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The Sensible Guide to Forex: Safer, Smarter Ways to Survive and Prosper from the Start Hardcover – September 4, 2012
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"As governments sacrifice the value of national currencies to meet policy goals, currency diversification is no longer just an option. It is necessary for the prudent investor's financial survival. In The Sensible Guide to Forex, Cliff Wachtel provides a road map to the confusing landscape of foreign exchange currency trading. He takes you from complete ignorance about forex trading to the competence necessary to profit from trading while protecting the hard earned capital required to enter the market. If you are serious about succeeding in forex, here is a sane conservative approach for individuals interested in gains either as traders or longer-term investors with no interest in directly trading currencies. A highly recommended read." —DICKSON YAP, Publisher of The Trader's Journal and Forex Journal
"Possibly the best introduction to forex you can find, whether you're an aspiring trader or long-term investor who is interested in adding more diversification to your portfolio. It covers the fundamentals clearly and comprehensively, then applies them with detailed examples of how to identify, plan, and execute low-risk high-yield trades. It then provides a vast variety of ways to profit from forex markets that will appeal to a range of skill levels, risk tolerances, and personalities, even to long-term investors just seeking to identify the strongest forex trends and best assets to ride those trends. These include the first ever in-depth look at the innovations in forex trading, social trading, and binary options. Both simplify and shorten the path to lower risk and higher yield returns. The extensive coverage of risk management and the psychological dimension shows you how to survive the learning period with your capital and confidence intact."—JONATHAN ASSIA, CEO of eToro
"Like a fine wine of investment wisdom, Wachtel's advice has been honed and improved over decades of learning and teaching, doing and inspecting, scrutinizing his own work and the work of the greats. Surely one of the best theorists around on forex—heck, on investing—Wachtel has delivered a whopper of value-packed, sage goodness in his Sensible Guide to Forex, perfect for the beginner and more advanced value-oriented investor. Warning: once you read this book, you can't help but begin using forex as an integral part of your investment strategy. But don't worry, Cliff will shepherd you through, every step of the way."—ZACK MILLER, author of TradeStream Your Way to Profits: Building a Killer Portfolio in the Age of Social Media and founder of Tradestreaming.com
"If you want to be a successful forex trader or investor, Cliff Wachtel has written a book that you just can't afford to miss. The Sensible Guide to Forex delivers exactly what it promises, 'safer, smarter ways to prosper from the start.' Here you'll find an arsenal of trading tools to get an enormous advantage over your competition. But it's not just another trading book. It also shows long-term investors how to use currencies for effective diversification and potential profits. Cliff is a leading forex expert, he knows how to write, and this one's a home run."—JOHN NYARADI, Publisher of Wall Street Sector Selector
"The must-own forex book for all of us, even those who will never trade forex. Uniquely designed for the mainstream conservative trader or investor, the book offers traders a clear and comprehensive foundation, then shows how to apply it in a variety of safer, less demanding approaches to suit a range of personalities, needs, and risk tolerances. It shows long-term investors how to identify the strongest long-term currency trends and build an investment portfolio that rides those trends for less currency risk and better overall returns. Better still, it's the only forex book with an exclusive in-depth look at the fastest growing ways to play forex, binary options and social trading, and objectively examine their pros and cons. Used properly, it offers risk control that will improve returns for traders and investors of all levels. It's forex for the 99 percent!"—JACK (KOBI) SHAFRIR, CMO of anyoption.com
“This is the one forex book aimed at conservative mainstream investors who might never otherwise consider forex, but should because we all need currency diversification. Even those who never plan to trade will find a wealth of information that will make them better investors. This step-by-step guide to less demanding and lower-risk ways to trade or build a currency-diversified investment portfolio offers a less intimidating path to forex profits.”—Yohay Elam, Founder of Forex Crunch
“Cliff Wachtel’s book provides pragmatic counsel and guidance. A must read for serious investors seeking to diversify beyond stocks, bonds, and gold.”—Dave Lemont, CEO, Currensee
“A must read for any informed investor or trader that deserves to become the classic introduction to forex. This book is the ideal shortcut to simpler, safer forex trading or investing. As Cliff succinctly puts it, ‘The need for currency diversification is one of the most important lessons of the Great Financial Crisis.’ This book details—with genuine respect for his readers’ money and intelligence—a range of solutions, offering something for readers of every skill level and risk tolerance. Wachtel provides full details and illustrations to show you how to actually make money, without overloading you with secondary details or information you can find elsewhere.”—Eric Harbor, CEO, Caesartrade.com
“One of the best starting points I have read about forex. Understanding both the big picture and the essential, practical details of how to identify, plan, and execute a profitable trade is the manna of successful traders. Cliff delivers both. He explains what e. e. cummings called ‘the root of the root and the bud of the bud and the sky of the sky of a tree called life,’ but applied to the forex world. A really good tool, whether you’re a newbie forex trader or a long-term traditional investor trying to build a diversified portfolio. Read it and you will get ‘forexpertise.”’—Mauricio Carrillo, FXstreet.com U.S. Manager, @MCarrilloFX
“This book is an insightful introduction to the world of forex. Wachtel leads the novice trader on a journey of discovery from the most basic concepts in the forex market to more sophisticated trading strategies. What stands out is his honesty. Wachtel doesn’t sugarcoat the FX market; instead he shares the idiosyncrasies of this market and debunks a few FX myths along the way. He also introduces some of the latest developments in the retail forex market, from social trading to binary options. Wachtel’s broad knowledge of this market makes this book an interesting read for those who want a thorough insight into the world of FX.”—Kathleen Brooks, Research Director, Forex.com
“In an ever-evolving field, it’s rare to find a guidebook so helpful and timeless as Cliff Wachtel’s Sensible Guide to Forex. This book gives both current traders and new traders the perspective they need to take their forex trading to the next level.”—Tal Holtzer, CEO, www.dailyforex.com
“This is a fantastic, comprehensive, and up-to-date overview and practical guide to succeeding in the foreign exchange market, with an insightful, qualitative, and non-intimidating approach. Whether you are a novice considering a move into the foreign exchange market or an experienced trader looking for a deeper understanding of various concepts or some new approaches, Cliff’s book does a stellar job of covering all the bases.”—Joel Kruger, Currency Strategist, FXCM
“Cliff’s book is a must-read, cogent, cohesive compendium of the realities of forex. I’ve been in the trading business for 35+ years and believe that success is all about intelligent risk management. The book’s relentless emphasis on risk and money management is the reason that this is the first investment book I’ve bothered to finish in the past 20 years. For the novice, first he arms you with the relevant information to keep you from immediately losing your shirt, so that you survive the learning process with most of your cash and confidence intact. Then he takes you step-by-step through a number of paths to profitability. For the professional, he reminds us of the rules we all strive not to violate every day because we’re human. He also provides the first in-depth coverage of two new and potentially very useful ways to tap forex—social trading and binary options. This book is the only source I’ve found for in-depth and objective coverage of either of these intriguing new ways to trade forex markets with potentially less effort and better returns.”—David Israel, Chief Market Strategist, White Wave Trading Strategies, Ltd. www.whitewavetradingstrategies.com
From the Inside Flap
No reasonable person would invest everything in one asset, or even one asset type, or sector. Yet most people have virtually everything they own tied to the fate of a single currency. As recent years have proven, failure to diversify currency exposure is among the most deadly and widespread investor mistakes.
As governments strive to revive their economies with endless stimulus programs, they risk killing the value of most major currencies, and any portfolio too heavily weighted in them.
While the glaring need for currency diversification as part of any prudent financial planning is now obvious, the solutions are not, nor are they easy to find. The usual kinds of foreign exchange (forex) trading methods are too risky, complex, and demanding for most people. Most who try them fail within a matter of months.
An entire generation of mainstream investors needs solutionsfast. Moreover, they need a wide range of methods to hedge currency risk to fit a variety of needs, and they need them clearly and completely explained, and gathered up in one easy-to-find source.
Finally, here it is.
After years of research, financial guru and market veteran Cliff Wachtel has written the first and only book that provides ways to exploit forex markets to hedge currency risk that are less demanding and risky than the usual forex trading strategies. Whether you're an active but prudent trader, or a passive investor seeking a steady currency-diversified income stream, there are solutions here to fit your needs.
It's an ideal starting point, neither too superficial nor too complex, and it avoids the time-consuming, complex, high-risk methods at which most traders fail. For passive investors, it's a unique guide to considering not just the prospects of a specific investment, but also the health of the currency in which you get paid, and how that currency can affect your real risk and returns.
The Sensible Guide to Forex offers a gimmick-free, step-by-step road map to identifying, planning, and executing trades or long-term income investments offering the best risk/reward profile, while avoiding serious losses that drain your capital, confidence, and motivation. It provides detailed explanations of a panoply of methods for hedging currency risk and improving returns that are no riskier or complex than those commonly used for stocks or bonds, while offering some significant advantages unique to forex markets.
It's the ultimate beginners guide to actually making money in forex. It's packed with alternative and new approaches to forex for active traders and passive investors, in-depth coverage of the key aspects of trader psychology, risk and money management techniques identifying and exploiting the most reliable long-term forex and commodity trends, and much, much more. It also provides an objective, in-depth look at two new and powerful ways to tap forex: social trading that mimics every move of expert traders, and binary options.
Since the start of the Great Recession in 2007, currency diversification has become the great unsolved investor dilemma. The Sensible Guide to Forex is the ideal starting point for anyone seeking the safest, smartest solutions.
Visit www.thesensibleguidetoforex.com for more information about this book, additional bonus material, new advice and ideas for traders and investors, and additional resources on simpler, safer ways to lower risk and improve your returns via currency diversified investing or conservative forex trading.
More About the Author
He is also the author of The Sensible Guide To Forex (see http://thesensibleguidetoforex.com/review/ for advanced reviews), and publisher of thesensibleguidetoforex.com. Both the book and website are uniquely dedicated to providing safer, simpler ways for active traders and passive long term income investors to exploit forex markets for lower currency risk and better returns. Since the Great Financial Crisis began in 2007, Cliff was among the first financial writers to focus on stocks that provide steady, high yields currency diversification for insurance against currencies being steadily devalued. Articles focus on both top income stocks for exposure to multiple quality currencies, and safer, simpler less demanding types of longer term forex trades than commonly covered on other forex sites.
Both the book and blog are his response to the silent drain on investor wealth from the Fed, ECB, and other central banks as they devalue their currencies to further their own ends, and take us down with them. These are his self defense guides, his tools for how we can fight back. Unlike other forex guides, these are all aimed at risk averse, private investors or traders seeking safer, simpler ways to achieve critical diversification in currency and commodity exposure to protect ourselves against the stealth theft of over-indebted governments.
He also posts a variety of articles on topics ranging from weekly strategic global market analysis, conservative forex trading, assorted special reports, currency diversified income investing, binary options, and trader training articles via multiple websites. His home sites include: globalmarkets.anyoption.com, thesensibleguidetoforex.com, caesartrade.com, globalmarkets.com, and others. Most can also be found at leading financial websites like seekingalpha.com, businessinsider.com, and forex sites like forexfactory.com. His work is regularly translated into numerous languages, including Spanish, French, Italian, Turkish and Russian, Arabic, German, and Chinese, often with his express knowledge and permission!
He has appeared in a variety of offline publications including Forex Journal, and John Nyaradi's book, Super Sectors, in which he was interviewed along with other market experts like Jim Rodgers, Dr.Marc Faber, John Mauldin, Robert Prechter, and Tom Lydon.
Prior to his current positions, he was Chief Analyst at avafx.com, and a 30+ year financial market veteran as investor, trader, writer, analyst and advisor to private clients and institutions. He attended Vassar College and Cornell University, and is a certified public accountant.
He's married with 5 children and lives in Jerusalem, Israel, where he can follow Asian markets in the early morning, Europe through the workday, and the Americas at night.
Top Customer Reviews
While the Livermore approach is widely lauded among active stock traders (which I am also), the risk level therein is not comfortable to me. And if you Google his bio, it apparently wasn't for him either.
Further, I am retired and support myself trading stocks. So risk management is critical. Cliff writes a lot about that.
I started trading stocks late 1999 and became active in 2000. (Yes exactly at the top of the tech bubble.) I have outperformed the market by a considerable margin since and am profitable despite 2 crashes. However, in today's highly manipulated markets courtesy global central banks, traditional tools which had served me well are not as effective. Sometimes, nothing seems to make sense based on the old rules. So I was open to new ideas which emphasize capital preservation.
It is perhaps here that I find the most benefit in Cliff's work. In spite of 12 years of trading, I found a lot to apply and am grateful to Cliff for the obviously considerable effort that went into writing this book.
The Sensible Guide to Forex, written in 2012 by veteran forex analyst and trainer Cliff Wachtel, is exactly what people would expect from a book with such a direct title. The tome is pleasant and easy to read on the one hand, yet very detailed and explanatory on the other. In close to 400 pages, Wachtel provides:
* Keen insights on the inner workings of the Forex market and provides the foundation critical for any new currency trader
* A number of unique features for those seeking safer, simpler ways to use forex markets, whether they are aspiring traders, experienced traders, or even just long term investors more focused on diversifying their currency exposure for lower risk and better returns from their long term investment portfolios.
We'll start with a quick listing of likes, dislikes. For those seeking more detail, we'll then look at what makes the book unique from other forex and foreign investing guides, and finish with some concluding thoughts.
1. The book has a number of unique features and sections, detailed in the separate list below.
2. Provides a variety of ways to profit from forex markets, whether as an active trader or passive investor using safer, often simpler methods than those found in other forex guides.
3. Unique focus on safer, simpler ways to diversify currency exposure, either as an active trader or passive investor
i. For traders: numerous step by step examples of how to identify, plan, and execute trades that minimize risk and maximize returns
ii.Read more ›
Before reading The Sensible Guide to Forex I pretty much had no idea what currency trading was or how it worked. If you were to ask me what a pip was, or how to find the spread, I would have had no idea.
After reading the book, I visited the companion site, CaesarTrade.com and found a lot of additional forex information, including an online crash course to accompany the book. All and all, The Sensible Guide to Forex really got me started in the world of forex.
I'm still a relative beginner at investing and trading, so this is one of my first books on the topic.
However, a friend of mine who's pretty advanced lent me his copy & said this one was just out and a must read for guys like me, because most of the major currencies are being devalued by money printing and everyone needs to know something about how to get the right kind of exposure to assets in other currencies or to the currencies themselves, and that this book was the best collection of solutions all in one spot, many simple and low risk enough for those without a lot of time, background, or assets that they can afford to lose (sounded like me).
He was right. Because so much of the topic was new to me, I read it cover to cover, though it seems written in a way that more advanced types can just go straight to the parts they want. The table of contents is very detailed, so even though the book is long (about 400 pages) you can find what you want quickly. I was surprised that I got through it so fast, but it's a much easier read than most other investing books, and I also skipped parts that didn't seem to apply to me at this time.
In the past I've focused more on income investing, but this is the first book that showed me how to get not only the right investments but also get them in the right currencies for what I hope is better returns and less erosion of their value from currency declines. Almost everything I have is denominated in dollars. Now I realize that's a bad idea and have some ways to hedge that risk that don't take much time.Read more ›
Most Recent Customer Reviews
The other reviews had me expecting a deep book on position, risk management, trade entry and so on. It's really simplistic. Read morePublished 21 months ago by Brian D. Babiak
Cliff does a great job breaking down forex trading into simple, yet effective language. His focus on RAMM (Risk and Money Management) is vital as most investors go broke before... Read morePublished on December 4, 2013 by Dividend Investor
I don't have any particular complaints about this book. It's well written and organized and gives a lot of key beginner insight. Read morePublished on July 10, 2013 by mel_farr
Good for beginner and also experience trader. The book illustrate every aspect of Forex Trading and guide to other website that I can pick up from.Published on July 8, 2013 by lsclouis
Cliff Wachtel does a super job in keeping the reader engaged via a writing style that is easily digestible, especially for newcomers to the market. Read morePublished on June 4, 2013 by Bernie Kastner
Great book. Lots of info in an easy to read format. This book combines many topics that have been the single subjects of other books into a logical explanation. Read morePublished on April 18, 2013 by T. Schreiber
This book is fairly thick but could be significantly thinner. The author repeats his message multiple times without the benefit of more insight. Read morePublished on April 9, 2013 by Mark K Krage
This book complement's Cliff Wachtel's articles on Seeking Alpha. Insightful not just for strategies but for the author's comprehensive understanding of the economic problems of... Read morePublished on February 13, 2013 by Gilbert Murray