Readers reviews of FX TRADING

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The Foreign Exchange market is the largest and most liquid in the world. It offers many opportunities and retail traders have been increasingly attracted to the possibilities. The market has some very different and unique characteristics. While trading skills developed in the stock market can be transferred to the FX market, there are also a range of different techniques which should be applied.

This is the book you should read before even considering the FX market. This book is an excellent guide and workbook for the real trading of FX markets. The book gives an excellent coverage of the mechanics of FX trading. The structure of quotations, the measurement of movements in pips rather than ticks and the way quote providers determine their spreads are essential reading for those considering entering this market.

The FX market is complex and the book does an excellent job of explaining this complexity in a clear and structured manner. The authors also highlight  the differences that can cause significant problems for traders who come from the equity markets. Having these areas highlighted and explained is a significant advantage.
This is a large market that is dominated by institutional trading. His discussion of the trading styles, methods and techniques used at the big end of town is essential reading. This is the background against which the retail trader operates. Understanding this environment is essential and my preference is to read this chapter before reading the who’s who chapter. Douglas does an excellent job of identifying the characteristics and the focus in this market. The type of trading opportunity available to retail traders is quite different and we need to develop specialist tactics to take advantage of this.

The FX Trading Strategy chapter provides an excellent starting point for strategy development. He shows how the trading screens and platforms available to retail traders are used. He also includes excellent discussion of money management software tailored to the FX market. The FX market is not just another market in the universe of trading opportunities. It is a specialist market with different rules, structures and problems. This is an excellent coverage of the way the retail trader can approach this market successfully.

 

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