Forex Revolution: An Insider's Guide to the Real World of Foreign Exchange Trading

Overview

For smart traders, retail Forex trading offers unprecedented opportunities for profit. But these markets have changed dramatically in recent years. To succeed in currency (FX) trading, you need today’s inside knowledge: the new insights and expert skills you’ll find in F orex Revolution, Second Edition. Authored by long-time Forex trader Peter Rosenstreich, this is your complete user’s guide for today’s foreign exchange currency trading (FX) markets. Rosenstreich clears away the myths and secrecy that still ...
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Forex Revolution: An Insider's Guide to the Real World of Foreign Exchange Trading

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Overview

For smart traders, retail Forex trading offers unprecedented opportunities for profit. But these markets have changed dramatically in recent years. To succeed in currency (FX) trading, you need today’s inside knowledge: the new insights and expert skills you’ll find in F orex Revolution, Second Edition. Authored by long-time Forex trader Peter Rosenstreich, this is your complete user’s guide for today’s foreign exchange currency trading (FX) markets. Rosenstreich clears away the myths and secrecy that still accompany currency trading, revealing everything you need to know about trading currency futures, options, swaps, and more. He’s completely updated this widely-praised best-seller to reflect new rules, regulations, platforms, technologies, instruments, and strategies, and the radically different dynamics of today’s global currency markets. You’ll learn the best ways to access FX markets; how to avoid the newest Forex trading dangers and pitfalls; and how to develop the discipline that’s indispensable for successful trading. Packed with never-before-published tips and techniques from leading traders, no other book offers as much unbiased, practical, how-to guidance for profitable Forex trading. Above all, this book tells you the whole truth: how these markets actually work, how to trade, how to manage all the risks, and what it really takes to win. An ideal resource for every equity day trader and savvy retail investor!
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Product Details

  • ISBN-13: 9780132693479
  • Publisher: FT Press
  • Publication date: 3/29/2011
  • Pages: 304
  • Sales rank: 1,183,086
  • Product dimensions: 6.00 (w) x 9.00 (h) x 0.80 (d)

Meet the Author

PETER A. ROSENSTREICH (Geneva , Switzerland ) is Chief FX Analyst for Swissquote Bank. Rosenstreich was formerly Chief Market Analyst for ACM Advanced Currency Markets SA. As market strategist for US derivative exchange HedgeStreet, he helped develop HedgeStreet’s FX and interest rate markets, while also providing strategic coverage. Earlier, he was market strategist for Saxo Bank A/S, Copenhagen, Denmark; portfolio manager for Rose Stevons & Company/Myles Financial; and Associate in Global Corporate Finance at Arthur Andersen Business Advisory LTD in Bangkok, Thailand. He has been quoted and featured in Reuters, Barron's,The Wall Street Journal, The Financial Times, and CNBC, and speaks regularly at major trade shows like The Money Show and Traders Expo. He holds an MBA from Baruch College’s Zicklin School of Business.
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Read an Excerpt

PrefacePreface

I love this market and it never stops amazing me. The foreign exchange market is the ultimate gauge of reality. In a world where it is impossible to quantify the actual significance of an event, the Forex market tries. In my view, just as in chaos theory, the Forex market is always moving from order into chaos and back to order again—and trading on the edge of chaos is the only place I want to be.

What makes foreign exchange trading existing are the underlying themes that drive the market. On the fundamental side, there are geopolitics, governments, societies, macroeconomics, and the behavior of the numerous market participants who vary greatly in objectives and approach. On the technical side, there is a market that seems to move in patterns and with endless liquidity. Life can become repetitive and slow, with some people even saying things like, "There is nothing new," or, "I've seen it all before." And I think, "Yeah, just you wait." As a Forex trader, you have a front-row seat to a world that never stops to amaze and produce the completely unexpected.

I wrote this book as an introduction to Forex trading in a simple and understandable format. It was not produced in response to some slick marketer screaming, "Make money in your sleep," or some academic with a mathematical model so complex that only four people in the world understand it. My intent is to provide a non-biased overview that will let the individual decide which approach to the market suits him or her best. With this knowledge, they can then choose their own advanced education and trading directions. I hope I can inspire aspiring Forexquants and instant traders alike.

To explain Forex trading, I use a blend of real trading experiences, definitions, and methodologies because you need all three to become a successful trader in any market. Trading is never about memorizing how someone else trades; one's strategy must be developed by the individual. Hopefully, with this book, you can take all of this information and begin crafting your own trading models. Good luck trading!

© Copyright Pearson Education. All rights reserved.

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Table of Contents

1. The Truly Modern Market.

A Market for the 21st Century

Opportunity Is Knocking

Everybody’s Talking About It

Endnotes

2. The Currency of Trading in Everyday Life.

A Fact of Life

Keeping Up with the Rates

The Sun Never Sets on Forex

Noodles in the Morning

Laos for Lunch

Odessa at Dusk

Back in a 9-to-5 Market

3. The History of Forex (and Why You Should Care).

The Beautiful Market

Lessons of History

The Roots of Modern Currency

The Clash Between Governments and Markets

Trends That Rocked the Forex World

The Rise and Fall of the Modern Gold Standard

The Rise of the Euro

The Internet Trade Revolution: Banks Hated It, Speculators Loved It, and the Market Demanded It

Seeing the World Through Forex

Endnotes

4. The Basics of Foreign Exchange.

Spot

Quotes

Majors

Cross Rates

Pips

Bid/Ask

Lot

Mini Lot

Basic Tools of Training

Positions

Market Order

Limit Order

Stop Order

Order Cancels Other

Stop-Limit Order

Rollovers

Interest Rate Differentials, or Rollover Charge

Leverage

Controlling Leverage

Initial Margin

Margin Call

Commissions

Graphic: Calculations for the Spot Market

Forex Regulators

SFBC

IDAC

SFC

FSA

ASIC

CFTC and NFA

NFA

Forex Designations

Forex Dealer Members

Futures Commission Merchants

Introductory Brokers

Commodity Trading Advisers

Brokers

Managed Accounts

5. Forex Trading Vehicles.

Forwards and Futures

Options

Swaps

Derivatives and the Forex Market

The Interbank Market

Endnotes

6. Tools and Strategies to Get Started.

Gut Check: What It Takes to Be a Forex Investor

What Are My Investment Goals, and Are They Realistic?

What Is My Capacity for Risk?

Time Investment

Before You Trade

Doing a Test Run

Strategy: Creating an Approach Model

7. Forex from the Inside.

8. Inside a Forex Platform.

Searching for the Right Platform

Doing Your Homework

Retail Platforms

Trading Mechanisms

Hub and Spoke Trading

Request for Quote (RFQ)

Click and Deal

News

Charts

Research

Things to Look Out For

Requotes

Network Connection

Getting the Best Price

Safety

My Trading Room

Information Sources

Important Numbers

Forex Retail Platforms

Protecting Yourself

Avoiding Fraud

The Firm Promises a Free Lunch

The Trader Uses Terminology You Don’t Fully - Understand

The Firm Claims To Trade in the “Interbank Market”

The Firm is Using the Hard Sell via the Internet

The Firm is Vague and Little Information is Available

9. Trading Inside the 24-Hour Storm.

Working Around the Clock

Defining Your Trading Strategy

Contingency Plans

Cut Losers

Pigs Get Slaughtered

Overleveraging and Overtrading

Watch the Markets

Don’t Walk Away

Review the Market

Market Manipulation

Just Because You’re Not Paranoid Doesn’t Mean They Aren’t Out to Get You

Flatline Your Emotions

Trade with Your Personality

Filter Information

Avoid Bias

10. What Moves the Markets: Basic Fundamental and Technical Trading Strategies.

Watch Your Fundamentals

Old Versus Fresh News

Market Movers

Governments

Important Currencies

The U.S. Dollar

The Euro

The Yen

The British Pound

The Swiss Franc

Other Currencies

The Yuan

The Won

The Real

The Rand

The G7

Central Banks

The U.S. Federal Reserve

The European Central Bank

The Bank of England

The Bank of Japan

The International Monetary Fund

Private Financial Institutions

Corporations

Speculators

Monetary Policy and Interest Rates

Inflation

Gross Domestic Product

(Un)Employment

The Beige Book

Government Spending and Taxes

Government Attitude

Equilibrium: “Parity”

Trade Balance

Political and Social Environment

Currency Board or Peg

Subjectivity

Technical Analysis

Determing the Trend

Support and Resistance

Chart Patterns

Fibonacci Pattern

Elliot Wave Theory

Gann Angles

Andrews Pitchfork

Indicators 101

Moving Average

Moving Average Convergence/Divergence (MACD)

Relative Strength Index (RSI)

Stochastic Oscillator

Bollinger Bands (BB)

Parabolic Stop and Reversal (SAR)

Average Directional Index (ADX)

Starter Technical Model

Scalping

Technical or Fundamental?

Endnotes

11. Black Swans and Rogue Traders.

The Inherent Instability in the Forex Market

The Tequila Crisis

The Asian Crisis

Breaking the Bank of England

Interventions

Scams and Rogue Traders

Russia Devalues the Ruble

12. Trends and the Yuan.

Forex Will Not Just Get Bigger; It Will Get More Respect

Globalization and the War on Terror

The Chinese Dragon and the Indian Tiger

ASEAN

The Euro: Can It Hold?

The Growth of Free-Trade Blocks

The U.S. Dollar

Endnotes

Appendix.

Index.

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Sort by: Showing all of 5 Customer Reviews
  • Anonymous

    Posted November 9, 2006

    For Fundi's Only

    This is a HISTORY book, not a how to book. If your a technical trader...DON'T WASTE YOUR MONEY!

    1 out of 1 people found this review helpful.

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  • Anonymous

    Posted September 10, 2007

    knowledge of the growing foreign exchange trading markets that is mostly un-published to the masses

    This book is exactly what I hoped it would be. NOT an 'easy trading success' book 'in fact the author accurately admits that trading month after month is not easy' or a strategy book 'although some basic strategy is mentioned', but rather a book explaining the 'who, what, and why' of the foreign exchange markets, including spot, options, futures, and forwards. There was a bit of confusion in several of the diagrams in the book, and the book is a little repetitive at times, but not often 'which I enjoyed, since I read to learn'. I think this book really is one of a kind knowledge in the realm of mass-market books.

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  • Anonymous

    Posted February 23, 2006

    Great overview and well written

    This was a pretty decent book on forex the author gave a good overview of the forex market,had a section covering interviews with some of the major players in the forex market and how they view the forex market and he also gave about 3 good strategies for trading the forex, one in particular a scalping technique for trading the forex. Overall a decent book and a recommended read.

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  • Anonymous

    Posted January 16, 2006

    Solid Basics

    Author Peter Rosenstreich¿s short, concise guide is a neophyte¿s introduction to the world of foreign exchange trading. Its chief virtue is that it warns against trading if you don¿t have a strategy and some level of technology. Its chief vice is the suggestion that it is realistic for individual investors to expect to make money in the foreign exchange markets. The author cautions against the risks of the market (and gives good advice on spotting the most egregious frauds), but even to suggest that an individual retail trader equipped with an Internet connection, a news feed, a research source and a charting service can hope to succeed in Forex investing is a bit misleading. Perhaps, it would have been more enlightening if the author had discussed the competition that confronts the potentially foolhardy neophyte, in terms of equipment, technology and expertise. That said, readers will gain an elementary - but not really an insider¿s - acquaintance with the ABCs of the Forex markets and will learn the names of key agencies and approaches. We find that the book¿s most useful attributes include references to further reading that should deter novices from attempting to trade their own money in the foreign exchange markets. For solid basics, read on - but zip your wallet.

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  • Anonymous

    Posted August 16, 2005

    Great Book For Newbies

    I really like this book. It gave an nice unbiased overview of this market. Other books on the subject seemed to push their personal agenda and that turned me off. In additional the easy to understand writing style, language, and personal stories made it enjoyable to read.

    Was this review helpful? Yes  No   Report this review
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