Most forex books that I have read are real dry and laced with theories. I believe beginners or rookie forex traders who have poured through a number of forex based literature are well versed with the following forex basic or know how.
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Don't trade with the money you can't lose.
Preserve your capital.
Don't chase after the trades.
Justify your trades.
Record your trades etc.
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Reading a book with a story line that delivers the basic of forex know how really drilled the intended messages deep into the grey matter between my eyes. Or is it apply to me only? Well, for one, I think a story makes those dried theories easy to remember and recall plus reading a story book or a novel is surely a breeze or addicting as compared to all those others theories drilling text book based on forex matter. When I first picked up the book, I thought I was reading my own journey into the world of forex trading.
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For those of you who are looking for some instant magical program or software or strategy that can bring you easy money on trading forex, Adventures of a Currency Trader will be a big disappointment. It doesn't contain any magical bullet to achieve those "dream" target.
However, I believe, if you really pick up the book and gives it a few pages of read, you would easily get hooked on it and can't seem to part with it. Why ? 'Cos for most beginner forex traders, they would likely to go through the "adventures" that are described in the book.
Thinking that forex is a goldmine where money can be made easily ( after all, how hard would it be guessing a currency pair direction : it will only go either up or down only), most of us will take the easy route....get a magical instant money making forex trading software that promises making money is as easy as taking candy from a kid.
This is made worse when after firing the software and without any forex basic knowledge (especially those on risk management, leverage and margin ), we start to make money without any real work. "My, why don't I get to do this earlier? Money literally fall from the sky! I am going to be a millionaire very soon!". one would think. When things seem too good to be true, they ARE! Very soon, all our profit from our trading will vanished when "The Mother of All Loses" trade hits us. As in every field, there is really no free lunch, to succeed, we need to sacrifice. We need to do hard work!
Well, if we are rational and not clouded by the marketing of how easy to make money with the forex software, surely we won't get ourselves into big trading loses. If the software is so good, wouldn't the developer uses it himself? Why bother to sell it to you for a few grands?
If you find the above two paragraphs interesting and captivating, then this book is for you. It is as though the book is writing most traders initial journey in the forex world. It describes the thought and psychology state of a forex rookie, full of emotion and excitement, can't wait to trade which leads to dire consequences.
Since it identifies most of our trading mistakes when we started out in forex trading, it is very easy to pick up the lines in the book. And to eliminate those mistakes, we need a plan. Preparation before we start trading. A system. What? Trading is so much work? Yes, that us why I mention we need sacrifice and hard work if we need to be successful.
The book will also teach a thing or two about support and resistance and states that it is easier to make money in long term trading as compared to short term trading. It also explains about interest rate in carry trades and how to take advantage of it in the retail forex platform. But at this point of writing, it is quite difficult to get it done as I believe most forex brokers would eliminate the no swap rate trades. Of course, for Islamic traders, no swap rate is available but then again, they won't take those swap rate in other brokers to hedge the position as it is considered illegal.
In short, I highly recommend this book for beginner forex traders or those aspiring forex traders. You might save a lot of "tuition fee" if you pick up this book before starting to trade forex. Furthermore, the easy read is so compelling to make me finish the book in a day or two with a chestload of forex red warning signs that one should avoid when trading!
![]()
Don't trade with the money you can't lose.Preserve your capital.
Don't chase after the trades.
Justify your trades.
Record your trades etc.
Reading a book with a story line that delivers the basic of forex know how really drilled the intended messages deep into the grey matter between my eyes. Or is it apply to me only? Well, for one, I think a story makes those dried theories easy to remember and recall plus reading a story book or a novel is surely a breeze or addicting as compared to all those others theories drilling text book based on forex matter. When I first picked up the book, I thought I was reading my own journey into the world of forex trading.For those of you who are looking for some instant magical program or software or strategy that can bring you easy money on trading forex, Adventures of a Currency Trader will be a big disappointment. It doesn't contain any magical bullet to achieve those "dream" target.
However, I believe, if you really pick up the book and gives it a few pages of read, you would easily get hooked on it and can't seem to part with it. Why ? 'Cos for most beginner forex traders, they would likely to go through the "adventures" that are described in the book.
Thinking that forex is a goldmine where money can be made easily ( after all, how hard would it be guessing a currency pair direction : it will only go either up or down only), most of us will take the easy route....get a magical instant money making forex trading software that promises making money is as easy as taking candy from a kid.
This is made worse when after firing the software and without any forex basic knowledge (especially those on risk management, leverage and margin ), we start to make money without any real work. "My, why don't I get to do this earlier? Money literally fall from the sky! I am going to be a millionaire very soon!". one would think. When things seem too good to be true, they ARE! Very soon, all our profit from our trading will vanished when "The Mother of All Loses" trade hits us. As in every field, there is really no free lunch, to succeed, we need to sacrifice. We need to do hard work!
Well, if we are rational and not clouded by the marketing of how easy to make money with the forex software, surely we won't get ourselves into big trading loses. If the software is so good, wouldn't the developer uses it himself? Why bother to sell it to you for a few grands?
If you find the above two paragraphs interesting and captivating, then this book is for you. It is as though the book is writing most traders initial journey in the forex world. It describes the thought and psychology state of a forex rookie, full of emotion and excitement, can't wait to trade which leads to dire consequences.
Since it identifies most of our trading mistakes when we started out in forex trading, it is very easy to pick up the lines in the book. And to eliminate those mistakes, we need a plan. Preparation before we start trading. A system. What? Trading is so much work? Yes, that us why I mention we need sacrifice and hard work if we need to be successful.
The book will also teach a thing or two about support and resistance and states that it is easier to make money in long term trading as compared to short term trading. It also explains about interest rate in carry trades and how to take advantage of it in the retail forex platform. But at this point of writing, it is quite difficult to get it done as I believe most forex brokers would eliminate the no swap rate trades. Of course, for Islamic traders, no swap rate is available but then again, they won't take those swap rate in other brokers to hedge the position as it is considered illegal.
In short, I highly recommend this book for beginner forex traders or those aspiring forex traders. You might save a lot of "tuition fee" if you pick up this book before starting to trade forex. Furthermore, the easy read is so compelling to make me finish the book in a day or two with a chestload of forex red warning signs that one should avoid when trading!
