The FX Bootcamp Guide to Strategic and Tactical Forex Trading
Fx Bootcamp Guide Book
The FX Bootcamp Guide to Strategic and Tactical Forex Trading
By WAYNE McDONELL
A straightforward guide to trading today’s dynamic Forex market
Written by Wayne McDonell, the Chief Currency Coach at FX Bootcamp, this book shows readers how to successfully trade the Forex market on their own. FX Bootcamp’s Guide to Strategic and Tactical Forex Trading skillfully explains how to combine popular technical indicators to formulate a comprehensive market strategy. Readers will then learn how to focus on using this information to create a tactical trading plan–one that will help them pull the trigger to get in and out of a trade. Along the way, McDonell takes the time to discuss the various challenges a Forex trader faces, such as greed, fear, loss, and isolation. As a Forex trader and educator of traders, Wayne McDonell knows what it takes to make it in the competitive world of Forex. And with FX Bootcamp’s Guide to Strategic and Tactical Forex Trading he shows readers how.
From the Inside Flap
In The Art of War, renowned military strategist Sun Tzu states, “The general who wins the battle makes many calculations in his temple before the battle is fought. The general who loses makes but few calculations beforehand.” While this observation comes from one of the oldest military treatises in the world, it’s an important piece of advice for traders looking to win in today’s dynamic Forex market.
As the Chief Currency Coach at FX Bootcamp, author Wayne McDonell helps clients around the world excel in the Forex field by training them to develop and execute a trading plan with military precision. Why does this approach work so well? The answer is simple???trading Forex is similar to war in that they are both zero-sum games, and in Forex trading, this means that one trader’s gain can only come from another’s equivalent loss. So, outthinking your opponent is essential to victory in both of these arenas.
Divided into five comprehensive parts, The FX Bootcamp’s Guide to Strategic and Tactical Forex Trading puts this competitive market in perspective and shows you how to achieve success within it. This reliable resource opens with a detailed look at the technical indicators you’ll need to use in your trading endeavors. From here, you’ll discover how to combine these popular indicators to formulate a comprehensive strategy and learn how to use this information to create a tactical trading plan???one that will help you pull the trigger to get in and out of trades.
Besides introducing you to a proven Forex trading methodology and showing you how to improve performance by running your trading operations like a business, this book also addresses some the most important psychological aspects of trading???including greed, fear, loss, and isolation???and discusses what you must do to overcome such obstacles.
In Forex trading, patience and discipline are just as important as technical and fundamental analysis. With The FX Bootcamp’s Guide to Strategic and Tactical Forex Trading, you’ll discover how developing positive trading habits and the right trading skills will put you in a better position to profit over the long haul.
From the Back Cover
Praise for The FX Bootcamp’s GUIDE TO Strategic and Tactical Forex Trading
“Wayne McDonell is the most popular Forex speaker on our Web site. His live training and educational events draw large crowds of traders because he can explain complex Forex trading concepts in a common language that anyone can understand. This book does the same. I highly recommend it.”
—Francesc Riverola, CEO of FXstreet.com
“If you’re looking for specific strategies and methods for making money with currency trading, you need to start reading this book today. Wayne knows from experience what it takes to succeed in the Forex markets. He provides step-by-step instructions and explains in common language what to look for in charts and in the news to find profitable trades immediately. Don’t make a single Forex trade until you’ve read this book!”
—Tim Bourquin, founder of The Forex Trading Expo
With The FX Bootcamp’s Guide to Strategic and Tactical Forex Trading, McDonell shares his invaluable experience as a Forex trader and commodities trading advisor with you. Filled with in-depth insights and practical advice, this straightforward guide will teach you how to think for yourself and trade successfully—relying on your own technical, fundamental, and even psychological analysis. First, you’ll become familiar with the indicators—from moving averages to price support and resistance—that form the foundation of the trading methodologies discussed in the book. Then, you’ll discover how to put together a trading plan, and trade that plan for maximum profits. Along the way, McDonell also takes the time to discuss the various challenges you may face while trading Forex and explains how treating your trading operations like a business can improve overall performance.
If you want to be a successful Forex trader, you must have a firm understanding of how the global market works and how to trade it. With The FX Bootcamp’s Guide to Strategic and Tactical Forex Trading, you’ll quickly learn how to gather intelligence, formulate a strategy, and confidently pull the trading trigger.
About the Author
WAYNE McDONELL is the Chief Currency Coach of FX Bootcamp (www.fxbootcamp.com), a live Forex training organization. He is a professional Forex trader, a member of the National Futures Association, and a registered Commodities Trading Advisor. Respected in the Forex industry as a successful trainer, McDonell is a regular speaker at major investing conferences and expos in Asia, Europe, and America. His videos are syndicated around the world on outlets including Forex Television, FXstreet.com, MoneyShow.com, and MSN. His live trading Webinars have attracted up to 1,000 traders each. McDonell has written “how-to” articles for investing magazines, such as Your Trading Edge and the FOREX Journal magazine. He has also received notoriety in the National Post, TechWeek, Interactive Week, and Inc. magazine to name a few.
Book Reviews:
Wayne really hits the mark with this book. It’s a basic summary of the method he teaches at www.fxbootcamp.com. Not only does he cover the technical and fundamental aspects that a successful Forex trader needs to know, but he covers the other all important topics too, like risk analysis, trade plans & journals, trade reviews and having the right mindset to be a successful trader. All with no Fluff!
I found Wayne’s book really helped me trade according to MY rules, not the markets rules. This meant that when I trade, it’s become a lot of fun again. Now I am trading in one night, profit wise, what I used to trade in one month.
If you want to get a clear sense of what is in this book, have a look at his videos on FXStreet.com blogs called “2 Hour Video: Strategic & Tactical FOREX Trading”. blogs.fxstreet.com/fxbootcamp/2008/03/12/2-hour-video-strategic-tactical-forex-trading
I recommend this book to anyone who feels there is room to improve in their Forex trading, or is looking for a reliable, simple system to follow. The method outline in Wayne’s book won’t give you every pip in a market’s movements, but it will provide you with a large portion of them, in a conservative manner.
I also recommend this book to new FX Bootcampers, as it will help them come up to speed quickly, with the method Wayne teachers at FX Bootcamp.
In response to Jeff Marsick’s review (RE - Good But Poorly Edited), I agree that this book could have done with more editting. In regards to Wayne’s MACD settings of 21, 55, 8, this is in fact correct. One of the things with Wayne’s method is that he uses a slowed down MACD oscillator to guage MARKET speed (medium term price action) and a sped up Stochastics oscillator to measure PRICE momentum (short term price action). This is covered in the above mentioned webinar video at around 18 minutes into it.
As Wayne McDonell points out - trading is similar to war. You take the high ground and wait for the enemy to approach. In this case it’s the trader on the other side of the trade who is the enemy. If you are interested in forex, or already trading, you will find this book a valuable resource. It helped me become a better trader.
Writing in a clear and personally engaging style, McDonell makes sense of the fundamental and technical aspects of what moves currency pairs. He also comes equipped with an arsenal of useful charting tools that help a trader get the “feel” for the direction and speed of the market. The focus is on developing a plan for every trade: wait for price to come to you, determine when to enter, and when to take profit.
A trading style aimed at making “conservative repeatable trades” is what is really at the heart of this book. There are a half dozen or so books available on trading that are worthwhile, and I have read all of them. Some focus on strategy and others on the psychology of trading. McDonell pulls it all together and covers every aspect of trading you need to become a successful trader.
This book works well for traders at all levels of experience who are not consistently making successful trades. Some of the criticisms of the book are valid. But the faults are miniscule when compared to the tremendously useful and insightful content found in every chapter. If I could have only one book on forex trading, it would be this.
This book has been written in such a manner to make it easy for someone to understand the “whys” of forex trading. Wayne’s explanations just make sense. He’s not so technical that you get lost. After reading all the books on technical analysis, Strategic and Tactical Forex Trading brought it all together in a plan that made me know that I could successfully trade forex. Wayne has helped me to understand how the markets move together in a free flowing manner, that no system I have ever looked at could. After studying the material presented by Wayne, I have been able to move my trading skills forward in such a manner that I know it will one day provide me with the success I have sought after. If you have been struggling with your trading discipline, then this book is a must read to help you move to the next level. Wayne McDonell is a wonderfully colorful teacher!
I have read several books on trading, technical analysis, and Forex, but this one has probably helped me more than the others put together.
This book is a very easy read. I was able to get excited and not continually “nod off” as I was reading. The chapters are organized for a person who is limited to read short pieces at a time.
Before picking up this book, I was familiar with many of the aspects it covered, but this knowledge was like having a hammer and not knowing what to do with it. This book provided some direction for me to actually successfully use the technical analysis knowledge I already had. Also, many common mistakes and bad scenarios were mentioned. Some of these mistakes mentioned caused me to laugh because they were almost identical to ones I had made.
Most importantly, Wayne McDonnell, the author, gets into the psychology of the Forex trader. This inner aspect of trading is probably the single most important one.
I highly recommend this book to anyone who is seriously wanting to have a career in Forex. I would consider it indispensable.
I was stuck at a point in my trading. I was missing something and I did not know what it was. I was searching for it and found this book. What sold me was that this book was not a beginners book, it was a intermediate/advanced book. Wayne’s story rung true with me. He struggled and finally saw the light. It seemed too good to be true. But I ordered it anyway. This was the best Forex decision I made. THe book covered the basics but a way that made it easier to understand. I devoured the book and took many things away from it that filled in a lot of holes. My Forex Trading has taken off tremendously. I have taken the Pivot points and the moving averages and applied them to my charts and it was as if a light went off. I could see it now. With this and the trade journaling advice in the book, I was able to even show my wife how to trade in no time. She trade off the pivot points like a pro. If you are looking for a book to put you over the edge into being a successful proffessional forex trader, I can’t recommend this book enough. Seek the Knowledge first and the PIPs will come later. I just wish I found this book sooner.
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