Forex Essentials in 15 Trades takes a new and different approach to teaching the basics of currency trading.
This book is divided into three parts. Part One provides a substantive background in FOREX basics, money management, fundamentals, technical analysis, and what it takes to be a successful trader. Part Two details 15 of author Mike Archer’s trades, showing how theory might be translated into practice. Part Three is a compendium of articles written by the authors to supplement Parts One and Two.Part Two analyzes 15 FOREX trades to let the reader see the book’s concepts in action and to get inside a trader’s mind as he sifts information, seeks candidate trades, makes a trade, monitors it, and finally conducts a postmortem of the trade. These are all real trades made by author Mike Archer. Part Two begins with his Snowflake heuristic for finding trades (Chapter 8) and describes his two primary trading methods, the Goodman Swing Count System and market environments (ME).
Part Three is a compendium of readings primarily from the GlobalView web site. These articles supplement the Part One and Part Two chapters. For example, you may even wish to skim Chapter 27 (GSCS basics) and Chapter 28 (ME applications) before reading Part Two. Appendix A, GVI’s “Common Sense for Traders Checklist,” provides more perspective to the reader for both the FOREX basics and the money management chapters in Part One.
This book also offers two unique learning tools: “The Inside Scoop” and GVI Snippets. Most traders never know or learn more about the markets than they see on their broker-dealer’s trading platform or hear from a news squawk box. The professional’s edge is in seeing the hidden structures behind market movements; herein we attempt to peer through that window with “The Inside Scoop.” Following is an example:
As a newbie in 1973 I was struggling with some of the syntax and intricacies of the futures market. The meaning of the important concept of a “carrying charge” was eluding me. I read several explanations of it, and two brokers attempted to explain it to me. No luck. Finally, I stumbled across a discussion of hedging where the term was used twice in context. I had a eureka moment, and suddenly the other explanations all fell nicely into place. Looking at the same subject or concept from different perspectives is almost always worthwhile to the beginner.
Global-View has been in operation for about a dozen years. The amount of useful material archived in just its forums is enormous. By becoming a GVI member (it is free!) you can participate in the current, ongoing forums—which run seven days a week, 24 hours a day—and access the wealth of materials and insights in the archives. A simple keyword search on the GVI forums of a term or concept can be illuminating by virtue of the many contexts in which you will see the word or phrase. The back-andforth, theory-and-practice approach is both an easier and a more effective method for learning FOREX. It is also more entertaining and enjoyable than a straight description. You have the opportunity to learn most FOREX subjects by viewing them from a range of perspectives and contexts. Following is an example of a GVI Snippet, which will appear throughout the book (this is a typical market comment from a U.S. trader):
I expect a slight dollar pullback on some pairs, though the euro should remain weak. I expect some spec buying starting @ 1.4327. Until this level I don’t expect major moves. Cable (British pound) might firm up a little. For a good yielder it may be time to scale in a micro lot in gbpusd. GL/GTs to ALL.
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