An accessible introduction to trading currencies
While the Foreign Exchange (Forex) market can be a very
profitable place, you must have a firm understanding of how to
operate within this environment if you intend on achieving any
success.
That's why you need Getting Started in Currency Trading,
Third Edition. This reliable resource-written for both
newcomers and those with some Forex experience-puts trading world
currencies in perspective, and shows you exactly what it takes to
make it in this field.
* Guides you through the process of opening your own account as
well as the actual placing and managing of currency orders
* Offers specific trading strategies and tactics
* A companion Web site will provide updates on brokers and FOREX
services; an author's Blog will answer your questions about all
aspects of trading
* Includes a new chapter on Forex trading platforms
* The often confusing FOREX calculations are reduced to handy
computer-side tables
On the heels of the recent market crash, this fully revised
Third Edition is filled with in-depth insights and practical
advice that takes into account all of the recent changes in the
currency market and shows you how to profit from them.
Autorentext
Michael Duane Archer has been an active commodity futures and Forex trader for over thirty years. He has worked in various advisory capacities, notably as a commodity trading advisor and an SEC-registered investment advisor. Archer hosts the Forex Web site, www.goodmanworks.com. He is also the author of the first two editions of Getting Started in Currency Trading, as well as Getting Started in Forex Trading Strategies, and coauthor of The Forex Chartist Companion, Charting the Major Forex Pairs, and Forex Essentials in 15 Trades, all published by Wiley.
Zusammenfassung
An accessible introduction to trading currencies
While the Foreign Exchange (Forex) market can be a very profitable place, you must have a firm understanding of how to operate within this environment if you intend on achieving any success.
That's why you need Getting Started in Currency Trading, Third Edition. This reliable resource-written for both newcomers and those with some Forex experience-puts trading world currencies in perspective, and shows you exactly what it takes to make it in this field.
- Guides you through the process of opening your own account as well as the actual placing and managing of currency orders
- Offers specific trading strategies and tactics
- A companion Web site will provide updates on brokers and FOREX services; an author's Blog will answer your questions about all aspects of trading
- Includes a new chapter on Forex trading platforms
- The often confusing FOREX calculations are reduced to handy computer-side tables
On the heels of the recent market crash, this fully revised Third Edition is filled with in-depth insights and practical advice that takes into account all of the recent changes in the currency market and shows you how to profit from them.
Inhalt
Introduction.
About This Book.
How This Book Is Organized.
Companion Web Site.
Disclaimer.
PART 1: THE FOREIGN EXCHANGE MARKETS.
Chapter 1: The FOREX Landscape.
IntroductionWhat Is FOREX?
What Is a Spot Market?
Which Currencies Are Traded?
Who Trades on the Foreign Exchange?
How Are Currency Prices Determined?
Why Trade Foreign Currencies?
What Tools Do I Need to Trade Currencies?
What Does It Cost to Trade Currencies?
FOREX versus Stocks.
FOREX versus Futures.
Summary.
Chapter 2: A Brief History of Currency Trading.
Introduction.
Ancient Times.
The Gold Standard, 18161933.
The Fed.
Securities and Exchange Commission, 19331934.
The Bretton Woods System, 19441973.
The End of Bretton Woods and the Advent of Floating Exchange Rates.
International Monetary Market.
Into the Millennium.
Arrival of the Euro.
The CFTC and the NFA.
Summary.
Chapter 3: Two Ways to Trade FOREX.
IntroductionFutures Contracts.
Currency Futures.
Contract Specifications.
Currencies Trading Volume.
U.S. Dollar Index.
Volume and Open Interest.
Where to Trade.
FOREX Futures.
Summary.
PART 2: GETTING STARTED.
Chapter 4: Regulation: Past,Present, and Future.
Regulation in the FOREX Market.
Regulation Past.
Regulation Present.
Regulation Future.
Summary.
Chapter 5: The FOREX Lexicon.
Currency Pairs.
Major and Minor Currencies.
Cross Currency.
Exotic Currency.
Base Currency.
Quote Currency.
Pips.
Ticks.
Margin.
Leverage.
Bid Price.
Ask Price.
Bid-Ask Spread.
Quote Convention.
Market Maker and ECN.
Transaction Cost.
Rollover.
Summary.
Chapter 6: Trading Tables.
Pips.
Profit and Loss.
Margin.
Leverage.
The Bid-Ask Spread.
Profit Threshold.
For Futures Traders.
Summary.
Chapter 7: A Guide to FOREX Brokers.
Broker-Dealer Due Diligence.
Demo Accounts.
Market Maker or ECN?
FCM or IB?
Platform Capabilities.
Trading Tools.
The Trader's Desktop.
News.
Platform Stability and Backbone.
Historical Data.
Data Feed.
Orders.
Margin Requirements.
Order Backup.
Account Minimums.
Pairs, Crosses, and Exotics.
Deposits and Withdrawals.
Transaction Costs.
Trading Hours.
Customer Service.
Documentation.
Requoting.
Stop Harvesting.
Ballooning Spreads.
Financials.
Rollovers and Interest.
FOREX Broker-Dealers.
Popular Broker-Dealers.
The Big Three.
For the Professional.
Fraud, Scams, and Off-Exchange.
Broker-Dealer Due Diligence Form.
Summary.
Chapter 8: Opening a FOREX Account.
Account Types.
Opening the Account: Steps.
Summary.
Chapter 9: Making the Trade.
Orders.
Market Orders.
Limit Orders.