Professional, clear, systematic and accessible. This is how we can characterize the book by Courtney Smith, an experienced trader who went through school working in large investment banks, has extensive experience in individual trading and, importantly, teaching experience. Many approaches proposed by the author are not new development, but they are modified taking into account the current state of the market and built into an integral system, which allows achieving stable good results in trade. In addition to market analysis and trading techniques, the book pays serious attention to the psychological aspects of work and risk management. The book is structured in such a way that it will be useful to both novice traders and experienced professionals, and in fact is a comprehensive textbook on all aspects of Forex trading.

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The given introductory fragment of the book How to earn money consistently FOREX market(Courtney Smith, 2012) provided by our book partner - the company liters.

Contents at a Glance

I have designed this book so that it will be useful for anyone who wants to make money trading FOREX - from beginner to professional.

The book contains everything a beginner should know before starting to trade. At the same time, experienced traders will find valuable information here about trading systems and methods, most notably some of my suggestions for improving classic methods. In addition, you will find in the book sections on trading psychology and risk management, the study of which can significantly increase the profitability of your operations.

In Chapter 1 in general outline provides the basics you need to master before you start trading FOREX. You may already have experience trading stocks, shares, or even futures. But I'm making the assumption that you don't know anything about FOREX trading. I also included in the book several real cases from my own practice in order to somehow show all the delights of the life of a professional institutional trader. Even if you have some FOREX trading experience, this chapter is worth reading if only for the examples.

In Chapter 2 we will begin to examine methods of making money on foreign exchange market. I will talk about trend analysis, a technique similar to what is called the 123 indicator. However, I have added something to it so that you can more accurately determine which trends are starting and which are fading. In addition, this is the first time I am telling such a wide audience about the Bishop technique. This unique indicator has a huge track record of being used to exit trades at highs and lows. It signals infrequently, but you should be extremely careful when it does. I close all my open positions whenever I see a Bishop sell or buy signal, it is so convincing.

I’ll also tell you about a new way to filter transactions. This filter reduces the number of my losing trades by about half and only five percent of my profitable ones. Favorable exchange! This dramatically increases the usefulness of trend analysis and other techniques.

Chapter 3 covers price channel breakouts. This classic technique has been used since the 1960s. And the secret to using it for such a long time lies in its performance. I estimate that most traders at the largest and most profitable currency hedge funds use some variation of this technique. And I will tell you about several of its main improvements that can significantly increase profitability.

The first improvement is the principle of immediate gratification. It is basic and will show you how to understand the market better, how to trade more profitably and finally how to increase your income.

I will also tell you about the cutoff rule. This improvement reduces the risk of trading on price channel breakouts by at least half, while maintaining all potential profit opportunities. Basically, we are talking about controlling the situation with a breakout, and if it does not develop in any way, then the position should be immediately closed. In addition, it reduces the psychological stress when trading in conditions of price channel breakouts. The cutoff rule concept can be applied to other trading methods as well. You won't want to ignore this idea.

Then I’ll tell you about another exit strategy called “last bar.” I picked it up from top-notch trader Peter Brandt. It allows you to reduce the risk to a minimum on any transaction, which, as you can guess, will lead to a significant increase in profits at the end of the year.

In Chapter 4, I'll tell you about Conqueror, a unique trading system that was originally proposed by the legendary trade analyst Bruce Babcock, then improved by ace systems analyst Nelson Freeburg, and finally modified by me. This system monitors the market in three different time frames and does not enter the market until all three confirm that it should be done. Another characteristic feature that, as far as I know, is unique to this method, is that the exit technique differs from the entry technique.

Conqueror is a methodology that does not tolerate haste when entering the market. When entering a trade, it requires that all conditions be perfect and closes the position at the slightest hint of weakness. I love this system and I think you will too!

Chapter 5 covers how to use stochastic lines to your advantage. Everyone seems to be using stochastic lines - perhaps the most popular charting indicator. But everyone uses them wrong. In this chapter, you'll learn how you can use stochastic oscillators to your advantage, avoiding the common pitfalls that drain your account. I'll show you how I use them to identify short-term turning points and, more importantly, significant turning points.

As a bonus, I've included an amazing interview with George Lane, who coined the concept of "stochastic oscillators." I was lucky enough to interview him before he left this world. In this wonderful interview, he explains how he invented stochastic oscillators, why they were named that way, and most importantly, how George himself used them in his own trades. He literally states that when used correctly, there are “virtually no mistakes”! This interview is priceless.

Another unique feature of this book is that I will show you various profitable techniques that can be used on different time horizons. The techniques discussed here analyze what is happening in the market over a period of either a few days or a few weeks. Chapter 6 introduces several techniques aimed at much more short term. They are designed to keep a position open for less than one day. Pattern recognition technologies like this are a great option for those traders who want to make money in a day rather than a week or month. It gives me pleasure to think that such trades bring good profits every day. Of course, we are not talking about fabulous profits, since it is impossible to get excess profits during the day. But it’s also not bad to get a handful of money as a result of one-day transactions.

This chapter also introduces multi-part tactics, where positions are taken across multiple contracts to make exiting a trade more flexible. This tactic strengthens the trader's psychology and significantly increases his profit margin.

You will not be able to manage your profits until you learn to control the risks to your account. Otherwise, you will be doomed to losses. 90% of FOREX traders lose money and only about 5% make money. I believe one of the most important differences between winners and losers is that winners know how to manage risk.

Chapter 7 discusses this very important question and clear instructions are given on how to manage risks to ensure profitable operations. I'll even delve a little deeper into the topic of risk management and show how to use risk management to attack, not just defend. However, rarely does anyone in the market use risk management to increase profits. This is a very important chapter because you must be able to survive the inevitable losing streaks without losing too much money, and you must also be able to maintain the right mental state. You can't be in extreme difficult situation how in financially, and from a psychological point of view.

Chapter 8 shows new technology called Slingshot or mini-Slingshot (“Slingshot” or “Mini-Slingshot”). Here I will also continue discussing the topic of risk management. This chapter is also interesting because it introduces the reader to unique concepts that are based on the risk management ideas discussed in the previous chapter.

I believe that risk management is the second most important factor in investment success. Chapter 9 examines the biggest obstacle to making money in various markets. This you personally. Your psychology. You are the biggest problem. Intelligence is of little use here. The methods that I talk about in the book will come to the rescue; thanks to them, you are unlikely to experience any difficulties. The basic rules of risk management are just as easy to apply. But trading psychology is a very difficult subject and few can handle it. I wish you great success; and the application of psychology is real way earnings in the market. Please don't ignore it or push it aside.

In the book I talk about large quantities various techniques. But you won't be able to make money using them if you don't behave accordingly. For example, what good is it to use income-generating techniques if you lack the self-discipline to execute trades every day? Failure awaits you. You must be able to apply these techniques, otherwise they are useless.

I am a big proponent of stress-free trading. Why should I trade if it constantly stresses me out? I can make money, but I shouldn't trade if it puts me under a lot of stress. Life is too short. Once again, we must understand the psychology of trading.

This chapter is about the reasons why people trade. No, not just to make money. I also analyze the reasons why people lose money and show how to eliminate these reasons. It may not be that interesting to understand your own psychology, but it is the most important component of success in trading.

In Chapter 10 you'll learn how all these techniques fit together. By that time, I will already tell you about a large number of powerful techniques that allow you to make money trading on FOREX. This chapter will show how they all add up to a comprehensive profit program. Each technique has its own purpose, different from other techniques. As a result, the combination of techniques is much more interesting than each technique individually. I repeat: this is a completely unique approach. Most books talk about techniques but don't provide a structure that unifies them.

After reading this book, you should have a concrete and comprehensive understanding of how to make money trading FOREX. You will have a whole range of useful techniques in your arsenal. You will learn how to manage your risks and how to trade stress-free. Good luck!

But when you come across good specimens, you want to squeal with happiness! Well, and share with others. Therefore, today I will tell you about a book by such an author as Courtney Smith "How to make money consistently in the market" Forex". Reviews You can find other readers about it on the Internet, here I will leave my review for you.

Who is this Courtney Smith? Courtney D. Smith currently runs the hedge fund OrbitexManagemenc, Inc., is chairman of the board of the Investment Mentoring Insitute, and manages Commodity Trading Consumer research (a futures market newsletter launched in 1983), where he also works as editor-in-chief. He is the author of five books, one of which is “ How to consistently make money on the Forex market" Courtney Smith has managed the brokerage company Quantum Financial Services, Inc. and work in branches of banks such as the Swiss Banca della Svizzera Italiana (BSI) and the French Banque Paribas. From all of the above, we can draw conclusions about how familiar the author of the book is with financial markets and whether he has achieved success in life. As you yourself understand, you cannot call him a loser, and therefore it would simply be unprofitable for him to sully his well-known name with a bad book. Moreover, the author has more than twenty-five years of experience successful trading in the foreign exchange market, which speaks not only of his professionalism and experience, but also of success. Now about the book.

Trading systems described in the book

The systems he covered in the book included Channel Breakout, Trend Analysis, Inside Days, Twenty-Day Momentum, Conqueror, and Reversal Days. Everything is written as simply as possible and accessible language. Moreover, the book was published with illustrations, with the help of which it is much easier to understand the meaning of what was said.

I personally tested three of the trading schemes described: trend analysis, channel breakout and reversal days.

I can say that with a detailed analysis of the method, carefully following the author’s advice and applying them in practice, I was able to make more than one profitable transaction with their help. In addition, Courtney Smith touches on the topic of money management as an integral part of currency trading.

Think for yourself, who is more likely to sit down to write reviews - the one who failed, or the successful trader? Most of the whiners from forums and blogs are just slackers and losers, trying to somehow justify themselves in their own eyes.

Their words contain more emotion and resentment than truth about how things really happened.

For those who found the book difficult

It will probably be useful for beginners who are still little familiar with trading in the foreign exchange market to read slightly different books, because this one may seem too complicated and crammed with practice for them. In this case, I personally recommend paying attention to Alexander Elder’s “How to play and win on the stock market.”

Courtney Smith

How to consistently make money on the FOREX market

Published with the assistance of the International Financial Holding FIBO Group, Ltd.

Editor V. Mylov

Project Manager A. Polovnikova

Corrector E. Smetannikova

Computer layout S. Novikov

Design Creative Bureau "Howard Roark"

© Publication in Russian, translation, design. Alpina Publisher LLC, 2012

All rights reserved. No part of the electronic copy of this book may be reproduced in any form or by any means, including posting on the Internet or corporate networks, for private or public use without the written permission of the copyright owner.

Dedicated to my parents and comrade in arms

Preface

Trading on the free foreign exchange market (FOREX) is one of the most exciting and profitable activities in the world. This is despite the fact that approximately 90% of traders lose money. The purpose of the book is to increase the number successful traders.

Can you make a living trading FOREX?

Let me explain.

So, it is a common belief that approximately 90% of traders lose money trading FOREX, approximately 5% remain with their money and only the remaining 5% make money. I have not come across any scientific evidence for this claim, but I have spoken with executives at various brokerage firms who have told me that something similar generally happens to traders. My own experience as a senior executive in the futures and options market also confirms these grim statistics.

In the 1960s The federal government conducted a study of futures traders and found that the picture was similar, although not quite as bleak.

The same 90% lost money, but already after commission payments. In reality, the rate of return before commissions was approximately 7%. The main reason for the losses was commissions. In theory, then, the 7% profit represents the equivalent of the insurance premium that companies paid to speculators for the risks of commercial transactions. FOREX trading does not involve any commissions (and futures commissions are now much lower than they used to be), so I doubt that this factor is that important today.

However, FOREX has other transaction costs in the form of the difference between the bid and bid rates. The costs of buying at the buyer's price and selling at the seller's price on each transaction seriously affect the trading results for the year.

Let's assume that the trading account has $10,000 to make mini trades, and on each trade the difference between the bid and ask price is 3 pips. If we make one trade per day, or 250 trades per year, that's $750 in additional costs. And every year we need to earn more than this amount to make a profit. As a result, we start the year with 7.5% debt. Therefore, in order to finish our trading for the year at least without losses, you need to make a profit at least this 7.5%.

I think that these assumptions are true for most traders. Look at your own experience - where you are now and what you need to overcome to move beyond breakeven.

In fact, things could be much worse. The most common form of FOREX trading is spot trading with retail FOREX brokers such as FXCM or Sterling Gent. Brokers receive additional profit from every transaction and every day. I'll explain what this looks like in Chapter 1, but please remember that brokers actually set the bid/ask spread every day. This adds another, say, $3 per open position per day. Let's say you only have one position per day, which adds up to another $750 over the course of a year. Now, in order to earn something, we need to repay 15% of the debt.

Investors make money on the stock market, but most often because fluctuations in stock market occur more strongly and for a long time, and not because such investors are more professional. In addition, when investing in stocks, you are not limited by time. Futures and options have an expiration date. FOREX does not have it, but high leverage does not allow players to hold positions for years, as in the stock market, where investors often do not close positions whose prices are falling, in the hope that the day will come when they will rise again. On FOREX this is technically possible, but it happens extremely rarely.

High leverage creates a get-rich-quick mentality in FOREX trading, which works against the trader. In contrast, normal stock investing involves buying and holding stocks.

Leverage pressure causes the average FOREX trader to make many mistakes. And the cost of such errors is incomparable with stock transactions, where there is no such burden.

Summarizing all the above differences, we can say that it is much more difficult for a FOREX trader to make money than for a trader in the securities market. But…

The subtitle of the American edition of this book can be translated as - “Lifetime income guaranteed.” It was inspired by the title of a bad poker manual that came out about twenty years ago. I truly believe that the material in my book can provide you with a lifetime income. And these are not empty words. This is what is required of you. You must strictly follow my instructions. You must not deviate from them. Do everything with impeccable precision. Only after you have fully mastered the material can you begin to create. This self-discipline is critical to achieving success. If you trade carelessly, you will return to the category of failed traders. Neither you nor I want this.

I will not tire of repeating: stick to the plan outlined in the book, and you will become a successful trader. You will be able to live a life that few can afford.

I wrote most of this book while living on the seashore in Belize. I am writing this foreword on a plane en route to Singapore, where I will speak to an audience of approximately 2,200 people and then travel the beaches of Southeast Asia.

And what allows me to do all this? Internet. That's it. I conduct all analytical work and transactions online. I can't live in the middle of nowhere because I need the Internet, but I can still afford an impressive lifestyle. My first stop after performing in Singapore was in Bali, where I spent a whole week.

Moreover, I don’t even need constant access to the Internet; literally fifteen minutes a day is enough. But I prefer to stay there longer because I need to post a lot of different educational videos on my educational websites and this requires more time and high-speed Internet. But a few minutes in an internet cafe in China or London or wherever is all I need. The real goal for me, as for most people trading FOREX, is not to make a lot of money, but to gain freedom.

I know I've painted a pretty bleak picture of how difficult it is to make money in FOREX. But we are not only talking about high earnings, but also about the fact that you can guarantee yourself an income for life. Of course, this is a very loud statement.

How do I know this? Why are you so sure of this?

I have been training traders for over 25 years and telling them about my methods. And, more importantly, I teach retail traders who have no trading experience at all, let alone FOREX trading. This gives me special pleasure: I really like watching people start new life. Each of my students makes money on FOREX, except one. (And he is only slightly in the red.)

I once foolishly proposed a training program called "Extra Profits." A short but intensive program that cost $2000. The crazy thing was that I guaranteed a refund if the student did not double his investment in a year. Idiot!

Everyone in the group, with one exception, completed the task. These were ordinary retail investors; no pros. And only one woman, who was unable to double her investment, asked for her money back, and I returned it. By the way, she earned 70% in a year.

So, my statement is confirmed by practice. And I am sure that you can do it too!

But (you can’t do without “buts”) you must act with impeccable precision.

Exactly. This is the secret.

Now read the book. Develop a plan. Make money. And live the way you dreamed of.

Contents at a Glance

I have designed this book so that it will be useful for anyone who wants to make money trading FOREX - from beginner to professional.

In the current article we will talk about the book “How to consistently make money on the forex market,” written by an experienced practicing trader Courtney Smith, whose name is well known among professional speculators. The author of the trading textbook went through a good training school, being an employee of the world's largest investment banks.

The main feature of the book is the identification of truly important aspects, concentration on which makes it possible to move to the stage of profitable trading as quickly as possible. Such systematic knowledge about modern Forex, taking into account its current features, allows the reader to form a correct holistic view of the foreign exchange market. This work is most useful for beginners and those traders who already have a lot of knowledge, but still cannot reach the level of stable income.

Courtney Smith pays a lot of attention to the basics of trading, the correct assimilation of which already helps not to lose money. We are talking about risk management and psychological hardening.

How to get a book for free

You can download the book “How to make consistent money on the Forex market” in fb2 and rtf formats completely free of charge from our cloud storage here. Having received and unpacked the archive, you can immediately start reading.

Well, now, so that everyone can imagine what’s inside, let’s give short review books based on the foreword by Courtney Smith himself, who created this valuable work!

The author's parting words to traders

Today, the Forex market provides everyone with a unique opportunity to earn money without leaving home. With proper persistence, anyone can start making a profit here by indulging in the exciting work of a trader. Such opportunities, as statistics show, attract many, but in practice only about 5-6 people out of 100 who come achieve success. Why is this so?

Courtney Smith asked this question, but could not find any scientific evidence as to why such a small percentage of new recruits stay on. financial markets, and the overwhelming number drain their deposits and leave. However, the author of the book “How to make stable money on the Forex market” decided to dig further, and since, as part of his job, he had the opportunity to contact representatives of all major banks and brokers, he forwarded the question to them to find out their opinion on this matter. Unfortunately, they only managed to confirm the sad statistics that on average only every 20th trader becomes a consistently profitable Forex trader.

More interesting data can be obtained from the Commission on securities USA, which conducted a similar study among traders trading not on Forex, but on the futures market and binary options. Here the percentage of successful speculators is slightly higher, but not much. According to observations made, 10% of 100% of those who come remain to work in such more serious markets.

The key misconception of many beginners who start with Forex is the inability to see and count expenses. The fact is that the size of operating costs in the form of a spread on the foreign exchange market is quite large, and traders, unlike real exchange platforms, cannot work within the spread or place limit orders too close to it.

Thus, in each transaction, they give part of their funds to the broker for servicing the opening of the transaction. Taking into account spreads and broker commissions on ECN accounts, the annual costs amount to a tidy sum. For example, if a trader has 10 thousand USD in his account, and with safe money management, he opens only one trade per day with the corresponding lot, paying a spread of 3 points, then his expenses per year reach $800!

So, provided that he works to zero, his expenses will already reach about 8% of the deposit amount! That is, in order to work at least at breakeven, a trader needs to receive this 7-8%. And that's just when it comes to spreads.

Yes, many brokers with market execution now offer lower spreads for liquid pairs. But still, this difference between the bid and ask prices is present in Forex, it expands in a volatile market, and you have to pay additional commissions for low spreads. In addition, if trades are moved overnight, you have to pay for the swap if it is negative. As a result, a trader in the foreign exchange market needs to consistently earn at least 10-15% per year just to break even!

In general, it’s easier to work on stock exchange, since here you can more often see strong non-recoil trends. In addition, investing in stocks is not limited by time, as is the case with futures contracts and options that have an expiration date.

As for the foreign exchange market, the main disadvantage here is leverage, which causes losses on swaps. In addition, the large amount of leverage contributes to the emergence of thoughts that it is quite easy to get rich here without having big capital. This creates a dangerous mental state that often causes traders to lose rather than make profits.

Why stable income is possible

Having described the difficulties associated with making money in the Forex market, Courtney Smith moves on to consider why he is so confident in the possibility of establishing a stable and lifelong income in the foreign exchange market.

The author's confidence comes from personal experience, since Smith tested all the ideas presented in the book not in theory, but in practice. He only asks each reader to carefully perceive the presented material, remember and assimilate every word, and subsequently adhere to these recommendations.

If you follow the author’s instructions without deviating, without violating discipline, then soon it will be simply impossible not to succeed. At the same time, Courtney warns that the market does not forgive mistakes, so those who think that they can make a profit here without doing hard work every day are better off choosing something else.

On almost every page of the book “How to make consistent money on the Forex market,” the author repeats again and again: “You just need to stick to the plan that I give you. And soon you will inevitably join the ranks of successful traders who earn a lot and lead a lifestyle unfamiliar to most people on the planet.”

In support of the latter thesis, the author cites the information that most of his book was written when he settled in Belize, coming here to enjoy the sun, sea and beautiful white sand beaches. Courtney Smith still travels extensively and performs in front of numerous audiences around the world.

At the same time, he does not stop trading and teaching. Thanks to the Internet, the author has brought into reality the lifestyle that is now in the form beautiful picture served to almost all novice traders. He travels to all the popular tourist destinations and exotic locations, maybe living for six months in Belize, then going to a seminar in Singapore, and then spending a few weeks in Bali. At the same time, he never ceases to monitor the market situation, conducts online webinars, checks the progress of students, etc.

The book “How to make consistent money on the Forex market” also emphasizes more than once that the main goal of trading is not money itself, but the freedom that it gives! Moreover, these are not the loud statements of another barker, but the confident words of a person who managed to achieve success and shares his experience with other inquisitive minds who are ready to work hard to get their “easy money.”

The secret to success as a retail trader

Concluding this appropriate introduction, which should set the reader up for studying the book, I would like to add a few words about the author himself and describe an interesting experiment that he conducted.

With over a quarter century of experience in the financial markets, Courtney Smith has created a training program for everyday private traders with no stock exchange or Forex experience. Moreover, he was so confident that his materials would allow everyone to easily master trading skills in the foreign exchange market that he once proposed such an interesting experiment.

It became such a crazy idea training program, which was called “Extra Profit”. The cost of this training course amounted to 2 thousand USD, but in return the author of the book promised to bring all students to a stable level of profit of 100% per year! If novice traders did not achieve this success, then he promised to return to them the funds spent on training.

As a result, all group members with the exception of one girl received the promised income figures! Moreover, the candidate, who was unable to overcome the indicated level of profitability, received about 70% profit in her account for the year!

So download, read and study the book “How to consistently make money on the forex market”, as it contains everything you need to become a successful trader and just a free person!

How to consistently make money on the FOREX market Courtney Smith

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Title: How to make money consistently on the FOREX market

About the book “How to Make Consistent Money in the FOREX Market” by Courtney Smith

Professional, clear, systematic and accessible. This is how we can characterize the book by Courtney Smith, an experienced trader who went through school working in large investment banks, has extensive experience in individual trading and, importantly, teaching experience. Many of the approaches proposed by the author are not new developments, but they are modified taking into account the current state of the market and built into an integral system, which allows you to achieve consistently good results in trading. In addition to market analysis and trading techniques, the book pays serious attention to the psychological aspects of work and risk management.

The book is structured in such a way that it will be useful to both novice traders and experienced professionals, and in fact is a comprehensive textbook on all aspects of Forex trading.

On our website about books lifeinbooks.net you can download for free without registration or read online book“How to make consistent money in the FOREX market” by Courtney Smith in epub, fb2, txt, rtf, pdf formats for iPad, iPhone, Android and Kindle. The book will give you a lot of pleasant moments and real pleasure from reading. Buy full version you can from our partner. Also, here you will find last news from literary world, learn the biography of your favorite authors. For beginning writers there is a separate section with useful tips and recommendations, interesting articles, thanks to which you yourself can try your hand at literary crafts.