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The Complete Currency Trader is a forex trading course that was created by James Edwards. I got my hands on a copy in September of 2013, which means that I have now had it for about 3 months at the time of writing this. I decided that I wanted to learn to trade forex because up until that point three months ago, the only way that I had access to the foreign currency marketplace was by way of investing in managed forex accounts.
I felt that because I was investing in and reviewing managed accounts, I should find out more about forex and about how to trade. The Complete Currency Trader was perfect for my needs because first of all, it goes into painstaking detail about how forex works, and secondly, it explains how to trade with the aid of the system’s unique software. Not only that, but there are more sections including a module that is all about treating foreign currency trading as a business and not as a part time hobby.
The chapters : Home, Course Introduction, Forex Knowledge, Understanding Risk, Your Forex Business, Money Management, Trading System, Videos, Trading Training, The Success Formula, Trading Software, Calculators, Daily Trades.
The first couple of chapters are about how forex operates, what makes it tick. This was fantastic for me because it made me understand more about the workings of managed accounts. All of the time I was discovering something new and understanding more about what I did know. There is a chapter on risk management and how to manage your money etc.
The part that is crucial to how successful a trader is going to become, is the section on forex as a business. Everyone can learn how forex works and how to place trades. Those are facts and an actual process. However, to become a success, a trader has to acquire a trading mind-set. This starts with treating forex as a business. It parks an awareness within the trader’s mind that trading foreign currency is a serious venture and not a pastime. There is a business plan that can be adapted for each individual. This is vital because unsuccessful traders don’t have a defined goal. They know the general direction they are heading but they don’t have targets and goals, nor do they have a plan to get there. The business module is before the trading system module for those reasons.
The trading system section is split into 5 phases. Each stage needs to be completed before going on to the next stage. Of course this can be bypassed, but this is where many small but important flaws can be fine-tuned, plus the trading mind-set is further developed and set. There are targets to reach for each stage, the win to loss ratio of 60% to 40% should be maintained over at the very minimum 30 trades before moving on. Each following stage builds on the previous one so at the end of stage 5, you are trading with a stop loss that keeps any losses to a maximum set amount that you want, usually 1%, and with no take profit target, leaving profits to run.
The trading software is unique in that a mathematical equation works out the strength of each currency separately and evaluates them against the strength of all of the other currencies. The strength of the each of the currencies can be plotted on a chart and given a different colour.
Occasionally, a trend will occur and the lines on the chart will diverge in a uniform fashion, like a sideways V. Sometimes, a strong momentum will take place because traders create a flood of additional limit orders or they are removed completely. This momentum will manifest itself on the chart as the lines diverge very steeply, creating a cone shape on the chart. That is the time that the trades should be placed to take advantage of the momentum. Of course it is a lot more complex than that and it does take many months of studying the chart to be able to read it correctly.
Overall, the Complete Currency Trader is a meticulous, comprehensive trading course that has everything that is required, plus a lot more, to take a total novice from zero knowledge to a successful professional trader in as little as a few months to a year. It does have to be followed very carefully, and if it is, success will follow.