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| Beat the Forex Dealer |
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!