Chapter 1

Currency Trading 101

In This Chapter

arrow Looking at currency trading as a business

arrow Getting a sense of what moves currencies

arrow Developing trading strategies to exploit opportunities

arrow Implementing the trading plan

The foreign exchange, or forex, market has exploded onto the scene and is the hot new financial market. It’s been around for years, but advances in electronic trading have now made it available to individual traders on a scale unimaginable just a few years ago. But just because currency trading is more accessible doesn’t mean it’s widely understood.

I’ve spent my professional career in the forex market and I can’t think of a better traders’ market. In my opinion, nothing quite compares to the speed and exhilaration of the forex market or the intellectual and psychological challenges of trading in it. I’ve always looked at my work as essentially doing the same thing every day, but no two days are ever the same. Not many people can say that about their day jobs, and I wouldn’t trade it for the world, no pun intended.

Defining Currency Trading

At its heart, currency trading ...

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