New to FX Trade

ignore the ironic part it was not addressed to you ;-)

To be honest I do not know of a single additional book on foreign exchange that would be worth reading. I can give you couple titles in regards to fx options but straight cash fx, not really. Simple reason being (my guess at least) is that most of trading currencies is about being on top of things in regards to economic releases, understanding the implications, getting a very sharp grasp of the expectations of the same by market participants, where big orders/stops rest, where barriers lie, and understanding motivations by central bankers, regulators, and politicians. Its a challenging line of business but also a very rewarding one mentally as well as monetarily if you pay attention to the market internals rather than wasting time on chart patterns, indicators, watching and listening to what those have to say that are not directly invested in this business.

Good luck!!! (a bit of it does not do any harm)


Quote from AnsonLuo:

Sorry, buddy, it was my bad to forget to reply your post. But I did take your recommendation seriously, thank you so much for introducing this handful book to me. I haven't read through all of it yet, but what I found so far is that it explains the whole picture of FX trading very well, which is what I really want to grasp. I don't like to be digging into details without knowing the big picture, which is the way I think appropriate and most efficient to start the business.

I am suddenly getting into FX because I am preparing Automated Trading Championship which is to trade FX. I could just do some scalping strategy ignoring the macro environment of the underlying, but I believe it is not best way to trade.
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Quote from JamesL:

babypips.com - excellent resource for beginners
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This!

Their school section is fantastic. They even have a testing and quiz module recently added so you can test how well you're understanding things.
 
well, I finished the book. Don't get me wrong, If anyone ever again asks me how to get started That is the book I will reccommend.

The first third is very informative, not only for forex traders but also for new bond traders and stock traders.

But the second two thirds is the usual crap you can read on ET and countless books.

No wonder 95% of all traders lose.

They all think the same way.

Thank g-d for kindle, you can skip through it at an amazing clip one click at a time (very rapidly.)
 
Quote from oldtime:

well, I finished the book. Don't get me wrong, If anyone ever again asks me how to get started That is the book I will reccommend.

The first third is very informative, not only for forex traders but also for new bond traders and stock traders.

But the second two thirds is the usual crap you can read on ET and countless books.

No wonder 95% of all traders lose.

They all think the same way.

Thank g-d for kindle, you can skip through it at an amazing clip one click at a time (very rapidly.)
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Not for nothing but part of being able 'think differently' when finding ways to extract money from the markets is understanding (fully) what the majority think and why they think that way. You are playing off their actions after all.
 
Quote from Jack_Larkin:

Not for nothing but part of being able 'think differently' when finding ways to extract money from the markets is understanding (fully) what the majority think and why they think that way. You are playing off their actions after all.
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well said, yes, point well taken

what was that the man said?
Keep your friends close, but keep your enemies closer

You make a good point, understanding what most people are going to do can be valuable

The one eye opening thing I got from the book was that, according to 2010, 90% of all forex trade is just speculators (worldwide) and only 10% are true hedgers.
 
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