Table of Contents
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Copyright 2008 by Wayne McDonell. All rights reserved.
Published by John Wiley & Sons, Inc., Hoboken, New Jersey.
Published simultaneously in Canada.
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Library of Congress Cataloging-in-Publication Data:
McDonell, Wayne, 1973
The FX bootcamp guide to strategic and tactical Forex trading / Wayne McDonell.
p. cm. - (Wiley trading series)
Includes bibliographical references and index.
eISBN : 978-0-470-44333-0
1. Foreign exchange market. 2. Foreign exchange futures. 3. Speculation. I. Title.
HG3851.M43 2008
332.45-dc22
2008019685
Preface
Planning is great matter to a general [forex trader]; it is the ground of death and of life; it is the way of survival and of destruction, and must be examined ... before doing battle, one calculates and will win, because many calculations were made.
A quote from The Art of War by Sun Tzu, a military general in ancient China. Scholars surmise that he lived around 600 B.C.
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. Its 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 countrys 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 Bootcamps 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 and get really good at trading forex?
Not clear enough? How about this?
I believe that 90 percent of amateur traders fail, not because they lack an understanding of the market, but because they are not willing or able to do the work required to become an amazing trader.
In forex trading, patience and discipline are just as important as technical and fundamental analysis.
Are you willing to give yourself enough time to learn how to trade?
Are you willing to do the work?
Will you do whatever it takes to succeed?
This book will help you develop positive trading habits and give you lifelong trading skills. Its not a silly magic system of the moment.
This book will not do the work for you. But it will teach you how to stay out of a lot of bad trades, and you will learn how to wait for the better trades. In fact, this book will to teach you how to think for yourself and trade successfully on your own.
... this book will to teach you how to think for yourself and trade successfully on your own.
FX Bootcamps Guide to Strategic and Tactical Forex Trading will help you become a part of the top 10 percent that makes 100 percent of the money. (Blood, sweat, and tears not included.)
WHAT IS NOT IN THIS BOOK
Fluff! I assume that you know what a pip is and that forex volume is over $2,000,000,000,000 per day. Im not going to convince you to trade forex. You should be at or near that conclusion now all on your own.
This book will take care of the rest. It will teach you how the market works and how to trade it.
NOTE
For additional educational resourcesincluding training videos, live webinars, chart examples, and moreplease visit this books free companion web site www.fxbootcamp.com/book.
Best regards,
Wayne McDonell
Chief Currency Coach
FX Bootcamp, LLC
www.fxbootcamp.com
