True to its name, the book Currency Trading for Dummies is meant for those who do not know a lot about trading in currencies. This however, does not mean it has nothing to offer to the experienced trader. Its wealth of information and intelligent insights add to the knowledge of all traders at all levels of experience. An excellent guide written by Mark Galant and Brain Dolan, it provides the basic guidelines for trading in currencies and explains with the help examples and sample trading plans. The authors are both experienced traders with a long track record of success. Understanding the need to provide a starting point to all those interested in forex trading, they have written a book that serves as the foundation of trading, a beginner’s guide, a dictionary of forex terms that explains concepts and processes, and introduces newcomers to analysis, both fundamental and technical. Thus the newcomer, it provides details step by step, explaining concepts and principles, tips and training on how to get started, and how to make profits with every trading move. With the simple use of the English language complex concepts and trading jargon is made comprehendible to novices. As part of the set of reference books forming the “for dummies” series, the book is a good companion for traders or those aspiring to become one.
The book explains the working of the market in detail and has a full section on currency pairs. Equipped with this theoretical knowledge, it will not be difficult to get the practical experience needed, which cannot be provided by any book.
Some of the features covered in the book include:
- Definitions and functioning of the forex market
- Currency rates and the factors affecting them
- Trading plans and how important they are
- Fundamentals of a fundamental analysis
- The importance of technical analysis and its techniques
- Trend analysis and using the candlesticks method for technical analysis
- Miscellaneous resources everyone should access
- Risk management.
Like all other books in the Dummies series, Currency Trading for Dummies also has the intention of explaining concepts and processes in a manner that everyone can understand without requiring high educational qualifications. It offers the same clarity that a video tutorial would, except that this is in print form. It serves as a starting point but does not explain a trading model that newcomers can adopt, or provide the background for back testing needed for forex trading. Trading systems would have to be read, understood and formulated at a much later stage after reading this book. The book remains interesting and informative, which adds to every reader’s knowledge bank
