Being new to the foreign currency markets I found this book about the complete idiot's guide to foreign currency trading to be very good at answering the questions that I didn't know or was too embarassed to ask anyone. Clearly written, I think it is a must read for anyone that is thinking about trading currencies, or anyone who has traded currencies but may still have questions.
This is the most helpful book that I found about currency trading. I was a little hesitant to buy it since it only had some critical review, but I bought another "idiot's guide" book for something different and thought I'd try this one out. It has explained currency trading, and definatley broke the trade down to the simplist level.
I also bought currency trading for dummies, and that book is not as helpful. The jargon with "dummies" is to advanced for beginning traders. Idiot's guide breaks currrency trading down for the average "joe." I can't wait to see results of "complete idiot's guide to foreign currency trading''.
The complete idiot's guide to foreign currency gives you an overview of Forex and who trades it. You'll find a history of how Forex started, an overview of the key terms you need to know and how to find the most current information about currency on the internet and in other print publications as well.
You'll find an entire chapter on why currency changes value including discussions about economics and business cycles, political developments, changes in interest rates, international stock news, inflationary expectations, international investment patterns and policies adopted by Governments and Central Banks. We also discuss how you as a trader can take advantage of these changes.
Next we cover the eight key currencies you can consider trading as a new trader and then talk about the risker emerging country currencies to watch after you have more experience and decide you want to take on more risk.
After that there are four chapters on trading basics you need to know - trading platforms, hardware and software; basics of technical analysis (don't expect to learn how to do technical analysis with this book - it's just an intro - that is a book in itself), fundamental analysis, and the risks you face as a Forex trader. The major useful advice I could come up with is his recommendation to cover a loss at a 30 pip decline, and shoot for a 100 pip profit.
Fianlly we look at the tools you can use for trading including how to deveop your money strategies and how to place orders. We do use co-author Gary Tilkin's software, which is available on the CD Rom included with the book, with sample trades but recommend others that can be accessed on the internet as well. Other chapters discuss using mini accounts, managed Forex and trading systems, and how to avoid money fraud.
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