Hey traders, Imre Gams here.<\/p>\n
As many readers know, I recently launched my new forex service Currency Trader<\/em><\/a>. Many people wrote in with good questions and that sparked an idea.<\/p>\n My goal with Currency Trader<\/em> is not only to provide great trade recommendations… but to also provide a reliable source of education.<\/p>\n And this prompted me to start a weekly series of Q&A issues where I answer my readers’ most pressing forex questions.<\/p>\n Full Q&A issues are only available to Currency Trader<\/em> subscribers. But today, I wanted to do something different and share a sneak-peek for my readers at Market Minute<\/em>.<\/p>\n Let’s dive right in to the first question…<\/p>\n I’m just curious if you have any pivotal or favorite books on forex that you would recommend to help us all hone our skills and learn the ropes? Thanks so much.<\/p>\n – Donald B.<\/strong><\/p>\n<\/blockquote>\n Hi Donald,<\/p>\n Great question! Specifically, as it relates to forex, I would recommend the very simple “Currency Trading for Dummies<\/em>” by Brian Dolan and Kathleen Brooks.<\/p>\n In terms of trading overall, I highly recommend “Trading in the Zone<\/em>” by Mark Douglas.<\/p>\n When it comes to overall finance, the best book I know of is “The Socionomic Theory of Finance<\/em>” by Robert Prechter.<\/p>\n Hello Imre, <\/p>\n Thanks so much for the new Currency Trader<\/em> service. I took the first trade and followed your recommendations and I’m now out of it having closed my position this morning.<\/p>\n I have Jeff’s other services and we usually use limit orders to enter positions. For the trade we just closed, I was a bit confused on the entry. Did you mean for it to be a market or limit order at the price you targeted in the alert?<\/p>\n I initially placed it like a limit and waited a bit for it to come back. After that didn’t happen, I canceled that order and went in at the market price which was above the entry price in the alert.<\/p>\n When the alert came through, I was still setting up and funding my account, so I was a bit late to the party. I still made some money, but just a little. Can you please clarify what you mean when you say, “Buy the pair if it crosses X”?<\/p>\n Probably a basic question but I’m a total beginner with forex. Thanks again for the service and the great advice. It’s great having your knowledge and experience working for us.<\/p>\n – Jeff M.<\/strong><\/p>\n<\/blockquote>\n Hi Jeff,<\/p>\n Thank you for joining us at Currency Trader<\/em>! We appreciate the trust you place on us.<\/p>\n My trading style for forex is a bit different from how my colleague Jeff Clark approaches trading options and equity markets.<\/p>\n I don’t foresee ever suggesting a limit-entry order type for any of our trades.<\/p>\n The reason for this is that when it comes to forex, I’m primarily a breakout trader and limit orders won’t really work for breakouts.<\/p>\n Therefore, I’ll either recommend using a stop-entry order or a market-entry order.<\/p>\n The “buy if prices cross X” statement refers to the breakout condition I’m looking for – which is the green light to take the trade.<\/p>\n On my charting platform, I’ll set an alert at a specific price level. If prices cross this level, I receive the alert from the charting platform and I whip up the trade recommendation as soon as I can.<\/p>\n I hope this answers your question. If you still have some follow-up questions, please let me know and I’ll see if I can record a video to better illustrate the concepts.<\/p>\n\n
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