The second question is more straightforward and is answered provided you have an understanding of risk, money management and position sizing in relation to your trading capital. Again, this is covered in detail in the book. As the tag line on the front cover says 'What you need to know to get started, and everything in between' which really sums up what you will learn. This book is for you The book explains everything, from the pure mechanics to the trading methodology that I advocate, and which I have used in all my own trading and investing for over 17 years.
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Thanks less. See all 3 questions about Forex For Beginners…. Lists with This Book. Community Reviews. Showing Average rating 4. Rating details. More filters. Sort order. Start your review of Forex For Beginners. Apr 12, Alan Smale rated it really liked it. A very good introduction to the world of Forex trading.
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It covers the basics with a good level of detail. Only four stars as there are some typos and repetitions; a bit more proof reading wouldn't have gone amiss. View 1 comment. Feb 06, David rated it really liked it Recommends it for: Day traders, bot programmers. Shelves: ebook , read-on-phone , non-fiction , female-author , economics , forex. Since it became available to "retail investors" meaning, average schmucks in the 70s, Forex exchange of foreign currencies has become a popular way for day traders to lose every cent they have trying to get rich quick. Just looking at forex forums and trading platforms will show you the jungle of scammers, con men, snake oil salesmen, sharks, shady brokers, and clueless dumbasses who think they can make a living at this.
It used to be, you had to call in trades, but now anyone can download so Since it became available to "retail investors" meaning, average schmucks in the 70s, Forex exchange of foreign currencies has become a popular way for day traders to lose every cent they have trying to get rich quick.
It used to be, you had to call in trades, but now anyone can download software and happily click away, shorting the dollar against the yen, going long on the Euro and hoping to make a profit. You can invest for the long term, or you can "scalp" - meaning, trying to make profits with small spikes over the course of the day. The idea being that if you are right a little more often than you're wrong, you'll make money. It's kind of like poker that way - even the best poker player doesn't expect to win all the time.
He just expects to win more than he loses. I'm approaching this mostly out of curiosity. I will open a "play money" account but there is no way I'd ever put down money I can't afford to lose. But Anna Couling writes a fairly approachable first book on Forex. She writes lots of books about trading, and runs a website offering trading courses, which is obviously how most people actually make money in this game.
But after browsing around a bit on forex forums, the consensus seems to be that Coulling is the real deal and knows her stuff. One does always wonder about investment gurus, if they know what they're talking about, why aren't they super-rich? I assume Coulling is successful in her trading, but how successful? This book introduces you to the basic concepts behind forex trading - how and why the market developed, what the major and minor and "exotic" pairs are, basic terminology like pips, positions, stop losses and lots and contracts and margin calls.
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These are three types of analysis most traders use, and technical vs. Coulling is mostly a technical trader, using what she calls "Volume Based Analysis," which basically means keeping an eye on what the whales central banks and the like are doing in the market and following them.
She then describes strategies, including psychological, for becoming a forex trader. She gives lots of practical advice, including an introduction to Mt4 and MT5, the two most popular trading platforms, but don't think based on this book you will suddenly be able to start trading successfully.
You'll know just enough to be dangerous. I opened a demo account, took a short position with one mini-lot on USDJPY, and within a few minutes my position got stop-lossed out, with a loss of about 12 cents. Which was funny, but also a good lesson for anyone thinking they'll just gamble with real money. You could also pick the winning lottery number.
There really are professional forex traders who make a living at this, but they spend hours studying the markets, learning strategies and analytic techniques and creating indicators, and sitting staring at a computer screen for hours.
Like professional poker players who spend hours when not at the table memorizing hand charts and learning how to "balance their range. But it's interesting, so I'll probably read and play around some more. I think the real money might be in writing bots for other day traders - there is a thriving market for those and they don't look too difficult to code.
Feb 21, Harry Lawrence rated it really liked it Shelves: , mathematics-and-university. Fantastic introduction to the world of Forex trading, really made me feel like I can enter the market with a solid knowledge to start trading with. May 21, David rated it liked it. I started this booking knowing nothing about Forex. The similarities and parallels to stock trading made the book very understandable and I never felt confused by what Anna Coulling described.
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I even read a book this year about candlestick charting and to my surprise, Coulling mentioned the subject various ti I started this booking knowing nothing about Forex. I even read a book this year about candlestick charting and to my surprise, Coulling mentioned the subject various times with examples in this book. She exposed me to currency pair trends and did a wonderful job making sure the reader equated activity in fx to volume in stocks.
The problems with this book arose in the later chapters where examples were unnecessary, grammatical errors were happening every chapter and she gave clear biases with no disclaimer that they are in fact biases. A good intro on the subject of Forex, but I finished the book feeling like I had much more homework to do. Jul 31, Ralph Lashley rated it it was amazing. Great read for beginners!!
If you're loolimg to get started in Forex thus is definitely a good place to start. Not only, does Anna do a great job of covering the basics but she also helps the reader along with a trading strategy!