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Beat the Forex Dealer: An insider's look into trading today's foreign exchange market (Wiley Trading)

Beat the Forex Dealer: An insider's look into trading today's foreign exchange market (Wiley Trading) [Kindle Edition]

Agustin Silvani
4.6 out of 5 stars  See all reviews (7 customer reviews)

Print List Price: £32.50
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Product Description


"...could help novices avoid much of the pain...a brutall honest appraisal of how currency markets work." (Investors Chronicle, April 24th 2009)

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!

Product details

  • Format: Kindle Edition
  • File Size: 3750 KB
  • Print Length: 236 pages
  • Publisher: Wiley; 1 edition (6 Aug 2009)
  • Sold by: Amazon Media EU S.à r.l.
  • Language: English
  • Text-to-Speech: Enabled
  • X-Ray:
  • Word Wise: Enabled
  • Average Customer Review: 4.6 out of 5 stars  See all reviews (7 customer reviews)
  • Amazon Bestsellers Rank: #184,085 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Customer Reviews

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4.6 out of 5 stars
4.6 out of 5 stars
Most Helpful Customer Reviews
3 of 3 people found the following review helpful
By newtofx
Informative and enjoyable. Anyone considering retail fx (and possibly some other investments) should definitely read this book. The author makes the reader immediately aware of the adversarial relationship between brokers and their clients.

This book clearly and carefully explains the dirty tricks used by retail fx brokers and how to overcome them. Most readers will have experienced the frustrations mentioned in this book and will know how to act differently next time.

It was also refreshing to read a finance book that doesn't peddle a particular company or recommend other books/DVDs in the series at introductory special mega-deal offer (offer expires midnight tonight).

I nearly gave this book 5 stars, but haven't had time to put much of what it has to offer into practice. However, I'm confident that I won't be disappointed.
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1 of 1 people found the following review helpful
5.0 out of 5 stars Read this before you trade FX! 18 Dec 2012
By SB67
Format:Hardcover|Verified Purchase
I have seen the stops being taken out on charts but never understood why. After reading this book and gathering other information on this subject i believe that all retail traders should be aware of why are we constantly told to use stops by our so called friendly FX brokers\spread betting companies.

Agustin has confirmed that we as Retail traders need to know who is playing the other side of our trades, and my conclusion is that it is not us. we are nothing but the big traders\brokers meal ticket.

I recently read "The Asylum: The Renegades Who Hijacked the World's Oil Market" by Leah McGrath Goodman which also gave me a heads up that the other side of trading that the majority of us retail traders do not see is where the real trading takes place.

Do your self a big favour, stop trading,buy this book, read it, then watch you charts for a few weeks, months and watch as the stops get taken out. A good way to see this happen is if you see a quick 1-2 second burst of activity which could have a 1-10 point\pip range or more. These are the stops getting taken out and you will have a good idea of WHY this has happened.

Sun-Tzu:"Keep your friend close and your ENEMIES closer".
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1 of 1 people found the following review helpful
5.0 out of 5 stars excellent 21 April 2011
By Thierry
Format:Kindle Edition|Verified Purchase
Brillant book, It has already made me money and saved me money.Very good, well written and enjoyable.
I'm gonna read it again.
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By Mr. T. White TOP 500 REVIEWER
This book really spells out the essentials which every person who wishes to take a stab at profiting from the fx markets needs to know. The author has painstakingly taken his time to think of all the useful information which everyone, no matter their experience, should profit from. Whereas some of the reviewers here have criticised his elucidation of "stop hunting", there is no doubt that this practice definitely does occur - and with the most useful knowledge gleaned from this book, you should be better informed as to where you should place your stops. That in itself is worth the price of this exceptionally brilliant book. Nonetheless, the author goes into every area of forex with just the right amount of perfectly articulated detail (coupled with many amusing real world parables) that no matter what may be your experience, there'll most surely be something here which you'll learn from.

I could not recommend this book more highly, and even if you are more concerned with gambling on stocks, commodities or indices - there is still so much in this book which will also apply to trading profitably in general, that it should still proudly take front seat in your trading library. Full marks for sure.
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