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The FX Bootcamp Guide to Strategic and Tactical Forex Trading by Wayne McDonell

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PLAN YOUR TRADES AND TRADE YOUR PLANS

Why is trading forex similar to war? They are both a zero-sum game. In war, this means kill or be killed. In forex trading, this means that if you make a winning trade, someone else made a losing trade against you or vice versa.
Forex is pure. There is no central exchange in currency trading like there is for equities, such as the New York Stock Exchange. It’s simply bulls vs. bears. Hawks vs. doves. Those who think a currency will gain value and those who think a currency will lose value.
Forex has no middlemen, few regulations, and is purely a global community of traders. No one controls the market.
For example, recently the central bank of New Zealand intervened to try to lower the value of the country’s currency. It worked for a few hours. Then traders pushed it back up. Traders control this market. No one else.
Why is this good?
Statistics have shown that most traders fail in forex. Some have reported less than a 10 percent success rate for new traders entering the market. However, this is great news for you:
• This means 10 percent of traders make all the money.
• Ninety percent of new traders fail because they do not acquire the skills, but more importantly, they lack the patience and discipline to trade successfully.
 
FX Bootcamp’s Guide to Strategic and Tactical Forex Trading will guide you on the path from failure to success. However, the journey is yours to take. The question is do you have the guts to work your butt off ...

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