Currency Trading For Dummies
January 18, 2010 by admin
Filed under Forex Books and Courses
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Currency Trading for Dummies
This is a fabulous book which is designed for those traders who do not yet have an understanding of how to trade the forex market featuring market guidelines and sample trading plans.
This book provides a nuts and bolts guide giving you step by step plans for gaining an understanding of the forex market and how to trade it. Offering everything from practical guidance to insider tips and information it will teach you how to comprehend the currency quotes, how to understand leverage and give you an in depth understanding of technical analysis.
- Identify a trading opportunity
- Understanding how the market works
- Choosing a broker
- How to place a successful trade
- How to minimize your trading risk and maximize your profit
- How to analyze the trading charts using indicators.
Great Book!
Rating:5 out of 5 stars
This is a great book! I was unsure but a trust friend told me it was worth it and I was happy that he was right! I can tell when I read it that the author is a real trader
A bit of a mugs game but if you are going to do it, know what you are doing.
Rating:4 out of 5 stars
Currency trading seems to be a bit of mugs game – I would advise against getting into it based on my own experience. I made some very big gains and then lost it all but have to say that there was a lot of randomness to it. It is easy to make money when a trend goes your way. But trends end.
This book gives practical enough information about the trading side but won’t really help you to make money. You really have to know what you are doing.
Better than all the rest
Rating:5 out of 5 stars
I purchased 5 book on FX Trading expecting the least from a Dummies book. It easily exceeded all my expectations and then surpassed all the other books. It’s a great choice.
Good work, keep us posting, you are good writer.
Too cool! Bookmarking your blog and am going to start working through the archives as soon as I get time. Glad there’s someone out there writing about this with your attitude and honesty.
Good Introduction
Rating:4 out of 5 stars
Any time an investment vehicle hits the front page of the WSJ where relatively unsophisticated individual investors are “making millions” – as currency trading did in the Fall of 2009 – I need to look into the next potential individual investor nightmare.
The book was written by the founders of [...]. As the title notes, this is a book on trading, not hedging – and the authors do a great job in giving an overview of the currency trading markets. In a relatively brief 325 pages or so, they discuss in some level of detail:
* What the FOREX market is
* How it works
* Macroeconomic factors impacting currency rates
* Fundamental analysis techniques
* Technical analysis – including charting, trend analysis, candlesticks
* Developing a logical trading plan
* Trade execution – includinga couple of examples
* Common mistakes and best practices
* Risk Management
* Other resources
The relatively high leverage levels in currency trading (100:1 is common) lend to the potential of high risk, high return trading strategies. The authors are not shy about pointing out the risks and the recurring theme of having a trading plan.
I also agree with a number of the other reviewers that the authors do tend to use a lot of terms (both FX and economic) without real adequate definition, and a few more trading examples would be helpful. Nevertheless, if individual traders follow the advice in the book – particularly around these two subjects (including post-trade analysis) – they shouldn’t get burned completely by a very sophisticated and reasonably efficient market. If you are looking to get into FOREX trading, and are new to it, read this book and follow the authors’ advice on planning and risk.
Review
Rating:3 out of 5 stars
The book does a reasonably good job introducting currency trading. However, the book can use more examples targetted at clarifying the material and explain more in depth the concepts presented. Some concepts are not completely clear and the reader must get an online practice account to get a better feel of currency trading.
Very interesting article. Keep writing dude !!
Hey! You ontacted me some time ago about contributing to my blog http://www.profitwithforextrading.com.Are you still interested?
Thanks
Catriona
Thanks for recommending this book, its great, keep up the good work, I’ll be following you.
Cheers,
Bibika