All of the information needed to side-step dealer traps and learn the trading techniques of one of the world’s leading currency trading firms. 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. The FX market is referred to as the Slaughterhouse where traders routinely 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 often misleading and downright fraudulent information where traders are promised riches by authors promising to make forex ‘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 and ask George Soros why his short yet bets lost him $600m not once but twice in 1994. Have you ever had your stop/hit at a price which turns 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. 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, and for me the only way to do this is to provide, up-to-date, real-life examples, and sharing the FX trading tips that have proved so profitable over the years. In the end it’s my hope that 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! The purpose of this book is twofold. First, by explaining the day-to-day mechanics of the FX market and pointing out some of the more unsavory dealings going on in the retail side, I hope to make evident for the reader the risks and rewards involved in currency trading. The second is to turn average traders into winning traders. ‘Average’ traders are losing traders, winning traders are in fact quite rare. But by highlighting some market proven trading tricks, I hope to give traders an initial ‘leg-up’.
Book Details:
- Author: Agustin Silvani
- ISBN: 9780470687697
- Year Published: 2009
- Pages: 236
- BISAC: BUS028000, BUSINESS & ECONOMICS/Foreign Exchange
About the Book and Topic:
All of the information needed to side-step dealer traps and learn the trading techniques of one of the world’s leading currency trading firms. 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. The FX market is referred to as the Slaughterhouse where traders routinely 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 often misleading and downright fraudulent information where traders are promised riches by authors promising to make forex ‘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 and ask George Soros why his short yet bets lost him $600m not once but twice in 1994. Have you ever had your stop/hit at a price which turns 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. 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, and for me the only way to do this is to provide, up-to-date, real-life examples, and sharing the FX trading tips that have proved so profitable over the years. In the end it’s my hope that 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! The purpose of this book is twofold. First, by explaining the day-to-day mechanics of the FX market and pointing out some of the more unsavory dealings going on in the retail side, I hope to make evident for the reader the risks and rewards involved in currency trading. The second is to turn average traders into winning traders. ‘Average’ traders are losing traders, winning traders are in fact quite rare. But by highlighting some market proven trading tricks, I hope to give traders an initial ‘leg-up’.
The past five years have seen the FX markets open up to non-traditional participants and now everyone fromdot com investors to cash strapped grandmas are jumping in hoping to strike it rich. What most of these participants fail to realize is that they are stepping onto a battlefield littered with the remains of day-traders and genius ‘systems’. It is frequently noted that around 90% of FX traders do not survive in the long run, yet you won’t find that statistic in any of the publicity dished out by FX brokers. To be profitable, FX traders must realize that the FX market was developed fundamentally as a professional’s market, and its outdated conventions and procedures mean that it is still very much geared towards the professional. In a market where the retail trader exerts little (though growing) influence, most can have little hope of success.
BOOK STYLE Basics of the technique, dodgy side of the FX world, amusing anecdotes all written in an accessible style by someone who has been advising retail traders for years EXCELLENT AUTHOR Silvani has many tears of experience in the FX market and is known for developing the ‘dealer inspired’ trading methods. MIGFX is consistently ranked among the world’s best currency programs according to Futures Magazine, Barron’s, Barclay’s and the CTA index. SIZE OF MARKET there are roughly 500K active retail foreign exchange traders globally
About the Author
Agustin Silvani, London UK is head of trading for MIGFX. Mr. Silvani has many years of experience in the FX market, ranging from advising several multi-billion dollar institutional portfolios to trading for corporate treasuries. Since developing the “dealer” inspired trading methods, he has launched the flagship retail-oriented fund now in its 8th year of operation. He is often invited as a guest speaker to hedge fund events and has written a number of articles on the subject. MIGFX – Started in 1999, MIGFX is a commodity trade advisor geared towards the Fund-of-Funds industry. It’s two flagship trading programs have consistently ranked among the world’s best, and featured in articles by Futures Magazine and Currency Trader Magazine. Generally fairly secretive, the company only accepts new clients through referrals.