Synopses & Reviews

Publisher Comments:

An accessible introduction to the burgeoning foreign exchange trading market

GETTING STARTED IN CURRENCY TRADING

The Foreign Exchange (FOREX) market is the largest financial market in the world, with a volume of over $1.5 trillion a daymore than three times the total amount of the stocks and futures markets combined. Up until 1995, FOREX trading was only available to banks and large multinational corporations, but today, thanks to the proliferation of the computer and a new era of Internet-based communication technologies, this highly profitable market is open to everyone. This huge international market offers unmatched potential for profitable trading in any market condition or any stage of the business cycle. All you need is a computer, a high-speed Internet connection, and the information contained within this book.

Getting Started in Currency Trading is both an introduction and reference guide for beginning and intermediate FOREX traders. This information-packed resource opens with a clear description of the FOREX market and a section of FOREX terms clearly defined with examples. After this brief overview, Getting Started in Currency Trading moves on to discuss:

• The mechanics of FOREX tradingorder types as well as order execution and confirmation
• How fundamental and technical analysis can help you create successful trading strategies
• How to find a reliable FOREX broker or open an online trading account
• The psychology of trading the FOREX market
• Advance trading topics, such as rollovers, hedging, and arbitrage

Filled with in-depth insight, practical advice, and numerous screen shots that illustrate what to expect inside a dealer’s trading platform, Getting Started in Currency Trading will guide you through the complexities of FOREX trading and put you on the road to success.

Michael duane Archer has been an active commodity futures and FOREX trader for over thirty years. Mike has also worked in various registered advisory capacities, notably as a CTA (Commodity Trading Advisor) and as an Investment Advisor. He is currently CEO of CommTools, Inc. a corporation focusing on nonlinear solutions to trend forecasting, with a special emphasis on cellular automata models.

AN UP-TO-DATE INTRODUCTION TO ONE OF TODAY’S HOTTEST AREAS OF TRADING

GETTING STARTED IN CURRENCY TRADING

SECOND EDITION

As a novice trader of currencies, Mr. Archer’s book has been an invaluable resource for me, as my dog-eared and dilapidated copy can surely attest. Concise yet comprehensive, he provides the framework for developing a trading strategy that new traders can easily follow and veterans can surely benefit from. For anyone involved in trading FOREX, I cannot recommend this book enough as mandatory reading.Jeff Marsick, Research Analyst, Avatar Associates

This book by Michael Duane Archer evaluates with remarkable profundity and extent the world of currency trading. The author’s experience is enormous and dates back to the beginning of foreign exchange trading as we know it today. A brilliant reference companion and a must for any currency trader’s library.Peter Panholzer, DynexCorp

While the Foreign Exchange (FOREX) market can be a very profitable place, you must have a firm understanding of how to operate within this environment if you intend on achieving any success. That’s why you need Getting Started in Currency Trading, Second Edition. This reliable resourcewritten for both newcomers and those with some FOREX experienceputs trading world currencies in perspective, and shows you exactly what it takes to make it in this field. Topics include:

The rapidly expanding and evolving online trading marketplace for spot currencies, generally referred to as retail FOREX

Getting Started in Currency Trading, Second Edition  will act as both an introduction and a reference manual for beginning and intermediate traders. A description of the FOREX market and a brief history are followed by a section of FOREX terms clearly defined with examples.

The reader is then taught how to open his own trading account. A step-by-step section then walks the reader through the physical process of placing and liquidating currency orders accompanied by numerous screen captures of what to expect inside a dealers trading platform.

Trading strategy and tactics are described in detail along with some fundamental and technical analysis to assist the trader in his decision making process. FOREX arithmetic calculations are also handled in a clear step-by-step process. Recommendations, guidelines and caveats appear throughout the book.

The book will contain numerous diagrams, tables, lists and screen captures to aid in the readers understanding of this seemingly complex market.

About the Author

Michael Duane Archer (Golden, CO) has been an active commodity futures and Forex trader for over thirty years. He has also worked in various advisory capacities, notably as a Commodity Trading Advisor and SEC registered Investment Advisor. He is currently CEO of CommTools, Inc. a think-tank focusing on cellular automata and complexity theory market forecasting solutions.

Jim L. Bickford is a twenty-seven-year software engineering veteran, technical analyst, and a very active FOREX day trader with an academic background in applied mathematics and statistics. He has numerous books to his credit and recently published Chart Plotting Algorithms for Technical Analysts .