Average Reviews:
(More customer reviews)Let me be honest here:
This book provides some really good advice about trading the forex market. Which currencies have what tendencies, which times and reports to look out for, how to manage trades and money, etc. It provides the basics for any beginner. But, if you are a beginner, you will NOT notice something EXTREMELY important that the authors of this book did not mention ON PURPOSE. The authors, in full disclosure, state they are associated with [...](i.e. Gain Capital). And while in the book they make it seem that since [...] is part of/is a(n) FCM/CFTC/NFA (basically throwing out terms to a beginner to make it seem safe and legit), the author's on purpose do not mention that [...]is NOT an ECN broker, and hence you'd think that with all those acronyms they'd be credible, but think otherwise. In real short, what this means is that if you are not an ECN broker, you are allowed to, and most disclose in very fine print hidden among pages of other details they know few will read, take on purpose trades opposite of yours (hedge), in order to make more profits and ensure that begineers get wiped out and even good traders don't last for the long term. There are many more terrible practices these bucketshops use like fishing for stops, spread manipulation, etc, and [...]has the "white gloves" implied in this book very much dirty. Just google it if you don't believe me.
Just thought I'd throw this out there for any beginners. Choose your books wisely, but don't trust everything they say, and make sure you know what they failed to say and why.
EDIT: I don't mean to pick on Gain Capital specifically. All I am saying is when you do go to choose ANY forex broker, keep my information in mind since it wasn't outlined in the book.
Edit#2: Just in case, another point that wasn't mentioned: rememmber that if your broker is not FDIC insured, and they go under, all your money with them will almost certainly never be seen again (don't fall for their sales/marketing ploys of "we're the biggest ones" or we have a safe and positive balance sheet; if you never heard of Enron, GM, WAMU, then you'd need to read a bit about them). The only FDIC insured FX broker I know of is CITIFxPro, which, if you read in fine print, is managed by Saxo Bank, not CitiBank.
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Currency Trading For Dummies (For Dummies (Lifestyles Paperback))Your plain-English guide to currency trading
Forex markets can be one of the fastest and most volatile financial markets to trade. Money can be lost or made in a matter of seconds, and forex markets are always moving. So how do you keep up? This hands-on, friendly guide shows you how the forex market really works, what moves it, and how you can actively trade in it — without losing your head!
All the world's a stage — get an easy-to-follow introduction to the global forex market and understand its size, scope, and players
Show me the money — take a look at the major fundamental and economic drivers that influence currency values and get the know-how to interpret data and events like a pro
Prepare for battle — discover different types of trading styles and make a concrete strategy and game plan before you act on anything
Pull the trigger — establish a position in the market, manage the trade while it's open, and close out on the most advantageous terms
Open the book and find:
Currency trading conventions and tools
Key characteristics of successful traders
Trading pitfalls to avoid and risk management rules to live by
How major currencies typically trade
Why it's important to be organized and prepared
The 411 on buying and selling simultaneously
Tips for understanding rollovers and interest rates
Learn to:
Grasp currency quotes
Capitalize on the foreign exchange market
Manage risk and reward
Use the forces that drive currency movements
Identify key traits of individual currency pairs
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