Raghee Horner has successfully traded in the forex market for over a decade, and now, in Thirty Days of Forex Trading, she shares her experiences in this field by chronicling one full month of trading real money. First, Horner introduces you to the tools of the forex trade, and then she moves on to show you exactly what she does, day after day, to find potentially profitable opportunities in the forex market.
Thanks for joining me for these next 30 days. You and I are going to be sitting down together and examining foreign exchange (forex) setups on a number of time frames. In the trading day chapters themselves I assume that you know a little about charting and execution and also the way I analyze the markets; however, if you need a refresher on trend lines, support, resistance, and so on, I do have free video available at my Raghee.com web site. So the first part of this book is what I endearingly have called “the brain dump.” Here I discuss all the ideas that you will see carried through into the trading days: the trades, tactics, and techniques. I also have to mention that while you are reading this and whenever you may decide to put this information to use, use it as is. Don’t add or subtract anything from it.
I haven’t left anything out; there is no secret indicator I have kept from you. Just use the tools and rules I explain and try not to change them, if for no other reason than before you can make something better, you first must have a foundation. You can’t change something for the better unless you already know it. Please play and win by the rules before you go about changing the rules. This entire book is part instruction, part trading journal. The main focus is on forex, but I want to get across one message if nothing else: I trade all markets with these tools. I trade momentum and swing setups the same way regardless of whether that setup is on forex, futures, or the stock market.
The time frames may differ as well as the “hot zones” that move the particular market. In the end, though, it’s the same “Three Classic Tools to a Three-Step Setup,” and that doesn’t change. Recently I was interviewed for an article about my trading approach. I spent a good 20 minutes explaining to the author that I was a chartist and that meant that I relied on price and not on fundamental data or news. I thought I got my point across well until I read what was printed in the article.