Name: Forex for Beginners: A Comprehensive Guide to Profiting from the Global Currency Market
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Forex for Beginners: A Comprehensive Guide to Profiting from the Global Currency Markets is a guide for those who want to earn extra income trading currencies without committing large amounts of time or money. This book will introduce global investors to the basics of forex (foreign exchange) trading and provide them with a solid framework for analyzing currencies and profiting from their fluctuations. Topics covered include the forces that cause exchange rates to fluctuate, an overview of the mechanics of trading, analytical and forecasting tools, how to profit from pricing trends, and common pitfalls that often ensnare traders.

Author’s Introduction:

I’ll begin by offering an overview of how the forex market has historically operated and explain how it differs from some of the other financial markets, in both positive and negative respects. After a brief discussion of history, I will move directly into the forces that cause exchange rates to fluctuate. There will be an overview of trading strategies and an in-depth discussion of the various analytical tools that investors can use to develop such strategies.

I will explain how to choose a broker and open an account, and conclude with some commonsense wisdom on avoiding certain pitfalls and maximizing your odds of success in the forex market. Throughout the entire book, examples are both abundant and topical to make the presented concepts more concrete. Given that this book was written from 2011 to 2012, there will be a special emphasis on the credit crisis, as well as on the years that preceded and followed it.

Before I get into the nuts and bolts of forex, I want to offer a brief caveat: this book should not be filed under the domain of get-rich-quick schemes. There is no undiscovered opportunity and certainly no free lunch in forex. There are no magic formulas, no risk-free trading systems, and no guarantees of instant profits. The global currency market is by far the largest financial market in the world. Participants are savvy, and competition is fierce. To achieve success in forex trading requires the same dedication and hard work that it takes to succeed in one’s normal professional life. That being said, there are many aspects of forex-to be explained in great detail-that distinguish it from other asset markets and make it an attractive alternative for jaded stock market investors.

This book is intended to fill a void in existing financial literature. Most forex primers tend to devote tremendous space to technical analysis-the study of charts and price patterns-and are almost completely lacking in context. They posit that high-frequency, short-term trading is the only viable method for generating enough profit to sustain oneself as a full-time trader. For a number of reasons, however, the chances of succeeding with this strategy are extraordinarily low, and the majority of such traders tend to fail fast and fail big.

This book, in contrast, will probe more deeply into the currency markets and introduce a broader-based approach to forex trading. Readers can expect to obtain both a concrete understanding of what makes forex different from other financial markets and the ability to craft specialized strategies to profit from it. To the silent majority of readers that are interested in forex for the potential to earn supplemental income, for portfolio diversification, or merely as a hobby, this book is for you.