Price Action Forex Trading with Nial Fuller PDF provides you with information from a to z about forex: What is forex, who trades forex, advantages of trading forex… The book is suitable for newbie.
Author: Nial Fuller
Download link: At the end of the article
What is forex
Foreign Currency Exchange is the act of “exchanging one country’s currency for that of another”
It is conducted by International banks, large financial institutions, large corporations and companies, and price action traders like you and I.
Foreign Currency is also known as the “FOREX”. Or “FX Market”
The open market trades non stop from Monday 8am to Saturday 8am, Opening in New Zealand and Australia, Closing in the USA after Wall St Closes on Friday afternoon.
History of forex- Price Action Forex Trading with Nial Fuller PDF
Goods Bartering evolved to Exchange of Precious Metals
Use of Metals evolves to Promisary Notes (IOU)
Advent of Paper Note and Coin Money.
US Dollar pegged to Physical Gold
US Gold Standard Abandoned for “Floating Currency”
World follows suit, floating major currency pairs.
World trade explodes in Volume, Forex Trading is born.
In order to gain a complete understanding of what forex is, it is useful to examine the reasons that lead to its existence in the first place. Exhaustively detailing the historical events that shaped the foreign exchange market into what it is today is of no great importance to the Fx trader and therefore we will happily omit explanations of detailed historical events in favour of a more specific insight into the reasoning behind foreign exchange as a medium of exchange of goods and services.
Originally our ancestors conducted trading of goods against other goods this system of bartering was of course quite inefficient and required lengthy negotiation and searching to be able to strike a deal.
Eventually forms of metal like bronze, silver and gold came to be used in standardized sizes and later grades (purity) to facilitate the exchange of merchandise. The basis for these mediums of exchange was acceptance by the general public and practical variables like durability and storage. Eventually during the late middle ages, a variety of paper IOU started gaining popularity as an exchange medium.
The obvious advantage of carrying around ‘precious’ paper versus carrying around bags of precious metal was slowly recognized through the ages. Eventually stable governments adopted paper currency and backed the value of the paper with gold reserves. This came to be known as the gold standard. The Bretton Woods accord in July 1944 fixed the dollar to 35 USD per ounce and other currencies to the dollar. In 1971, US President Nixon suspended the convertibility to gold and let the US dollar ‘float’ against other currencies….
Who trades forex
Banks, Large Financial Institutions, Insurers.
Exporters and Importers (Mining and Car Companies etc)
Hedgers (Eg, Airlines, Farmers etc Lock in Currency Prices as well as hedge Products Via offshore commodity futures.)
Commercial Traders ( Hedge Funds)
Retail Traders ( You and I )
Travellers and Tourists
In the last 10 years, the foreign exchange market has expanded from one where banks would execute transactions between themselves to one in which many other kinds of financial institutions like brokers and market-makers participate including non-financial corporations, investment firms, pension funds and hedge funds.
Its’ focus has broadened from servicing importers and exporters to handling the vast amounts of overseas investment and other capital flows that currently take place. Lately foreign exchange day trading has become increasingly popular and various trading execution firms offer trading facilities to both the large and small traders.
Some market participants may be involved in the ‘goods’ market, conducting international transactions for the purchase or sale of merchandise. Some may be engaged in ‘direct investment’ in plant and equipment, or may be in the ‘money market,’ trading short-term debt instruments internationally. The various investors, hedgers, and speculators may be focused on any time period, from a few minutes to several years.
But, whether official or private, and whether their motive be investing, hedging, speculating, arbitraging, paying for imports, or seeking to influence the rate, they are all part of the aggregate demand for and supply of the currencies involved, and they all play a role in determining the exchange rate at that moment.
Nial Fuller is a highly regarded trader, author & coach with over 18 years experience trading financial markets. Today he is recognized by many as ‘The Authority’ on price action trading. After starting this blog in 2008, his readership has grown to over 250,000 traders, making him one of the most widely followed trading coaches in the world.
In 2016, Nial won the Million Dollar Trader Competition, achieving an impressive 369% return in 3 months.
Here you will find a detailed library of Nial’s trading education videos, articles and tutorials designed to help you understand the power and simplicity of his proprietary price action trading strategies – the exact same methods Nial and his 25,000 + members use to trade the market every day.
Download ebook Price Action Forex Trading with Nial Fuller PDF
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