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| Name of Book | Getting Started in Currency Trading PDF |
| Name of Author | Michael D. Archer, James Lauren Bickford |
| Language of Book | English |
| Size of Book | 2 MB |
| Total pages in Ebook | 480 |
| Category of Book | Trading |
Book Summary: Getting Started in Currency Trading pdf
Getting Started in Currency Trading” by Michael D. Archer is a book that provides an introduction and reference manual for beginning and intermediate traders. The book starts with a description of the Foreign Exchange (FOREX) market and a brief history. It includes an invaluable section made up of relevant FOREX terms clearly defined using examples.
The author outlines his own personal codex and guides the reader through the process of developing theirs. He also reveals how to use this approach to make, monitor, and exit a trade. Along the way, Archer reveals the best ways to implement your strategy and discusses the importance of consistently keeping trading records
This book is a great resource for those who are new to currency trading and want to learn the basics. It is also a valuable resource for experienced traders who want to improve their trading strategies and techniques. The book is well-written and easy to understand, making it accessible to traders of all levels. It is a must-read for anyone who wants to succeed in the world of currency trading
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Excerpts From the Book
The FOREX Landscape
Introduction- What Is FOREX?
Foreign exchange is the simultaneous buying of one currency and selling of another. Currencies are traded through a broker or dealer and are executed in currency pairs; for example, the Euro Dollar and the US Dollar (EUR/USD) or the British Pound and the Japanese Yen (GBP/JPY).
The Foreign Exchange Market (FOREX) is the largest financial market in the world, with a volume of over $2 trillion daily. This is more than three times the total amount of the stocks and futures markets combined.
Unlike other financial markets, the FOREX spot market has neither a physical location nor a central exchange. It operates through an electronic network of banks, corporations, and individuals trading one currency for another. The lack of a physical exchange enables the FOREX market to operate on a 24-hour basis, spanning from one time zone to another across the major financial centers. This fact that there is no centralized exchange is important to keep in mind as it permeates all aspects of the FOREX experience.
What Is a Spot Market?
A spot market is any market that deals in the current price of a financial instrument. Futures markets, such as the Chicago Board of Trade, offer commodity contracts whose delivery date may span several months into the future.
Which Currencies Are Traded?
Any currency backed by an existing nation can be traded at the larger brokers. The trading volume of the major currencies (along with their symbols) is given in descending order: the U.S. Dollar (USD), the Euro Dollar (EUR), the Japanese Yen (JPY), the British Pound Sterling (GBP), the Swiss Franc (CHF). the Canadian Dollar (CAD), and the Australian Dollar (AUD). See Table 1.1. All other currencies are referred to as minors.
FOREX currency symbols are always three letters, where the first two letters identify the name of the country and the third letter identifies the name of that country’s currency. (The “CH” in the Swiss Franc acronym stands for Confederation Helvetica.)
A FOREX transaction is always between two currencies. This often confuses new traders coming from the stock or futures markets where every trade is denominated in dollars. “Pairs,” “crosses,” “majors,” “minors,” and “exotics” are terms referencing specific combinations of currencies. I will discuss these in “The FOREX Lexicon” (Chapter 5). They are defined in the Glossary.