There are many different ways of trading forex, such as spot forex, futures, options or spread-betting. This book, however, shall focus on the trading of spot forex. The most significant difference between spot forex and futures is that spot forex contracts are traded over-the-counter at no central location, while forex futures are traded on an exchange. This gives rise to another unique aspect of spot forex — the 24-hour non-stop action; this is one major reason why I enjoy trading spot forex. With round-the-clock trading a person in any time-zone can trade spot forex at any time — whether during the day or night. The best career decision I have made was to trade forex full-time. Forex trading has brought me both financial and emotional satisfaction, even though my initial learning journey was long and arduous. When I started in forex, Y could only find one book on forex trading. Forex was not as popular as stocks or options trading, so there were very few articles in magazines that focused on this field. I spent the first one and a half years learning how to trade forex and honing my skills on a demo account, before progressing to a real account, when I became consistently profitable. The breakthrough came when I incorporated fundamental and sentiment analysis into my predominantly technical-based analysis. Even though I was able to dedicate myself to full-time trading, I found the initial learning curve to be extremely steep, as I had no mentor and had to learn all the ways of losing in the market before I learnt how to profit from it. I hope that through this book, aspiring and current traders are able to fast-track their learning, and greatly improve their trading performance. The forex markets have the promise of fast action and huge profits, but the risks are also great. It is estimated that over 90% of forex traders end up losing their trading capital. The good news is that most of these losses can be prevented by taking the time to learn how to trade the forex markets and by implementing careful money management.
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