The Omicron Forex Trading Manual PDF- Reading this manual just might help to minimise the number of false steps you take along the way to trade the forex market.

The Omicron Forex Trading Manual PDF

The Omicron Forex Trading Manual PDFReading this manual just might help to minimise the number of false steps you take along the way to trade the forex market. Then, when you are ready to become a full time Forex trader, you will do so with a sound foundation and you will not have suffered too much in the way of disillusion along the way.

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Category: Forex

Author: Seamus McKenna

Language: English

Free Download link: At the end of the post

Introduction- The Omicron Forex Trading Manual PDF

If you are a newcomer to Forex or even if you have been involved in trading other instruments such as equities, futures or options, you should prepare yourself using this manual or other reasonably priced resources before you part with any money for Forex training courses. You should be very wary of web sites that promise you can make a living as a Forex trader after a short time if you do their course.
To give an example of the time and resources you might have to put into it, and the kind of outcome the professionals anticipate from Forex, consider a company that is prepared to allow people to trade from home using the company’s money. They do exist. One will pay you a very respectable 70% of the profit you make. Before you can be eligible to trade with their cash, however, they naturally expect you to be able to demonstrate that you will not lose it instead of making a return with it. For this they ask that you undertake a 25 day demonstration period.

There are just over 20 days in a typical trading month (5 days per week x four weeks) so this is five weeks in total. During that period they will expect you to have a 4% minimum profit, no more than a 2% intraday drawdown (the amount you lose in any given day as a percentage of the amount of your equity) and that you trade for a minimum of 20 of those 25 days. You are not allowed to hold Forex positions over the weekend (if you were trading equities for them you would not be allowed to hold positions overnight. This is to guard against gaps, which are relatively large movements in price that can occur when the market is closed and which can defeat the whole purpose of a stop-loss order).

All of these things are designed to demonstrate that you are not only profitable, but that you can maintain consistent but safe trading, day in day out. This is not easy and it is totally irresponsible
of anyone to imply that you can learn to do something like this after four weeks or so of training. Another company offers something similar but again, before they will allow you to trade with their money they require to be able to monitor a period of live trading with your own money, which they will then judge according to: “…profit/loss (over a month), equity curve, ratio of gains/losses, largest winning/losing trades, average win/loss, ratio winning/losing trades, average time in winning/ losing trades, as well as
other proprietary risk analysis parameters, which allows them to build up a risk profile” (from the company web site).
Note the emphasis on risk in all cases.
Even if you are trading your own money all the time you owe it to yourself to understand well the importance of all these measures. If you do not, you will not last long in the business. If you are starting out, get the basics under your belt before you decide to part with your hard earned cash for training or other resources. Reading this manual just might help to minimise the number of false steps you take along the way. Then, when you are ready to become a full time Forex trader, you will do so with a sound foundation and you will not have suffered too much in the way of disillusion along the way.

Table of Contents- The Omicron Forex Trading Manual PDF

Computers in trading
Dynamic historical charts teach discipline
All traders must think and act like professionals
Chapter One: Forex trading – a market with a difference
Open all hours
Long and short have no relevance
A highly liquid market
Benefit from the needs of commerce and dealing direct
Understanding the language
Mind the gap
Chapter Two: Automation for all traders
High Frequency Trading
Volatility and its consequences
Optimising the strategies
Profit and loss example
Uncovering other insights
Chapter Three: Relevant concepts – giving yourself the best possible advantage
The trailing stop
Trading styles, short term or long
Analysis, both fundamental and technical
Chapter Four: Let the institutions tell you the market direction
The larger players
Forex traders only want to be profitable
Chapter Five: Risk management and capital preservation
Survival first
No intervening
Calculating position size
Except to define a limit, leverage should be irrelevant
Do not confuse past and present
Chapter Six: Thinking in probabilities
Positive expectation
The objective
Chapter Seven: Discipline, and an apparent contradiction
Discretion required
Other considerations: support and resistance
Two types of volatility
Chapter Eight: Psychology
Essential tools for peace of mind
Diversification in Forex
Build up gradually as you gain confidence
Chapter Nine: Fundamental and technical analysis
Past, present and future
Chart patterns, and support and resistance
Key dates in the trading calendar
Interest rate differentials – the Carry Trade
Chapter Ten: Broker selection
Choosing the correct broker is of vital importance
Introducing agents programs
To be avoided
Commissions, spreads and other costs
Chapter Eleven: The Forex trading plan: strategy defined
A holistic treatment
Trading plan components
Instruments to be traded
Times to trade
Times not to trade
Risk parameters
The records must be used
Post activity analysis
Chapter Twelve: The Omicron Forex Breakout Strategy
Breakouts take place in the here and now
Market timing
Low volume
Trade entry
Trade criteria
Managing the trade
Definitely not a robot
Determinism, chaos and human intervention
Chapter Thirteen: Price action patterns
Pin bars, or exhaustion bars
Moving averages
Chapter Fourteen: Installing and running automated strategies
Choosing pairs in the Historical Tester

About the author- Seamus McKenna

“It was always probable that someone with an early background in Civil Engineering, who became interested in trading electronically, would seek to use quantitative methods to improve the trading equity curve. I also hold a qualification in Computer Science and I have a Masters’ degree in Business Administration (MBA) from Trinity College, Dublin (TCD).

I have been trading electronically since 1996. About the mid point of my career, during one of those occasional downturns in construction, I became involved in data mining and data analysis, which I practiced on a full-time basis with a number of large global corporations, one involved in fast moving consumer goods (FMCG), and well known for its toothpaste, and the other a major oil company. As you can imagine, such companies have gathered great bodies of information in their databases over time and are anxious to leverage it by analysing it and putting the results to commercial use.

The techniques for unlocking the secrets of large quantities of data include statistical methods and probability analysis, one branch of which is involved with game theory, or the mathematical study that leads to optimisation. It didn’t take me long to realise that all this too could have application in my trading…”

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