cliff Wachtel, a 30+ year financial market writer, advisor, and analyst, <i>The Sensible Guide to Forex</i> offers practical solutions to the above dilemmas faced by every serious, prudent investor.</p> <p>A must own for any informed investor-but don’t take out word for it - see advanced reviews at: <a href="http://thesensibleguidetoforex.com/review/">http://thesensibleguidetoforex.com/review/</a></p>
<p>Read This First xix</p> <p>Currency Risk: Every Investor’s Dilemma xix</p> <p>Currency Risk and How to Fight It xx</p> <p>The Solution xx</p> <p>Some Background xxi</p> <p>Why Any Trader or Investor Needs This Book xxii</p> <p>What This Book Offers xxiv</p> <p>Why Listen to You, Cliff? xxv</p> <p>Visit thesensibleguidetoforex.com for Additional</p> <p>Online Content xxviii</p> <p>Acknowledgments xxxi</p> <p>CHAPTER 1 Three Must-Know Forex Facts 1</p> <p>Fact 1: Everyone Needs Forex Diversification Even if You</p> <p>Don’t Trade Actively 2</p> <p>You’re Exposed: Cover Your Assets 2</p> <p>Even Long-Term Buy-and-Hold Investors Need Forex Diversification 3</p> <p>Fact 2: Potential for Better Risk-Adjusted Returns 4</p> <p>Forex Markets Often Provide Advanced Warnings of Changes in Other Markets 4</p> <p>Forex Needn’t Be Any Riskier Than Other Markets 4</p> <p>No Uptick Rule: Just as Easy to Profit in a Falling Market as in a Rising One 5</p> <p>Low Correlation to Other Financial Markets 7</p> <p>The Most Flexible Hours 7</p> <p>Forex Markets Offer the Best Liquidity 8</p> <p>No Centralized Exchange with Specialists Holding Monopoly Power to Regulate Prices 9</p> <p>Less Slippage 9</p> <p>The Best Risk/Reward Potential 9</p> <p>The Lowest Startup and Trading Costs 10</p> <p>Fact 3: You Can Do This 11</p> <p>How Can I Compete against the Pros and Big Institutions? 11</p> <p>How David Beats Goliath: More on What This Book Will and Won’t Do 12</p> <p>What’s the Catch? 14</p> <p>Most Traders Fail within Their First Two Years 14</p> <p>CHAPTER 2 Forex Basics 17</p> <p>Basics of Currencies and Currency Pairs 17</p> <p>Trade Only the Most Liquid Currencies 18</p> <p>The Major Currencies 18</p> <p>Risk versus Safe Haven Currencies: Definition and Ranking 19</p> <p>Currencies Trade in Pairs and Why That Matters 20</p> <p>Price Movements Are Always Relative to Another Currency 20</p> <p>It’s Just as Easy to Profit in Bear Markets as in Bull Markets 21</p> <p>How to Read a Forex Pair Price Quote 22</p> <p>Summary of Currency Pair Basics 24</p> <p>Why It’s Just as Easy to Profit from Falling Prices 25</p> <p>Size Matters: Types of Currency Pairs 29</p> <p>The Major Currency Pairs: The Most Liquid 29</p> <p>More on Risk and Safe Haven Currencies 29</p> <p>The Signs of the Crosses: Divine Revelations about Currency Strength 30</p> <p>Walk on the Wild Side: The Exotics 32</p> <p>Pips: The Universal Currency of Currencies 32</p> <p>Calculating Pip Values 33</p> <p>Three Ways to Limit Risk: Lot Size Usually the Easiest 33</p> <p>Leverage and Margin: Their Relationship and Impact on Risk 35</p> <p>Leverage: Greater Risk and Reward 35</p> <p>Permitted Leverage Varies with Place and Time 35</p> <p>How Margin, Lot Size, and Leverage Interact 36</p> <p>The Importance of Adequate Capital 36</p> <p>Margin Calls: Your account’s Circuit Breaker 37</p> <p>Order Types 38</p> <p>Exit Orders: Ways to Close a Position 42</p> <p>The Three Facets of Risk and Risk Control 44</p> <p>The Core Four: The Most Important Skills for Success 45</p> <p>Trader Psychology 46</p> <p>Risk and Money Management (RAMM) 48</p> <p>Technical and Fundamental Analysis 48</p> <p>CHAPTER 3 Technical Analysis (TA) Basics 49</p> <p>Candle Chart Basics 50</p> <p>Candle Anatomy and Meaning 50</p> <p>Relationship between Body, Wick, and Its Significance 52</p> <p>Support and Resistance (S/R) Basics 54</p> <p>Candle Chart Time Frames: Length Matters 59</p> <p>Different Time Frames, Different Trading Techniques, and Styles 59</p> <p>Different Time Frames, Different Trends 60</p> <p>Identifying Support and Resistance (S/R) to Buy Low, Sell</p> <p>High, or Vice Versa 62</p> <p>Definitions of S/R Are Reversed for Long and Short Positions 63</p> <p>The General Rule for Identifying Low-Risk High-Yield Trades 64</p> <p>Finding S/R Is Key to Identifying and Executing Low-Risk High-Yield Trades 64</p> <p>Good Risk Management Requires Good TA 66</p> <p>Think of S/R as Zones or Areas 66</p> <p>So Stick to Trading Longer Time Frames—They’re Safer 67</p> <p>Reasons to Consider Using Multiple Entry and Exit Points 68</p> <p>Once Broken, Resistance Becomes Support and Vice Versa 68</p> <p>Don’t “OD” on TA 69</p> <p>Why Specialize in a Few Currency Pairs and Time Frames? 69</p> <p>What Determines Whether a Currency Is a Risk or a Safe Haven? 70</p> <p>CHAPTER 4 Technical Analysis: Types of Support and Resistance (S/R) 73</p> <p>Price Levels 74</p> <p>For Lowest Risk, Enter Near Strong Support 75</p> <p>What Makes Some S/R Points Stronger Than Others? 76</p> <p>Longer Time Frames Offer More Reliable S/R Indicators 77</p> <p>Check Shorter Time Frames to Detect Interim S/R Levels 77</p> <p>Trends and Trend Lines 80</p> <p>Trends Vary with Time Frame 80</p> <p>Defining Trends, and Constructing Trend Lines 80</p> <p>Types of Trend Lines 81</p> <p>Single Uptrend or Downtrend Lines 82</p> <p>Channels: Better Than Single Trend Lines 83</p> <p>Moving Averages (MAs) 87</p> <p>Fibonacci Retracements (Fibs): These Fibs Don’t Lie 93</p> <p>Applying Fibs to Your Charts 94</p> <p>Fibs within Fibs 96</p> <p>Bollinger Bands (BBs): Use as S/R in Range-Bound Markets 98</p> <p>Support/Resistance (S/R) for Flat or Gently Sloping Trends: The Bollinger Bounce 99</p> <p>Bollinger Bands Don’t Provide Meaningful S/R with Strong Trends 100</p> <p>Introduction to Japanese Candle Chart Patterns 101</p> <p>More Key Points about Japanese Candle Patterns 107</p> <p>Context and Timing Matter 107</p> <p>Introduction to Western Chart Patterns 108</p> <p>Classic Western Reversal Patterns 108</p> <p>Beware False Breakouts, Shake Outs, and Other Fake Outs 111</p> <p>Other Reversal Patterns to Know 112</p> <p>Classic Western Continuation Patterns 113</p> <p>We Repeat: False Breakouts Happen 115</p> <p>Other Continuation Patterns 116</p> <p>Patterns That Can Be Continuation or Reversal 116</p> <p>The Underlying Logic of Chart Patterns 116</p> <p>The More S/R Indicators, the Better 119</p> <p>Multiple Mutually Reinforcing S/R Indicators: An Example 119</p> <p>CHAPTER 5 Trader Psychology and Risk and Money Management (RAMM) 123</p> <p>RAMM: Preserving Capital Is Your Top Priority 124</p> <p>The Inner Game: Trader Psychology Basics 125</p> <p>Lesson 1: Seek Trading Styles and Methods That Fit You 126</p> <p>Lesson 2: Basics of the Trader’s Mindset—Minimizing and Accepting Risk 128</p> <p>Lesson 3: Dealing with Losing and Winning Streaks 129</p> <p>Why Trade Longer Time Frames 130</p> <p>Seek Safer Trading Styles 130</p> <p>As with Driving, Speed Kills 131</p> <p>A More Level Playing Field 132</p> <p>More and Better Information Means Better Trade Decisions 134</p> <p>Trends Are More Reliable in Longer Time Frames 134</p> <p>Ideal Trends For Long-Term Investors 136</p> <p>Other Technical Indicators Are Better in Longer Time Frames 137</p> <p>Publicly Available Fundamental Data and Analysis Matters in Longer Time Frames 137</p> <p>Lower Trading Costs 138</p> <p>Start Out with Longer Duration Trades 138</p> <p>Content Quality: The Sign of a Quality Broker 139</p> <p>The Essence of Good RAMM 140</p> <p>The Three Pillars of RAMM 141</p> <p>Account Size and Affordable Loss per Trade 142</p> <p>Setting Stop Losses: Basic Technique and Psychology 142</p> <p>Where to Set Stop Losses: Two Criteria 142</p> <p>More Capital Allows Wider Stop Losses and a Wider Choice of Low-Risk Trade Opportunities 143</p> <p>Balancing Risk versus the Need to Win 144</p> <p>Method 1: Recent Range 145</p> <p>Method 2: Average True Range (ATR) 145</p> <p>So How Much Capital Is Enough? 146</p> <p>Leverage and Margin 147</p> <p>Position Sizing 147</p> <p>Avoid Having Too Many Open Positions 148</p> <p>Entries Near Strong Support, Exits Near Strong Resistance 148</p> <p>Entries 148</p> <p>Exits: Use Trailing Stops to Protect and Maximize Gains 149</p> <p>Entries and Exits: Single versus Multiple 149</p> <p>Risk-Reward Ratios (RRRs) 150</p> <p>Example: How 1:3 RRRs Make Winners Out of Losers 150</p> <p>Example: How 1:2 Risk-Reward Ratios Make Winners Out of Losers 152</p> <p>Applying 1:3 RRR: An Example 154</p> <p>Acceptable RRR Can Vary with Market Conditions 155</p> <p>More on Stop Loss Orders: An Example of Using ATR to Gauge Volatility and Place a Fixed or Trailing Stop Loss Order 156</p> <p>If You Fail to Plan, You Plan to Fail 158</p> <p>What’s Your Rationale for Taking This Trade? 158</p> <p>No. 1: Plan Every Trade and Record It in a Journal 160</p> <p>Sample Trade Rationale as Recorded in Journal 162</p> <p>No. 2: Your Overall Business Plan 165</p> <p>What Conditions Do You Need for Success? 166</p> <p>Safety in Numbers: Build a Team 166</p> <p>CHAPTER 6 Essentials of Fundamental Analysis 169</p> <p>Using Fundamental Analysis (FA) and Technical Analysis (TA) Together 171</p> <p>An Overview of FA: Main Fundamental Drivers of Forex Trends 175</p> <p>Overall Risk Appetite 176</p> <p>Short-Term Interest Rates 183</p> <p>Macroeconomic Data and Indicators 189</p> <p>Example: EURUSD Uptrend Reverses in Late 2009 as Data Show Europe Slows, U.S. Grows 189</p> <p>Geopolitics 193</p> <p>Capital and Trade Flows 193</p> <p>Merger and Acquisition (M&A) Activity 194</p> <p>Short-Term Illiquidity: A Lack of Buyers and Sellers 195</p> <p>Government and Central Bank Special Interventions in Times of Crisis 196</p> <p>News Trading: Day Trading Based on Short-Term Fundamentals 197</p> <p>What News Traders Watch 197</p> <p>FA Basics: Easy to Understand and Hard to Apply 199</p> <p>Therefore, Get Thee to an Analyst 200</p> <p>Combining FA and TA: An Example 200</p> <p>CHAPTER 7 Pulling It All Together with Trade Examples 205</p> <p>Identifying and Executing Low-Risk, High Potential</p> <p>Yield Trades 205</p> <p>Begin Your Search On Longer Time Frame Charts, Then Zoom In 205</p> <p>Consider the Fundamental Context 206</p> <p>Initial Screening on Longer Time Frame Charts 206</p> <p>Second Screening 208</p> <p>Third Screening to Monitor Trade Progress 209</p> <p>Types of Trades 210</p> <p>Trade Example 1: A Swing Trade 211</p> <p>Initial Screening 211</p> <p>Second Screening 213</p> <p>RRR Evaluation 214</p> <p>Conclusion: We Take the Trade 216</p> <p>Trade Postmortem: What Happened 217</p> <p>Trade Example 2: A Breakout Trade 218</p> <p>First Screening 218</p> <p>Second Screening 220</p> <p>RRR Evaluation 221</p> <p>Conclusion: Know When to Walk Away 222</p> <p>Trade Postmortem: Was I Right? 223</p> <p>More Key Trader Psychology: Distinguishing between Good Trades and Winning Trades 224</p> <p>CHAPTER 8 Technical Analysis: Basic Momentum Indicators 227</p> <p>Double Bollinger Bands (DBBs )—Use as Momentum Indicators 229</p> <p>DBB Basics 231</p> <p>The Four Rules for Using Double Bollinger Bands 232</p> <p>Combine DBBs with a Leading Indicator 236</p> <p>DBBs: Conclusion and Summary 237</p> <p>Moving Average Crossovers 237</p> <p>Price Crosses Over or Under a Moving Average 238</p> <p>The More Indicators in Our Favor, the Better 239</p> <p>How Many Indicators Should You Use? 240</p> <p>But RAMM Is Key 240</p> <p>Moving Averages Cross Each Other 241</p> <p>Examples of Simple Trading Systems Using MA Crossovers 242</p> <p>Welcome to Back Testing 244</p> <p>Oscillators 244</p> <p>How They’re Used to Generate Buy/Sell Signals 246</p> <p>When to Use Oscillators 248</p> <p>Other Oscillators to Consider 248</p> <p>Designer Genes 249</p> <p>Moving Average Layering Indicates Trend Strength 249</p> <p>The Stronger the Trend, the Clearer the MA Layering 249</p> <p>CHAPTER 9 Technical Analysis: Future Study 255</p> <p>Catch a Wave: Timing or Cycle Indicators 255</p> <p>Meet the Fibonaccis 256</p> <p>. . . And the Ganns 256</p> <p>Catch the Most Popular Wave: Elliott Wave Theory and More 256</p> <p>Combining Technical Indicators: Which Ones and How Many? 257</p> <p>Your Tool Kit Needs a Gang of Four 258</p> <p>Apply Indicators to Each Time Frame When Screening Trades 259</p> <p>Back Testing: Learning from the Past 260</p> <p>Back Testing Software: Play It Again, Sam 260</p> <p>A Manual Back Testing Example 261</p> <p>Back Testing Is a Tool, Not a Solution 265</p> <p>Intermarket Analysis: Reading Intermarket Correlations and Divergences 265</p> <p>Background 266</p> <p>Currencies versus Equities: The S&P 500 as Forex Indicator 267</p> <p>Risk Currencies versus Safe Haven Currencies 268</p> <p>Why These Relationships Matter 268</p> <p>They Give You a Fast, Big Picture 269</p> <p>Divergences from Normal Correlations Can Be Significant 269</p> <p>The USD versus Equities 271</p> <p>The USD and Stocks: Correlation, but Not Causation 272</p> <p>Currencies versus Currencies: How They Correlate 273</p> <p>Warning: The U.S. Dollar Index Isn’t a Substitute for Studying Charts 275</p> <p>Currencies versus Commodities 277</p> <p>Gold as a Barometer of the USD or EUR 277</p> <p>Other Currency versus Commodity Correlations 282</p> <p>Thinking Like a Pro, One Step Beyond Technical Analysis 284</p> <p>Mind Games 284</p> <p>Learn to Think Like These Pros 285</p> <p>CHAPTER 10 Alternatives to Traditional Methods 287</p> <p>Auto-Trading Systems: Welcome to the Machine 287</p> <p>Currency Funds: Forex ETFs, ETNs, and More 289</p> <p>Managed Accounts: Should You Seek Professional Help? 291</p> <p>CHAPTER 11 Newer, Smarter Methods 295</p> <p>Follow the Leaders: Forex Social Networks and Trading 295</p> <p>What Are Forex Social Networks? 296</p> <p>What Is Social Trading? 297</p> <p>How It Works: The Highest Form of Flattery 297</p> <p>Risks of Social Trading 298</p> <p>Rewards of Social Trading 305</p> <p>The Growth of Social Trading 307</p> <p>How eToro and Currensee Compare 307</p> <p>Great Tool, but Requires Skill to Use 311</p> <p>An Auspicious Start 312</p> <p>Do Your Homework Before You Decide Which to Use 312</p> <p>Consider Market Conditions in Choosing Strategy and Risk Tolerance 313</p> <p>Binary Options: Trading Made Easier 316</p> <p>Background 318</p> <p>How They Work 319</p> <p>Pros and Cons 320</p> <p>CHAPTER 12 Forex for Income: The Smartest Oxymoron 323</p> <p>Ride Long-Term Forex Trends for Lower Risk, Higher Income 324</p> <p>Why Income Investors Neglect Currency Diversification 325</p> <p>Long-Term Trends for Long-Term Investors 327</p> <p>Case Study: Canada 2000–2011: Applying Forex Trends to Equities Investing 328</p> <p>The USD versus the CAD: Guess Which Has No Debt/GDP Problem 328</p> <p>Equities: Canada Is Not Japan 329</p> <p>Be Aware of Tax Withholdings and Credits 332</p> <p>For Further Investigation: Online Resources 332</p> <p>The Carry Trade: Using Direct Forex Trades as an Income Vehicle 333</p> <p>Differences between Forex Carry Trade and Traditional Long-Term Buy-and-Hold Instruments 334</p> <p>The Key to Carry Trading 336</p> <p>Carry Trade Steps 338</p> <p>CHAPTER 13 Now What? Next Steps 341</p> <p>Where You’ve Been 341</p> <p>Where You’re Going 342</p> <p>APPENDIX A Recommended Free Online</p> <p>Resources 347</p> <p>Forex Sites 347</p> <p>Thesensibleguidetoforex.com 347</p> <p>BabyPips.com 347</p> <p>DailyForex.com 348</p> <p>DailyFX.com 348</p> <p>Forex.com 349</p> <p>ForexCrunch.com 350</p> <p>ForexFactory.com 350</p> <p>ForexMagnates.com 350</p> <p>Forexpros.com 350</p> <p>FXstreet.com 350</p> <p>Bkassetmanagement.com 351</p> <p>Other Favorite Financial Sites 351</p> <p>BusinessInsider.com 351</p> <p>Investopedia.com 351</p> <p>SeekingAlpha.com 352</p> <p>Wall Street Sector Selector (wallstreetsectorselector.com) 353</p> <p>Individual Analysts 353</p> <p>Fundamental Analysis 353</p> <p>Technical Analysis 354</p> <p>APPENDIX B How to Calculate Pip Values and Examples 355</p> <p>Definition 355</p> <p>Calculation 355</p> <p>Example: EURUSD 356</p> <p>Handy Rule of Tens 357</p> <p>Example USDCAD 357</p> <p>Example USDJPY: Rule of Tens Doesn’t Apply with the JPY 358</p> <p>APPENDIX C Forex Trading Time Zones, Liquidity, and Why These Matter 359</p> <p>Three Major Trading Sessions and Why They Matter 359</p> <p>Markets Tend to Follow Each Other 362</p> <p>What Stops the Follow-Through? 363</p> <p>1. News or How It’s Interpreted 363</p> <p>2. Technical Resistance: The News Is Already Priced In 363</p> <p>The Prior Session Is Most Influential 363</p> <p>Beware Holiday Catch-Up Sessions 364</p> <p>APPENDIX D More on Leverage and Margin 365</p> <p>APPENDIX E How the Mathematics of Loss Demands Keeping Losses Per Trade Low 367</p> <p>APPENDIX F Choosing a Forex Broker 371</p> <p>Suggested Search Terms to Find Broker Reviews 371</p> <p>Criteria to Consider 371</p> <p>APPENDIX G Low Correlations to Other Markets via Social Trading Means There’s Always a Bull Market Somewhere 375</p> <p>Trade Leader Noncorrelations to the Markets 376</p> <p>Market Correlations 376</p> <p>Looking at the Trade Leaders 377</p> <p>Diversification of Approach 378</p> <p>Notes 379</p> <p>About the Author 385</p> <p>Index 387</p>
<p><b>CLIFF WACHTEL, CPA,</b> is the Chief Market Analyst for anyoption.com, Director of Market Research, New Media and Training for caesartrade.com, and publisher of thesensibleguidetoforex.com. For more details on the author, visit the About page.
<p><b>THE SENSIBLE GUIDE TO FOREX</b> <p>No reasonable person would invest everything in one asset, or even one asset type, or sector. Yet most people have virtually everything they own tied to the fate of a single currency. As recent years have proven, failure to diversify currency exposure is among the most deadly and widespread investor mistakes. <p>As governments strive to revive their economies with endless stimulus programs, they risk killing the value of most major currencies, and any portfolio too heavily weighted in them. <p>While the glaring need for currency diversification as part of any prudent financial planning is now obvious, the solutions are not, nor are they easy to find. The usual kinds of foreign exchange (forex) trading methods are too risky, complex, and demanding for most people. Most who try them fail within a matter of months. <p>An entire generation of mainstream investors needs solutions–fast. Moreover, they need a wide range of methods to hedge currency risk to fit a variety of needs, and they need them clearly and completely explained, and gathered up in one easy-to-find source. <p>Finally, here it is. <p>After years of research, financial guru and market veteran Cliff Wachtel has written the first and only book that provides ways to exploit forex markets to hedge currency risk that are less demanding and risky than the usual forex trading strategies. Whether you're an active but prudent trader, or a passive investor seeking a steady currency-diversified income stream, there are solutions here to fit your needs. <p>It's an ideal starting point, neither too superficial nor too complex, and it avoids the time-consuming, complex, high-risk methods at which most traders fail. For passive investors, it's a unique guide to considering not just the prospects of a specific investment, but also the health of the currency in which you get paid, and how that currency can affect your real risk and returns. <p><i>The Sensible Guide to Forex</i> offers a gimmick-free, step-by-step road map to identifying, planning, and executing trades or long-term income investments offering the best risk/reward profile, while avoiding serious losses that drain your capital, confidence, and motivation. It provides detailed explanations of a panoply of methods for hedging currency risk and improving returns that are no riskier or complex than those commonly used for stocks or bonds, while offering some significant advantages unique to forex markets.
<p>"As governments sacrifice the value of national currencies to meet policy goals, currency diversification is no longer just an option. It is necessary for the prudent investor's financial survival. In <i>The Sensible Guide to Forex</i>, Cliff Wachtel provides a road map to the confusing landscape of foreign exchange currency trading. He takes you from complete ignorance about forex trading to the competence necessary to profit from trading while protecting the hard earned capital required to enter the market. If you are serious about succeeding in forex, here is a sane conservative approach for individuals interested in gains either as traders or longer-term investors with no interest in directly trading currencies. A highly recommended read." <b>—<i>DICKSON YAP</i></b><i>, Publisher of The Trader's Journal and Forex Journal</i></p> <p>"Possibly the best introduction to forex you can find, whether you're an aspiring trader or long-term investor who is interested in adding more diversification to your portfolio. It covers the fundamentals clearly and comprehensively, then applies them with detailed examples of how to identify, plan, and execute low-risk high-yield trades. It then provides a vast variety of ways to profit from forex markets that will appeal to a range of skill levels, risk tolerances, and personalities, even to long-term investors just seeking to identify the strongest forex trends and best assets to ride those trends. These include the first ever in-depth look at the innovations in forex trading, social trading, and binary options. Both simplify and shorten the path to lower risk and higher yield returns. The extensive coverage of risk management and the psychological dimension shows you how to survive the learning period with your capital and confidence intact."<b>—<i>JONATHAN ASSIA</i></b><i>, CEO of eToro</i></p> <p>"Like a fine wine of investment wisdom, Wachtel's advice has been honed and improved over decades of learning and teaching, doing and inspecting, scrutinizing his own work and the work of the greats. Surely one of the best theorists around on forex—heck, on investing—Wachtel has delivered a whopper of value-packed, sage goodness in his <i>Sensible Guide to Forex</i>, perfect for the beginner and more advanced value-oriented investor. Warning: once you read this book, you can't help but begin using forex as an integral part of your investment strategy. But don't worry, Cliff will shepherd you through, every step of the way."<b>—<i>ZACK MILLER</i></b><i>, author of TradeStream Your Way to Profits: Building a Killer Portfolio in the Age of Social Media and founder of Tradestreaming.com</i></p> <p>"If you want to be a successful forex trader or investor, Cliff Wachtel has written a book that you just can't afford to miss. The Sensible Guide to Forex delivers exactly what it promises, 'safer, smarter ways to prosper from the start.' Here you'll find an arsenal of trading tools to get an enormous advantage over your competition. But it's not just another trading book. It also shows long-term investors how to use currencies for effective diversification and potential profits. Cliff is a leading forex expert, he knows how to write, and this one's a home run."<b>—<i>JOHN NYARADI</i></b><i>, Publisher of Wall Street Sector Selector</i></p> <p>"The must-own forex book for all of us, even those who will never trade forex. Uniquely designed for the mainstream conservative trader or investor, the book offers traders a clear and comprehensive foundation, then shows how to apply it in a variety of safer, less demanding approaches to suit a range of personalities, needs, and risk tolerances. It shows long-term investors how to identify the strongest long-term currency trends and build an investment portfolio that rides those trends for less currency risk and better overall returns. Better still, it's the only forex book with an exclusive in-depth look at the fastest growing ways to play forex, binary options and social trading, and objectively examine their pros and cons. Used properly, it offers risk control that will improve returns for traders and investors of all levels. It's forex for the 99 percent!"<b>—<i>JACK (KOBI) SHAFRIR</i></b><i>, CMO of anyoption.com</i></p> <p>“This is the one forex book aimed at conservative mainstream investors who might never otherwise consider forex, but should because we all need currency diversification. Even those who never plan to trade will find a wealth of information that will make them better investors. This step-by-step guide to less demanding and lower-risk ways to trade or build a currency-diversified investment portfolio offers a less intimidating path to forex profits.”—<i><b>Yohay Elam</b>, Founder of Forex Crunch</i></p> <p>“Cliff Wachtel’s book provides pragmatic counsel and guidance. A must read for serious investors seeking to diversify beyond stocks, bonds, and gold.”—<i><b>Dave Lemont</b>, CEO, Currensee</i></p> <p>“A must read for <i>any</i> informed investor or trader that deserves to become <i>the</i> classic introduction to forex. This book is the ideal shortcut to simpler, safer forex trading or investing. As Cliff succinctly puts it, ‘The need for currency diversification is one of the most important lessons of the Great Financial Crisis.’ This book details—with genuine respect for his readers’ money and intelligence—a range of solutions, offering something for readers of every skill level and risk tolerance. Wachtel provides full details and illustrations to show you how to actually make money, without overloading you with secondary details or information you can find elsewhere.”—<i><b>Eric Harbor</b>, CEO, Caesartrade.com</i></p> <p>“One of the best starting points I have read about forex. Understanding both the big picture and the essential, practical details of how to identify, plan, and execute a profitable trade is the manna of successful traders. Cliff delivers both. He explains what e. e. cummings called ‘the root of the root and the bud of the bud and the sky of the sky of a tree called life,’ but applied to the forex world. A really good tool, whether you’re a newbie forex trader or a long-term traditional investor trying to build a diversified portfolio. Read it and you will get ‘forexpertise.”’—<i><b>Mauricio Carrillo</b>, FXstreet.com U.S. Manager, @MCarrilloFX</i></p> <p>“This book is an insightful introduction to the world of forex. Wachtel leads the novice trader on a journey of discovery from the most basic concepts in the forex market to more sophisticated trading strategies. What stands out is his honesty. Wachtel doesn’t sugarcoat the FX market; instead he shares the idiosyncrasies of this market and debunks a few FX myths along the way. He also introduces some of the latest developments in the retail forex market, from social trading to binary options. Wachtel’s broad knowledge of this market makes this book an interesting read for those who want a thorough insight into the world of FX.”—<i><b>Kathleen Brooks</b>, Research Director, Forex.com</i></p> <p>“In an ever-evolving field, it’s rare to find a guidebook so helpful and timeless as Cliff Wachtel’s <i>Sensible Guide to Forex</i>. This book gives both current traders and new traders the perspective they need to take their forex trading to the next level.”—<i><b>Tal Holtzer</b>, CEO, <a href="http://www.dailyforex.com/">www.dailyforex.com</a><br /> <br /> </i>“This is a fantastic, comprehensive, and up-to-date overview and practical guide to succeeding in the foreign exchange market, with an insightful, qualitative, and non-intimidating approach. Whether you are a novice considering a move into the foreign exchange market or an experienced trader looking for a deeper understanding of various concepts or some new approaches, Cliff’s book does a stellar job of covering all the bases.”—<i><b>Joel Kruger</b>, Currency Strategist, FXCM</i></p> <p>“Cliff’s book is a must-read, cogent, cohesive compendium of the realities of forex. I’ve been in the trading business for 35+ years and believe that success is all about intelligent risk management. The book’s relentless emphasis on risk and money management is the reason that this is the first investment book I’ve bothered to finish in the past 20 years. For the novice, first he arms you with the relevant information to keep you from immediately losing your shirt, so that you survive the learning process with most of your cash and confidence intact. Then he takes you step-by-step through a number of paths to profitability. For the professional, he reminds us of the rules we all strive not to violate every day because we’re human. He also provides the first in-depth coverage of two new and potentially very useful ways to tap forex—social trading and binary options. This book is the only source I’ve found for in-depth and objective coverage of either of these intriguing new ways to trade forex markets with potentially less effort and better returns.”—<i><b>David Israel</b>, Chief Market Strategist, White Wave Trading Strategies, Ltd. <a href="http://www.whitewavetradingstrategies.com/">www.whitewavetradingstrategies.com</a></i></p> <p> </p>

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