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Book: Beat the Forex Dealer: An insider's look into trading today's foreign exchange market (Wiley Trading) :: Book
Date: Thursday, 08 January, 2009 :: 19:49
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Beat the Forex Dealer: An insider's look into trading today's foreign exchange market (Wiley Trading)
List Price: USD $60.00
from USD $32.83
Product Group: book
Manufacturer: Wiley
Studio: Wiley
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Editorial Review: Product Description
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!
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Reviews:
Average Customer Review: 
Summary: Good Book In A Very Uncrowded Field
Date: 2009-01-08 - 
Comment: I will admit, this is a good book. From the at times harsh skepticism of the introduction (the skepticism, of course, is well founded), to the interesting tidbits of the final chapters, this is a pretty good book about Forex. It skips the obvious BS I've seen in most volumes, and gets right to the nitty-gritty.
But is it a 5 star book? Nope. Not at all. In fact, I would give it 3 stars if it weren't for the fact that there is such a dearth of good reading in the Forex arena!
I will admit that there are some good tips in here, and it is well written and features some actual setups and examples. A little pricey for what it is, but then that's pretty common in the world of trading books. Note to fledgling Forex authors out there: Get to work! We'd love to hear from you!
2 of 2 people found the following review helpful:
Summary: A Must Have!
Date: 2008-12-24 -
Comment: Other reviewers have already well articulated my sentiment and I just want to echo what others have said in that:
"DO NOT TRADE FOREX BEFORE READING THIS BOOK!"
1 of 1 people found the following review helpful:
Summary: "Don't day trade without it!"
Date: 2008-12-23 -
Comment: Before you even think of trading the forex market, read this book. Augustin has revealed what really goes on in most of the retail trade for the day trader. I loved every part of it.
Finally, somebody has some, and told the truth about many of the retail dealers in this industry. Even better, he shows you how to overcome a lot of their shoddy practices. A true "eye opener" that will bring tremendous clarity to your trading style.
Ignore the dealers that will ultimately give rebuttal reviews here. They do the same thing in the forums to keep the unknowing traders off their backs. They're always giving lame excuses and trying to fix their so-called platform issues. What a joke.
This is a great book for traders on any level. One that you will thoroughly appreciate and enjoy.
2 of 3 people found the following review helpful:
Summary: Wonderful book
Date: 2008-12-17 -
Comment: This book should be a must for every intraday trader that already has some knowledge of the forex market,although you will not get a clear cut trading strategie out, you will find out what goes on behind the scene at your broker and how to avoid their pitfalls
1 of 2 people found the following review helpful:
Summary: Outsanding book
Date: 2008-12-06 -
Comment: This is an outstanding book, particularly relevant in this time of turmoil in the markets. Is a type of book which you very seldom find. The author is on your side and this is very helpful during this unique period of such an incredible volatility. The book help you to better understand how the market works and how to take advantage of that.
BM
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