Did you know the foreign exchange trading market has a daily volume of over $1.5 trillion? It is the world’s largest financial market and one of the hottest areas of profit potential for individual traders who take the time to learn and understand the keys to success in this area. Getting Started in Currency Trading: Winning in Today’s Hottest Marketplace is one of the best written tools available to teach and explain the specifics of trading on the FOREX profitably.
A trading tool for all levels
It is difficult to create a FOREX trading resource that meets the needs of both beginning traders and experienced traders, but Getting Started in Currency Trading accomplishes this task very well. Beginners can use it as a very thorough introduction to FOREX trading, while more experienced traders will find it to be an extremely helpful reference resource for their trading activities.
The book walks the reader through all aspects of FOREX trading, including:
One of the very helpful features of Getting Started in Currency Trading is the use of step by step instructions as well as screen shots from a typical online trading platform. By combining clear and easy to understand directions with visual examples from each process, the reader can more easily grasp key concepts and comprehend how they apply to FOREX trading.
Getting started is not the same as being successful
Just like most other disciplines and activities, there is a big difference between getting started with something new and becoming skilled enough to be successful at it. FOREX trading is exactly the same way; you can learn and understand the basics of trading in the foreign exchange market, but it takes some practice and experience to be successful and turn a profit trading in the foreign exchange market. These differences, and why they are so important, are discussed quite thoroughly in Getting Started in Currency Trading.
The failure rate for new traders in the foreign exchange market is estimated by some experts to be as high as 85% to 90% - not very favourable odds if you are a beginning trader. Why is the failure rate so high? It is due to a combination of factors, such as the volatility of currency markets, the complexity of some trading strategies, and the inevitable “beginner’s mistakes” that occur, just to name a few. You stand the best chance of being among the successful few if you fully prepare yourself by learning all you can about the FOREX market and tapping into the expertise of more experienced FOREX market traders.
And that’s where Getting Started in Currency Trading can make all the difference between failure and success. It is one of the best resources available to take you all the way through from the basic foundations of the FOREX market to the more advanced strategies and approaches. Some of the topics and areas of discussion in the book include:
Part 1 – This first part of the book discusses how the FOREX market first emerged, and some of the key historical points in its development. It also outlines the very basics of getting started with FOREX trading by explaining what FOREX is, which currencies are traded, how trading prices are determined, what tools are required to trade currencies, the concept of futures and futures contracts, and the like.
Part 2 – This part of the book goes into a lot of detail about what you absolutely must know to trade on the FOREX market. It contains a complete list of key FOREX terms and their definitions, as well as guidance on selecting a reliable broker and setting up your own trading account online. Finally, there is a thorough discussion of the specific steps of a currency trade as well as information about the various calculations you will need to use as part of your trading activities.
Part 3 – This part of the book gets to the heart of FOREX trading, discussing the details and intricacies of fundamental analysis and technical analysis. All of the information is presented with one goal in mind; that is, to give you the tools you must have if you want to profit in the FOREX market. From overall market concepts like balance of trade and gross domestic product to specific technical tools such as charts, trend lines, and analysis, this section of the book contains a great deal of important information.
Part 4 – This part of the book explores the psychological aspects of FOREX trading and how they interact with sound money management practices. The FOREX market moves so swiftly that it is quite easy to fall into the trap of making trading decisions based on emotions rather than a well-conceived trading strategy. Areas discussed in this section of the book include dealing with fear and greed, understanding sound trading tactics, how to respond when your trading performance is not turning a profit, and how to keep detailed records to help with strategy planning and evaluation.
Part 5 – This final part of the book focuses on some of the more advanced topics associated with FOREX trading. Some of the areas discussed include options trading, rollovers, arbitrage, hedging, and more. The concepts presented in this section should be read at least a couple of times to reach full understanding, and reviewed periodically as your level of expertise and experience grows.
Putting the lessons into action
Getting Started in Currency Trading emphasizes a very practical approach to FOREX trading. It starts with gathering the right tools for the task at hand (computer, high speed internet connection, an online account) and then moves into how best to use those tools to generate success. One excellent recommendation made is to spend some time practicing your trading strategies using a demonstration account provided by your FOREX market broker. Most brokers offer some version of this tool, allowing traders to practice using real world information without actually risking any real world money.
The next step is to move into a limited or mini account, again something offered by most brokers in some form. This is an opportunity to practice your trading strategy even more, but this time using limited amounts of real money to get a feel for “the real thing” and the results you achieve. Only after you have become comfortable in this format should you move on to a fully functional trading account.
The very practical nature of this guidance is one of the most useful aspects of Getting Started in Currency Trading. This book does an excellent job of providing in-depth information and explanation about FOREX trading as well as encouraging you to put the information to work for you in a way that allows for making mistakes without costing you huge amounts of money.
An excellent resource for all types of traders
Getting Started in Currency Trading is an excellent resource for all types of traders on the FOREX market. Whether you are an absolute beginner or someone with years of experience, you will find a great deal of useful information in this book. All information is presented in clear, everyday language, and the accompanying screen shots of a typical trading platform help to further enhance your learning.
Once you have entered the world of FOREX trading, you’ll want to keep Getting Started in Currency Trading close at hand to use as an information resource. The discussions of more detailed and advanced FOREX trading activities are well written and will continue to serve as valuable references for many years to come.