Getting Started in Currency Trading: Winning in Today's Hottest Marketplace [Paperback]

Michael D. Archer (Author)

Book Description

Series: Getting Started In..... | Publication Date: June 30, 2008

While the Foreign Exchange (FOREX) market can be a very profitable place, you must have a firm understanding of how to operate within this environment if you intend on achieving any success. That's why you need Getting Started in Currency Trading, Second Edition. This reliable resource-written for both newcomers and those with some FOREX experience-puts trading world currencies in perspective, and shows you exactly what it takes to make it in this field. Topics include:

• The rapidly expanding and evolving online trading marketplace for spot currencies, generally referred to as retail FOREX
• The process of initiating and liquidating a live market order
• The advantages and disadvantages of fundamental and technical analysis
• The wealth of FOREX products and services now available from third-party vendors
• The psychology of trading and the stresses that may accompany this endeavor
• Advanced strategies such as options, exotics, and arbitrage

Editorial Reviews

From the Back Cover

AN UP-TO-DATE INTRODUCTION TO ONE OF TODAY'S HOTTEST AREAS OF TRADING

GETTING STARTED IN CURRENCY TRADING

SECOND EDITION

"As a novice trader of currencies, Mr. Archer's book has been an invaluable resource for me, as my dog-eared and dilapidated copy can surely attest. Concise yet comprehensive, he provides the framework for developing a trading strategy that new traders can easily follow and veterans can surely benefit from. For anyone involved in trading FOREX, I cannot recommend this book enough as mandatory reading."—Jeff Marsick, Research Analyst, Avatar Associates

"This book by Michael Duane Archer evaluates with remarkable profundity and extent the world of currency trading. The author's experience is enormous and dates back to the beginning of foreign exchange trading as we know it today. A brilliant reference companion and a must for any currency trader's library."—Peter Panholzer, DynexCorp

While the Foreign Exchange (FOREX) market can be a very profitable place, you must have a firm understanding of how to operate within this environment if you intend on achieving any success. That's why you need Getting Started in Currency Trading, Second Edition. This reliable resource—written for both newcomers and those with some FOREX experience—puts trading world currencies in perspective, and shows you exactly what it takes to make it in this field. Topics include:

• The rapidly expanding and evolving online trading marketplace for spot currencies, generally referred to as retail FOREX

• The process of initiating and liquidating a live market order

• The advantages and disadvantages of fundamental and technical analysis

• The wealth of FOREX products and services now available from third-party vendors

• The psychology of trading and the stresses that may accompany this endeavor

• Advanced strategies such as options, exotics, and arbitrage

About the Author

Michael Duane Archer has been an active commodity futures and FOREX trader for over thirty years. He has worked in various advisory capacities, notably as a commodity trading advisor and an SEC-registered investment advisor. Archer operates www.fxpraxis.com and is a professional FOREX money manager. He is also the author of Getting Started in Forex Trading Strategies and coauthor of the first edition of Getting Started in Currency Trading, The Forex Chartist Companion, and Charting the Major Forex Pairs, all published by Wiley.

Product Details

• Paperback: 304 pages
• Publisher: Wiley; 2 edition (June 30, 2008)
• Language: English
• ISBN-10: 0470267771
• ISBN-13: 978-0470267776
• Product Dimensions: 9.1 x 6.1 x 0.9 inches
• Shipping Weight: 13.6 ounces
• Average Customer Review: 3.8 out of 5 stars  See all reviews (37 customer reviews)
• Amazon Best Sellers Rank: #960,431 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

133 of 137 people found the following review helpful:

5.0 out of 5 stars Concise "big picture" book, August 10, 2005

By 

L. Grinberg (Phila, PA) - See all my reviews
(REAL NAME)   

This review is from: Getting Started in Currency Trading: Winning in Today's Hottest Marketplace (Paperback)

This book is perfect for getting the big picture view of forex trading. It's perfectly titled "Getting Started in Currency Trading". The chapters are concisely written with clear examples that are not cluttered up with useless stories. This book made it easy for me to plan the steps necessary to start trading.
What this book WILL NOT do for you:
1. Give you a step by step methodology for trading

What this book WILL do for you:
1. Make you aware of the main points to keep in mind with trading currencies.
2. Tell you exactly where to look for more information
3. Will not overwhelm you with tons of nuances and indicators
4. Give you a thorough understanding of money management
5. Allow you to make a detailed checklist of what needs to be in place before you put in your first trade.

Hope this helps.

32 of 32 people found the following review helpful:

5.0 out of 5 stars The Best Bang for the Buck, May 22, 2006

By 

K. Hamidieh "azeri" (Ann Arbor, Michigan, USA) - See all my reviews
(REAL NAME)   

This review is from: Getting Started in Currency Trading: Winning in Today's Hottest Marketplace (Paperback)

This book is perhaps the best introduction for the novice currency trader. Each chapter in the book is short, very straightforward, easily digestible, and full of information. I also like the cautionary attitude the writers of the book have: they warn you about leverage, [...], and illusions of making easy money.

This book should be the first book you purchase and read thoroughly if you are interested in online currency trading. However, you will have to find other books and references once you start (or rather before you start) trading online to gain more knowledge.

More experienced traders (in stocks, options, etc.) will find this book less valuable but this is a little gem for an absolute beginner.

35 of 36 people found the following review helpful:

5.0 out of 5 stars Great Foundation Builder, August 2, 2005

By 

Edwin Moore (Grimesland, NC USA) - See all my reviews
(REAL NAME)   

This review is from: Getting Started in Currency Trading: Winning in Today's Hottest Marketplace (Paperback)

This book is an excellent resource to build a foundation about the FOREX market. I read several books and articles about the FOREX market but this book gave me the best understanding about currency trading. If you don't know anything about currency trading, this book has the resources in it to give you the basic about FOREX. I would recommend "Getting Started in Currency Trading" by Michael Archer to all beginners. I am a beginner to the FOREX market and beleive that I will be very success as a Currency trader with the foundation information in this book. I am ready to open a demo account and test the FOREX market without risking any money. Michael's book tells you how to do this plus recommend you open a demo account to practice before jumping into the currency market with your money at risk.