Inhaltsangabe

Acknowledgments xix

Introduction

About This Book xxi

Part 1 The Foreign Exchange Markets

Chapter 1 The World of FOREX 3

Introduction--What Is FOREX? 3

What Is a Spot Market? 4

Which Currencies Are Traded? 4

Who Trades on the Foreign Exchange? 5

How Are Currency Prices Determined? 6

When Do Currencies Trade? 8

How Is Money Made in FOREX? 8

Why Trade Foreign Currencies? 9

What Tools Do I Need to Trade Currencies? 13

What Does It Cost to Trade Currencies? 13

FOREX versus Equities 14

FOREX versus Futures 14

Summary 15

Chapter 2 A Brief History of Currency Trading 17

Introduction 17

Ancient Times 17

The Gold Standard, 1816 to 1933 18

The Federal Reserve 18

Securities and Exchange Commission, 1933 to 1934 20

The Bretton Woods System, 1944 to 1973 21

The End of Bretton Woods and the Advent of Floating Exchange Rates 21

International Monetary Market 22

Into the Millennium 22

Arrival of the Euro 23

The CFTC and the NFA 25

Summary 25

Chapter 3 Five FOREX Markets 27

Introduction--Spot, Futures, Forwards, Options, Spread Betting 27

Currency Futures 29

Contract Specifications 29

Currencies Trading Volume 30

U. S. Dollar Index 30

Volume and Open Interest 31

Where to Trade Currency Futures 33

FOREX Futures 33

Summary 33

Chapter 4 Regulation: Past, Present, and Future 35

Introduction 35

Regulation in the FOREX Market 35

Regulation Past 36

Regulation Present 39

Regulation Future 43Summary 44

Part 2 Getting Started

Chapter 5 The Language of FOREX 47

Introduction 47

Currency Pairs 47

Major and Minor Currencies 48

Cross Currency 48

Exotic Currency 48

Base Currency 48

Quote Currency 49

Pips 49

Ticks 49

Margin 50

Leverage 51

Bid Price 52

Ask Price 52

Bid-Ask Spread 52

Quote Convention 52

Market Maker and ECN 53

Transaction Cost 53

Rollovers 54

Correlation 54

Summary 55

Chapter 6 FOREX by the Numbers 57

Introduction 57

Pips 58

Profit and Loss 59

Margin 60

Leverage 62

The Bid-Ask Spread 62

Profit Threshold 63

For Futures Traders 66

Summary 66

Chapter 7 A Guide to FOREX Trading Platforms 69

Introduction 69

Trading Platform Features 71

More Trading Platforms 79

Professional FX Platforms 80

Trading Platform Checklist 81

A Kid in the Candy Store 82

Summary 82

Chapter 8 Selecting a FOREX Broker 83

Introduction 83

Broker-Dealer Due Diligence 84

Demo Accounts 85

Market Maker or ECN? 86

Costs 87

Liquidity Providers 89

Customer Service 90

Trading Pair Palette 91

Financial Stability 91

Complaint and Error Resolution 92

Account Options 92

Games Brokers Play 93

Top Broker-Dealers 93

Popular Broker-Dealers 99

The Big Four Broker-Dealers 100

For the Professional and Non-U. S. Trader 101

Spread Betting 102

Fraud, Scams, and Off-Exchange 103

Broker-Dealer Checklist 103

Summary 103

Chapter 9 How to Open a FOREX Account 105

Introduction 105

The Demo Account 106

The Live Account 107

Redundancy 111

Summary 113

Chapter 10 Making the Trade 115

Introduction 115

Orders 115

Market Orders 117

Limit Orders 118

Stop Orders 118

Combination Orders 121

Specialty Orders 121

Order Placement 121

Order Execution 122

Order Confirmation 123

Open Orders 123

Open a Demo Account 124

Summary 125

Part 3 The Trader's Arsenal

Chapter 11 The FOREX Marketplace 129

Introduction 129

Portals and Forums 130

Broker-Dealer Reviews 133

Educational Resources 133

News and Calendars 135

Management Tools 136

System Development Tools 137

Data Services 140

Programming Services 142

Advisory Services 142

References, Periodicals, and Books 143

Fun Stuff 145

Summary 146

Chapter 12 Technical Analysis 147

Introduction 147

Bar Charts 148

Trendlines 151

Support and Resistance 151

Re

Klappentext

The definitive introduction to FOREX trading

Getting Started in Currency Trading, Fourth Edition is both an introduction and a reference manual for beginning and intermediate traders. Starting with a description of the Foreign Exchange (FOREX) market and a brief history, the book includes an invaluable section made up of relevant FOREX terms clearly defined using examples. The FOREX market has grown substantially and evolved dramatically in recent years, and this new edition is designed to help the reader to adapt and take advantage of these changes.

Including coverage of how to open a trading account, a step-by-step walk through the physical processes of placing and liquidating currency orders, and information on trading strategy and tactics complete with fundamental and technical analysis, the book has everything needed to assist the trader in the decision making process.
* New edition is revised and expanded to take into account all of the recent changes in the currency market
* Now includes a step-by-step introduction for the new trader and additional material on regulation
* FOREX arithmetic calculations are presented in a clear, easy to understand way
* Recommendations, guidelines, and caveats appear throughout the book

This new edition of Getting Started in Currency Trading contains significant new information, including a chapter on computers and FOREX, managed FOREX, and new information about regulation, alongside the author's successful trading plan, designed to help the reader put it all together.