Forex Trading for Beginners: Discover the Psychology of a Successful Trader and Learn How to Make Money by Investing in Forex with Powerful Secret Strategies

By Mark Davis

Would you like to change your life thanks to forex trading?

Would you like to build alternative income with only a PC and an internet connection?

Are you tired of losing your hard-earned money to misguided forex trades?

If you answered "Yes" to at least one of these three questions, then keep reading...

 

I'm Mark Davis and I am a full-time professional trader, trade system developer, and trading coach with decades of experience. I have taught hundreds of people how to make a living from trading.

 

Investing in the foreign exchange (Forex) market is an opportunity today that should not be missed. Forex is defined as the largest, most liquid, and most versatile financial market in the world.

 

Forex is like a video game; when you are inside, it takes over you and it becomes a huge passion, but unlike a video game, you get paid to play.

 

It is clearly not a real game, but it is serious business, and what I do is teach you how to become the best forex trading player.

 

Here's what you'll learn in this book:

• How to take advantage of the current big opportunity to invest in Forex;
• The true strength of a forex trader;
• The importance of technical analysis;
• How to build winning trading strategies;
• Learn to manage the emotions that influence your trading decisions (psychology of a trader);
• How to imitate the daily routine of successful people;
• And much, much more…

 

 

Even if you don't know anything about forex trading, don't worry; this book was written with the intent of giving you thorough knowledge on the topic, along with all the necessary means to start operating independently.

Before investing in something, you need to invest some time to understand it.

 

If you have read up to this point, you are definitely a determined person, ready to become a professional trader to live the life you have always dreamed of. Don't waste any more time, get this book now! 

• Language: English
• Publisher: Mark Davis
• Release date: Oct 30, 2021
• ISBN: 9798201861957

Mark Davis

Mark Davis is a former White House speechwriter and a senior director of the Washington-based White House Writers Group, where he has consulted with the Defense Advanced Research Projects Agency (DARPA), as well as with some of the nation's leading telecommunications, information technology and defense-aerospace companies. He is a frequent lecturer, writer and blogger on politics, technology, and the future.

Book preview

Introduction

Welcome, I’m Mark Davis and I am a full-time professional trader, trade system developer, and trading coach with decades of experience.

I have taught hundreds of people how to make a living from trading. Investing in the foreign exchange (forex) market is an opportunity today that should not be missed. Forex is defined as the largest, most liquid, and most versatile financial market in the world.

Forex is like a video game; when you are inside, it takes over you and it becomes a huge passion, but unlike a video game, you get paid to play.

It is clearly not a real game, but it is serious business, and what I do is teach you how to become the best forex trading player.

Here's what you'll learn in this book:

•  How to take advantage of the current big opportunity to invest in forex;

•  The true strength of a forex trader;

•  The importance of technical analysis;

•  How to build winning trading strategies;

•  Learn to manage the emotions that influence your trading; decisions (psychology of a trader);

•  How to imitate the daily routine of successful people;

•  And much, much more...

Even if you don't know anything about forex trading, don't worry; this book was written with the intent of giving you thorough knowledge on the topic, along with all the necessary means to start operating independently.

Before investing in something, you need to invest some time to understand it.

After this brief introduction, I wish you a good read!

Chapter 1: Mentality of a Trader

Some traders in the trading world believe that graphic patterns do not work. Others believe that the financial markets are manipulated by who knows who, but many investors do not understand the importance of trading psychology as they cannot bear the psychological load that each operation carries. The main psychological problems that a trader faces are the fact of knowing how to deal with losses and how to manage positive results.

In trading, it is very important to learn the right techniques, but to be truly successful, it is not enough. There are quite a few traders who start in the simulated mode with very satisfying results, but when they start trading with real money, they can't achieve the same success.

What is the cause of this? It comes from the mentality!

It is said that in trading, as in other businesses, it is 90% psychology and only 10% technical. I can confirm this data, but I state that knowing the techniques is a fundamental and indispensable prerequisite for obtaining positive results. For example, if a person is successful in a certain field, with an excellent mentality, he cannot think of starting trading without technique, thanks to his mentality, but he must study and learn too. However, I have noticed that people with an excellent mentality are ready to learn and ready to make mistakes. A person with a winning mindset, along with the right techniques will be a 100% successful person in trading.

Three Characteristics of Man

In marketing, man is represented in three characteristics: he is a sheep, he is selfish, and emotional.

He is a sheep because he tends to copy the mass. Due to this characteristic, the average investor tends to enter a position late, when the markets have already made a move and are approaching a possible reversal point. This means that most of the small investors enter the market upwards at the end of a positive trend, so all those who could buy have already done so, and there can be no force capable of sustaining a further extension. The exact same thing happens when small investors go down.

As for the other two characteristics, selfishness and emotionality, they immediately liquidate the earning positions for the haste to monetize the positive outcome and not wait for the target price that was obtained following a careful analysis. Another mistake may be that of not closing loss-making operations in stop loss, not accepting the loss, and being convinced that sooner or later the investment will return profitable. With this attitude, the investor will find himself not closing an operation that is destined to get worse and worse, and to fuel the desire to recover lost money.

The Importance of Stop Loss

RULE NUMBER ONE, NEVER lose money. Rule number two, never forget rule number one.  -Warren Buffet-

The stop loss serves to protect oneself from the risk of ruin, that is, from the risk of an irreversible erosion of capital, which makes it difficult to recover losses. The stop loss also serves to decrease the probability of loss in financial transactions.

Let's say that the stop loss is what distinguishes the novice investor from a professional investor.

Both can obtain results, but the first takes an indefinite risk and obtains unstable results, while the second has absolute control of his potions and manages to obtain stable and constant results over time.

Divide Position

ANOTHER EXCELLENT TRADING strategy presupposes an entry point, an initial stop loss and two exit points (the first more affordable, the second more ambitious).

In doing so, it is possible to liquidate half of the position and aim for a greater profit with the other half, obviously raising the stop loss at the breakeven point to avoid losing.

Mental Aspects in Trading

A question that many often ask is, Why do two traders with the same financial instrument, with the same knowledge, open two different positions on an operation?

The real answer is in the mind. Each trader has a different mind, with different opinions and expectations that are most likely conditioned by their daily life and their state of mind.

A mental aspect that I want to explain is the approach you have with money.

Let's say, in general, there are four types of approaches one has towards money:

People who like to spend money;

People inclined to save;

People who entrust the management of their money to third parties;

People who think that money is of no use

But why does a person have a certain type of approach towards money compared to another? Basically, they can be hereditary, but largely derive from the paradigms that have been created by being conditioned by the relationship that the family of origin had towards money.

If the family has always represented money as a problem, it is likely that this can affect the economic choices made by the rest of the family members.

If, on the other hand, money has been seen as a means to achieve certain objectives, it will have a positive relationship with money.

If you have a negative relationship with money, you are not destined to have it all your life, but you just have to reprogram your brain in the direction in which you can evaluate money as a possibility to achieve certain goals, increasing your own style of life, helping the poorest

people, etc.

If, from an early age, the family describes rich people as selfish and greedy, it is clear that a negative prejudice will develop towards money. This will surely weigh on the will to become rich, because unconsciously you don't want to become like those greedy and selfish people, right?

So, if you were to realize that you have a negative association with money, you will have to work on re-programming your mind and change your mind about the personality of rich people. If a person is rich, it is because they have had some positive qualities and because they are probably better than the average person in that particular field. In fact, these people should be taken as points of reference, not denigrated. Then of course, there are also people who are illegally rich, but we are not interested in

Reviews for Forex Trading for Beginners

[Robert Rowan · Rating: 5 out of 5 stars]

Awesome. I have read many books on Forex but this one by Mark Davis is one of those books to reread. Really very nice!

[Holye · Rating: 5 out of 5 stars]

Everything you need to know as a beginner. Everything you need to know as a beginner, in a clear and concise manner. It’s the first resource I’ve read on Forex, and now I’m eager to learn more about it.

[kevin kidd · Rating: 5 out of 5 stars]

Recommended. This book is all about how to trade Forex, it prepares you how to deal with, when to buy in / sell out, and above all is the strategy you need to stay safe in the currencies storm world. Recommended.