FX Bootcamp Guide to Strategic and Tactical Forex Trading

WAYNE McDONELL is the Chief Currency Coach of FX Bootcamp (www.fxbootcamp.com), a live Forex training organization. He is a professional Forex trader, a member of the National Futures Association, and a registered Commodities Trading Advisor. Respected in the Forex industry as a successful trainer, McDonell is a regular speaker at major investing conferences and expos in Asia, Europe, and America. His videos are syndicated around the world on outlets including Forex Television, FXstreet.com, MoneyShow.com, and MSN. His live trading Webinars have attracted up to 1,000 traders each. McDonell has written "how-to" articles for investing magazines, such as Your Trading Edge and the FOREX Journal magazine. He has also received notoriety in the National Post, TechWeek, Interactive Week, and Inc. magazine to name a few.

• Preface xiIntroduction 1Which Do You Do? 2Part One Basic Training 5Chapter 1 Lagging Indicators 7Moving Averages 7Moving Average Convergence Divergence (MACD) 9Bollinger Bands 14Standard Deviation 19Summary 19Chapter 2 Leading Indicators 21Price Support and Resistance 21Fibonacci Retracements 24Fibonacci Extensions 29Summary 33Part One Summary 34Part Two Strategic Analysis 37Chapter 3 How to Gather Market Intelligence to Formulate a Trading Strategy 39Spy Plane View 39Inflation Sensation 40Central Banking 42Inflation Targeting 42Cost of Money 42Money Magnets 43Interested in Valuation 44Foreign Exchange 45Demanding Consequences 45House of Cards 46Not Interested 46Summary 49Chapter 4 The Carry Trade 51Free House 53Scary Carry 54Power Yen 55Summary 56Chapter 5 Forex and the Fed 57Forex Economics 57The Federal Reserve System 69Summary 73Chapter 6 Commodity Correlations 75Commodity Correlation: Oil 75Commodity Correlation: Gold 77Commodity Correlation: Equities 78Trading Commodities 81Summary 81Chapter 7 Greenback Guru: Why You Should Specialize in Trading U.S. Dollars 83What’s Your USD Bias? 84Currency Correlation Coefficient 85Trading Currency Correlation 86Trading a Basket of Currencies 88Petrodollars 89Yet another Reason 90Summary 90Part Two Summary 91Part Three Rules of Engagement 93What’s the Time? 94Chapter 8 Market Analysis 95Speed of the Market 95Momentum of Price 101Summary 104Chapter 9 Fundamental Analysis 105Economic Announcements 105Global Money Flow 106Interest Rates and Currency Values 106Market Bias 107Announcement Calendar 108Summary 110Chapter 10 Technical Analysis 111Self-Fulfilling Prophecy 111Range Analysis 112Trend Analysis 121Pivot Analysis 126Summary 132Chapter 11 Risk Analysis 133Fear of Loss 133Fear of Profit 134Limits 134FX Bootcamper Credo 135Limits for Loss 136Limits for Profit 138More Tactics for Trade Entry and Exits 139Your Mind’s Eye 140Do Nothing 141Do You Have the Guts? 142Second Chances in Forex 143Summary 145Part Three: Summary 146Part Four Tactical Planning 149Chapter 12 Candlestick Patterns 151Reversal Patterns 152Reverse and Continuation Patterns 158Trending Only 161Summary 162Chapter 13 Range Trading 163Get in the Ring 163Floors and Ceilings 164Over and Out 165Summary 169Chapter 14 Trading the News 171Conservative News Trades 174Summary 182Part Four Summary 183Part Five Psychological Warfare 185Chapter 15 How to Cope with Pre- and Post-Trading Stress Disorders 187Going Mental 188Common Thread 189Understand Yourself, Understand Your Trades 191Summary 193Chapter 16 Trade Journals 1953X the 4X 201Summary 202Chapter 17 Target Practice 203Summary 205Chapter 18 Three-Year Plan 213FX Business Planner 213Risk Management 216Summary 222Part Five Summary 223Chapter 19 Closing Notes 225The Genesis of FX Bootcamp 225Lead by Example 227Additional Support 228Index 231