Forex For Beginners: What you need to know to get started, and everything in between

by Anna Coulling

Forex For Beginners

Forex For Beginners is the prequel to my first two books, A Three Dimensional Approach to Forex Trading, and A Complete Guide to Volume Price Analysis. It is your primer to the world of forex. It has been written to lay the foundations and provide the framework for getting started in the world of forex, in what I believe is the correct way. My other books then build on what you will learn here, to further develop your trading skills and knowledge.

Applying what you learn

What I try to do in all my books, is to show you how to apply that knowledge to help you become a more confident trader. After all, learning is all well and good, but if we are not taught how to apply that knowledge in a practical way, then it is of little use. It is the application of knowledge that empowers, and this is what I have tried to do here, and in my online training rooms, and all my books.

It's all about risk

There are of course many books about forex trading. What is different about this book, is the focus on those aspects of trading which I believe are fundamental. After all, there are only two questions we need to answer when considering a position in the market:-

What is the risk on this trade - high, medium or low? What is the financial risk on this trade? The first is the hardest question to answer, and the book will explain in detail the analysis and approach to use, in order to answer this question with confidence. The second question is more straightforward and is answered provided you have an understanding of risk, money management and position sizing in relation to your trading capital. Again, this is covered in detail in the book. As the tag line on the front cover says 'What you need to know to get started, and everything in between' which really sums up what you will learn.

This book is for you

The book explains everything, from the pure mechanics to the trading methodology that I advocate, and which I have used in all my own trading and investing for over 17 years. Forex For Beginners is also dedicated to all those traders who have asked me to write such an introduction, based on my knowledge and my methodology. This book is for you.

Genres: Finance, Business, Economics, Nonfiction, Money

238 pages, Kindle Edition

First published October 29, 2013

Reviews

[Em · Rating 3 out of 5]

If you are a beginner and are looking for help then this book is a good starting point. However the overall strategy the author is explaining is far too convoluted and too ambiguous. Read the first few chapters of this book, as it gives you a great breakdown of terminology and the real basics of the market. AND then read the last chapter that gives you some good pointers about the Metatrader platform and then stop. Put the book down. Don't pick it back up again.

[Alan Smale · Rating 4 out of 5]

A very good introduction to the world of Forex trading. It covers the basics with a good level of detail. Only four stars as there are some typos and repetitions; a bit more proof reading wouldn't have gone amiss.

[David · Rating 4 out of 5]

Since it became available to "retail investors" (meaning, average schmucks) in the 70s, Forex (exchange of foreign currencies) has become a popular way for day traders to lose every cent they have trying to get rich quick. Just looking at forex forums and trading platforms will show you the jungle of scammers, con men, snake oil salesmen, sharks, shady brokers, and clueless dumbasses who think they can make a living at this.

It used to be, you had to call in trades, but now anyone can download software and happily click away, shorting the dollar against the yen, going long on the Euro and hoping to make a profit. You can invest for the long term, or you can "scalp" - meaning, trying to make profits with small spikes over the course of the day. The idea being that if you are right a little more often than you're wrong, you'll make money. It's kind of like poker that way - even the best poker player doesn't expect to win all the time. He just expects to win more than he loses.

I'm approaching this mostly out of curiosity. I will open a "play money" account but there is no way I'd ever put down money I can't afford to lose. But Anna Couling writes a fairly approachable first book on Forex. She writes lots of books about trading, and runs a website offering trading courses, which is obviously how most people actually make money in this game. But after browsing around a bit on forex forums, the consensus seems to be that Coulling is the real deal and knows her stuff. (One does always wonder about investment gurus, if they know what they're talking about, why aren't they super-rich? I assume Coulling is successful in her trading, but how successful? I'm sure she doesn't share her P/L statements.)

This book introduces you to the basic concepts behind forex trading - how and why the market developed, what the major and minor and "exotic" pairs are, basic terminology like pips, positions, stop losses and lots and contracts and margin calls. Then she talks about Technical Analysis, Fundamental Analysis, and Relational Analysis. These are three types of analysis most traders use, and technical vs. fundamental is a debate among both forex and stock traders. Coulling is mostly a technical trader, using what she calls "Volume Based Analysis," which basically means keeping an eye on what the whales (central banks and the like) are doing in the market and following them. She then describes strategies, including psychological, for becoming a forex trader. She gives lots of practical advice, including an introduction to Mt4 and MT5, the two most popular trading platforms, but don't think based on this book you will suddenly be able to start trading successfully. You'll know just enough to be dangerous.

I opened a demo account, took a short position with one mini-lot on USDJPY, and within a few minutes my position got stop-lossed out, with a loss of about 12 cents. Which was funny, but also a good lesson for anyone thinking they'll just gamble with real money. Yes, you could get super-lucky and make a 4000% return overnight. You could also pick the winning lottery number. There really are professional forex traders who make a living at this, but they spend hours studying the markets, learning strategies and analytic techniques and creating indicators, and sitting staring at a computer screen for hours. Like professional poker players who spend hours when not at the table memorizing hand charts and learning how to "balance their range." This ain't Vegas, this takes discipline.

But it's interesting, so I'll probably read and play around some more. I think the real money might be in writing bots for other day traders - there is a thriving market for those and they don't look too difficult to code.

[عبدالقدوس نصري · Rating 5 out of 5]

كتاب رائع و مميز و مفيد جداً للجميع خصوصاً المبتدئين مع انه يفيد المحترفين ايضاً او اصحاب الخبرة

الكتاب يعلمك الكثير حول اساسيات الفوركس من الصفر و من البداية
انصح جداً بقراءة هذا الكتاب للاسباب التالية :

دليل توجيهي حقيقي نحو معرفة الية التداول و اسس التداول
يساعد بشكل فعال على تعلم الكثير من الاساليب الجديدة في التداول
يصل بك الى اولى مراحل الاحتراف في التداول

اهم ما في الكتاب هو انه يرشدك بشكل واضح ودقيق و فعال الى كيفية اختيار وسيط الفوركس او شركة الفوركس التي يجب عليك التداول معها حتى تكون تشعر بالراحة و الامان اثناء تداولك كما جاء في الكتاب
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حيث انه واحد من اهم المواقع و اكثرها تميزا والتي تساعدك بشكل حقيقي على ايجاد افضل شركة فوركس للتداول معها و خصوصاً للمتداولين من الخليج العربي و السعودية و الكويت و الامارات بشكل خااص

اتمنى للجميع الاستفادة من هذا الكتاب و من هذا الموقع ايضاً

[Adam Mass · Rating 4 out of 5]

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Author: Adam Mass

[Harry Lawrence · Rating 4 out of 5]

Fantastic introduction to the world of Forex trading, really made me feel like I can enter the market with a solid knowledge to start trading with.

[Sangam Agarwal · Rating 5 out of 5]

best book to learning forex as a beginner. it cover everything and explain very well .

[Darius Elvon · Rating 4 out of 5]

What Role Does Fundamental Analysis Play in Forex Trading?

While technical analysis focuses on price charts and patterns, fundamental analysis delves into the "why" behind market movements. It is the study of economic, social, and political forces that influence currency values.

For any serious trader, understanding the role of fundamental analysis is not just a choice—it's a necessity for making informed, long-term decisions. This article will explain what fundamental analysis is and why it's a critical component of a comprehensive trading strategy.

What Exactly is Fundamental Analysis?

Fundamental analysis in forex trading involves assessing the strength and stability of a country's economy to determine the future value of its currency. The core principle is simple: a strong, growing economy with low inflation and stable politics will attract foreign investment, increasing the demand for its currency. Conversely, a weak or unstable economy will see its currency lose value.

Think of it this way: a currency is a reflection of its nation's economic health. Fundamental analysts act like economic detectives, gathering clues from various sources to predict how a currency might perform.

Key Economic Indicators to Monitor

A fundamental analyst's toolkit is composed of a variety of economic reports and data releases. Here are some of the most influential indicators:

Interest Rates

Central bank interest rates are arguably the most powerful driver of currency values. Higher interest rates make a country's currency more attractive to foreign investors because they can earn a higher return on their savings and investments. When a central bank, like the U.S. Federal Reserve or the European Central Bank, raises or lowers its interest rate, it can cause significant and immediate shifts in the forex market. Traders pay close attention to central bank meetings and announcements for clues about future rate changes.

Gross Domestic Product (GDP)

GDP measures the total value of all goods and services produced in a country. It is the broadest and most important indicator of a country’s economic health. A high or rising GDP indicates a strong economy, which generally supports a stronger currency.

Traders look at GDP reports to gauge economic growth and compare it across different countries to determine which currency might appreciate.

Inflation Data (CPI & PPI)

Inflation is the rate at which the general level of prices for goods and services is rising, and subsequently, the purchasing power of a currency is falling. Central banks typically aim to keep inflation within a target range.

The Consumer Price Index (CPI) measures changes in the price of a basket of consumer goods and services.

The Producer Price Index (PPI) measures the average change in selling prices received by domestic producers. High or unexpected inflation can lead a central bank to raise interest rates to cool down the economy, which, as mentioned, can boost a currency's value.

Employment Reports

Employment data, such as non-farm payrolls (NFP) in the U.S., provides a crucial snapshot of a country’s labor market health. Strong employment numbers indicate a healthy economy, which can lead to higher consumer spending and, potentially, rising interest rates. Bad employment numbers can signal an economic slowdown. Because of this, these reports often cause a significant amount of volatility in the market.

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Political Stability and Geopolitical Events

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Conclusion

Fundamental analysis is the bedrock of long-term trading strategy. It moves you beyond a simple prediction of where a price might go and helps you understand why it is moving. By paying attention to central bank policies, economic indicators, and political events, you can develop a macro-level perspective that informs and validates your trading decisions.

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[David · Rating 3 out of 5]

I started this booking knowing nothing about Forex. For me, Fx trading has been an enigma since discovering what it meant, but for the past year, I’ve traded equities nearly everyday and the advantage to that is this book made perfect sense. The similarities and parallels to stock trading made the book very understandable and I never felt confused by what Anna Coulling described. I even read a book this year about candlestick charting and to my surprise, Coulling mentioned the subject various times with examples in this book. She exposed me to currency pair trends and did a wonderful job making sure the reader equated activity in fx to volume in stocks. The problems with this book arose in the later chapters where examples were unnecessary, grammatical errors were happening every chapter and she gave clear biases with no disclaimer that they are in fact biases. It’s her book, so it goes without saying, but on two occasions or so I found myself annoyed with her lofty assessments. A good intro on the subject of Forex, but I finished the book feeling like I had much more homework to do.

[Shadow Moon]

Even though such books are often written by experienced forex experts, I honestly see little point in reading them. A book might be published, but in six months, its information could be outdated. This is only relevant to basic principles about the forex market, which are stable and unlikely to change. Everything else, like choosing a broker or analyzing trading platforms like cTrader and MT4, is better found in the most current articles like https://dailytimesng.com/ctrader-or-mt4-which-forex-trading-platform-is-better/ by forex experts like Ihesiulo Grace. This ensures you get the latest information and stay updated on forex market developments.

[Ralph Lashley · Rating 5 out of 5]

Great read for beginners!!

If you're loolimg to get started in Forex thus is definitely a good place to start. Not only, does Anna do a great job of covering the basics but she also helps the reader along with a trading strategy! You wont know everything when youre finish. But you'll know how to start, how to plan, how to manage your money and hopefully how to make money! Buy the book and see for yourself.

[Jenny · Rating 5 out of 5]

A well rounded and simple approach to forex trading

Well rounded guide to starting out in forex trading. Anna cuts through the ‘noise’ that you find on the internet on this subject and gives you a clear path to follow. Volume Price Analysis is clearly explained and has already lead me to better decision making and risk analysis in trading.

[Doris Perdue-Johnson · Rating 5 out of 5]

Great Into to Forex

I like the clear explanation of Forex terminology. It helps you understand the language of the trading practice. She gives practical guides to help to keep your money and grow it. She shows you how to prevent losing a lot of money as you are trading. A good book for the novice.

[Merlissa Henville · Rating 5 out of 5]

Fantastic insights into the world of trading

Book was very detailed for a guide to beginners for the world of trading really helped me understand the basics and hoping to improve my knowledge of trading with the other books

[Erik Williamson · Rating 5 out of 5]

Great for starting out

I been trading forex for a year and I got some great nuggets of information. I highly recommend reading this book first and then buy a course from author or Swag Academy.

[Rameshwar Anjana · Rating 5 out of 5]

STRAIGHT & INFORMATIVE !

THIS IS INDEED A MUST READ FOR EVERY FOREX ENTHUSIAST AND INFACT I WOULD ENCOURAGE EVERYONE AND NOT ONLY BEGGINERS TO GO THROUGH THIS MODULE.
INFORMATIVE; DATA DRIVEN; NO-NONSENSE APPROACH.

[Alex Young · Rating 5 out of 5]

Forex for Beginners

I have been dabbling in the forex market for a while now but couldn't seem to get results. Reading this book explained the mistakes I was making. Easy to read and concise. Highly recommended

[Yuchun Zhou · Rating 4 out of 5]

Very easy to read and suitable for beginners :)

[Ivan · Rating 4 out of 5]

A great introduction to Forex Markets. For anyone who is interested in trading forex markets, this book is the best place to start.

[sean ross · Rating 5 out of 5]

Good book

Good book I enjoyed reading this good book, really good book it was enjoyable and really good so it was

[Khalil Ahmad]

I had about the book, so I want to read it.

[Abdul]

good

[Shiela · Rating 4 out of 5]

I'll try to remember and implement everything I read in this book. Really helpful and easy to understand explanations.

[James Chung · Rating 4 out of 5]

A great introduction to Forex trading. Highly recommend

[Chris Buensuceso · Rating 4 out of 5]

Easy to understand...

[Mustafa Kanaan · Rating 5 out of 5]

انا أفكر ... إذاً أنا موجود

[Jump · Rating 5 out of 5]

Thanks to the author for the information

[Mikki Bro · Rating 5 out of 5]

Correct information and real examples.

[Ahmed Yusri Ghouse · Rating 5 out of 5]

Outstanding resource for a beginner

I am not a trader or a person with tremendous knowledge on currency markets or any kind of financial markets. In fact I only have a passing knowledge of markets in general. So when I picked up this book I was trying to determine if forex trading could be a potential side hustle and backup to fall back on in case my full-time job abruptly ends. I had browsed a few online forums here and there and found an overwhelmingly negative perception of forex as a viable income stream. Too many people just keep saying it doesn't work. But all these people sounded like those people who look at muscular fitness freaks and sum it up to steroids ignoring all the work that goes into building that kind of body. So I decided to get this book to determine for myself if this is in fact a pipe dream or a real possibility of making money consistently. I have to admit after reading this book I come away with a wealth of knowledge of financial markets (not just forex, but any speculative market), but the hope that this might actually work as a means to make some real money. I must say that this book is definitely for beginners, but a total noob with no knowledge whatsoever of finance will find some concepts a bit difficult. Since I am a management accountant by training and quite interested in finance I found it quite easy to pick up. But for someone without even basic idea of money or finance might find it a bit more difficult to pick up. Not impossible by any means, I'm sure if you're a reasonably intelligent person you will find this book really useful.
I find the book is very realistic in terms of expectations, money management and techniques. No 1 method that guarantees success 100 percent of the time in this book. Just a series of methods to help reduce the risk you take on any position. I personally found this quite wonderful as I do not believe in miracle solutions and neither does the author.
All in all I highly recommend reading this book if you're serious about learning about forex and are willing to spend the next few years (not days or weeks) figuring out how to trade successfully.

[Bryce · Rating 5 out of 5]

I don't have any background in FOREX trading, so I don't have a standard to hold this book to. However, I can say that Anna was thorough and clear in explaining trading to a beginner. I never got lost and her analogies were perfect. She laid out some ground rules but was very clear that trading is an art form and not pure science. There are no hard and fast rules when it comes to taking a new position in the market. I feel like she did a good job at encouraging the beginner to get started while giving me good guidelines on how to proceed in my learning.