Beat the Forex Dealer: An insider's look into trading today's foreign exchange market (Wiley Trading) |  | Author: Agustin Silvani
Publisher: Wiley
Category: Book
List Price: $60.00
Buy New: $28.67
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Seller: sbd-
Rating:  32 reviews
Sales Rank: 91,858
Media: Hardcover
Pages: 236
Number Of Items: 1
Shipping Weight (lbs): 0.8
Dimensions (in): 9.2 x 6.1 x 1
ISBN: 0470722088
Dewey Decimal Number: 332.45
EAN: 9780470722084
ASIN: 0470722088
Publication Date: November 24, 2008
Availability: Usually ships in 1-2 business days
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Product Description
The foreign-exchange market is often referred to as the Slaughterhouse where novice traders go to get 'chopped up'. It is one of egos and money, where millions of dollars are won and lost every day and phones are routinely thrown across hectic trading desks. This palpable excitement has led to the explosion of the retail FX market, which has unfortunately spawned a new breed of authors and gurus more than happy to provide misleading and often downright fraudulent information by promising traders riches while making forex trading 'easy'.
Well I'll let you in on a little secret: there is nothing easy about trading currencies. If you don't believe me then stop by Warren Buffet's office and ask him how he could lose $850m betting on the dollar or ask George Soros why his short yen bets cost him $600m not once but twice in 1994. What's wrong with these guys, don't they read FX books?
In reality, the average client's trading approach combined with the unscrupulous practices of some brokers make spot FX trading more akin to the games found on the Vegas strip than to anything seen on Wall St. The FX market is littered with the remains of day traders and genius 'systems,' and to survive in the long-run traders have to realize that they are playing a game where the cards are clearly stacked against them.
Have you ever had your stop hit at a price that turned out to be the low/high for the day? Bad luck perhaps? Maybe. What if it happens more than once? Do you ever feel like the market is out to get you? Well guess what, in this Zero Sum game it absolutely is.
Covering the day-to-day mechanics of the FX market and the unsavoury dealings going on, Beat the Forex Dealer offers traders the market-proven trading techniques needed to side-step dealer traps and develop winning trading methods. Learn from an industry insider the truth behind dirty dealer practices including: stop-hunting, price shading, trading against clients and 'no dealing desk' realities.
Detailing the dealer-inspired trading techniques developed by MIGFX Inc, consistently ranked among the world's leading currency trading firms, the book helps turn average traders into winning traders; and in a market with a 90% loss rate winning traders are in fact quite rare! More than just a simple manual, Beat the Forex Dealer brings to life the excitement of the FX market by delivering insights into some of the greatest trading triumphs and highlighting legendary disasters; all written in an easy to read style.
Make no mistake about it there is a lot of money to be made in currency trading, you just have to know where to look. Sidestepping simple dealer traps is one way of improving your daily p&l, but it is surely not the only one. Successful trading comes down to taking care of the details, which means skipping the theoretical stuff and providing only up-to-date, real-life examples while sharing the FX trading tips that have proved so profitable over the years. By stripping away the theory and getting down to the core of trading, you too will find yourself on the way to beating the forex dealer!
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| Customer Reviews:
Showing reviews 1-5 of 32
 Good perspective November 18, 2008
Sue
22 out of 22 found this review helpful
Unlike most Forex books, this does not reiterate basic strategy and definitions. Rather, it assumes that the reader knows the basics, and concisely reveals how the Forex dealers can use those strategies against the reader. The author's material corresponds well to common complaints from traders worldwide (check out Forex trader blogs at any website). The graphs are well-laid out, and helpful for elaborating on the counter-strategies described by the author. A quick read, but surely complex enough for re-reads. I cannot comment on whether the author's strategies will indeed ensuring "beating the dealer" (have not tested them yet), but I think that revealing how the Forex establishment can take advantage of traders will make readers more cautious, and less trusting. Should be part of any advanced beginner's library.
Know the REAL forex game. February 8, 2009
Midnight Toker (Coventry, RI)
27 out of 29 found this review helpful
This is easily the most valuable book of the nearly dozen or so I've read. Have you ever wondered why the market moves against you when you follow text book technical set ups that every trading manual states you should? It's because the brokers and dealers know you will and actively go after your position. It's obvious to me now but before reading this book I didn't know MY broker was out to aggressively take my money.
This book has given me a whole new view of forex trading and because of it I've stopped scratching my head and begun to make gains. I know the real game now and have adjusted my trading to take advantage of it.
Trader Beware April 21, 2009
Andrew T. Adams (Tampa, FL)
9 out of 9 found this review helpful
I would recommend this book to anyone considering foreign exchange trading--preferably before a single position is ever opened. Agustin Silvani's work has opened my eyes to the seedy, shady "tricks" of the forex dealer trade. After only a few pages, it is easy to see why the spot currency market is where unknowing, novice traders are preyed upon by the "sharks" of the business. There are many reasons why most forex traders fail, and it certainly does not help that dealers are often on the other side of the trades. The smart investor/trader can profit in this zero-sum game, but he or she must be prepared. I believe this book is the "shark cage" every trader needs.
The strategies presented are designed to help the reader begin thinking like the "big money" that controls the market. I was able to lock up 50 quick pips earlier this month trading the NFP announcement. The market behaved in an almost textbook manner, and it was all outlined in this book. Why trade with the frustrated losers, when you can become a shark yourself. Take notes and practice the techniques outlined, and results should naturally follow. Nothing works all the time, but you will definitely have more or a chance to profit if you are prepared.
The only Forex book I love to read! October 11, 2009
Mok Yat Lam (Hong Kong)
7 out of 7 found this review helpful
This is my first time writing comments in Amazon, as I can't stop myself to express my happiness after reading this book.
I've traded Forex about 3 years and had lost a lot of money. After reading this book, I really knew that what happened for my Forex trading skills, and how to beat the dealer (as the title of this book).
The author mentioned many times that a trader should think as a dealer, which inspired me what mistakes I had made and knew there are a lot of tricky traps in Forex market. The topics like "All About Stops", "Trading the FED", "Fading News", "Big Figure Trade", "The Friday to Sunday Extension" etc are all invaluable to me and I am sure no other books have mentioned such skills / experiences.
I started to win money (even not yet recovered all my lost) after reading this book. I love it very much! Thank you Agustin Silvani! You are really an insider!!! You are the best! And, thanks a lot for sharing your great experience with your readers!
Cheers!
great find November 14, 2008
Don S (Barca)
7 out of 8 found this review helpful
as someone that has read a lot of fx books out there, i thought it was an honest and straight-forward look at the way fx markets work and thoughts on why most traders fail. if you're looking for a basic how-to guide this is not it, but a refreshing take on trading from someone with an actual track record it seems.
trying to add some of the hedge fund techniques he preaches to my own trading, we'll see how it goes..
Showing reviews 1-5 of 32
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