Is it possible to make stable money on Forex? Tips from Courtney Smith - how to consistently make money in the Forex market? My review Set achievable and reasonable goals.

Professional, clear, systematic and accessible. This is how one 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 a holistic 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 specialists, 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 make consistent money in the 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.

Chapter 1 outlines the basics you should 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 in the 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. Profitable 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 breakthrough, 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 minimize the risk 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 perspectives 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 chart 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 that focus on a much shorter time frame. They are designed to keep a position open for less than one day. Pattern recognition technologies like these are a great option for those traders who want to make money in a day rather than a week or month. I feel pleasure at the thought that such transactions 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 talks about multi-part tactics, where you take positions in 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 examines this very important issue in detail and provides clear guidance on how to manage risk 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 cannot find yourself in an extremely difficult situation, both financially and from a psychological point of view.

Chapter 8 introduces a new technique called the 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 use of psychology is a real way to make money in the market. Please don't ignore it or push it aside.

In the book I talk about a lot of different 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 also 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 without stress. Good luck!

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Professional, clear, systematic and accessible. This is how one 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.

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The main problem that most beginners and experienced traders in the foreign exchange market face is the stability of earnings. Situations when profit from currency speculation fluctuates from zero to half of capital, and sometimes even turns into a loss, are familiar to everyone. How to make trading more predictable? How to consistently make money on the Forex market? Let's look at the reasons why trading becomes a game of chance with unpredictable results, and ways to make trading income more consistent.

The main enemy of a trader is lack of discipline

In trading, discipline is as important as having a good trading strategy. Traders who constantly violate the rules of their own system rarely achieve success in the Forex market. There is no talk of stability of results with this approach. Why is it so important to adhere to the rules of a trading strategy and not open trades under the influence of intuition?

Any trading system, whether proprietary or posted on the Internet, must be tested on historical data and a demo account before being used with real money. This stage is necessary to obtain statistics and have a clear idea of ​​what you can count on in the future. Essentially, through qualitative testing, you can predict the future financial results of your trading with this system.

What happens when a trader deviates from the rules of a strategy? Having opened a trade at least once not following a signal, there is no longer any point in counting on getting the result expected from testing. If the order is profitable, you will increase your total profit for the month. Otherwise, you will receive unjustified losses. The more often you break the rules and trade not according to signals, the greater the spread from loss to profit you will have.

If you are thinking about how to consistently make money on the Forex market, never be influenced by intuition if your trading system is already debugged to the point of automation. Chasing short-term profits can have dire consequences for your trading account.

How to consistently make money on the Forex market without trading?

The good thing about the foreign exchange market is that you can earn income both from independent trading and in a passive way. The second option is suitable for beginners or those currency speculators who have not yet achieved stability in their trading. You can make money on Forex without trading by investing in successful traders. To do this, brokers have their own PAMM platforms, where you can select profitable managers and entrust them with managing your money.

Before choosing a PAMM service, you should evaluate the broker who owns it. It is important that this is not a company that was registered yesterday. One of the largest and most reputable PAMM platforms belongs to the broker Alpari or Forex4You.

The second nuance concerns the choice of PAMM accounts in which you are going to invest money. The primary parameter that you should pay attention to is the life of the account or the period of public trading of the managing trader. It is necessary to select accounts with a history of at least one year. During this time, the manager will generate positive or negative statistics, by which you can evaluate the success of his trading.

Not all investors know how to consistently make money on the Forex market without trading, which is why income from PAMM investing fluctuates with the same frequency as the income from independent trading for an undisciplined trader. To obtain stable results, an investor must create a safe portfolio of conservative managers whose trading throughout the year has not been subject to sharp changes in terms of losses and profits.

There is no point in chasing high income levels in PAMM investing. Manager traders who perform well rarely trade successfully over the long term. Profits at the level of growth of 50% of capital per month and above are not permanent and are often accompanied by high risks. Such managers are called aggressors. Their total share in the portfolio should not exceed 3-5% of the number of PAMM accounts, or even be absent altogether.

It should be noted that achieving stability in the field of PAMM investing is much easier than in independent trading. Learning the principles of smart investing is faster and easier than learning all the intricacies of trading from technical analysis to Elliott wave theory.

Competent money management as a guarantee of stability for a trader

There are only two basic principles of risk management that a trader needs to know. The first one says: “Let profits grow, cut losses in the bud.” The second is the correct choice of trading volume when concluding a transaction. To figure out how to consistently make money on the Forex market, you need to find out why you need to manage your capital wisely.

Often traders, due to uncertainty in their actions and for a number of other psychological reasons, rush to close an order as soon as it enters the positive zone. Losses are kept until the last minute, which sometimes has an extremely negative impact on the deposit balance. To make money on Forex and not lose, you need to do the opposite. Uncertainty in a trading strategy can be easily overcome by lengthy and thorough testing of the system on a demo account or history. Only when you are confident in each open order, only then will you easily hold a profitable trade to the required level.

The second problem for traders who have not yet achieved stability is the periodic or constant excess of the permissible lot. If the trade turns out to be profitable, the trader's income increases, but since most people neglect the rule described above, losses from such maneuvers often turn out to be much greater than random profits. Do not risk more than 2-5% of your capital in your trading for a series of simultaneously open transactions. Your trading will be safer and your profits more stable.

In fact, achieving stable trading income figures is not that difficult. It is important not to exceed risks and trade according to a proven trading strategy. This is enough to make the foreign exchange market your only and very good employer.

We remember that the profitability of trading very much depends on

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 tarnish his good, well-known name with a bad book. Moreover, the author has more than twenty-five years of successful trading on 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 in the most simple 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.”

In this article we will talk about how to make money smartly on Forex. The technique that will be described below belongs to Linda Raschke, one of the best female traders in the world. Before moving on to the strategy review, be sure to read Linda's biography. Her path is a complete tutorial, which is useful for both beginners and experienced market representatives to study.

Let's return to the question of how to make money on forex. This is a multi-currency hourly strategy that is designed for trend trading after deep price corrections.

System setup

To begin, you will need to open the daily chart (D1) of any asset, download and add an indicator called “MomPinboll” to the terminal.

Appearance of the chart with the “MomPinboll” indicator

This concludes the preparatory part, and we can move on to reviewing trading conditions.

Purchase

• Visually assess the trend on the daily timeframe. Without indicators, it should be clear that the movement is upward.
• We are waiting for the MomPinboll line to drop below level 30. The candle where this condition is met is marked with a green rectangle.
• Let's move on to H1.

• Place a pending order to enter a Buy Stop 20 points above the high of the signal candle.

The green rectangle in this picture is a daily candle on an hourly interval. After switching to H1, the MomPinboll indicator will not be needed, so you can remove it if you wish.

• The moment of entry into the purchase. Optimal Stop Loss size: 70-100 points.

• Take Profit is set at a distance exceeding SL by 4-7 times.

• If after 8 trading days the placed order does not work, the transaction is cancelled.
• Repeated entries are not used.
• Alternative to TP: floating SL, distant from the price in steps of 100 points.
• We do not invest more than 3% of the trading account amount in one transaction.

Sale

• We evaluate the trend at D 1 (a clear downward movement should be visible).
• We are waiting for the MomPinboll line to rise above level 70. We mark the control candle.
• Let's move on to H1.

• Place a pending order to enter a sell position (Sell Stop) 20 points below the low of the signal candle.