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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
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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