Currency Trading For Dummies [Paperback]

Mark Galant (Author), Brian Dolan (Author)

Book Description

Publication Date: August 6, 2007

Features forex market guidelines and sample trading plans

The fun and easy way to get started in currency trading

Want to capitalize on the growing forex market? This nuts-and-bolts guide gives you a step-by-step action plan for understanding and trading the forex market. It offers practical guidance and savvy tips in everything from comprehending currency quotes to using leverage, trading with fundamentals, and navigating technical analysis.

• Identify trading opportunities
• Understand what drives the market
• Choose a trading broker
• Execute a successful trade
• Minimize risk and maximize profit
• Analyze currency charts

Editorial Reviews

Review

"It offers practical guidance and savvy tips.." (Hedge Fund Manager, Thursday 23rd August) 

"…gives readers a step by step guide (to) getting acquainted with the forex market and to making those killer transactions." (Professional Pensions, Thursday 30th August 2007)

From the Back Cover

Features forex market guidelines and sample trading plans

The fun and easy way® to get started in currency trading

Want to capitalize on the growing forex market? This nuts-and-bolts guide gives you a step-by-step action plan for understanding and trading the forex market. It offers practical guidance and savvy tips in everything from comprehending currency quotes to using leverage, trading with fundamentals, and navigating technical analysis.

• Identify trading opportunities

• Understand what drives the market

• Choose a trading broker

• Execute a successful trade

• Minimize risk and maximize profit

• Analyze currency charts

See all Editorial Reviews

Product Details

• Paperback: 338 pages
• Publisher: For Dummies; 1 edition (August 6, 2007)
• Language: English
• ISBN-10: 0470127635
• ISBN-13: 978-0470127636
• Product Dimensions: 9 x 7.3 x 0.9 inches
• Shipping Weight: 1.2 pounds
• Average Customer Review: 4.0 out of 5 stars  See all reviews (55 customer reviews)
• Amazon Best Sellers Rank: #80,545 in Books (See Top 100 in Books)
  • #14 in Books > Business & Investing > International > Foreign Exchange

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Customer Reviews

Most Helpful Customer Reviews

273 of 286 people found the following review helpful:

3.0 out of 5 stars Good basics, but miss a HUGE point, June 24, 2009

By 

memoiai (USA) - See all my reviews
(VINE VOICE)    (TOP 1000 REVIEWER)   

Amazon Verified Purchase

This review is from: Currency Trading For Dummies (Paperback)

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.

101 of 105 people found the following review helpful:

5.0 out of 5 stars Best Beginner Book on FX Trading Currently on the Market, February 3, 2008

By 

justsomeguyinla "justsomeguyinla" (Temple City, CA United States) - See all my reviews

This review is from: Currency Trading For Dummies (Paperback)

Overall, I thought this book gives a great overview on how and when the Interbank FX market operates, a basic overview of technical analysis, and some useful tips on practical matters of trading like how to choose a broker/platform and what to consider when setting up a trade. Having traded the Forex market for over 2 years now and having read a number of books specific to Forex trading, I think this book is the best book geared toward novice traders currently available.

However, I felt this book could have done better in a few areas: it walks you through considerations to construct a trading plan but doesn't provide a detailed example of one (preferably the authors'). This book actually walks through a trade set up (shorting the USD/JPY) and details the things to consider, but it was picked seemingly at random (based on a double doji) and not from some back tested trading methodology. Also not covered in the book are tools to effectively back test strategies and what a sample trading journal should look like.

But like I said at the beginning, this book is a lot better than most of the other FX trading books you find on retail book stores/sites--books that are filled with marketing fluff and little practical guidelines to actual trading. Currency Trading for Dummies actually has a lot of substance and value for the novice trader.

64 of 69 people found the following review helpful:

5.0 out of 5 stars Best Forex Trading Book Period!!!!!!!, January 31, 2008

By 

H. Pennix "H.Pennix" (Daytrade,USA baby!!!) - See all my reviews
(REAL NAME)   

This review is from: Currency Trading For Dummies (Paperback)

I thought this book would be typical nuts and bolts book.I was soooo wrong.
This book is a book of strategy,fundamentals,mental game and a lot more. If you are just starting or a veteran purchase this book... It gives you those jewels that you hear and wonder," where that come from?". The indicator section is the best. So many traders are always trying out the new indicator. Truth be told they all are the same. Your overall package as a trader is what makes you profitable, not 50 moving averages crossing. I hope I helped someone to make a proper choice in a great overall book on Forex. Forex is the best market out here period, but the books and information available are lacking real substance. Do not let the title fool you. This book is written by owners of Forex brokerages. They hold nothing back. This book is for dummies and pros a like.