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Currency Trading in the Forex and Futures Markets by [Garner, Carley]
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Currency Trading in the Forex and Futures Markets Kindle Edition

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Length: 240 pages Word Wise: Enabled Enhanced Typesetting: Enabled
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Product Description

Product Description

Currency trading offers immense potential to stock and futures investors seeking new speculative opportunities. However, there are several ways to trade in currencies, and many unsuspecting traders have been burned by aggressive marketing campaigns and gimmicks luring them into unfavorable trading environments. In this book, best-selling trading author Carley Garner covers everything new currency traders need to know to avoid those pitfalls and start earning big profits. Currency Trading in the Forex and Futures Markets begins by demystifying all the essentials, from quotes and calculations to the unique language of Forex trading. Readers learn all they need to know about choosing trading platforms and brokerage firms; working with leverage; controlling transaction costs; managing liquidity, margins, and risks; and much more. Garner thoroughly explains the currency spot market (Forex); currency futures traded on the Chicago Mercantile Exchange (CME); and currency ETFs. She candidly discusses the advantages and disadvantages of each, cutting through the "smoke and mirrors" often associated with currency trading. Readers will also find a full section on currency market speculation, including a clear introduction to fundamental and seasonal analysis in currency markets. With her guidance, new currency traders can identify the markets and approaches that best fit their objectives, and avoid the pitfalls that have often victimized their predecessors.

From the Back Cover


“Carley Garner is a smart trader and broker; she understands the markets and the importance of educating traders. Her new FOREX book is a good addition to her other efforts, A Trader’s First Book on Commodities and Commodity Options. Taking on FOREX is not easy, but Carley nailed this one. gives it a big thumbs up.”
—Danny Riley, President,

“Once again, Carley Garner demonstrates her ability to boil down complex concepts forindividual traders. This book will put budding currency traders ahead of the curve with its unique blend of the basics and some refreshingly unexpected material.”
—Karris Golden, Traders Press®

“It’s not easy to write about a complex topic like currency trading in words that anyone can understand. In that respect, Carley Garner hit a home run with this book. She clearly spells out the advantages and potential pitfalls to trading FOREX today. It’s a must-read for any investor considering exploring currency trading.”
—Frederic Ruffy, Market Strategist, Trade Alert, LLC

• Choose your best analytical tools, venues, and trading platforms
• Understand the risks, opportunities, jargon, and calculations
• Avoid aggressive marketers and costly gimmicks

Today, global currency markets are immense—and they can offer immense opportunities to prepared and intelligent traders. In this concise, candid, and practical book, expert trader Carley Garner teaches you everything you need to better your chances at earning your share of the profits.

In plain English, Garner explains the markets, jargon, calculations, risks, essential trading techniques, and much more. Garner shows how to avoid smoke-and-mirrors, snake-oil salesmen, and currency trading environments that aren’t what they seem. She assesses the pros and cons of each form of currency trading, from Forex and futures to the newest currency ETFs. You’ll learn how to improve your odds through basic fundamental, technical, and seasonal analysis and discover tips and tricks you’d otherwise have to learn through costly experimentation.

If you’re serious about exploring currency trading, you won’t find a more reliable, useful, and potentially profitable resource.

Product Details

  • Format: Kindle Edition
  • File Size: 6298 KB
  • Print Length: 240 pages
  • Simultaneous Device Usage: Up to 5 simultaneous devices, per publisher limits
  • Publisher: FT Press; 1 edition (Jan. 4 2012)
  • Sold by: Amazon Digital Services LLC
  • Language: English
  • ASIN: B005OR9MO4
  • Text-to-Speech: Enabled
  • X-Ray:
  • Word Wise: Enabled
  • Enhanced Typesetting: Enabled
  • Average Customer Review: Be the first to review this item
  • Amazon Bestsellers Rank: #781,335 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Most Helpful Customer Reviews on (beta) HASH(0xa2240810) out of 5 stars 13 reviews
8 of 8 people found the following review helpful
HASH(0xa23ba8ac) out of 5 stars New Trader to Currency Trader Feb. 23 2012
By Steve Burns - Published on
Format: Hardcover Vine Customer Review of Free Product
Carley Garner has created the perfect book for anyone interested in getting started in currency trading. Whether you are an experienced trader of stocks or options looking to diversify markets you can trade or you are completely new to trading in general this book will get you on the right path very quickly.

The book warns novices of both the dangers and possible rewards of trading currencies. "The goal is to give you a realistic idea of what to expect in order to avoid becoming a statistic".

The author takes you through currency trading step by step from understanding the difference between FOREX and currency futures to how to trade them. The reader will get an understanding of each currency pair and a table with each three letter abbreviation for currencies and the order in which they are paired. You are advised to stick with the currency 'majors' for liquidity and avoid the 'minors' so you are not hurt with the wide bid/ask spreads in low volume markets.
Currency pair values per contract are $100,000 per standard contract, $10,000 per mini contract, and $1,000 per micro. The book also has a table for currency futures contracts.

While FOREX traders are able to leverage their trades with 50 to 1 margin the author warns traders about the dangers of leverage and how it can wipe out your account. There is always an equal downside risk for every possible upside profit with leverage and currency traders would be wise to trade appropriate position sizes that does not put their entire account at risk in one trade.

Carley warns readers that many FOREX brokers that claim to be commission free are really just taking the other side of your trades as off exchange trades instead of executing your trades on the open market like currency futures brokers do through a centralized and regulated exchange. Many FOREX brokers make their money through the bid/ask spreads that you buy and sell at when getting in and out of trades. Also FOREX trading has counter party risks while currency futures trading is guaranteed by the exchange to make all parties whole.

"FX and futures traders are not buying or selling an asset; instead they are trading a liability that is dependent, or derived, from the value of the underlying asset; thus, they are known as derivatives."

She also covers different technical indicators to use in your trading and how they measure price to give buy and sell signals. You will also get the basic styles of trading and what usually works in the currency markets.

I strongly advise any trader interested in trading currency markets to first read this book by Carley Garner before you venture into those waters.
9 of 10 people found the following review helpful
HASH(0xa20d38d0) out of 5 stars Straightforward, to the point Feb. 11 2012
By monkuboy - Published on
Format: Hardcover Vine Customer Review of Free Product
Let me start by saying I knew nothing about FOREX or currency trading before reading this book. My wife has an aunt who supposedly made a ton of money in this arena by sitting at the exchange every day, observing the trading boards and making trades.

Ms. Garner has a very straightforward, factual writing style and to me it is rather dry. It's like reading a textbook (which I guess it is). She wastes no time with fluff but writes directly about each topic. For the most part I found that to be a good thing, although in some areas I think some elaboration or further explanation would have been beneficial. The goal of this book is to give the reader a good foundation or understanding of FOREX - to demystify it and also point out the risks and pitfalls of the market, especially for those who see it as a get-rich quick speculation scheme.

After reading the book I have decided this is not an "investment" for me. I appreciate the book because at least now I understand the concepts and the mechanics behind the transactions, as well as strategies. For anyone who is considering pursuing these types of transactions, I would recommend this book as a good way to get started.
4 of 4 people found the following review helpful
HASH(0xa2616c30) out of 5 stars Well Balanced Introduction with Money Saving Information July 2 2012
By GeraldM - Published on
Format: Kindle Edition Verified Purchase
I just finished reading this book and I found it very helpful. I also consider myself reasonably experienced in the financial markets (stock, options and futures - but not currencies). I have read many books that are loaded with anecdotal information, too much introductory material and little in the way of good content. This was not one of them. Somehow, Carley has managed to write an introductory book that has a substantial amount of meat to it. It is laden with common sense and realistic expectations. Carley does a terrific job explaining the various pitfalls of trading, leverage, calculations and the other various ways you can trade currencies today. Her explanation on the differences between Forex brokers (dealing- desk and ECN) and Futures brokers along with the various products and associated cost is well worth more than the cost of the book alone. Anyone who doesn't understand the cost differences between fixed pip-spread, ECN pip spread with commissions and equivalent Future contracts with their commissions is going to lose more than the cost of this book. In the currency markets (all markets actually), that type of ignorance will cost you every time. I see that some people are concerned about the author's bias given that she is a Futures broker. I am unconcerned about that. Everyone has a preference for a reason and that does not constitute a detrimental bias. I have several different trading/investing accounts and therefore, I have access to quoting in both the Futures and Forex markets and in the case of Forex, I can get quoted based on dealing-desk rates or ECN rates with commissions. I can (and did) verify the accuracy of the authors statements regarding the costs of trading currencies in these various formats. Regardless of whether she has a lean to the Futures markets or not, that doesn't change the validity, accuracy and helpfulness of the information she presents. It is solid content and I would recommend this book to anyone. Indeed, I have recommended it to a few of my friends who do trade Forex. When I queried them about their knowledge of alternate ways they can trade currencies (and save costs as it turns out), they didn't know. I pulled up my trading platforms, showed them a few things mentioned in the book and received comments along the line of "Well, that's on my summer reading list". Nuf' said.
7 of 8 people found the following review helpful
HASH(0xa20eb768) out of 5 stars A Broad Look At Forex Trading March 22 2012
By Theseus - Published on
Format: Hardcover Vine Customer Review of Free Product
This is a wholly dry book with unadorned prose that gives beginner to early intermediate instruction on this sort of trading. The goal here is to take away the mystery of FOREX trading by providing basic information. The author is to be commended for stressing -- many times! -- that this isn't a get-rich-quick sort of scheme and that there are some serious pitfalls which you will want to avoid.

Her discussion of the power of and the dangers of leveraging was, for my money, the most important part of the book. She also warns against brokers who attract novice investors with the claims of no commission.

I suspect that experienced traders will find little here which they have not already learned.
1 of 1 people found the following review helpful
HASH(0xa2330ccc) out of 5 stars Surprisingly informative Sept. 30 2014
By reddecliff - Published on
Format: Hardcover Verified Purchase
'Currency Trading in the Forex and Futures Markets' is a surprisingly useful introduction to retail forex and foreign currency futures. If you are experienced with these markets, you are already familiar with the concepts that Garner addresses. Some highlights:
1. Ms. Garner may have graduated 'Magna Cum Laude' from UNLV (end flap bio), but she did not major in linguistics. The language is stilted, and there is much questionable diction and syntax (e.g., confusing the verbs 'home in' and 'hone.') Not sure what kind of editor that she had at FT Press.
2. Chapter 10 is a desultory discussion of 'currency options.' The author does not note that there used to be exchange-traded currency options ('Characteristics and Risks of Standardized Options,' 1994 edition), but these options became largely obsolete with the advent of options on currency futures.
3. Garner does not discuss the concept of convergence in the currency futures market. That is, the futures price of a currency pair will differ from the spot price of the pair. Hence, if nothing happens to the spot price until futures expiration (an unlikely event, to be sure), the futures price will converge on the spot price.
4. The strongest segments of the book are the discussion of the strengths and weaknesses of technical indicators and of the 'commitment of traders' report. She makes the compelling observation that use of too many technical indicators leads to 'paralysis by analysis.'
5. To the neophyte trader of foreign exchange, the most confusing issue is that, since currencies are traded as pairs, what am I buying and what am I selling when I make a trade? Garner's discussion of this fundamental matter is less than clear. These rules are actually pretty straightforward. Foreign currency futures are quoted as 'US dollar per foreign currency.' Hence, if you believe that the fraction USD/Euro is going to increase (Euro strengthening), you would 'go long' (buy) the futures contract. Retail (spot) forex is pretty much the opposite. The surprisingly informative 'Currency Trading for Dummies' has a rule-of-thumb that 'first buys second.' Hence, if EUR/USD is quoted as 1.35, and the trader believes that this number will increase, the trader would 'go long' the EUR/USD. Conversely, if the trader thinks that 1.35 will decrease.
6. AT least one review disparages the Garner volume because of her bias towards foreign currency futures versus retail (spot) forex. However, I found her discussion of the difference between 'non-dealing-desk brokers' and 'dealing-desk' brokers quite useful. I've been trading retail forex for about a year, and I was unaware of the conflicts of interest that can arise with dealing-desk brokers.