US Existing Home Sales

January 22, 2013

US Existing Home Sales

US Existing Home Sales is expected to remain unchanged from the previous month. Here’s the forecast:

10:00am Existing Home Sales Forecast 5.10M Previous 5.04M
DEVIATION: 0.4M / 400K (BUY USD 5.50M / SELL USD 4.70M)

Definition:“Measures the annualized number of existing residential buildings that were sold during the previous month. A rising trend has a positive effect on the nation’s currency because large purchases tend to be made by consumers that are optimistic and confident in their financial position. The sale of a home also triggers commissions for real estate agents, and often home owners will purchase goods such as appliances and furniture shortly after purchasing a home. Traders watch this report closely as it’s the month’s first demand-side housing indicator to be released.”

The Trade PlanBecause the Housing sector is one of the most foundamental components of the U.S. economy, this release will certainly cause some volatility in the market, especially if our tradable figures (+/- 400K) were hit. With the focus of world on the status of U.S. housing sector, this release may bring about a strong sentiment of risk appetite/aversion if our BUY/SELL trigger is hit…

If our buy tradable deviation is hit, or 5.50M figure is released, we should look to BUY USD after the release. If our sell tradable deviation is hit, or 4.70M figure is released, we should look to SELL USD.

Recommended Pairs : EURUSD.

EUR/USD - Euro / US Dollar

Resistances : Weekly 1.343 ; Daily 1.34 ; Hourly 1.337

Supports : Weekly 1.325 ; Daily 1.327 ; Hourly 1.333

BEST BOOKS

New Trader, Rich Trader: How to Make Money in the Stock Market - Steve Burns - EUR 16,78

I love the structure of this book: Steve Burns points out huge differences between winners and losers in every area of the market. Each chapter takes up a pair of opposites, such as "New Traders try to prove they are right; Rich traders admit when they are wrong." Dozens of such pairs offer a psychological mirror to serious readers. -Alexander Elder www.elder.com Here is a work that puts the reader in the mind of a fledging trader who makes all the mistakes then learns from them. Told in an instructive and entertaining narrative, the author takes the reader through the trading concepts with a clarity and ease of understanding. A must read for beginning and intermediate level traders. -Dr. Chris Kacher, co-founder of www.SelfishInvesting.com and co-author of "How We Made 18,000% in the Stock Market" You have done a truly tremendous job with this book! A breezy read with essential trading advice. I think this book could become a trading classic! So many great rules are offered in this book, but I think my favorite might be Chapter 8's. It is SO true! Just printing out the title of each chapter and putting it on your desk would greatly benefit every trader I know. Steve, you've done a great job! -"Darrin Donnelly, DarvasTrader.com". Steve Burns has done a superb job with his new book "New Trader, Rich Trader"! This is a must read for all levels of traders. Golden nuggets include important concepts like "I always put capital preservation before capital appreciation." Steve tackles psychology, risk control, and what it takes to succeed in this business where so many fail. As Steve says "most new traders learn the hard way by losing money...", don't be one of them, do yourself a favor and buy this book, because not only is it a great investment, but the concepts in this book will save you plenty! -Bennett McDowell, Founder, TradersCoach.com® Author: "A Trader's Money Management System: How to Ensure Profit and Avoid the Risk of Ruin" Steve Burns describes three of the most critical aspects of trading with a "dialogue-style' book between a novice trader and an experienced successful trader. Psychology - making sure your mindset is correct and in the game with a solid, realistic, and objective plan. Risk Management - the key to it all and ones ability to understand and manage all aspects of risk control. Methodology - making sure you fit a trading plan to your own unique style while understanding what prior successful traders did as well. The teacher/student lessons discussed should be of value to all traders. -John Boik, author of "How Legendary Traders Made Millions" and "Monster Stocks" Steve has crafted an easy-to-read tutorial on avoiding the most common mistakes made by new traders. Save yourself years of heartache and buy this book and do your homework. New Trader, Rich Trader should be mandatory reading for the novice investor. -Kenneth Lee, author of "Trouncing the Dow"

New Trader, Rich Trader is an impressive work on the vast array of trading literature available in the world. The book is full of information that every beginning and intermediate trader can and should use to better their trading results. Trading can be one of the most rewarding and nerve racking things anyone can do. I've made and lost tons of money in the market, I've had the hair pulling experiences of watching profits turn into losses, and the exciting experience of coming back from those losses, and making massive profits. I've shorted BP, and I've gone long stocks that have jumped up hugely, and I've had the reverse happen as well.

When I started I watched half my money vanish in the matter of a month or so. With this book, I'm quite certain that that wouldn't have been the case. Steve Burns is showing himself to become part of the ranks of other great writers of the market , like Michael Covel and Dr. Alexander Elders. This book has simple rules and instructions, basic things that aren't so basic that anyone who follows them will see better results, and get to skip that horrible and painful couple of years of suffering losses.

I highly recommend it. 

AUD Employment Change

January 16, 2013 

AUD Employment Change

Australia AUD Employment Change is similar to U.S. NFP (Nonfarm Payroll) and Canada Employment Change, this is an economic indicator for the Employment Changes in Australia, here´s the forecast:

7:30pm (NY Time) AUD Employment Change
Forecast 5.0K Previous 13.9K
AU Unemployment Rate
Forecast 5.4% Previous 5.2%
DEVIATION: 25K (BUY AUD @ +30K / SELL AUD @ -20K)

DEFINITION“AUD Employment Change measures the change in number of employed people during the previous month. A rising trend has a positive effect on the nation´s currency. Job creation is an important indicator of economic health because consumer spending, which is highly correlated with labor conditions, makes up a large portion of GDP.”

The Trade PlanThe deviation that we are looking for is at least of 25K. Historically a 25K~30K of difference has produced about 40~50 pips of movement in the direction of the difference about 75% of the time. Expect to see the effect of this news to last minimum 45 minutes to 2 hours; typical news effect should last under 2 hours. One other important news to pay attention to is the Unemployment Rate, which is expected to be tick up at 5.3%. If we don´t get a conflict with the Employment Change, then we will proceed with the trading plan.

 If we get a +25K of release, our bias will be to BUY AUD against other currencies; if we get a -25K of release, our bias will be to SELL AUD against stronger currencies. 

Recommended Pairs : AUDUSD, AUDCAD.

AUD/USD - Australian dollar / US Dollar

Resistances : Weekly 1.062 ; Daily 1.0595 ; Hourly 1.0575

Supports : Weekly 1.0465 ; Daily 1.0495 ; Hourly 1.053

BEST BOOKS

The Forex Millionaire How To Escape The 9-5,Live Anywhere and Join The New Rich Trading Forex.pdf: Recently Exposed Secret Ways To Become Part Of The ... Society, Stack The Odds In Your Favor - Trader X - EUR 73,33

You will not find this education at you brokers how to section. Most likely you will not find this information anywhere on this book section on any other book store. I have paid thousands of dollars on exclusive groups and paid forums to collect the information presented in this book. As you can imagine these are the highly guarded secrets of the elite of the FOREX traders, no one gives their living away, unless you pay them a price worth their living. However I have decided to make this information for ridiculously low price, because I am fed up with the brokers and the big banks taking advantage of the regular retail trader. Let me ask you a question? When was the last time you make money with FOREX? Even further more how much money you are willing to lose, until you give up? How long you will continue to give your hard earned money to the broker? Just like you I started 5 years ago with high hopes of quitting my job and leaving the live I deserve with FOREX. My hopes and aspirations were quickly crashed and my dreams went to the dump. First I lost 1000, then 5000, 10k , how much longer I could continue like that, how much longer I could endure the ridicule the jokes of my family and the frown on the face of my wife. It was painful, sitting all day in front of the computer, until you can't see any longer and everything including the platform and your mind become blurry. I know the pain I have been there. This continued for year, until one morning I was ready to quit, I was going to give it a last try and throw that FOREX staff in the garbage, out the window. I stumbled on a rear tread, which since then has been banned, by the broker that was holding the forum. Luckily the tread continued under the broker’s radar for while, and gathered a bunch of comments an support. Finally the tread from the trader X was discontinued. I was in dis pare, that was the only hope and light, I have seen for a long time. I was applying the advice from the trade and things were starting to work for me. Fortunately I was able to PM the trader and begged him to agree on a 20 min conversation on the phone. Trader X was not a guru, not your regular internet promoter mojo. He was quietly raking in thousands of dollars a month for years, he was not excited about the next trade, his heart beat was not raising before he pooled the trigger. See, he has been doing this trading staff for so long it has become a boring procedure, rather a morning an afternoon chore, something like putting the garbage out on garbage day. He explained that he learned from the MASTER, I did not proceed to ask him who was the MASTER, since I mainly was concerned with him teaching him every little bit of what he knew about trading. He didn't not agree to spend time teaching me on our first conversation, regardless of how much I offered to pay him. See, for him money was not a issue. Finally on my third approach he agreed to show me what the MASTER had thought him many years ago. What is comprised in the pages of this book will be worth pure gold to you. This book is down to the ground no no sense, real trading knowledge. It gives step by step instructions with real trade examples. This book is not your regular hog wash advice that you will find from your broker and the other magic bullets and seven step series that you see on this site. This book teaches you how to trade like the pros. Shows you how the big banks and foreign nationals and institution trade. The book opens your eyes to how to piggy back on the big institutional traders and win. Ninety Five percent of the people that trade the Forex market lose money and give up. The market is continually replaced by fresh blood like yourself. Don't become part of the statistics, read this book and get a map to success in FOREX. You can make a success in FOREX if you know what you are doing. Yes you can make a living with FOREX and quit your job. You can achieve your dreams. Buy this book and find out How?

The Forex Millionaire How To Escape The 9-5,Live Anywhere and Join The New Rich Trading Forex.pdf: Recently Exposed Secret Ways To Become Part Of The ... Society, Stack The Odds In Your Favor Trader X EUR 73,33

Trader x

Trader X is experienced veteran trader. He has earned his badges in the trenches trading Forex as a retail trader. Trader X is self taught hard core down to the ground Forex warrior. He keeps private life, trading Forex form any place a internet is available. In matter of fact Trader X is most likely at a different marine on his private sailboat yacht, most of the time trying to find a favorable spot with a good internet access (not something to take lightly at Islands of the Caribbean, around Tortola in BVI. In a matter of fact trader X is boasting his biggest win around Necker Island in Eur/Usd. Trader X is an avid sailor and a pilot. He considers a break even trade as a win. The believe that to break even in Forex is as hard as winning. It has led Trader X to develop a system that ensures always closing at least some profit and moving the stop to b/e. Trader X is as close you are going to find to a active trader writing a book about trading. Most of his lessons from other famous traders came at the golf course or at sail boat competitions. Trader X is sharing his hard earned knowledge with younger and aspiring traders as a way to give back of the good fortune the Universe AKA GOD has let him experience. Really, there is no fun being a loser in Forex, my material offers you a way out, take the RED PILL of Forex, I have more than 50 titles on the subject of Forex around. Invest in your education, drink from the source. Nutty, details and tails about winning and losing in Forex, learn the truth, don't be stuck with the brokers lies. No matter which pair or currencies you are trading, I offer you easy, step by step, no BS, real solutions. No hard work involved, just work smart, lazy man's solutions to profit with Forex, based on hard knocks in the trenches painful trading experience. Yeah you don't need to find all the wrong ways to trade; I have already done the hard work for you. Just read the material and hit the road running. Bluntly, you have two options, spend countless of hours in front of your monitor, eyes getting so big, you can hang your hat on them. Try all the worthless forex systems, learn about all the evasive gurus in Forex, lose thousands of dollars trying all of the above and may be, you will arrive at a profitable solution. Or there is a easier choice, steal all of my systems and strategies, look over my shoulder as I show you the exact charts and thinking and methods I am using to pull huge moolah from the market. You Can Do It!

The Rich Forex Trader : Real Down To Earth In The Trenches Underground Forex Advice And Weird Tricks Making You Millionaire - Trader X - EUR 7,91 

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I picked myself back up off the floor, slotted back to
my cubic-hell, and resumed my daily torchores like a
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"Man", I thought. "If I can't even punch my boss the
right way in my dreams, how the heck am I ever
gonna do it in real life?"
So I decided to do what every sensible human being
does in his mid-thirties ... give up on my dreams.
Luckily for me I had two dreams. One was to punch
my boss in the face. The other was to quit my job and
get filthy rich doing stuff that made me happy.
Swing-and-a-miss on the first dream (pun intended).

Home run on the second one.

Like ... grand slam home run.
I wanna tell you both how I did it and how you can be
one of my "RBI"s.
I've done all the hard work for you. All you have to do
is quit your job and come on home.
Here's my point ...
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can, to a certain degree, create your own reality.
But it's not easy.
Which is why I've decided to create your reality for you.
Wanna see it? Step into it even?
You would if you knew what was on the other side. All
ya gotta do is punch a few buttons and get this book.

But you're going to have to take a click of faith.  

US Core CPI

January 16, 2013

US Core CPI 

We´ll be trading US Core CPI m/m release tomorrow. CPI or Consumer Price Index, also known as the “true cost of living”, is what drives Central Banks to raise/cut interest rate, therefore this release will be widely watched. Here´s the forecast for the CPI:

8:30am (NY Time) US Core CPI m/m Forecast 0.2% Previous 0.1%
DEVIATION: 0.2% (BUY USD 0.4% / SELL USD 0.0%)

DEFINITION:“CPI, Consumer Price Index, is a statistical estimate of the movement of the prices of goods and services bought for consumption purposes by households. Its computation uses price data collected for a sample of goods and services from a sample of sales outlets in a sample of locations for a sample of times and estimates of the shares of the different expenditures in the total covered by the index which are usually based upon expenditure data obtained for sampled periods from a sample of households wikipedia).” It is also known as the “True Cost of Living”.

The Trade PlanOur minimum tradable deviation for this release is 0.2%; if the release number (core) decreases to a minimum 0.0% then we will SELL USD; if the core release is 0.4%, we’ll BUY USD. Historically even at a difference of 0.1%, market is likely to exaggerate its move, therefore if our tradable release is hit, there is about 80% of chance market will move 50 pips within the next 90 minutes or so.

Recommended Pairs : EURUSD, GBPUSD, USDJPY

UK CPI

January 15, 2013

UK CPI

We´ll be trading the UK Consumer Price Index (CPI) release at 4:30am NY Time today. We´ll be looking at the yearly release figure and the market could react with lots of volatility as CPI is the basic measurement of Inflation, therefore expect to see more exaggerated moves if we get a huge surprise release. Here is the forecast:

4:30am NY Time UK CPI y/y Forecast 2.7% Previous 2.7%
DEVIATION: 0.3% (BUY GBP 3.0% / SELL GBP 2.4%)

Definition“CPI, Consumer Price Index, is a statistical estimate of the movement of the prices of goods and services bought for consumption purposes by households. Its computation uses price data collected for a sample of goods and services from a sample of sales outlets in a sample of locations for a sample of times and estimates of the shares of the different expenditures in the total covered by the index which are usually based upon expenditure data obtained for sampled periods from a sample of households Wikipedia).” It is also known as the “True Cost of Living”.

The Trade PlanWe are looking for a variable deviation of 0.3%. If the Inflation number remained above 3.0%, which is basically above BOE´s inflation target, we will BUY GBP. If the Inflation number decreases to 2.4% or less, we´ll look to SELL GBP. Historically, even with a slight difference of 0.1%, market usually overreacts. If our deviation is hit, there is a strong possibility that the market will move 50 pips immediately.

Recommended Pairs : GBPUSD.

Resistances : Weekly 1.618 ; Daily 1.615 ; Hourly 1.609

Supports : Weekly 1.5995 ; Daily 1.603 ; Hourly 1.606

BEST BOOKS

Forex Price Action Scalping: an in-depth look into the 

field of professional scalping - Bob Volman - EUR 30,69 

Forex Price Action Scalping provides a unique look into the field of professional scalping. Packed with countless charts, this extensive guide on intraday tactics takes the reader straight into the heart of short-term speculation. The book is written to accommodate all aspiring traders who aim to go professional and who want to prepare themselves as thoroughly as possible for the task ahead. Few books have been published, if any, that take the matter of scalping to such a fine and detailed level as does Forex Price Action Scalping. Hundreds of setups, entries and exits (all to the pip) and price action principles are discussed in full detail, along with the notorious issues on the psychological side of the job, as well as the highly important but often overlooked aspects of clever accounting. The book, counting 358 pages, opens up a wealth of information and shares insights and techniques that are simply invaluable to any scalper who is serious about his trading.

Bob Volman (1961) is an independent trader working solely for his own account. A price action scalper for many years, he was asked to bundle all his knowledge and craftsmanship into an all-inclusive guide on intraday tactics. Forex Price Action Scalping is the long-awaited result.

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EU ECB Interest Rate Decision

 December 6, 2012 

ECB (European Central Bank) will be rendering its rate decision today, and it will have a pivotal short term impact on the Euro dollar. However, it is widely believed that ECB will keep rates unchanged at 0.75%… Here´s the forecast:

7:45am (NY Time) EU ECB Rate Decision Forecast 0.75% Previous 0.75%
Deviation: 0.25% (SELL EUR 0.50%)

Definition:The rate at which the European Central Bank (ECB) charges banks in EU member states to borrow money. The minimum bid rate is an important tool in the ECB’s monetary policy and changes in this rate affect other interest rates in the EU banking system. The Minimum Bid Rate is also the The lower limit to the interest rates at which counterparties may submit bids in variable rate tenders.; The Main Refinancing (Refi Rate) is the rate on the main refinancing operations, often referred to as the refi rate. The level is determined by the ECB Governing Council. The Deposit Rate is the Interest rate at which credit institutions may at all times place overnight deposits with the national central bank. The deposit rate is normally 100 basis points below the minimum bid rate, thereby setting a lower limit on short-term money market rates.

The Trade Plan
ECB rate decision comes in two part, the first one is the 7:45am rate announcement followed by the 8:30am Press Conference where ECB chief Draghi issues the official statement on this rate decision. Since it is extremely unlikely to get a surprise from ECB (we stand corrected as Draghi has surprised the market twice during his first three rate meetings), there is usually no volatility following this release.

However, in the unlikely event that ECB surprises the market by cutting rates 25 basis points or more, then expect market to go into a selling frenzy and we should jump in immediately on a spike trade because no matter what the slippage or spread is, we will end up making positive pips. Of course, if ECB decides to keep rates unchanged to as expected at 0.75%, then we should see relatively no change in the market as this lack of move is expected… Please follow the recommendations above ONLY if ECB surprises the market.

Recommended Pairs: EURUSD.

Here´s the link to watch the Webcast Live at 8:30am EST – Highly recommended!
http://www.ecb.int/press/tvservices/webcast/html/webcast_121206.en.html

AU Employment Change

December 5, 2012 

Australia Employment Change is similar to U.S. NFP (Nonfarm Payroll) and Canada Employment Change, this is an economic indicator for the Employment Changes in Australia, here´s the forecast:

7:30pm (NY Time) AU Employment Change
Forecast 1.0K Previous 10.7K
AU Unemployment Rate
Forecast 5.5% Previous 5.4%
DEVIATION: 25K (BUY AUD @ +25K / SELL AUD @ -25K)

DEFINITION“Measures the change in number of employed people during the previous month. A rising trend has a positive effect on the nation´s currency. Job creation is an important indicator of economic health because consumer spending, which is highly correlated with labor conditions, makes up a large portion of GDP.”

The Trade Plan
The deviation that we are looking for is at least of 25K. Historically a 25K~30K of difference has produced about 40~50 pips of movement in the direction of the difference about 75% of the time. Expect to see the effect of this news to last minimum 45 minutes to 2 hours; typical news effect should last under 2 hours. One other important news to pay attention to is the Unemployment Rate, which is expected to be tick up at 5.5%. If we don´t get a conflict with the Employment Change, then we will proceed with the trading plan.

We´ll look to trade this using after news retracement trading method, we´ll wait for the market to retrace and stay out of the market during the release time. If we get a +25K of release, our bias will be to BUY AUD against other currencies; if we get a -25K of release, our bias will be to SELL AUD against stronger currencies. We´ll only enter after we see a decent retracement from the initial spike and if we get those release numbers…

Recommended Pairs: AUDUSD, AUDJPY

AUD/USD - Australian dollar / US Dollar

Resistances : 

Weekly 1.055 ; 

Daily 1.05 ; 

Hourly 1.0485

Supports : 

Weekly 1.0395 ; 

Daily 1.0435 ; 

Hourly 1.045

BOOKS
Attacking Currency Trends: How to Anticipate and Trade Big Moves in the Forex Market - Greg Michalowski - EUR 40,41  

I believe 99% of the forex market "mentors" are cons and exploiters, nothing short of ruthless and heartless, the cons have burnt me out of precious moneys, however I read this book(reading again now). I have never ever been in the pips like I am now and recouped most of what the forex crooks robbed me of and it cost me all of 40 usd on Amazon...and I dont open an email about forex unless its my statement, my forex vision is purged of stochastics, RSI, MACD etc clutter and all the associated gumph, I found a simple sharp reliable strategy with this book.

Charts look so clear to me now, I feel like I am seeing inside the market makers mind, After reading this book I can look at a chart, flick thru time frames, through on fib re-tracements correctly and find entry and reentry points onto trends and the greatest thing is... I dont climb off the trend after what I use too think was respectable pips either... I now re-enter and make more.

I can honestly say that I was not profitable before I read this book. Since I got it I have put my 2 trading friends onto it, we all have bought a copy now, and is it coincidence that all 3 of us are trading in the money now...

If you would appreciate some history and roots of technical analysis development and advancement; the first 20 pages are fascinating and are a highlight of nothing less than a revolutionary technical approach to the markets in evaluating risks and identifying targets. It makes one really really grateful for the charting technology we have now at our finger tips. It took 5 reads to grasp, but even if you skipped the whole "Market Profile system" in early pages it wouldnt matter. the book is fantastic.

If I lived in the States I would try and meet the author, its so apparent that this book was not written to make money, its never going to sell enough to be lucrative, how many traders are there out there..., and I am sure he can "print" money with his trend surfing skills, why would he author a book if it wasnt for sincere interest in helping people like me. So I say thank you Greg and some guy "ChaosTrader63" on youtube that directed me to the book.

UK Services PMI

December 5, 2012 

We´ll be trading the UK Services Purchasing Manager Index today at 4:28am (NY Time). This is a leading indicator similar to the Manufacturing PMI that was released early this week, here´s the forecast:

4:28am (NY Time) UK Services PMI Forecast 51.0 Previous 50.6
Deviation: 2.5 (BUY GBP 53.5 / SELL GBP 49.0)

DEFINITION:
The Chartered Institute of Purchasing and Supply (CIPS) Services Purchasing Manager´s Index (PMI) measures the activity level of purchasing managers in the services sector, with a reading above 50 indicating expansion. A rising trend has a positive effect on the nation´s currency. To produce the index, purchasing managers are surveyed on a number of subjects including employment, production, new orders, supplier deliveries, and inventories. Traders watch these surveys closely because purchasing managers, by virtue of their jobs, have early access to data about their company´s performance, which can be a leading indicator of overall economic performance.

The Services PMI is tradable with a minimum deviation of 2.5 between the forecast and the actual release. If we get at least 53.5 or better, we could see some demand in the GBP and we will consider BUYING GBP against weaker currencies. If we get a 49.0 or lower, GBP could weaken and we should look to SELL GBP against stronger currencies.

Recommended Pairs : GBPUSD, GBPJPY

GBP/USD - British Pound / US Dollar

Resistances : Weekly 1.6175 ; Daily 1.615 ; Hourly 1.6125

Supports : Weekly 1.5995 ; Daily 1.605 ; Hourly 1.6085

BOOKS
Currency Trading in the Forex and Futures Markets - Carley Garner - EUR 28,81 

Carley Garner has created the perfect book for anyone interested in getting started in currency trading. Whether you are an experienced trader of stocks or options looking to diversify markets you can trade or you are completely new to trading in general this book will get you on the right path very quickly.

The book warns novices of both the dangers and possible rewards of trading currencies. "The goal is to give you a realistic idea of what to expect in order to avoid becoming a statistic".

The author takes you through currency trading step by step from understanding the difference between FOREX and currency futures to how to trade them. The reader will get an understanding of each currency pair and a table with each three letter abbreviation for currencies and the order in which they are paired. You are advised to stick with the currency 'majors' for liquidity and avoid the 'minors' so you are not hurt with the wide bid/ask spreads in low volume markets.
Currency pair values per contract are $100,000 per standard contract, $10,000 per mini contract, and $1,000 per micro. The book also has a table for currency futures contracts.

While FOREX traders are able to leverage their trades with 50 to 1 margin the author warns traders about the dangers of leverage and how it can wipe out your account. There is always an equal downside risk for every possible upside profit with leverage and currency traders would be wise to trade appropriate position sizes that does not put their entire account at risk in one trade.

Carley warns readers that many FOREX brokers that claim to be commission free are really just taking the other side of your trades as off exchange trades instead of executing your trades on the open market like currency futures brokers do through a centralized and regulated exchange. Many FOREX brokers make their money through the bid/ask spreads that you buy and sell at when getting in and out of trades. Also FOREX trading has counter party risks while currency futures trading is guaranteed by the exchange to make all parties whole.

"FX and futures traders are not buying or selling an asset; instead they are trading a liability that is dependent, or derived, from the value of the underlying asset; thus, they are known as derivatives."

She also covers different technical indicators to use in your trading and how they measure price to give buy and sell signals. You will also get the basic styles of trading and what usually works in the currency markets.

I strongly advise any trader interested in trading currency markets to first read this book by Carley Garner before you venture into those waters.

Currency Trading in the Forex and Futures Markets - Carley Garner - EUR 28,81