The global trader : strategies for profiting in foreign exchange, futures, and stocks

Learn how to think like Soros and make a killing in global markets
With the advent of reliable, relatively inexpensive electronic trading systems, global trading, once the exclusive domain of specialists such as George Soros, is now open to the masses. In this book, Barbara Rockefeller tells the average trader everything he or she needs to know to access the global markets and profit from them. Clearly and simply, Rockefeller explains the nuts and bolts of global trading. She examines the importance of futures trading, stock indices, currencies, and other information necessary to be successful. She describes various costing schemes, how to keep and maintain accurate records, and how to deal with a host of common problems encountered in the global markets. And she explains how to understand and use various key indices and types of knowledge required to analyze and successfully trade foreign markets, such as macroeconomics and political analysis.
Barbara Rockefeller (Stamford, CT) is the founder of Rockefeller Treasury Services, an independent research firm specializing in foreign exchange forecasting and currency management. She is also a columnist for worldlyinvestor.com

Author Notes

BARBARA ROCKEFELLER is the author of CNBC 24/7 Trading (Wiley) and is the founder of Rockefeller Treasury Services, an independent research firm specializing in foreign exchange forecasting and currency management. It publishes two daily reports on international economics and foreign exchange (www.rts-forex.com). A seasoned financial writer, Rockefeller is a columnist for worldlyinvestor.com and has written for many financial publications. She has also taught foreign exchange in many countries around the world. Previously, she was risk manager in the International Corporate Finance Division at Citibank. She holds a BA in economics from Reed College and an MA in international affairs from Columbia University.

Introduction	p. 1
Chapter 1 Trading versus Investing	p. 13
Organizing Principles	p. 15
You Will Take Losses	p. 16
What's Wrong with Value Investing?	p. 17
1. Buy-and-Hold Is Bunk	p. 18
2. Value Investing Ignores Risk Management	p. 26
3. Professional Analysts Can't Do It	p. 27
4. A Company Is Not Its Stock	p. 32
5. You Don't Live to Invest	p. 35
Inescapable Conclusions and a New Definition	p. 37
The Ultimate Inefficiency--What Soros Really Did	p. 39
A Change in Perspective	p. 45
Summary	p. 47
Chapter 2 Inefficiencies Galore	p. 49
Classifying Inefficiencies	p. 49
Market Risk	p. 51
The Cause of Manias and Panics	p. 54
The Amazing Calendar Effect	p. 56
Seasonality in Foreign Markets	p. 58
Event Trading	p. 63
The Way the World Works	p. 67
Structural Inefficiencies	p. 72
Transparency	p. 72
Event Risk	p. 78
Strategic Specialists	p. 82
Putting It Together--A Practical Application	p. 83
Chapter 3 Why Not Bonds?	p. 93
Tricks and Gimmicks	p. 94
Global Bills, Notes, and Bonds	p. 96
Drawbacks	p. 104
Summary and Conclusion	p. 113
Chapter 4 Futures	p. 115
1. Act on Blinding Insights	p. 115
2. Develop Utter Clarity of Purpose	p. 116
3. Get a Bigger Stake	p. 117
4. Diversification Reduces Risk	p. 118
5. Hedge Your Equity Holdings	p. 119
6. Hedge the Currency Risk of Your Foreign Equity Holdings	p. 120
What Futures Are and What They Are Not	p. 121
Financial Futures	p. 123
Mechanics	p. 124
Sample Futures Trades	p. 126
Day-Trading	p. 128
Single Stock Futures	p. 129
Summary and Conclusions	p. 134
Chapter 5 Some People Just Don't Get It	p. 135
The Trader's Gene	p. 135
Gambling	p. 137
So You Want to Be a Trader?	p. 140
The Testosterone Trap	p. 143
Trading to Win	p. 144
Good Traders Think Differently	p. 145
The Art of the Trade	p. 147
Some People Just Don't Get It	p. 151
The Plan	p. 153
Summary and Conclusions	p. 155
Chapter 6 Foreign Exchange	p. 157
How the Currency Market Works	p. 159
Trendedness	p. 160
A Note about the Dollar Index	p. 165
The Tradable Dollar Index	p. 170
A Note about Quotation Conventions	p. 171
Trading Currencies as an Asset Class	p. 174
Leverage	p. 175
The Newfound Popularity of FX	p. 178
Ponzi All Over Again	p. 181
Electronic versus Telephone Trading	p. 187
The Human Computer Is the Best Computer	p. 188
Summary	p. 191
Chapter 7 Adventures in System Building	p. 193
The Failure of Forecasting	p. 194
Everybody's Doing It	p. 196
Inefficiencies Galore	p. 198
The Big Kahuna of Inefficiency--Intervention	p. 202
Inefficiencies and Technical Analysis	p. 207
Support and Resistance	p. 207
Getting Oriented	p. 208
The Magic of Linear Regressions	p. 211
Average True Range Channel	p. 216
Everything Works	p. 219
Adding Momentum	p. 222
Stochastic Oscillator	p. 223
Putting It Together	p. 224
Time Frames: Valuing Corrections	p. 225
Chapter 8 The Hedge Fund Model for the Evolved Trader	p. 231
The Core Principle	p. 233
The Templeton Version and the Birth of the Global Mutual Fund	p. 234
Does It Work?	p. 235
Mystery and Proliferation	p. 236
When Things Go Wrong	p. 238
Lessons	p. 239
When Things Go Right	p. 242
Comparisons Yield Insight	p. 243
Start Your Own Hedge Fund	p. 244
Summary and Conclusion	p. 245
Index	p. 247

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Table of Contents