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Currency Trading For Dummies Paperback – July 5, 2011
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Top Customer Reviews
I haven't finished the book yet, but I can say that Brian Dolan is a very good writer and seems to know his topic. Some writers are unclear when explaining points they don't thoroughly understand themselves. Dolan's clarity and precision are impressive.
The book was quite repetitive in parts and the reader shouldn't aim to read it once as some complex concepts may require a second reading. The reader should also not expect to obtain an in depth knowledge of currency trading but instead use the book as a stepping stone to more advanced readings on the subject.
Currency trading intimidated me before I read this book but now I feel confident enough to start trading on a demo account while practicing the useful tips outlined in the book.
The discussion of forex trading mechanics could perhaps have been done better. I think the author too closely associates it with the likes of stock trading in terms of buying and selling. It makes the general point, but could leave some readers with the wrong impression of how things work in retail forex in that it may imply to readers there's actual currency ownership involved, which isn't the case.
I also found the section on order types rather clunky. It takes up much more space than is necessary to talks about stop and limit orders, even accounting for the different ways they are referred to in some cases.
Dolan does take a very thorough look at interest rates, monetary policy, and currency policy in his discussion of drivers of exchange rates, though. He goes into sources and types of information and the major economic and other data elements that go into forex market analysis. This includes a listing of the key reports for each of the major economies, though I would suggest that these things tend to change in importance over time.
The section of the book I think a lot of readers will find most valuable is the one which goes through the major currency pairs and talks about their individual characteristics. This isn't something I've seen done in such detail in other books. This includes both technical and fundamental considerations for those pairs.
There's also a good section on risk.Read more ›
Preliminary: This review is for the 2nd Edition; it appears that the third edition has an additional author cited. I first came across this book in a library in Indianapolis. So I picked up a copy.
This book covers pretty much everything you need to know about Currency Trading including technical analysis, fundamentals, psychology, and the book even digs into details about the actual currency pairs.
I would say this book has great breadth, but not a lot of depth. For example, if you want to learn more about technical analysis, you will need to pick up another book because his coverage on indicators is pretty meager. Actually, I felt his coverage of fundamentals was more in-depth than technical analysis. You will find descriptions of patterns without an image to go along with it!
The book is lighter fare—so you should be able to digest ten or more pages in a single sitting.
Since I have read a number of other books, a good part of this book is just filler for me. Yet Brian does offer some specific insights and tidbits that augment my knowledge from other books; so I did read this book cover to cover. For example, he said, “don't adjust your take-profit targets without also adjusting your stop-loss order in the same direction.” This is the type of tidbit that I simply hadn't thought about before. Whether I actually choose to do this is not the point—the point is that I will give it some consideration. Thus, the breadth of Currency Trading For Dummies is worth the read, even if you have read a number of more “advanced” books.
Brian does work for FOREX.com, but he point this fact out a few times, and I didn't see any heavy pushing or the “big sell.Read more ›
Most Recent Customer Reviews
Very good introduction to trading currencies. Good starting point to then explore in more detail, from other books, topics like tech analysis and trend trading.Published 2 months ago by Rob
OK......an informative explanation on currencies & their trading. & terminology.Published 5 months ago by john3005us