Media Alert: Forex Traders Can Profit in Hard Times -- If They Take the "Forex Traders' Maxims" to Heart

PEACHTREE CITY, GA--(Marketwire - March 18, 2009) - Forex traders can make money even in a faltering economy -- if they remember a few maxims that point the way to smart forex strategies.

"It's possible to make a profit in forex even when the economy is faltering, but success requires patience and discipline," says Wayne McDonell, Chief Currency Coach of FX Bootcamp (www.fxbootcamp.com), a live forex training organization, and author of "The FX Bootcamp Guide to Strategic and Tactical Forex Trading" (Wiley Trading, September 2008).

"By keeping in mind a few key maxims, forex traders can develop and stick to a smart approach to trading," Mr. McDonell says.

"That's important because forex is easy to get into but hard to master. It isn't right for everyone. Newcomers and aspiring traders shouldn't be afraid to trade, but they need to understand the importance of strategy and how to apply it," Mr. McDonell adds.

Forex Maxims: Words to Trade by

Mr. McDonell is available to discuss the maxims for smart forex traders, including...

• Wait for a trade, don't look for one. "Strategic forex trading means you have a plan in place," Mr. McDonell says. "You know the trade you want to make, you know the economic developments and market conditions that are right for that trade, and you wait for those conditions to appear -- then act. If you're not doing that -- if instead you're scanning incoming data and looking for trades -- you're going to lose because by the time you trade, conditions will have changed and you'll be too late."
  
  
• Don't let money be the carrot. "Having a strategy isn't enough -- you have to stick to it," Mr. McDonell says. "Sometimes that will mean passing up what seems to be a money-making opportunity. It might be -- but if you start chasing the money, you'll be working without a strategy, and over time you'll wind up behind."
  
  
• It's all about inflation. "All forex trading opportunities are created by changes in interest rates -- and those changes are made by governments responding to inflation or deflation," Mr. McDonell explains. "By watching key economic indicators, you'll be able to establish a forex strategy."
  
  
• Only three indicators matter -- the CPI, the PPI and the NFP. "It's a myth that to be a successful forex trader, you need to track thousands of indicators," Mr. McDonell advises. "Since inflation is the key factor in forex trading, what traders really need to watch are the inflation indicators -- the Consumer Price Index, the Producer Price Index and Non-Farm Payrolls. With that data, you have the basis for tracking global currency moves and establishing a strategy."
  
  
• You have to earn your profits. "Even with a strategy in place, forex isn't easy," Mr. McDonell warns. "Developments move quickly and risks are high. It takes work to understand and track economic developments, and to plan and execute a trading strategy to take advantage of them."
  
  
• To manage risk, create a budget. "Forex trading is a high risk activity, and you shouldn't commit money that you can't afford to lose," Mr. McDonell says. "A key part of strategic planning is to establish a budget -- including downside limits. And a key part of strategic trading is to stick to that budget, no matter what."

Wayne McDonell is available for interviews. For more information, or to schedule an interview, contact Katarina Wenk-Bodenmiller of Sommerfield Communications at (212) 255-8386 or katarina@sommerfield.com.

About Wayne McDonell

Wayne McDonell is the Chief Currency Coach of FX Bootcamp, a live forex training organization, which has an audience comprised of members from over 50 countries. He is also the author of "The FX Bootcamp Guide to Strategic and Tactical Forex Trading" (Wiley Trading, September 2008), a top seller in the Foreign Exchange category. Mr. McDonell is a regular speaker at major investing conferences, including the upcoming Traders Expo in New York. He provides his weekly trading outlook on FOREX Television and his training videos are syndicated around the world on outlets including FXstreet.com, MoneyShow, DailyFX, Yahoo Finance, MSN and others. As a professional forex trader, Mr. McDonell is a member of the National Futures Association and a registered Commodities Trading Advisor.

Contact Information: Contact: Katarina Wenk-Bodenmiller Sommerfield Communications (212) 255-8386 katarina@sommerfield.com