Forex Trading

By Samuel Hayes

Free Forex Trading for Humans: Master the Market Like a Regular Person (Not a Robot)

Tired of confusing jargon and unrealistic promises? This free forex trading guide breaks down the essentials in plain English, making you feel like you're finally talking to a real person, not a robot.

Demystify forex basics:

Understand currency pairs, leverage, and those pesky pips.

Learn the ins and outs of risk management to avoid costly mistakes.

Forge your own path:

Discover the difference between fundamental and technical analysis - no fancy charts needed!

Master the psychology of trading and become a calm, collected forex warrior.

Bonus! Find out if day trading is your jam or if a slower approach suits you better. Learn the value of keeping a trading journal (it's not just for doctors anymore!).

 

• Language: English
• Publisher: Solemn Harris
• Release date: Apr 18, 2024
• ISBN: 9798224475391

Book preview

Forex Trading

The Basics Explained in Simple Terms

Practical Tips &   Tricks

Copyright 2024 by Samuel Hayes - All rights reserved

This book provides info, but not professional advice. Seek a qualified person if needed (legal disclaimer). Copying or sharing this book is illegal. Authors retain copyright, brands are for reference only.

Disclaimer

●       It's not personalized advice:The information here doesn't consider your specific situation or investments.

●      Seek professional help for complex matters: If you need guidance on investments, legal matters, or accounting, consult a qualified professional.

●       Financial markets are risky: There's always a chance of losing money, and no system guarantees profits.

●       Past performance doesn't guarantee future results:Examples shown might not be typical, and real-life trading has more risks.

●      This book isn't financial advice:Don't base investment decisions solely on this book. Consider your own financial situation carefully.

●       The information may not be perfect:While the author strives for accuracy, there's no guarantee.

●       No liability for losses: Neither the author nor publisher take responsibility for any losses you might experience from using this book.

Introduction

This book teaches you the ABCs of forex trading. It's written for people who are just starting out and feeling overwhelmed by all the info online. The author has over a decade of experience and keeps things nice and simple.

Best regards Samuel Hayes

Contents

Chapter 1: Introduction to Forex Trading

Understanding Forex: What is Forex, and Why Trade It?

Benefits of Forex Trading and Market Hours

Basic Concepts:

1. Currency Pairs

2. Bid and Ask Prices

3. Spread

4. Pips

5. Leverage

6. Margin

7. Lot Sizes

Chapter 2: Exploring Forex Market Assets

Interpreting Forex Pairs and Where to Trade Them

Selecting the Right Broker

Chapter 3: Executing Forex Trades

Key Considerations for US Traders: Lot Size and Pip Value

Managing Risk

Chapter 4: Fundamental vs. Technical Analysis

Importance of News and Fundamental Factors

Utilizing Technical Analysis Techniques

Chapter 5: Delving Deeper into Forex

Understanding Risk-Reward Ratio and Order Types

Determining Adequate Pip Movements

Chapter 6: Psychology of Trading

Navigating Trading Psychology

Chapter 7: Optimal Trading Times

Choosing Between Day Trading and Longer-Term Strategies

The Value of Maintaining a Trading Journal

Chapter 8: Wrapping Up

Concluding Thoughts and Practical Tips

Chapter 1

Introduction to Forex Trading

If you're intrigued by Forex Trading but unsure where to start, you've landed in the right spot. This guide will walk you through the fundamentals in a straightforward manner, making Forex Trading less intimidating and more accessible.

So, what exactly is Forex? It's simply the common term for Foreign Exchange, also known as currency trading or FX trading. Unlike trading stocks, where you're dealing with company shares, Forex involves trading the currencies of different countries against each other. It might sound complex, but it's essentially comparing one country's currency to another's.

In essence, Forex is about exchanging currencies on a global scale. It's a unique market where you're not buying or selling shares of a company, but rather betting on the relative value of one currency compared to another.

So, stay with me as we delve into the basics of Forex Trading. It's simpler than it seems, and with a bit of guidance, you'll be navigating the Forex market with confidence in no time.

Why would I want to trade Forex?

You know, it's interesting to think about. While most people are familiar with trading stocks, futures, and options, Forex trading has largely been under the radar until fairly recently. Unless you were wealthy or in the finance industry, chances are your grandparents weren't dabbling in Forex.

But here's the thing: over the past 15 years or so, the landscape has changed dramatically. Thanks to the internet, the retail Forex market has opened up to everyday folks like you and me. Now, you can dip your toes into Forex trading with just a small deposit into a brokerage account.

The internet has played a significant influence in this transition.Nowadays, nearly all Forex transactions—about 99.9%—take place online. It's made trading more accessible than ever before, sparking a boom in retail Forex trading. So, if you've ever been curious about Forex, now's the time to explore it further.

Forex stands out for several reasons. First off, it's the most liquid market globally, operating 24/5.5. Just to give you an idea, back in early 2014, Forex trading hit an average of $5.3 trillion per day, which breaks down to a staggering $220 billion per hour! To put that in perspective, it would take a whole month of trading on the New York Stock Exchange to match just one day of Forex trading.

These numbers are mind-blowing! But what does it mean for the average trader like you and me? Well, it translates to excellent liquidity. Basically,