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How to Make a Living Trading Foreign Exchange: A Guaranteed Income for Life Hardcover – February 2, 2010
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Best Books of the Year So Far in fiction, nonfiction, mysteries, children's books, and much more.
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From the Inside Flap
Smith first explains all the basic information you need to know to get started in trading forex. He then introduces the tested, profitable techniques that will help you make money in the forex market, offering a variety of different methods to use over different time horizons—from those that look at the market from the perspective of days and weeks to those that hold positions for less than one day. Smith describes, for instance, a system that monitors the market from three different time perspectives and doesn't enter the market until all three are calling for an entry into the market.
He also details a new way to filter trades that eliminates about half of all losing transactions. And he tells how to sidestep the usual traps that drain money from your account using his method to identify short-term turning points and, more important, to identify major turning points. Smith concludes by showing you how all the techniques in the book fit together into a coordinated program for creating profits.
Throughout the book, the author stresses the two most important aspects of trading: risk management and trader psychology. How to Make a Living Trading Foreign Exchange shows how to take risk management one step beyond and use it as an offensive weapon for enhancing profits. And perhaps, most important, it tells how to overcome the biggest block against making money in the markets: your own psychology. Whether you're a novice or a pro, says Smith, following the techniques in this book will turn forex trading into your ticket to financial freedom.
From the Back Cover
"Courtney Smith has hit it out of the park with this book. Not only does he provide great insight into both the inner workings of the marketplace and original trading methodologies, but he also devotes much discussion to the often overlooked, immensely important aspects of trading such as money management, discipline, and psychology. After all, as he aptly opines, these are demons traders must slay to be successful."
—Tom Demark, Founder, Market Studies, Inc.
"I learned a long time ago if Courtney Smith writes it, I readit. Glad I did. I picked up three great insights in my first read-through."
—Larry Williams, author of Trade Stocks and Commodities with the Insiders, The Right Stock at the Right Time, Day Trade Futures Online, and Long-Term Secrets to Short-Term Trading
Top Customer Reviews
WHAT THIS BOOK IS:
1) A complete set of trading strategies with entry and exit points laid out clearly. Although you have to pay some attention to what is being said because there are a couple of 'mis-statements' that won't make sense until you realize they are editting errors and/or typos.
2) A long-term way of investing your money in a reasonably conservative fashion.
3) A good way of earning 5+% return per month on your capital.
WHAT THIS BOOK IS NOT:
1) A day trader's bible. All strategies are based on daily and weekly price movements.
2) A get rich quick scheme. Face the facts, making 5+% per month is pretty darn good. Anyone who promises more is full of what we hauled out of the calf pens when I was growing up.
Yes, all the strategies are probably available for free 'somewhere' on the internet. But for a couple of bucks you get it all in one spot.
I have 1+ years experience trading Forex and in the months of September and October 2010 I made 5+% per month using only the strategies in this book.
Would I recommend this to a friend - Yes
Surprisingly, I didn't find the Reversal Day setup to be profitable on any pairs. The Reversal Lemonade works on a few.
Channel Breakout, using the typical 55/20 that Courtney also suggests in the book, doesn't work on a single currency pair. I see the potential of this trade though, with a better stop ... I'll be reprogramming it to exit on fractals using a shorter time frame than the time frame on which I entered on a channel breakout. I did find 90/90 works on some pairs with 30 minute bars.
Regardless of whether one of Courtney's specific trade setups work, the best thing to take away from this book are his ways of thinking:
1. His approach to psychology is great and can be summed up quickly: Consider yourself to be a casino, with the market as the gambler at your card table, and your trade setup as your card game. You lose some, win some, and overall you take home a profit. No need to freak out and yell at the monitor when a trade isn't making money. Play your hand and then play the next hand.
2. Program numerous trade setups that are based on a fundamentally sound idea.Read more ›
You could actually make a living for life trading Courtneys methods.
This book is also full of extremely clever trading ideas that did make a huge difference in my daily trading.
So buy it, use it, profit from it, this "just meat and potatoes" forex book definitively belongs to your trading library.
Most Recent Customer Reviews
Met Courney Smith in person. He has no nonsense trading strategies. He's a master trader. ForEx is just another tool in my trading plan. Thanks!Published on July 20, 2014 by Debbie
Wiley Finance publishes a huge number of trading books each year. Each cost 60-80 dollars and is printed on yellowish very cheap paper. Read morePublished on April 7, 2014 by Jackal
This book is amazing and I highly recommend it for anyone who is serious about increasing their wealth through forex trading. Just remember to execute flawlessly. Read morePublished on January 10, 2014 by Nicholas D. Hoyt
Of all the pundits and gurus available, this author has the best most practical approach to trading. Read morePublished on January 8, 2014 by Howard Moll
Book is full of valuable common sense information that is usable.
I would recommend to anyone who is looking to make extra income by trading currency
It is very useful. All techniques are profitable and easy to apply into trading. I recommend that all traders should read through this book.Published on August 19, 2013 by LE VAN DAN
It does have trading rules laid out precisely. He manages risk pretty well. One way he manages risk is to not day trade. Read morePublished on July 16, 2013 by JohnB
This book is clear, easy to follow, but with all the sophistication you would expect in the subject. Courtney makes it seem easy to trade.Published on April 15, 2013 by rita v.