With real trading examples included to underscore the concepts, Planet Forex gives readers an invaluable primer on trading market sentiment that is unprecedented. This book is a must-read for global forex traders, portfolio managers, and other employees in the forex industry, including exchanges, brokerage firms, and financial planners and advisors.
Introduction:
In the age of the internet, trading experience presents many challenges to traders and one is reminded of the ancient saying in the Book of Ecclesiastes that “there is no wisdom without pain.” Currency traders experience several pain points in their journey into trading.
The first is selecting the wrong pair to trade. A second pain point is putting on a trade in the wrong direction. Having targets that are based on belief rather than on evidence is a very important third pain point. Finally, after achieving a profitable trade, many traders get out too early.
These pain points are very much the result of a false dichotomy that postulates there is a difference between fundamental and technical analysis, or that all one needs is technical analysis to trade currency markets. A goal of this book is also to provide forex traders with what they need to know to reduce the time it takes to become good enough at forex training to treat it as a profession.
Malcom Gladwell famously referred to 10,000 hours as the amount of time necessary to become an expert. In chess, Garry Kasparov has referenced 10,000 patterns or 50,000 positions. For forex traders, this book on trading fundamentals and sentiment patterns will hopefully build the skills for successful trading in far less time.
Ultimately, a successful trader is one who is not only profitable, but is able to adapt to a changing global landscape. In today’s digital trading environment, the attributes of trader fitness must include an understanding of fundamental forces, sentiment patterns, and technical analysis.
Contents:
- What is Fundamental Analysis?
- Core Fundamental Forces and How to Monitor Them
- Understanding Central Banks and their Role in Moving Currency Markets
- How to Decode Central Bank Statements
- What is Sentiment?
- Sentiment Trading Set-Ups
- Cryptocurrencies
- The Future of Forex Trading: Algorithms, Artificial Intelligence, and Social Forex Trading
