Library of Congress Cataloging-in-Publication Data: Cofnas, Abe, – The Forex trading course: a self-study guide to becoming a successful currency trader. The Forex Trading Course: A Self‐Study Guide To Becoming a Successful Currency Trader, Second Edition. Author(s). Abe Cofnas. Want to start Forex trading but do not have enough knowledge about currency markets? Today we present you the book that would be a nice.
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Becoming a Successful Currency Trader - Abe Cofnas pdf. Download PDF Abe Cofnas is the author of The Forex Trading Course ( avg rating, 15 ratings. The Forex Options Course is a practical, hands-on guide to understanding and trading forex options. Designed to build a traders knowledge base in a. Read "The Forex Trading Course A Self-Study Guide to Becoming a Successful Currency Trader" by Abe Cofnas available from Rakuten Kobo. Sign up today.
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Figures 1. C All rights reserved worldwide. ISBN pbk. Foreign exchange futures.
Foreign exchange market. C64 I have learned much from them about trading and about the human condition. At the time, I am certain to have delivered a long-held admonition: 95 percent of what you read in economics will be either wrong or irrelevant.
Iam pleased to report that The Forex Trading Course falls into the 5 percent residualcategory of materials that are worth reading. In addition to satisfying those with a healthy obsession to work on improving theirprofessional skills, The Forex Trading Course will force readers to think outside the boxand to develop an appetite for the pursuit of knowledge about trading.
This, of course,is the most important aspect of the book and reminds me of an observation made by SirHugh Rigby, surgeon to King George V.
What distinguishes a great surgeon is who knows more than other surgeons. In the interest of putting the reader a leg up, an understanding of the structureof exchange-rate regimes is essential. Both operate without exchange controls and are free-market mech-anisms for balance-of-payments adjustments.
Inconsequence, the monetary base is determined domestically by a central bank. Fixed and pegged rates appear to be the same. However, they are fundamentallydifferent: pegged-rate systems often employ exchange controls and are not free-marketmechanisms for international balance-of-payments adjustments.
Pegged rates require acentral bank to manage both the exchange rate and monetary policy. With a pegged rate,the monetary base contains both domestic and foreign components. Balance-of-payments crises erupt as a centralbank begins to offset more and more of the reduction in the foreign component of themonetary base with domestically created base money.
Popular Trading Binary Options Abe Cofnas Pdf Writer Articles
Steve H. There are many reasons for its popularity. First, we are truly in an online revolution, powered by the globalization of the Internet. The implications are profound.
Forex Trading Course
Individuals can no longer expect to work forone employer. Baby Boomers are facing the opportunity and challenge of post-retirementcareers. The result hasbeen a cacophony of information overload, instant gurus, and instant trading solu-tions that appeal to those looking for shortcuts to success.
These programs essen-tially confuse people and divert them from a realistic approach to training in forextrading. This book is written for the purpose of providing a getting started guide in forextrading. It, however, is not only for the person new to forex, but for those who have triedto trade forex but received mixed results through trial and error.
It is also for those whohave experience in trading other markets and seek to apply that experience to forex. They will be able to build upon their experience and gain new insights into how to ap-proach forex. The underlying premise of this book is that traders are not born—they evolve. Ourgoal is to sharpen the insights and the skills of the reader by providing both fundamentaland technical knowledge that are common to successful traders.
An underlying philoso-phy of this book is that successful forex trading requires a total approach that integratesfundamentals, technical analysis, and psychology. Each chapter topic is in essencea module of knowledge, which can be read individually or sequentially. The topics included in the fundamentals show the reader how to use fun- damental knowledge to arrive at trading decisions.
The chapters provide insight on how currency price movements are affected by things like interest rates, interest rate differentials, trade-weighted indexes, commodities, housing data, China, and more. Nontraditional charting using renko and three-line break are featured. Ultimately, all knowledge needs to be actionable.
AcknowledgmentsT his book is dedicated to the students I have encountered and had the privilege of mentoring throughout the years. I applaud them for their courage to pursue the challenges of forex trading and I have learned much from them about how toteach forex with improved effectiveness. I must acknowledge the late Professor AaronWildavsky, at the Graduate School of Public Policy, who shaped my thinking skills morethan 30 years ago into the tools of inquiry that allowed this book to emerge.
He has conducted seminars in the United States, London, and Dubai as well as onlinetraining in all time zones. Cofnas founded www. He has a daughter Paige, 25, and a sonPaul, These forces are accepted by economists around the world as responsible for changes in the valueof currencies.
In fact, as you will see,fundamental forces act as leading indicators of currency movement. Part I provides basicknowledge on how these factors impact forex prices and how they can be used in se-lecting trading opportunities.
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The reader will learn why fundamentals are important to for- eign exchange forex traders as well as what kind of economic activity aremost important in affecting price movements. These include interest rates, interest ratedifferentials, economic growth, and sentiment regarding the U. You have an opponent themarket. In game of chance the key feature is that everyone faces the same oddsand therefore the same level of information.
In these games, no player can changethe odds. Playing forex, however, is not a game of odds.
The Forex Trading Course: A Self-Study Guide To Becoming a Successful Currency Trader
Participants in forex trading do notshare the same amount of information. In forex, this asymmetry of information results inadvantages and disadvantages to trades. Some players have more information than theothers. In forex, information about fundamental aspects of economies does not arrivesimultaneously to all participants. The real important question is what kind of knowledgeand information can improve trading performance. The search for an edge starts with afundamental understanding of the nature of the forex market.
In getting acquainted with the forex market, most people start by looking only atprice charts and price patterns. This is called technical analysis. The goal of Part I is to identify thecomponents of fundamental analysis in regard to forex and then provide a recipe fordeveloping your own fundamental analysis of a currency pair. Why take time to look at forex fundamentals?
Why should fundamentals matter if atrade is done off a short-term time interval such as the 5-minute chart? The short answeris that one cannot separate the fundamentals from the technical analysis without expos-ing oneself to great distortions in understanding the forex market. It is worthwhile to note the comments of the late, great Milton Friedman in a conversation with Dallas Fed president Richard Fisher: The really remarkable thing about the world is how people cooperate together.
How somebody in China makes a little bit of your television set. Or somebody in Malaysia produces some rubber. And that rubber is used by somebody in the United States to put on the tip of a pencil, or in some other way. What has happened has been an enormous expansion in the opportunities for cooperation. What makes forex fascinating as a market and as a trading vehicle isthe fact that currencies provide an intimate linkage to the world economy.
The cur-rency trader by putting on a currency trade becomes a participant the world economy. The forextrader is riding on a global wave. Some will surf the waves, jumping on and off; oth-ers will stay in much longer and face the volatility. Forex trading becomes possiblebecause the world is constantly assessing and reassessing the value of one currencyagainst another.
The forex currency trader is looking to tap into this stream of changingvalues. In putting together a recipe for successfulforex trading, knowing the fundamental chemistry of forex is highly recommended. Any-one who doubts this should simply look at daily headlines that evoke names and placesthat are part of the daily consciousness of a trader.
These names should be familiar toall traders: Bernanke, Fukui, Trichet, Xiaochuan.
The words and decisions of these cen-tral bankers of the United States, the Bank of Japan, the European Central Bank, and The Fundamentals of Forex 5the Bank of China alert the trader to interest rate policy and news that affect sentimentabout the direction of the dollar.
Mention the capitals Pyongdong, Baghdad, Tehran, andthey evoke emotions of fear and crises. These and otherfactors mix together and form the chemistry of forex, which results in shifts of senti-ment regarding the U. These shifts in sentiment cause price reactions and shiftthe balance between downloaders and sellers.
They are one of the most im-portant factors that affect forex prices, as interest rates are the modern tool that centralbanks use as a throttle on their economies. The central banks of the world do not hesitateto use this important tool. In recent years almost all of the central banks increased inter-est rates. The European Central Bank raised interest rates eight times from December 6,, to June 13, , to a level of 4.
Interest rate increases do much more than slow down an economy; they also act as amagnet to attract capital to bonds and other interest-bearing instruments. There can be no doubt of the critical role interest rates play in forex price move-ments. Some forex traders learned this lesson when the U. It was precipitated by traders getting out of their carry trade posi-tions. Since billions of dollars were sold to be converted back into yen, equity marketswere also affected because equity positions had to be sold to download back the yen positions.
In Figure 1. Source: CQG Inc. Copyright C All rights reserved worldwide. The housing sectorin the United States, as well as other nations, provides a major share of wealth, consumerspending, and job creation.
Recent years have seen an international housing boom, withprices growing at more than 10 percent per year in many countries. Canada,Norway, and Sweden shared more than 10 percent growth. The United States, in the faceof a slowdown, saw prices up 7 percent. This means that the value of homes around theworld has doubled in the past 10 years, and as a result the increased wealth has fueledeconomic growth and consumer download.
Closely watched are data releases that relate to housing activity. The economic reasoning is that consumers start seeing a de-cline in housing values and restrain their consumer spending.
One of the most importantfactors related to housing market strength in recent years has been mortgage equity with-drawals MEWs.
As home prices have increased around the world, consumers take outloans against their mortgages, which stimulates consumption.
During periods of hous-ing booms, MEWs rise. Figure 1. However, if MEWs slow down, this can portend a decline in con-sumption and a slowdown in the economy. If and when a slowdown in MEWs occurs,central bankers view it as lessening the likelihood of an interest rate increase. They may very well have used it to download another house or not spent it at all, but added it to savings. Economists really are not certain. Carroll, an eco- nomics professor at Johns Hopkins University.
The wealth effect, as the phenomenon is called, is twice as high for housing wealth as it is for stock wealth, Mr. Carroll and his associates said. At the end of , the data on MEWs showed a large decline from the year beforein the United States. This was an early indicator of a slowdown in the U. So the forex trader seeing signs of an MEW slowdown can get ready for its effect to takeplace months in advance.
The importance of housing data as a factor in shaping currency moves has beenhighlighted further by the events relating to subprime mortgages in the United States. Economic forces ultimately worked to create mortgage delinquen-cies and a collapse in this market. For the forex trader it is a clear case where fundamen-tals affect the dollar.
More housing weakness translates to weaker consumer demandand that translates to lowering the probability of interest rate increases. However, if the housing market starts The Fundamentals of Forex 9recovering, the pressures to increase interest rates or not decrease them will help at-tract dollar downloaders.
For example, in Table 1. The year wasa year of a high level of housing starts peaking in February at 2. After January , the data showeda decline, and by August , the decline in housing starts reached levels of Theforex trader may not have picked the start of the slump by looking at this kind of data, butclearly would have seen that right after the start of new home starts were in a periodof weakening.
In this case the new housing start datawas a very reliable leading indicator that interest rates would not increase. TABLE 1. The survey asks respon-dents to rate general economic and housing market conditions.Canada,Norway, and Sweden shared more than 10 percent growth. So the forex trader seeing signs of an MEW slowdown can get ready for its effect to takeplace months in advance.
Cofnas founded www. And torrent binary also trad traded not lower binary options. Kroll futures trading hours demo programs bina. These names should be familiar toall traders: Bernanke, Fukui, Trichet, Xiaochuan.
However,sentiment about an expected recession is not stopped by lack of data.