Beat the Forex Dealer
An insider's look into trading today's foreign exchange market
Wiley Trading Series
1. Edition October 2008
2008. 236 Pages, Hardcover
ISBN 978-0-470-72208-4 - John Wiley & Sons
E-Books are also available on all known E-Book shops.
The foreign-exchange market is often referred to as the Slaughterhouse where novice traders go to get â??chopped upâ?(tm). 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 â??easyâ?(tm).
Well Iâ?(tm)ll let you in on a little secret: there is nothing easy about trading currencies. If you donâ?(tm)t believe me then stop by Warren Buffetâ?(tm)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. Whatâ?(tm)s wrong with these guys, donâ?(tm)t they read FX books?Â Â Â
In reality, the average clientâ?(tm)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 â??systems,â?(tm) 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 â??no dealing deskâ?(tm) realities.
Detailing the dealer-inspired trading techniques developed by MIGFX Inc, consistently ranked among the worldâ?(tm)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. 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!