Forex made simple- Kel Butcher

Forex made simple- Kel Butcher PDF- A beginner’s guide to foreign exchange success (Simple, easy to understand strategies anyone can use for success) shows you all about the forex market, from beginner to advanced. It also helps you win on this tough market.

Category: Forex

Author: Kel Butcher

Language: English

Download link: At the end of the post

Preface- Forex made simple- Kel Butcher

Derived from the words foreign and exchange, forex (often abbreviated simply to FX) is the practice of trading currencies or money. The foreign exchange market, also referred to as FOREX, Forex, retail forex, FX, margin FX, spot FX or just ‘spot’, is the largest financial market in the world. Daily trading volumes are approaching US$4 trillion a day — that’s more than three times the total of the world’s stocks and futures markets combined.

The forex market is an over-the-counter (OTC) market. This means that, unlike stock markets and futures markets, there is no central exchange or specific place where trades occur and orders are matched. Instead, forex dealers and market makers are linked around the globe and around the clock by computer and telephone, creating one huge electronic market place.

Once the domain of the large hedge funds, major corporations and international banks, the forex market has become available to retail traders mostly because of the internet, which has allowed the development and evolution of online trading platforms, so that many firms have been able to open up the foreign exchange market to retail clients. These online platforms not only allow instant execution into the market, but also provide charts and real-time news services. This allows traders to keep abreast of news unfolding around the globe as it happens. The result has been a huge surge in volume of currencies traded as retail clients become aware of the benefits of trading a market that trades virtually continuously from Monday morning Australian time until early Saturday morning Sydney time.

The forex market allows you to actively engage in online trading using broker platforms to buy and sell currencies. The use of leverage when trading in the forex market means that a small amount of money can be used to control much larger positions than would be possible without the use of leverage. But while leverage can help magnify returns, it also magnifies losses when they occur.

Before throwing yourself head first into real money trading you should take the time to familiarise yourself with the principles of foreign exchange trading and ensure you have a full understanding of how it all works. It is also important to understand the evolution of foreign exchange and some of the key milestones in the development of this market into what it is today. So, let’s get started.

Table of Contents- Forex made simple- Kel Butcher

Chapter 1: History of foreign exchange
Introduction of the gold standard
Major influences on foreign exchange since World War II
Chapter summary

Chapter 2: Major currencies, economies and central banks
Major world currencies
Central banks
Central banks and the foreign exchange market

Chapter summary

Chapter 3: The foreign exchange markets and major participants
Forex market participants
Retail foreign exchange brokers and traders
Various currency markets
The spot market
Chapter summary

Chapter 4: Retail forex dealers and market makers
Forex market structure
Retail forex dealers
Choosing a retail forex dealer that suits you
Chapter summary

Chapter 5: The mechanics of trading forex
Trading forex is trading money
The mechanics of forex trading
Base and quote (or counter) currencies
Currency pairs
Long or short?
Understanding pips
The bid/offer spread
How the trader and the dealer can both make a profit
Fractional pips
Margin and leverage
When to trade forex
Chapter summary

Chapter 6: How to place a forex trade
Placing a trade
Rollover
The carry trade
Chapter summary

Chapter 7: Currency futures
The mechanics of trading currency futures
Long or short?
Novation
Standardised contracts and specifications
E-micro currency futures
Bid/ask spread
Margin and leverage
Spot forex and currency futures compared
Chapter summary

Chapter 8: Macro economics and how it affects forex
Economic theory
Economic data and indicators that affect foreign exchange values
Economic indicators
Inflation indicators
Employment indicators
Chapter summary

Chapter 9: Money management for forex
Swinging for the fences
Defining losses
Leverage and small accounts
Chapter summary

About author

Kel Butcher is a private trader, entrepreneur and investor. Kel has more than 20 years’ experience in financial markets, trading shares, futures, options, warrants and CFDs. He works as a consultant to a managed fund, a boutique trading company and a share-trading software developer. Kel is a regular contributor to YourTradingEdge magazine and is the author of A Step-by- Step Guide to Buying and Selling Shares Online and 20 Most Common Trading Mistakes and How You Can Avoid Them. He also featured in The Wiley Trading Guide.

Passionate about money management, risk management and position-sizing techniques, Kel acts as a mentor and coach to fellow traders. He can be contacted by email at <kel@tradingwisdom.com.au>. When he’s not trading, Kel enjoys snowboarding, mountain bike riding and surfing. He lives on the NSW Central Coast with his wife Cate and his two sons Jesse and Ollie.

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