This currency trading book provides readers with real practical information on how to trade the foreign exchange market effectively. It begins by covering introductory information on the forex market including basic trading mechanics and the benefits of forex trading and then goes on to describe specific currency trading methods and skills in step-by-step detail. This includes highly practical information on technical and fundamental analysis risk and money management and powerful forex trading strategies. These strategies have proven extremely effective in helping traders play the forex game to win.
JAMES CHEN CTA CMT (Montville NJ) is Chief Technical Strategist at FX Solutions a leading foreign exchange broker. An expert on forex trading and technical analysis he is also a registered Commodity Trading Advisor (CTA) and a Chartered Market Technician (CMT). Mr. Chen writes daily currency analysis leads forex trading seminars and has authored numerous articles on currency trading strategy and technical analysis for major financial publications. These include Forbes.com Futures Magazine Technical Analysis of Stocks and Commodities Magazine and Stocks Futures and Options (SFO) Magazine.[]
The foreign-exchange market is often referred to as the Slaughterhouse where novice traders go to get 'chopped up'. It is one of egos and money where millions of dollars are won and lost every day and phones are routinely thrown across hectic trading desks. This palpable excitement has led to the explosion of the retail FX market which has unfortunately spawned a new breed of authors and gurus more than happy to provide misleading and often downright fraudulent information by promising traders riches while making forex trading 'easy'.
Well I'll let you in on a little secret: there is nothing easy about trading currencies. If you don't believe me then stop by Warren Buffet's office and ask him how he could lose $850m betting on the dollar or ask George Soros why his short yen bets cost him $600m not once but twice in 1994. What's wrong with these guys don't they read FX books?
In reality the average client's trading approach combined with the unscrupulous practices of some brokers make spot FX trading more akin to the games found on the Vegas strip than to anything seen on Wall St. The FX market is littered with the remains of day traders and genius 'systems' and to survive in the long-run traders have to realize that they are playing a game where the cards are clearly stacked against them.
Have you ever had your stop hit at a price that turned out to be the low/high for the day? Bad luck perhaps? Maybe. What if it happens more than once? Do you ever feel like the market is out to get you? Well guess what in this Zero Sum game it absolutely is.
Covering the day-to-day mechanics of the FX market and the unsavoury dealings going on Beat the Forex Dealer offers traders the market-proven trading techniques needed to side-step dealer traps and develop winning trading methods. Learn from an industry insider the truth behind dirty dealer practices including: stop-hunting price shading trading against clients and 'no dealing desk' realities.
Detailing the dealer-inspired trading techniques developed by MIGFX Inc consistently ranked among the world's leading currency trading firms the book helps turn average traders into winning traders; and in a market with a 90% loss rate winning traders are in fact quite rare! More than just a simple manual Beat the Forex Dealer brings to life the excitement of the FX market by delivering insights into some of the greatest trading triumphs and highlighting legendary disasters; all written in an easy to read style.
Make no mistake about it there is a lot of money to be made in currency trading you just have to know where to look. Sidestepping simple dealer traps is one way of improving your daily p&l but it is surely not the only one. Successful trading comes down to taking care of the details which means skipping the theoretical stuff and providing only up-to-date real-life examples while sharing the FX trading tips that have proved so profitable over the years. By stripping away the theory and getting down to the core of trading you too will find yourself on the way to beating the forex dealer![]
Many trading books focus on the technical aspects of market analysis. Others focus on the psychological aspects. This book joins the dots arguing that self-awareness is of fundamental importance in building a methodology adapted to the trader and the instrument he trades.
In walking through the development of his own trading methodology the author provides a turn-key solution adapted to the volatile but highly lucrative regulated Forex market.
Whilst nothing can remove the hard work necessary to become consistently profitable in such a competitive business this book is essential reading for anyone aspiring to build or adapt a robust trading methodology tailored to his own personality and the specific characteristics of the regulated Forex market.
If you absorb and assimilate the principles herein your trading performance will improve radically. It’s as simple as that.[]
