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The Forex Trading Course: A Self-Study Guide to Becoming a Successful Currency Trader, 2nd Edition



The Forex Trading Course is the systematic guide aspiring traders need to enter the market with confidence, providing all the skills necessary to generate wealth. Masterfully written so both basic and complex concepts are readily accessible, this all-inclusive training tool outlines a practical course of action to develop strategies integrating fundamental and technical analysis, identify high-probability patterns and trades, adjust your trading plan for different account sizes, use emotional intelligence to improve trading performance, and much more. This Second Edition is fully revised to address:

  • Changes brought about by quantitative easing and central bank intervention, including greater spikes and disruptions in the forex and the influence of global growth and inflation on the market
  • Using binary options with forex trades to make accurate predictions on direction, targets, and stops
  • Social media trading and how to navigate herding behavior and swarming patterns
  • The latest insights and trends in cryptocurrencies, including Bitcoin

Complete with practice assignments to reinforce covered material and a supplemental website to take you deeper, The Forex Trading Course, Second Edition unlocks your optimal potential for profiting in currency trading.

ABE COFNAS is a leading-edge trainer and analyst in currency and binary option markets.He is a columnist for Futures magazine and the publisher of the BinaryDimensions newsletter.His companies develop advances in trading and training technology focusing on algorithms that "watch" traders and evaluate their performance. He is developing financial gamification platforms that enable users to Learn, Play, and Win at trading financial markets without risk.

Preface vii

About the Author ix

PART 1 What Drives the Forex Market? 1

CHAPTER 1 The Fundamentals of Forex 3

CHAPTER 2 The Role of Inflation, Reflation, and Deflation 17

CHAPTER 3 Exploiting Information about Economic Growth 23

CHAPTER 4 The China Factor 35

CHAPTER 5 The Commodities Connection: Gold, Copper, Commodity Index, Equities, and Forex 43

CHAPTER 6 How Business Confidence and Consumer Sentiment Affect the Market 51

CHAPTER 7 Fundamental Personalities of Currencies 53

CHAPTER 8 The Personality and Performance of the US Dollar 71

CHAPTER 9 Conducting Your Own Fundamental Analysis 77

PART II Timing the Trade with Technical Analysis 85

CHAPTER 10 Mapping Price Action 87

CHAPTER 11 Finding Significant Support and Resistance 97

CHAPTER 12 Volatility in Forex and Its Dimensions 113

CHAPTER 13 Chart Formations and Price Patterns You Should Know 139

CHAPTER 14 Trading Styles and Strategies 149

CHAPTER 15 Stops, Limits, and Tactics for Risk Control 167

PART III Putting It Together 177

CHAPTER 16 Transitioning to Real Trading 179

CHAPTER 17 Strategies and Challenges for Different Account Sizes 183

CHAPTER 18 Paths to Success in Forex Trading 199

CHAPTER 19 Test Your Forex IQ 207

CHAPTER 20 Trading Bitcoin 213

Index 225