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" offerstraders
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 900ss 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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