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

Michael D. Archer (Author), James Lauren Bickford (Author)

Book Description

Series: Getting Started In..... | Publication Date: May 25, 2005

Getting Started in Currency Trading is both an introduction and reference tool for beginning and intermediate foreign exchange (Forex) traders. This information-packed resource opens with a description of the Forex market and a section of clearly defined Forex terms with examples. You'll learn how to open your own trading account by following step-by-step instructions and numerous screen shots that show you what expect inside a dealer's trading platform. You'll walk through the physical process of placing and liquidating currency orders. Later chapters introduce various trading strategies and tactics in detail, along with some fundamental and technical analysis that will help you win in the exploding foreign exchange trading market.

Editorial Reviews

From the Back Cover

An accessible introduction to the burgeoning foreign exchange trading market

GETTING STARTED IN CURRENCY TRADING

The Foreign Exchange (FOREX) market is the largest financial market in the world, with a volume of over $1.5 trillion a day—more than three times the total amount of the stocks and futures markets combined. Up until 1995, FOREX trading was only available to banks and large multinational corporations, but today, thanks to the proliferation of the computer and a new era of Internet-based communication technologies, this highly profitable market is open to everyone. This huge international market offers unmatched potential for profitable trading in any market condition or any stage of the business cycle. All you need is a computer, a high-speed Internet connection, and the information contained within this book.

Getting Started in Currency Trading is both an introduction and reference guide for beginning and intermediate FOREX traders. This information-packed resource opens with a clear description of the FOREX market and a section of FOREX terms clearly defined with examples. After this brief overview, Getting Started in Currency Trading moves on to discuss:

• The mechanics of FOREX trading—order types as well as order execution and confirmation
• How fundamental and technical analysis can help you create successful trading strategies
• How to find a reliable FOREX broker or open an online trading account
• The psychology of trading the FOREX market
• Advance trading topics, such as rollovers, hedging, and arbitrage

Filled with in-depth insight, practical advice, and numerous screen shots that illustrate what to expect inside a dealer's trading platform, Getting Started in Currency Trading will guide you through the complexities of FOREX trading and put you on the road to success.

Michael duane Archer has been an active commodity futures and FOREX trader for over thirty years. Mike has also worked in various registered advisory capacities, notably as a CTA (Commodity Trading Advisor) and as an Investment Advisor. He is currently CEO of CommTools, Inc., a corporation focusing on nonlinear solutions to trend forecasting, with a special emphasis on cellular automata models.

About the Author

Michael Duane Archer (Golden, CO) has been an active commodity futures and Forex trader for over thirty years. He has also worked in various advisory capacities, notably as a Commodity Trading Advisor and SEC registered Investment Advisor. He is currently CEO of CommTools, Inc., a think-tank focusing on cellular automata and complexity theory market forecasting solutions.

Jim L. Bickford is a twenty-seven-year software engineering veteran, technical analyst, and a very active FOREX day trader with an academic background in applied mathematics and statistics. He has numerous books to his credit and recently published Chart Plotting Algorithms for Technical Analysts.

Product Details

• Paperback: 208 pages
• Publisher: Wiley (May 25, 2005)
• Language: English
• ISBN-10: 0471713031
• ISBN-13: 978-0471713036
• Product Dimensions: 9.2 x 6.1 x 0.6 inches
• Shipping Weight: 8.8 ounces
• Average Customer Review: 3.8 out of 5 stars  See all reviews (37 customer reviews)
• Amazon Best Sellers Rank: #825,708 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.