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Beat the Forex Dealer: An insider's look into trading today's foreign exchange market [Hardcover]

Agustin Silvani
4.4 out of 5 stars  See all reviews (58 customer reviews)

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Book Description

November 3, 2008 0470722088 978-0470722084 1
The foreign-exchange market is often referred to as the Slaughterhouse where novice traders go to get 'chopped up'. It is one of egos and money, where millions of dollars are won and lost every day and phones are routinely thrown across hectic trading desks. This palpable excitement has led to the explosion of the retail FX market, which has unfortunately spawned a new breed of authors and gurus more than happy to provide misleading and often downright fraudulent information by promising traders riches while making forex trading 'easy'.

Well I'll let you in on a little secret: there is nothing easy about trading currencies. If you don't believe me then stop by Warren Buffet's office and ask him how he could lose $850m betting on the dollar or ask George Soros why his short yen bets cost him $600m not once but twice in 1994. What's wrong with these guys, don't they read FX books?

In reality, the average client's trading approach combined with the unscrupulous practices of some brokers make spot FX trading more akin to the games found on the Vegas strip than to anything seen on Wall St. The FX market is littered with the remains of day traders and genius 'systems,' and to survive in the long-run traders have to realize that they are playing a game where the cards are clearly stacked against them.

Have you ever had your stop hit at a price that turned out to be the low/high for the day? Bad luck perhaps? Maybe. What if it happens more than once? Do you ever feel like the market is out to get you? Well guess what, in this Zero Sum game it absolutely is.

Covering the day-to-day mechanics of the FX market and the unsavoury dealings going on, Beat the Forex Dealer offers traders the market-proven trading techniques needed to side-step dealer traps and develop winning trading methods. Learn from an industry insider the truth behind dirty dealer practices including: stop-hunting, price shading, trading against clients and 'no dealing desk' realities.

Detailing the dealer-inspired trading techniques developed by MIGFX Inc, consistently ranked among the world's leading currency trading firms, the book helps turn average traders into winning traders; and in a market with a 90% loss rate winning traders are in fact quite rare! More than just a simple manual, Beat the Forex Dealer brings to life the excitement of the FX market by delivering insights into some of the greatest trading triumphs and highlighting legendary disasters; all written in an easy to read style.

Make no mistake about it there is a lot of money to be made in currency trading, you just have to know where to look. Sidestepping simple dealer traps is one way of improving your daily p&l, but it is surely not the only one. Successful trading comes down to taking care of the details, which means skipping the theoretical stuff and providing only up-to-date, real-life examples while sharing the FX trading tips that have proved so profitable over the years. By stripping away the theory and getting down to the core of trading, you too will find yourself on the way to beating the forex dealer!

Frequently Bought Together

Beat the Forex Dealer: An insider's look into trading today's foreign exchange market + Forex Price Action Scalping: an in-depth look into the field of professional scalping + Naked Forex: High-Probability Techniques for Trading Without Indicators
Price for all three: $130.03

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Editorial Reviews

Review

"...could help novices avoid much of the pain...a brutall honest appraisal of how currency markets work." (Investors Chronicle, April 24th 2009)

From the Back Cover

The foreign-exchange market is often referred to as the Slaughterhouse where novice traders go to get ???chopped up???. It is one of egos and money, where millions of dollars are won and lost every day and phones are routinely thrown across hectic trading desks. This palpable excitement has led to the explosion of the retail FX market, which has unfortunately spawned a new breed of authors and gurus more than happy to provide misleading and often downright fraudulent information by promising traders riches while making forex trading ???easy???.

Well I???ll let you in on a little secret: there is nothing easy about trading currencies. If you don???t believe me then stop by Warren Buffet???s office and ask him how he could lose $850m betting on the dollar or ask George Soros why his short yen bets cost him $600m not once but twice in 1994. What???s wrong with these guys, don???t they read FX books???????

In reality, the average client???s trading approach combined with the unscrupulous practices of some brokers make spot FX trading more akin to the games found on the Vegas strip than to anything seen on Wall St. The FX market is littered with the remains of day traders and genius ???systems,??? and to survive in the long-run traders have to realize that they are playing a game where the cards are clearly stacked against them.

Have you ever had your stop hit at a price that turned out to be the low/high for the day? Bad luck perhaps? Maybe. What if it happens more than once? Do you ever feel like the market is out to get you? Well guess what, in this Zero Sum game it absolutely is.

Covering the day-to-day mechanics of the FX market and the unsavoury dealings going on, Beat the Forex Dealer offers traders the market-proven trading techniques needed to side-step dealer traps and develop winning trading methods. Learn from an industry insider the truth behind dirty dealer practices including: stop-hunting, price shading, trading against clients and ???no dealing desk??? realities.

Detailing the dealer-inspired trading techniques developed by MIGFX Inc, consistently ranked among the world???s leading currency trading firms, the book helps turn average traders into winning traders; and in a market with a 90% loss rate winning traders are in fact quite rare! More than just a simple manual, Beat the Forex Dealer brings to life the excitement of the FX market by delivering insights into some of the greatest trading triumphs and highlighting legendary disasters; all written in an easy to read style. By stripping away the theory and getting down to the core of trading, you too will find yourself on the way to beating the forex dealer!


Product Details

  • Hardcover: 236 pages
  • Publisher: Wiley; 1 edition (November 3, 2008)
  • Language: English
  • ISBN-10: 0470722088
  • ISBN-13: 978-0470722084
  • Product Dimensions: 9.2 x 6.4 x 0.9 inches
  • Shipping Weight: 12.8 ounces (View shipping rates and policies)
  • Average Customer Review: 4.4 out of 5 stars  See all reviews (58 customer reviews)
  • Amazon Best Sellers Rank: #333,366 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews
55 of 61 people found the following review helpful
5.0 out of 5 stars Know the REAL forex game. February 8, 2009
Format:Hardcover|Verified Purchase
This is easily the most valuable book of the nearly dozen or so I've read. Have you ever wondered why the market moves against you when you follow text book technical set ups that every trading manual states you should? It's because the brokers and dealers know you will and actively go after your position. It's obvious to me now but before reading this book I didn't know MY broker was out to aggressively take my money.
This book has given me a whole new view of forex trading and because of it I've stopped scratching my head and begun to make gains. I know the real game now and have adjusted my trading to take advantage of it.
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28 of 29 people found the following review helpful
5.0 out of 5 stars Trader Beware April 21, 2009
Format:Hardcover
I would recommend this book to anyone considering foreign exchange trading--preferably before a single position is ever opened. Agustin Silvani's work has opened my eyes to the seedy, shady "tricks" of the forex dealer trade. After only a few pages, it is easy to see why the spot currency market is where unknowing, novice traders are preyed upon by the "sharks" of the business. There are many reasons why most forex traders fail, and it certainly does not help that dealers are often on the other side of the trades. The smart investor/trader can profit in this zero-sum game, but he or she must be prepared. I believe this book is the "shark cage" every trader needs.

The strategies presented are designed to help the reader begin thinking like the "big money" that controls the market. I was able to lock up 50 quick pips earlier this month trading the NFP announcement. The market behaved in an almost textbook manner, and it was all outlined in this book. Why trade with the frustrated losers, when you can become a shark yourself. Take notes and practice the techniques outlined, and results should naturally follow. Nothing works all the time, but you will definitely have more or a chance to profit if you are prepared.
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43 of 48 people found the following review helpful
5.0 out of 5 stars Good perspective November 18, 2008
By Sue
Format:Hardcover
Unlike most Forex books, this does not reiterate basic strategy and definitions. Rather, it assumes that the reader knows the basics, and concisely reveals how the Forex dealers can use those strategies against the reader. The author's material corresponds well to common complaints from traders worldwide (check out Forex trader blogs at any website). The graphs are well-laid out, and helpful for elaborating on the counter-strategies described by the author. A quick read, but surely complex enough for re-reads. I cannot comment on whether the author's strategies will indeed ensuring "beating the dealer" (have not tested them yet), but I think that revealing how the Forex establishment can take advantage of traders will make readers more cautious, and less trusting. Should be part of any advanced beginner's library.
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16 of 16 people found the following review helpful
5.0 out of 5 stars The only Forex book I love to read! October 11, 2009
Format:Hardcover|Verified Purchase
This is my first time writing comments in Amazon, as I can't stop myself to express my happiness after reading this book.

I've traded Forex about 3 years and had lost a lot of money. After reading this book, I really knew that what happened for my Forex trading skills, and how to beat the dealer (as the title of this book).

The author mentioned many times that a trader should think as a dealer, which inspired me what mistakes I had made and knew there are a lot of tricky traps in Forex market. The topics like "All About Stops", "Trading the FED", "Fading News", "Big Figure Trade", "The Friday to Sunday Extension" etc are all invaluable to me and I am sure no other books have mentioned such skills / experiences.

I started to win money (even not yet recovered all my lost) after reading this book. I love it very much! Thank you Agustin Silvani! You are really an insider!!! You are the best! And, thanks a lot for sharing your great experience with your readers!

Cheers!
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151 of 193 people found the following review helpful
2.0 out of 5 stars Why try to beat the dealer October 1, 2009
By Vintage
Format:Hardcover
First, I haven't read this book, but I have read the reviews. They have convinced me not to read it. I know a little about the FX games brokers play. I'm a European Fx broker. Apparently his premise is "by following his recommendations", one can beat the dealer broker. This like saying you can beat the Mafia and the KGB. Why do you want to put yourself in that position and put your hard earned money in the position to be taken away by these unethical people. They earn their living by making sure you lose. I won't go into the many, many ways they do it. I have gone to websites owned by these slime balls and read their advice they give to novice traders (suckers) and they lead then right down the path to steal their money.
Where one needs to start, is to trade only with an ECN (Electronic Communications Network) broker. They don't have dealer desks. If they do, they aren't real ECNs and there are plenty brokers who pretend to be ECNs and aren't, so you need to be careful. An ECN doesn't trade against your account and they don't see what you are trading. They are directly connected to several large banks who blindly trade with you. The outcome has much more to do with your ability to trade, than your ability to fool yourself that you can beat someone who knows all about you and your account. Find a good ECN broker and you don't need this book.
How do you find an ECN broker? Ask some questions. Ask, are you an ECN? If yes, continue - Do they offer 1/2 pip spreads? If yes, they aren't an ECN. This trick fools your platform and they can steal your money. Do they charge a commission? If they are a real ECN the answer will be yes, because that is how they earn their money, not by stealing from you. Of course you want free trades, but it is much more costly in the long run.
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Most Recent Customer Reviews
1.0 out of 5 stars Pass
This book is a waste of time. Here, let me help you, the newbie. Trade through true ECN's only and all the problems in this book can be avoided. Read more
Published 15 days ago by Buster Boy
4.0 out of 5 stars Insider view on the FX market!
This is a good book to supplement VSA or Wyckoff method for trading. This is basically a Forex book but I assume the books methods could be applied to stocks as well, since... Read more
Published 4 months ago by tom
5.0 out of 5 stars Helpful book
Good explanation of what you face as a Forex trader, especially some of the tactics used by dealers against you, and how you can counteract them. Read more
Published 5 months ago by Michael J. Volpe
5.0 out of 5 stars Real actionable information
Every trader should read this. The author debunks much of the misinformation we've all heard about trading and leaves the reader with insight that really lends a clear perspective... Read more
Published 5 months ago by Mike60
1.0 out of 5 stars Clearly written by an amateur who read a few books
if the book has scared off retail investors trying to make a quick buck, then that's great and he did those people a great service. Read more
Published 6 months ago by newYorker
3.0 out of 5 stars Some good info, paints a pretty dismal picture of trading so beware.
Older book, times have changed a bit although being aware of broker tricks is not a bad thing. If you are thinking about trading Forex, don't read this book cause it will talk you... Read more
Published 7 months ago by James Brauner
5.0 out of 5 stars Beat the forex dealer by Agustin Silvani
This is the most valuable book I had read for a long time and believe me,I read a lot of them. I highly recomended for the begginers.
Published 16 months ago by Misa Fe
5.0 out of 5 stars A Must-Read for anyone thinking of becoming a FOREX Trader
This is a terrific book for any individual who is thinking of becoming a small scale trader. He exposes how the "system" will eat you alive, loose your money and your time. Read more
Published 19 months ago by Techgod
5.0 out of 5 stars Invaluable information for the (less) experienced forex trader...
This book was a bit of a revelation, and opened up a few new areas of research about the forex market, specifically around inter-currency relationships, intermarket relationships,... Read more
Published 20 months ago by yemzee
5.0 out of 5 stars Fantastic book
What a great book! Easy to read. My Hi-lighter is running dry. I will read this book at least once a year for as long as I trade forex. Read more
Published on July 5, 2012 by Fly Fishing All-star
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