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The Little Book of Currency Trading: How to Make Big Profits in the World of Forex PDF, ePub eBook


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Title: The Little Book of Currency Trading: How to Make Big Profits in the World of Forex
Author: Kathy Lien
Publisher: Published December 1st 2010 by Wiley (first published January 1st 2010)
ISBN: 9781118018415
Status : FREE Rating :
4.6 out of 5

10106503-the-little-book-of-currency-trading.pdf

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An accessible guide to trading the fast-moving foreign exchangemarket The foreign exchange market, or forex, was once dominated byglobal banks, hedge funds, and multinational corporations, but thathas all changed with Internet technology and the advent of onlineforex brokers. Now, hundreds of thousands of traders and investorsaround the world can participate in this profit An accessible guide to trading the fast-moving foreign exchangemarket The foreign exchange market, or forex, was once dominated byglobal banks, hedge funds, and multinational corporations, but thathas all changed with Internet technology and the advent of onlineforex brokers. Now, hundreds of thousands of traders and investorsaround the world can participate in this profitable field. Written by forex expert Kathy Lien, The Little Book ofCurrency Trading will show you how to effectively invest andtrade in today's biggest market. Page by page, she describes themultitude of opportunities possible in the forex market, fromshort-term price swings to long-term trends, and details practicalproducts that can help you achieve success, such as currency-basedETFs. Explains the forces that drive currencies and providesstrategies to profit from them Reveals how you can use various currencies to reduce risk andtake advantage of global trends Examines financial vehicles that can help you make moneywithout having to monitor the market every day The Little Book of Currency Trading opens the world ofcurrency trading and investing to anyone interested in enteringthis dynamic arena.

30 review for The Little Book of Currency Trading: How to Make Big Profits in the World of Forex

  1. 4 out of 5

    InvestingByTheBooks.com

    This is partly an introduction to the foreign exchange (FX) market, partly a glance at a currency trader’s strategy. Kathy Lien, today Director of Currency Research at Global Forex Trading, has a long history in FX from DailyFX.com and JP Morgan Chase. My major learning from the book is that though trading in FX is similar to trading in equities – it still isn’t exactly the same. Let’s start with the differences. Most traders only trade the really liquid currencies such as the USD, the Yen, GBP, This is partly an introduction to the foreign exchange (FX) market, partly a glance at a currency trader’s strategy. Kathy Lien, today Director of Currency Research at Global Forex Trading, has a long history in FX from DailyFX.com and JP Morgan Chase. My major learning from the book is that though trading in FX is similar to trading in equities – it still isn’t exactly the same. Let’s start with the differences. Most traders only trade the really liquid currencies such as the USD, the Yen, GBP, Swiss Francs plus Australian and Canadian Dollars. The currency pairs that these currencies make up can be traded 24 hours a day, during the full week. Currencies are more trending than many other assets and especially so in times of economic distress and large interest rate changes, hence the majority of investors are momentum investors – further strengthening the trends. Even though the technical analysis of FX-markets is similar to that of the equity market, volume indicators cannot be used due to the fact that the trading is done OTC and on top of that the time horizons, on average, are shorter because of the amounts of leverage used. Now for the similarities: To cut losses quickly and let winners ride is by now almost a cliché but it is even more relevant for FX-traders as the momentum effects are stronger. Risk management is the key for survival. According to Lien you shouldn’t risk more than 5 to 10 percent of your account on one trade (daring...). In terms of exit strategies stop-losses are almost universally used. In trading the concept of probabilities is crucial. Lien echoes the old trading advice to only put on trades with a 2-to-1 risk-reward-ratio, i.e. only do trades where you judge the upside to be twice as large as the potential downside. By this your hit- ratio doesn’t have to be spectacular. Lien advices FX-traders to keep a trading log noting the basics of the trades plus your own comments on what went right or wrong. She further advices to find a time each week to review those trades and the comments to try to spot how the process could be improved. However, only make changes in reaction to consistent, frequent mistakes. Lien both day-trades on news and trades on medium term trends. I will leave the day-trading by, but the considerations she points to are fairly similar to trading on quarterly corporate earnings. The author’s favourite tool in analysing the trend is double Bollinger bands. The two intervals are created by first calculating the 20 week rolling average of price movements and then create the first band 1 and 2 standard deviations above the average and the other in parallel below the average. When a currency pair is trending strongly they will keep within one of the bands. Exits could be made when prices exit the bands, but Lien instead uses a two tiered strategy where she first locks in some profits and then lets the remaining position run with a trailing stop-loss. I might be in over my head here but it strikes me as a perfectly reasonable strategy. Lien appears to be a very energetic person and she has written two previous books on trading in the FX-markets. My guess is that those two might be better. This “little book” is neither a very thorough introduction of the market nor a sufficiently deep account of Liens trading practice. I would choose to focus more on the later as the author does have a lot of god advice to give. Not least do I appreciate her commenting on the importance of having the ability to distinguish between range bound markets and trending markets and of having the patience and psychological maturity to stay out of the first. What is good with many of the books in the Little Book-series is that they are not merely short introductions to subjects on the financial markets; they are – when the format is at its best - the distillation of very seasoned persons hard won experiences in the market. This one has too much of a beginner’s guide feel to it.

  2. 5 out of 5

    Andrecrabtree

    The “little books” are like a more dressed up version of “Idiot’s” guides or “for Dummies” books. They give you a look at a topic in very broad brush strokes. Very broad. But not enough to really get involved in the subject matter. What I’ve found is that the author of one of these books usually has written other books that go deeper into the subject matter. Skip these introductory books and go for the deeper book.

  3. 4 out of 5

    Orhun

    "Aptallar için Forex" olarak da adlandırılabilecek, en temel bilgileri ve indikatörleri, en basit şekliyle anlatan güzel bir kitap. Gerçek para ile işleme geçmeden önce demo hesabın düzenli kullanımını teşvik etmesi ile gönülleri de kazanıyor.

  4. 5 out of 5

    Carol

    This is a great book for beginners. Easy to read and understand.

  5. 4 out of 5

    Jose Mari

    Even if you do not trade forex, this is useful reading

  6. 5 out of 5

    David Donhoff

    Meh... some good anecdotes, and some accurate market basics... but otherwise very lightweight on meat. I had picked this book up on the expected value momentum after reading 'The Little Book of Trend Following" which was just outstanding... but alas, clearly the franchise publishers weren't able to reproduce the magic. STILL... for a markets novice, this really isn't bad... in the same manner that for the starving, unseasoned kosher bologne 'isn't bad.' If you're even a biteful beyond starving, th Meh... some good anecdotes, and some accurate market basics... but otherwise very lightweight on meat. I had picked this book up on the expected value momentum after reading 'The Little Book of Trend Following" which was just outstanding... but alas, clearly the franchise publishers weren't able to reproduce the magic. STILL... for a markets novice, this really isn't bad... in the same manner that for the starving, unseasoned kosher bologne 'isn't bad.' If you're even a biteful beyond starving, though, you don't want to pick it back up again.

  7. 5 out of 5

    Hal

    I am an experienced trader and picked up this book just to see what Kathy Lien had to say about forex trading. Actually I thought it was fairly good. She gives an overview of what forex is like and covers the important things new traders should pay attention to in order from blowing up their accounts like so many do. And they probably will anyway. The couple of methods she highlights are simple yet effective if conducted in the ways she lays it out. A good brief book on trading that gets to the I am an experienced trader and picked up this book just to see what Kathy Lien had to say about forex trading. Actually I thought it was fairly good. She gives an overview of what forex is like and covers the important things new traders should pay attention to in order from blowing up their accounts like so many do. And they probably will anyway. The couple of methods she highlights are simple yet effective if conducted in the ways she lays it out. A good brief book on trading that gets to the point and a solid foundation for starting.

  8. 4 out of 5

    Owen

    A bit wordy whilst getting to the point sometimes. Ultimately a basics guide plus a good idea in the double bollinger band system. I tried it but wasn't successful and have gone for something simpler which works better. A good intro book with a tradeable system at the end for those getting into the game.

  9. 4 out of 5

    Brad Mills

    This was an excellent summary of the forex industry. I was looking for a starters guide that would tell the story of how the forex market started, explain the philosophy behind why the forex market exists, and also teach me about different trading methods. If you don't know much about Forex, this is an excellent place to start.

  10. 4 out of 5

    Carolyn

    This should have been my first book to read about forex. Technical analysis is discussed on a lighter approach. The rest teaches the reader how forex works: effect of news, currency inflation etc.

  11. 4 out of 5

    Billy McCoy

    excellent beginners book for currency trading

  12. 4 out of 5

    Huggiworld

    Great book: easy to read book that put Forex in layman's language.

  13. 4 out of 5

    Ivan Aguilar

    Good book to step into the forex world, it makes emphasis on the importance of information and preparation giving different anecdotes and analogies.

  14. 5 out of 5

    Waffles

  15. 5 out of 5

    Richard

  16. 5 out of 5

    Sergey Andriets

  17. 5 out of 5

    Talal AlTamimi

  18. 4 out of 5

    Ben Barker

  19. 5 out of 5

    Ben Edmunds

  20. 4 out of 5

    Vikram Dhand

  21. 5 out of 5

    Ben

  22. 5 out of 5

    Michael Cheong

  23. 4 out of 5

    Pius Tan

  24. 5 out of 5

    Dave

  25. 5 out of 5

    Todd Andress

  26. 4 out of 5

    Reggie La Boe

  27. 5 out of 5

    Braden Dalton

  28. 5 out of 5

    Timmy Maddison

  29. 4 out of 5

    Christina Marshall

  30. 4 out of 5

    Rejoy

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