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12
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Essentials of Foreign Exchange Trading
Wed, Mar 11 2009, 12:22 GMT
by FXstreet.com Team
About the Author
James Chen, CTA, CMT is Chief Technical Strategist at FX Solutions, a leading foreign exchange broker. An expert on forex trading and technical analysis, he is also a registered Commodity Trading Advisor (CTA) and a Chartered Market Technician (CMT).
Mr. Chen writes daily currency analysis, leads forex trading seminars, and has authored numerous articles on currency trading strategy and technical analysis for major financial publications.
James also is the speaker of many Live sessions at FXstreet.com.
His feature articles have been published in:
- Forbes.com
- Futures Magazine
- Technical Analysis of Stocks and Commodities Magazine
- Stocks, Futures and Options Magazine
- Forbes Media's Investopedia
Mr. Chen graduated from Tufts University with a degree in social psychology, and has been a currency trader and analyst since the inception of the retail forex market.
He writes a blog at FXstreet.com: FX Path
Book Synopsis
This currency trading book provides readers with real, practical information on how to trade the foreign exchange market effectively. It begins by covering introductory information on the forex market, including basic trading mechanics and the benefits of forex trading, and then goes on to describe specific currency trading methods and skills in step-by-step detail.
This includes highly practical information on technical and fundamental analysis, risk and money management, and powerful forex trading strategies. These strategies have proven extremely effective in helping traders play the forex game to win.
Book Reviews
"Have you heard of Forex trading and wanted to know more? Congratulations! Chen’s book is the perfect source of knowledge for those who haven’t ever trade currencies. Clearly explained, Chen’s easy to read style shows that he knows what professional currency trading is, focusing on the important aspects that every trader should know.
The book covers all important Forex trading related topics. After reviewing the very basic aspects and the origins of foreign exchange trading, Chen dedicates two chapters to the main analytical tools used by Forex traders, technical and fundamental analysis. Following that there’s a chapter presenting a complete guide of trading methods and strategies, which allows to understand concepts such as swing trading, backtesting or point and figure charts. The last chapter is devoted to money management as well as psychological trading elements; those topics are usually omitted in this kind of books though they’re key to successful trading.
Its reading is very pleasant and includes complete summaries at the end of every chapter, which are really useful; also some chapters contain valuable interviews and quotes from professional traders such as Joseph Trevisani or Ed Ponsi. I have only missed a more detailed explanation of technical indicators description (no maths in this book); and it would have been a good idea to include an Internet resources page, specially in the Fundamental Analysis chapter.
Personally I have read a lot of Forex trading books and I’m pretty sure that Essentials of Foreign Exchange Trading is one of the most comprehensive and readable books about Forex trading, which makes it the perfect book for the beginner Forex trader; also professional traders will benefit from its reading, refreshing basic concepts.
But if you’re looking for the Holy Grail strategy this is not the right book, as the author’s intention is only to show what is Forex trading, providing all of the most essential tools to start developing your own trading strategy."
Alberto Muñoz, FX advisor at FXstreet.com
Book Details
- Paperback: 221 pages
- Publisher: Wiley (March 9, 2009)
- ISBN-10: 0470390867
- ISBN-13: 978-0470390863
- Product Dimensions: 8.9 x 6 x 0.8 inches
Click the image below to purchase this book
Published on Wed, Mar 11 2009, 12:22 GMT
FXstreet.com
| Portaferrissa 7, 1r 2a, Barcelona 08002, Catalonia - Spain
http://www.fxstreet.com | forex@fxstreet.com
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
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