Currency Trading for Dummies by Mark Galant and Brian Dolan

Currency Trading for Dummies (Your Plain-English Guide to Ins and Outs of Trading the Foreign Exchange Market) is book written by Mark Galant and Brian Dolan for the famous “… for Dummies” series. Like almost all the books from the “.. for Dummies” series it’s great in its way — it will definitely make you understand what Forex is and how traders can earn with, but it won’t make a professional trader out of you. If you are interested in Forex and don’t know where to start — start from this book, but you’ll definitely have to continue your education with some other books before even starting trading real money. Another con of this book is that they do some ads for one of the US brokers, which isn’t know for very honest behavior towards its customers. But you can just not pay any attentions to such ads.

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Before you enter any trading position you should be confident about the proper reward-to-risk ratio that this position will yield. You can use the free on-line risk and reward calculator to calculate that ratio beforehand.

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Below you can read the reviews of the book and also submit your own review about Currency Trading for Dummies by Mark Galant and Brian Dolan.

1 Star2 Stars3 Stars4 Stars5 Stars (3 votes, average: 4.00 out of 5)

5 Reviews

  1. jazz-boy:

    The book provides a basic framework regarding currency trading. There are a large number of strategies that can provide you with techniques which you can use while trading. What this book can effectively do is get you started in learning about FOREX. It gives the reader basic ideas and also prepares you for implementing the FOREX techniques in future.

  2. Fenrir:

    If you are considering getting into currency trading, this will be a good book. It was the first book I read on the subject and the authors succeeds in explaining the basic rules of FOREX market and currency trading. Major currency pairs were very well explained along with the intricacies involved. A basic primer on technical analysis is also included as the authors expect the readers to become serious currency traders. The chapters on developing and executing a trading plan will undoubtedly be the most beneficial. It is an excellent read for the beginners in FOREX trading.

  3. Todd:

    It happens very frequently that a new investment method comes on the front page of the Wall Street Journal and it shows how amateur traders have ended up making millions (similar to what happened in the Fall of 2009) I feel really scared.
    The authors manage to explain the trading in currency markets very effectively and give the reader an excellent overview of the same. The book is not very long and contains many discussions in a well detailed way:
    • The definition of the FOREX market
    • The way it functions
    • How macroeconomic factors affect currency rates
    • Techniques of Fundamental Analysis
    • Charting, Trend Analysis and Candlestick methods of technical analysis
    • The importance of a trading plan
    • Executing trade with some illustrations
    • Some mistakes and good habits
    • Management of risks
    • Some miscellaneous resources
    The currency trading market has a lot of risk involved as the leverage levels are very high. Bravely so, the authors talk about the risks and trading planes as well.
    The authors do tend to use some unnecessary terms without providing a useful definition but some examples could have stopped them from happening. Traders who decide to follow the book and heed to the advice they can learn ways to survive in this mean market. If you are a beginner in the FOREX trading world then this book is very helpful and the authors have some extremely good tips to offer.

  4. Todd:

    Trading of currencies is not a very safe field to enter and I would advise, based solely on experience, that you stay away from it. I started off with a bang but then it all got lost. If a trade goes like you hope it will it will give you unmatched returns. But it does not go on forever.
    The practical advice this book provides is useful but it cannot make the money for you. Do that you have to fully understand what you are doing.

  5. lis:

    The author uses the KISS principle while writing the book but I personally feel that to actually understand what the authors have written, re-reading the book is unavoidable.