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    Forex Trading - The Basics Explained in Simple Terms
    Forex Trading - The Basics Explained in Simple Terms
    Forex Trading - The Basics Explained in Simple Terms
    Ebook93 pages1 hour

    Forex Trading - The Basics Explained in Simple Terms

    By Jim Brown

    4.5/5

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    Read preview

    About this ebook

    Jim's 3 FOREX books are consistently ranked BEST SELLERS and there is a very good reason for this. At no extra cost or on-costs. Jim shares with his readers:

    • His custom indicators for the MT4/MT5 MetaTrader platforms, as a download at the end of the book.
    • An invitation to join his JAGfx Facebook Group which has over 4500 members, with both new and experienced Forex Traders contributing.
    • Daily interaction in his Facebook Group.
    • He calls his trades live, shares his results AND records regular trade analysis videos.
    • His contact details if you require further clarification.

    Jim, from Queensland Australia, is a full-time Forex Trader, currently residing in Vietnam. His knowledge of currency trading extends over a 17 year period and has evolved from the old fashioned manual charting when he first started in 2002, to trading on multiple screens and entering the arena of automated trading. During this time, he has developed and shared many trading systems for free, and assisted many new traders through various blogs and forum participation.

    This book is for those of you who are just starting to consider trading Forex but don't know where to start, given the abundance of information on the internet. It is a good first book to read, to gain an understanding of the very basics. As an added Bonus, Jim offers one of his Trading Systems, as well as the indicators without any further on-costs.

    Check out his YouTube videos, chat with him on Facebook and in Telegram - he's an approachable guy who is passionate about trading.

    Jim's Books:

    • Forex Trading The Basics Explained in Simple Terms
    • MT4/MT5 High Probability Forex Trading Method
    • Trading Forex with Divergence on MT4/MT5 

    Jim has been Featured on:

    • Desire to Trade Podcast with Etienne Crete
    • Trading Nuts Podcast with Cam Hawkins

    Editorial Review

    As the title indicates, this book is oriented toward giving beginners the basics. The author is a self-taught forex trader who became intrigued by currency exchange and its profits at a private gathering for stock traders. The text stands out for Brown's clear, concise language that, without being condescending, never takes the reader's knowledge for granted. Some of the basics covered are:

    • The definitions of forex and forex markets
    • Strategies for entrances and exits
    • Trading psychology
    • The ins and outs of forex pairs
    • Places to trade foreign currencies
    • Tips for selecting a broker

    Brown also offers up his own trading strategy that a novice can use, or at least be inspired by and use as a guideline for creating a personalized one.

    - JB Maverick, INVESTOPEDIA

    LanguageEnglish
    PublisherJim Brown
    Release dateMar 8, 2017
    ISBN9781386936091
    Forex Trading - The Basics Explained in Simple Terms

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    Reviews for Forex Trading - The Basics Explained in Simple Terms

    4.5/5

    26 ratings9 reviews

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    • 4/5
      A decent introduction to the world of Forex. It doesn't delve too much into trading intricacies, but it's enough to give the newest beginners an idea of what it means to trade.
    • 5/5
      If you are looking for books which teaches about forex trading this should be your first book to read.
    • 5/5
      this is truly the best beginner book I've read on Forex trading. The author cuts to the chase and explains the basics very clearly and gives the foundation to build a solid trading strategy
    • 1/5
      Not recommended unless you are very new to the market
    • 5/5
      simple and easy to understood. Everything written is straightforward. love it!

      1 person found this helpful

    • 4/5
      I enjoyed the simple language, especially given that I'm a newbie in this space.

      1 person found this helpful

    • 4/5
      Powerful. I learnt a lot from the this book on trading

      1 person found this helpful

    • 5/5
      The third book by Jim Brown that I read. I suggest to read to everyone want to be introduced in the Forex market. Well done Jim

      1 person found this helpful

    • 5/5
      If you want to learn basic in FOREX Trading and want to earn money quickly, then you must read this book. This is not a master book in forex but better than any book available in the market. Jim didn’t put many nonsense and unusual thing here. You must try.

      1 person found this helpful

    Book preview

    Forex Trading - The Basics Explained in Simple Terms - Jim Brown

    FOREX TRADING

    THE BASICS

    EXPLAINED IN SIMPLE TERMS

    ––––––––

    Plus Free Bonus

    Trading System

    JIM BROWN

    ––––––––

    Copyright © 2015 JAGfx Pty Ltd

    All rights reserved.

    ISBN: 9781070602462

    NOTE: 

    While this book refers to MT4 throughout, the MT5 indicators are also available (for free) within the download package. 

    Please refer to the Contents page to access this area.

    Disclaimer

    ––––––––

    This book is designed to provide information that the author believes to be accurate on the subject matter it covers, but it is sold with the understanding that neither the author nor the publisher is offering individualized advice tailored to any specific portfolio or to any individual’s particular needs, or rendering investment advice or other professional services such as legal accounting advice. Professional services should be sought if one needs expert assistance in areas that include investment, legal, and accounting advice. There is a substantial risk of loss associated with trading these markets. Losses can and will occur. No system or methodology has ever been developed that can guarantee profits or ensure freedom from losses. No representation or implication is being made that using this information will generate profits or ensure freedom from losses. The trade examples provided were hypothetical only and were prepared with the benefit of hindsight. No hypothetical trading record can completely account for the impact of financial risk in actual live trading. Additionally, this book is not intended to serve as the basis for any financial decisions, as a recommendation of a specific trading system. Your personal financial circumstances must be considered carefully before investing or spending money. No warranty is made with respect to the accuracy or completeness of the information contained herein, and both the author and the publisher specifically disclaim any responsibility for any liability, loss or risk, personal or otherwise, which is incurred as a consequence, directly or indirectly, of the use and application of any of the contents of this book and the Bonus System.

    CONTENTS

    1  |  Welcome to the World of Forex Trading

    2  |  What Do We Trade in the Forex Market?

    3  |  How Do You Actually Trade Forex?

    4  |  Fundamental or Technical Analysis?

    5  |  Further Information on Forex Specifics

    6  |  Trading Psychology

    7  |  Time to Trade

    8  |  Conclusion

    9  |  Bonus Trading System Download Area

    How to Load a Template or Custom Indicators onto your MT4 Platform

    How to load custom indicators and templates onto your MT5 platform

    10  |  Recommended Resources

    Forums

    Podcasts

    Brokers

    Back Testing Simulator

    Trading Courses/Mentoring

    1  |  Welcome to the World of Forex Trading

    ––––––––

    Okay, you have heard about Forex Trading and you are now curious to check it out but really don't know where to start. Well you have come to the right place, as this book will take you through the basics, explain Forex in a plain and simple manner and give you enough information to get started sooner rather than later, in the exciting world of Forex Trading.

    What is Forex?

    Forex is the common term used to describe Foreign Exchange. It is also called currency trading, or just FX trading, and every now and then you may see it referred to as Spot FX.

    It is essentially the trading of the world's various currencies. Trading currencies is a little different to trading shares or stocks, as currencies are traded against each other. What I mean by this is that you are comparing one country's currency to another country's currency. It is not as confusing as it sounds, so bear with me.

    Why would I want to trade Forex?

    Good question! Most people have heard about trading stocks, maybe even futures and options. They have been around for years and your grandparents may have even traded them. But I guarantee you that they would not have traded Forex, unless they were exceptionally wealthy individuals or worked for a major bank.

    It is only since the early 2000’s that the retail Forex industry has opened up to the likes of you and I, where you can start trading with a very small deposit into a brokerage account. Obviously the popularity of the internet has helped create this boom as about 99.9% of all transactions are carried out online.

    Why Forex?

    For a start, it is by far the most liquid market in the world that runs 24hrs a day for 5 1/2 days of the week. Just to give you an idea of what I mean, in early 2014 and according to the Bank for International Settlements, Forex trading increased to an average of $5.3 trillion dollars a day. To put this in perspective, this averages out to be $220 billion per hour. In fact, it would take 30 days of trading on the New York Stock Exchange to equal one day of Forex trading.

    These figures are huge! There is no other way to put it. But obviously that doesn't really affect the average trader other than giving that trader very good liquidity, which means if you want to buy or sell any of the major currency pairs, there is never an issue of that pair not being available to trade. Also with this much volume on a daily basis, the average trader like you and I have absolutely zero chance of influencing market direction.

    Advantages of Trading Forex

    Because the Forex market is running continuously for 24 hours during the week, there is very little gapping, which can be a common problem with stock trading.

    For example you may have bought XYZ stock at $24.20 on Tuesday just before the market close with a stop loss set at $23.50 to protect you against any major losses.

    During the night, when the market is closed, there is a major announcement that affects the company trading as XYZ, and the market opens on Wednesday morning, with XYZ trading at $22.10. Not only has it gapped down $2.10 overnight, it has also opened $1.40 below your stop loss giving you a much bigger loss than you ever anticipated.

    This rarely happens in Forex trading, but having said that it can happen, especially over the weekend as this is the only time the Forex market is closed. But it is rare! I can give you one example where I was caught out on a

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