Tải thêm nhiều sách www.com tại : Tải thêm nhiều sách tại : www.com Forex on Five Hours a Week How to Make Money Trading on Your Own Time RAGHEE HORNER Edited by JEFFREY ALAN BRANDZEL John Wiley & Sons, Inc. Tải thêm nhiều sách tại : www.com Copyright C 2010 by Superior Management, LLC, d/b/a In Touch Marketing, and Raghee Horner. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey.
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Library of Congress Cataloging in Publication Data: Horner, Raghee. Forex on five hours a week: how to make money trading on your own time / Raghee Horner. Foreign exchange market. Foreign exchange futures.4 5–dc22 2009044762 Printed in the United States of America.
10 9 8 7 6 5 4 3 2 1 Tải thêm nhiều sách tại : www.com Contents Preface vii Acknowledgments xi CHAPTER 1 Making Money in Up and Down Markets 1 Fill in the Blanks 2 A Bull Is on the Loose! 3 Shorting 4 CHAPTER 2 Full-Time Trading = Full-Time Job 9 Employee Mindset 11 Confessions of a Chart Junkie 12 Analyzing the Market 14 Identify the Trend 16 Time Frames 16 CHAPTER 3 The Wave 19 Sinking, Soaring, or Sideways? 23 Market Cycles 23 A Wish 28 Market Memory 28 Trade with Price 31 iii Tải thêm nhiều sách tại : www.com iv CONTENTS CHAPTER 4 Objectivity 33 Indicators 34 Order Entry 35 Stop Loss 36 Risk Management 38 Trendlines, Support, and Resistance 41 Static and Dynamic Lines 41 CHAPTER 5 The Magic of Lazy Days Lines 43 Fibonacci Analysis 44 Lazy Days Lines at Work 45 Using Lazy Days Lines 46 The Wave in Action 48 Real-Life Lazy Days Lines 54 Comprehension + Confirmation = Confidence 55 CHAPTER 6 The Only Entries You Need 57 Momentum Trading 58 Swing Trading 63 Short Cycle Set-Ups 68 Inside the Range 71 CHAPTER 7 Around the World 73 Who’s Awake? 74 Financial Centers You Need to Know 75 Prime Time! 76 Pip Movement 81 A Day with the EUR/USD 82 Time Out! 85 Choosing Your Trading Time 95 Tải thêm nhiều sách tại : www.com Contents v CHAPTER 8 Market Pulse 97 U. Dollar Index and USD/CAD 104 U. Dollar Index and AUD/USD 110 CHAPTER 9 Trading Psychology 117 Stay in Balance 119 The Role of Experience 120 Trading for Real 123 The Psychology of Market Cycles 125 The Psychology of News 125 The Psychology of Time 127 The Psychology of Numbers, Entries, and Exits 128 CHAPTER 10 Psychological Numbers 131 Using the Herd 133 The 200 SMA 133 52-Week Highs and Lows 135 CHAPTER 11 Trading Edge 137 The Right Side of the Chart 145 Consumer Confidence 146 Risk Appetite 148 Sell the News 148 CHAPTER 12 Is My Broker Friend or Foe? 153 The 2 Percent Question 155 Stop Loss Placement 156 Triage 158 Trading Truths 158 Tải thêm nhiều sách tại : www.com vi CONTENTS CHAPTER 13 Embracing Automation 163 Charting Tools 166 Profit Targets 166 Fifteen-Minute Set-Ups 170 CHAPTER 14 Raghee Recommends 179 Final Thoughts 183 Index 187 Tải thêm nhiều sách tại : www.com Preface orex on Five Hours a Week is about having a life! But more than F that, it’s about challenging assumptions. Somewhere along the line, we were taught that for something to be effective means it must be time consuming.
We’ve mistaken time spent for effectiveness. If we de- cided to buck the trend, it’s dismissed as laziness, akin to looking for a shortcut. This attitude comes from an employee mindset. I’ve been an em- ployee for a total of 22 months of my adult life.
I don’t say this to brag. I’m quite unemployable, as my luck would have it. Consequently, I was basi- cally shoehorned into figuring out how to make a living without clocking in and collecting a paycheck each week. I am not going to bore you with all the details as to how I discov- ered I could make a living trading the markets.
The bottom line is that along the way, making every rookie mistake that could be made (twice), I learned that the markets are just an extension of human behavior and nothing nearly as sophisticated or complicated as Wall Street would have Main Street believe. I’ve been lucky enough to be able to share with you what I do each day, and I don’t take this privilege for granted. As I have traveled the globe teaching and talking about the markets, it dawned on me that far too many traders and would-be traders were addicted. They’re market junkies.
I’ve heard stories about traders who arise in the early hours of the morning to trade; traders who have laptops in their bathrooms; traders who spend upwards of 16 hours a day analyzing charts and creating systems. I’m not going to belabor all the stories I’ve been told, but trust me, the list goes on and on, and, frankly, they get stranger and stranger. Is this what trading is, an addiction? If more time spent trading and analyzing yielded better results, heck, I would do it. But it doesn’t.
Bottom line is that just as many traders stink today as they did 20, 30, 50 years ago, and there are more traders in the mar- kets now than ever before. Present-day traders have sophisticated equip- ment, unprecedented access to data, order flow, and transparent order vii Tải thêm nhiều sách tại : www.com viii PREFACE entry. I’m smiling right now as I think back when I began as a high school student with paper chart, ruler, and pen. While a teenager, in my initial trading stage, I realized I was a part-time trader.
And in reality, so are most traders. If we wanted a job, I’m sure there are easier ways to make a living and not put ourselves through the meat grinder of being a trader. If you’re reading this because you think it will be easy, kindly close this book and put it back from where you found it. But let me say, it ain’t hard! So what exactly is Forex on Five Hours a Week? It’s about understand- ing that more is not better.
Better is better. Forex on Five Hours a Week will show you how to analyze the market, how to use visual and objective tools, and then formulize a plan to trade successfully. This is not daytrad- ing, which I don’t do. This is not investing, although many of the strategies in this book could help you with that facet of your portfolio.
This is about grasping a few concepts that if properly understood and applied, can yield healthy and consistent returns. The forex market offers the best order entry, leverage, and access of any market. This market is available 24 hours a day and can most likely fit your schedule. This is not about being a full-time trader.
My goal is to allow you to fit trading into your current schedule. That means quick, accurate analysis that you can repeat over and over again. This book is as much a written text as it is a complete course. I’ve included links and charting examples, which allow me to walk you through the concepts in this book.
I’m especially happy about that because this makes it easier for me to show you additional examples of the strategies I use, such as working across multiple time frames and pairs. I also invite you to join me at my blog at ragheehorner.com where I discuss the markets on a daily basis and share videos and color charts of set-ups and price action that I am watching. It’s just another way of keeping in touch after you complete this book. The Forex on Five Hours a Week approach is as much about stream- lining your market analysis as it is about challenging assumptions.
There are going to be ideas that I will share with you that challenge the norm and perhaps are 180 degrees from what you have heard or even have been doing! This does not stem from some desire of mine to zig when everyone else is zagging. I share and examine in this book the two types of thinking that you must consider before making a trade: internal psychology and external psychology. I will cover my C + C = C approach to psychology as well as other trading psychology. But I want you to keep this thought in mind: Most traders fail, yet most traders do more or less of the same thing.
They continue to seek out the most popular, most used, most known tactics and tools. Why? Is there safety in numbers? Not in this case. If you Tải thêm nhiều sách tại : www.com Preface ix are with the majority in this game, you’re losing. So, if you find that most traders are doing things a certain way, whether that be trade management, entries, risk management, whatever.
then you probably don’t want to do it the same way. I often adhere to my 90 percent rule, which put simply says, “If everyone is doing it, it’s probably wrong.” Forex on Five Hours a Week readers will use the psychology of the market to their advantage; after all, that is what you are tracking, analyzing, and watching on a price chart. This is external psychology. Never forget that you are trading reactions, fear, greed, and uncertainty.
This alone will take you past the charts and make trading a much more natural activity. And that’s when you will find that trading is just a natural extension of human nature. Yours in Trading, Raghee Horner Tải thêm nhiều sách tại : www.com Tải thêm nhiều sách tại : www.com Acknowledgments finished writing this, my third book, today, and I can’t help but be grate- I ful and think back on the series of coincidences and the people who got me here. I am lucky to be surrounded by a family who supports me, friends that make me smile, and partners that demand the best of me.