Currency Trading For Dummies (For Dummies (Business & Personal Finance))
by Brian Dolan, Mark Galant
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Book Summary Information
Author: Brian Dolan, Mark GalantEdition: Paperback
Audio: English (Original Language); English (Unknown); English (Published)
Published: 2007-08-06
ISBN: 0470127635
Number of pages: 360
Publisher: For Dummies
Book Reviews of Currency Trading For Dummies (For Dummies (Business & Personal Finance))
Book Review: Good basics, but miss a HUGE point
Summary: 3 Stars
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 Forex.com (i.e. Gain Capital). And while in the book they make it seem that since forex.com 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 Forex.com 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 forex.com 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.
Summary of Currency Trading For Dummies (For Dummies (Business & Personal Finance))
Features forex market guidelines and sample trading plansThe 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
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