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Forex Study Book For Successful Foreign Exchange Dealing, gielda walutowa, Angielskie
[ Pobierz całość w formacie PDF ]ROYALFOREX
FOREX
STUDY BOOK FOR SUCCESSFUL FOREIGN EXCHANGE
DEALING
Los Angeles, California
2001
Contents
1.Common knowledge about the trading on Forex
1.1. Forex as a aart af the global financial market
Brief data about the Forex rise and development.
The factors caused Foreign Exchange Volume Growth
on Forex (Exchange Rate Volatility,
Business Internationalization, Increasing of Traders’ Sophistication, Developments in
Telecommunications, Computer And Programming Development).
The role of the U.S. Federal Reserve System and central banks of other G-7 countries on
Forex.
1.2.
Risks by the trading on Forex
1.3. Forex sectors
Spot Market
Forward Market
Futures Market
Currency Options
2. Major currencies and trade systems
2.1. Major currencies
The U.S. Dollar
The Euro
The Japanese Yen
The British Pound
The Swiss Franc
2.2. Trade systems on Forex
Trading with brokers
Direct dealing
3. Fundamental analysis by trading on Forex
3.1 Theories of exchange rate determination
Theory of Elasticities
Modern monetary theories on exchange rate volatility
3.2. Indicators for the fundamental analysis
Economic indicators
The Gross National Product
The Gross Domestic Product
Consumption Spending
Investment Spending
Government Spending
Net Trading
Industrial sector indicators
2001 by Royal Forex. All right reserved. www.royalforex.com
2
Purchasing Power Parity
Industrial Production
Capacity Utilization
Factory Orders
Durable Goods Orders
Business Inventories
Construction Data
Inflation Indicators
Producer Price Index
Consumer Price Index
Gross National Product Implicit Deflator
Gross Domestic Product Implicit Deflator
Commodity Research Bureau’s Futures Index
The Journal of Commerce Industrial Price
Balance of Payments
Merchandise Trade Balance
The U.S. – Japan Merchandise Trade Balance
Employment Indicators
Employment Cost Index
Consumer Spending Indicators
Retail Sales
Consumer Sentiment
Auto Sales
Leading Indicators
Personal Income
3.3. Forex dependence on financial and sociopolitical factors
The Role of Financial Factors
Political Crises Influence
4. Technical analysis
4.1. The destination and fundamentals of technical analysis
Theory of Dow
Percent measures of prices reverse
4.2.
Charts for the technical analysis
Kinds of prices and time units
Kinds of charts
Line Chart
Bar Chart
Candlestick Chart
4.3.
Trends, Support and Resistance lines
4.4. Trend Reversal patterns
2001 by Royal Forex. All right reserved. www.royalforex.com
3
Trend Line and Trade Channel
Lines of Support and Resistance
Head-and-Shoulders
Inverted Head-and-Shoulders
Double Top
Double Bottom
Triple Top
Triple Bottom
Round Top, Round Bottom, Saucer, Inverted Saucer
4.5. Trend Continuation patterns
Flags
Pennants
Triangles
Wedges
Rectangles
4.6. Gaps
Common Gaps
Breakaway Gaps
Runaway Gaps
Exhaustion Gaps
4.7. Mathematical trading methods ( Technical indicators)
Moving Averages
Envelops
Ballinger Bands
Average True Range
Median Price
Oscillators
Commodity Channel Index
Directional Movement Index
Stochastics
Moving Average Convergence-Divergence (MACD)
Momentum
The Relative Strength Index (RSI)
Rate of Change (ROC)
Larry Williams’s %R
Indicators combination
Ichimoku Indicator
5. Fibonacci constants and Elliott waves theory
5.1. Fibonacci constants
5.2. Elliott wave theory
References
2001 by Royal Forex. All right reserved. www.royalforex.com
4
1.
Common knowledge about the trading on Forex
1.1.
Foreign exchange as a part of the world financial market
Forex – What is it?
The international currency market Forex is a special kind of the world financial
market. Trader’s purpose on the Forex to get profit as the result of foreign currencies purchase and sale. The
exchange rates of all currencies being in the market turnover are permanently changing under the action of the
demand and supply alteration. The latter is a strong subject to the influence of any important for the human
society event in the sphere of economy, politics and nature. Consequently current prices of foreign currencies
evaluated for instance in the US dollars fluctuate towards its higher and lower meanings. Using these
fluctuations in accordance with a known principle “buy cheaper – sell higher” traders obtain gains. Forex is
different in compare to all other sectors of the world financial system thanks to his heightened sensibility to
a large and continuously changing number of factors, accessibility to all individual and corporative traders,
exclusively high trade turnover which creates an ensured liquidity of traded currencies and the round - the
clock business hours which enable traders to deal after normal hours or during national holidays in
their country finding markets abroad open.
Just as on any other market the trading on Forex, along with an exclusively high potential profitability,
is essentially risk - bearing one. It is possible to gain a success on it only after a certain training including a
familiarization with the structure and kinds of Forex, the principles of currencies price formation, the factors
affecting prices alterations and trading risks levels, sources of the information necessary to account all those
factors, techniques of the analysis and prediction of the market movements as well as with the trading tools
and rules. An important role in the process of the preparation for the trading on Forex belongs to the demo-
trading (that is to trade using a demo-account with some virtual money), which allows to testify all the
theoretical knowledge and to obtain a required minimum of the trade experience not being subjected to a
material damage.
Short data about the origin and development of the currency exchange market.
Currency trading
has a long history and can be traced back to the ancient Middle East and Middle Ages when foreign
exchange started to take shape after the international merchant bankers devised bills of exchange, which
were transferable third-party payments that allowed flexibility and growth in foreign exchange dealings.
The modern foreign exchange market characterized by periods of high volatility (that is a frequency
and an amplitude of a price alteration) and relative stability formed itself in the twentieth century. By the
mid-1930s the British capital London became to be the leading center for foreign exchange and the British
pound served as the
currency to trade and to keep as a reserve currency. Because in the old times foreign
exchange was traded on the telex machines, or cable, the pound has generally the nickname “cable”. After the
World War II, where the British economy was destroyed and the United States was the only country unscarred by
war, U.S. dollar, in accordance with the Breton Woods Accord between the USA, Great Britain and France
(1944) became the reserve currency for all the capitalist countries and all currencies were pegged to the
American dollar (through the constitution of currencies ranges maintained by central banks of relevant
countries by means of the interventions or currency purchases). In turn, the U.S. dollar was pegged to gold
at $35 per ounce. Thus, the U.S. dollar became the world's reserve currency. In accordance with the same
agreement was organized the International Monetary Fund (IMF) rendering now a significant financial
support to the developing and former socialist countries effecting economical transformation. To execute
these goals the IMF uses such instruments as
Reserve trenches, which
allows a member to draw on its own
reserve asset quota at the time of payment,
Credit trenches drawings
and
stand-by arrangements.
The
letters
are the standard form of IMF loans unlike of those as the
compensatory financing facility
extends
2001 by Royal Forex. All right reserved. www.royalforex.com
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