Customer Reviews

Beat the Forex Dealer: An insider's look into trading today's foreign exchange market (Wiley Trading)

5 star:		(30)
4 star:		(11)
3 star:		(2)
2 star:		(2)
1 star:		(0)

 

 

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.

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.

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.

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!

The only reason i am giving it a four star is because the chapters can be a little short and sometimes more elaboration would be good. Having said that, i must say this is in the top 5 best books on forex i ever read.
If you don't purchase this book you will probably end up making dumb mistakes and loose money simply because you are not aware of all the players and where you fit in this game. For beginners for sure survival is success in this game: Silvani will help you to survive.

Although it is not a book for beginners in the sense of teaching the basics, if you are new you still owe it to yourself to read this book. It will save lots of money in your forex endeavours. Just the chapter on stop losses is worth the price of the book, and that's one of the reasons i am giving it a four star- i wanted more information. Everyone i read in books or internet mentions the "need=requirement" to have stop losses. And even though that is very true in general, there are situations when you need to change them or remove them altogher at least temporarily. Using stop losses is obviously necessary but stop losses can also run down your account while your position was "right". Silvani clarifies neatly when to ignore stop loss, These pieces of tidbits will ,i believe, improve your trading skills. Kathy Lien's book is a real good companion to this book.

In general this book uses very short chapters which makes it for a fast and easy read, but if you want to understand the content in more detail you just need to revisit each chapter and take your time. I enjoyed reading this book exactly because of this ease of content.

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. Do they have a dealer desk? If yes, they aren't a real ECN. They will have a service desk........ that will serve you, not steal from you. The dealer brokers advertise much more, because they make (steal) much more money. You need to search for ECNs.

Good trading!!
Brussels, Belgium

Often we think that currencies are all about technical and fundamental analysis, but Silvani brings up a very critical variable that is often discounted - the dealer! This book reveals to you the inner nitty gritty of how the dealers work the orders, gun for your stops, and what you can do about it. Most retail traders completely ignore this information and as a result they become toys in the hands of dealers.

This is the kind of information that can give you a critical edge, especially if you're an intra-day trader. Silvani talks about the frequent mistakes retail FX traders make. Trading ideas are suggested that take advantage of what dealers do to you (like how to be on the correct side of a stop run, a news trade). It also gives you information on how to conduct due diligence on your broker and check if he's cheating you (multiple price feeds!), as well as how to complain if you get cheated. Many FX trading books are written by people who run brokerages, and they're obviously not going to tell you this stuff!

The thing that prevents me from giving it five stars is that the book could have even gone into more detail but it doesn't. It could have spent a bit more time explaining and illustrating some of the concepts, and for the price it charges it should do that.

This book won't go through the 101's of trading (though it does give you a fair overview of basic trading strategy), however in my opinion its absolutely required reading before you fund your first FX account.

This book should be a must for every intraday trader that already has some knowledge of the forex market,although you will not get a clear cut trading strategie out, you will find out what goes on behind the scene at your broker and how to avoid their pitfalls

This book informs you of what you're up against in the "wild west" of trading--the foreign exchange market.

It's broken up into 6 parts and the chapters in Part II--The Retail Side of Things--are worth the price of the book. Another great section is Part IV--FX Trading Tips--in which the author gives you several helpful tips that are relevant and unique to trading forex.

I've read several books dealing with forex and so far, this one is the best. Bottom line, buy the book if you trade in, or are interested in, the foreign exchange market.

as someone that has read a lot of fx books out there, i thought it was an honest and straight-forward look at the way fx markets work and thoughts on why most traders fail. if you're looking for a basic how-to guide this is not it, but a refreshing take on trading from someone with an actual track record it seems.

trying to add some of the hedge fund techniques he preaches to my own trading, we'll see how it goes..