The Sensible Guide to Forex, written in by trading expert Cliff Wachtel, is exactly what people would expect from a book with such a direct title. The tome is pleasant and easy to read on the one hand, yet very detailed and explanatory on the other. In close to pages, Wachtel provides: For those in a rush, here is a quick list of what we liked and disliked about the book.
Explanation of a variety of ways to profit from Forex markets, whether as an active trader or passive investor using safer, often simpler methods than those found in similar publications. Step by step examples of how to identify, plan, and execute trades that minimize risk and maximize returns 3.
Offers a lucid beginners guide to inter-market analysis--using clues from forex markets to forecast moves in other markets like stocks or commodities, useful for all investors or traders.
The first and only book to cover the detailed pros and cons of the latest innovations in forex: Provides a detailed roadmap of low risk ways to get started, and continue your development as a savvy Forex trader or investor.
Exceptional focus and detail on how to develop the key skill that separates the winners from the losers, risk and money management. Discusses both the theory and provides numerous step-by-step trading examples of how to we minimize risk. Companion website packed with bonus materials, including a more detailed look at the pros and cons of binary options, a powerful trading tool when used wisely.
The Sensible Guide to Forex is not for those seeking a quick start guide, but rather for the more serious trader or investor who understands the need to do his homework first. There are more typographical errors in this book than usual. Not a huge deal, but at times a minor irritant. Charts would have been better in color. They are readable, but color would have made them clearer.
The book breaks new ground in a number of ways, and so provides some refreshingly new perspectives that even experienced traders will appreciate.
Below are some things that stood out for us in particular during our The Sensible Guide to Forex review. The book covers many reasons, in different sections, why one should focus on longer term charts and trends. Social Forex trading allows those with minimal background and capital to have an expert trade for them, with better transparency and lower costs than with traditional managed forex accounts.
That alone is a big deal. The book discusses how social traders can use the system to profit, rather than falling prey to inappropriate trades.
Binary options trading is slightly older than social Forex trading, but it is generally acclaimed by authors looking to profit, rather than approached in an objective manner. The Sensible Guide to Forex is the only book to date that addresses both the pros and cons of binary options as well as when and how to use them in a prudent manner.
This book goes in depth in multiple places on the why and how of using longer term trends and time frames, and explains the much ignored dangers of the popular day trading methods, in which the big institutional traders have huge advantages over the inexperienced individual trader. I imagine someone has done this somewhere, but go find it in a forex book or book on long term foreign investing.
In sum, you may not know it all after reading this book, but you will know enough to have a clear path to actually making money. In the first chapter, called "Three Must-Know Forex Facts", the author not outlines three driving forces required for successful trading, but explains in great detail why some trading risks should not be ignored.
In the second chapter, aptly called "Forex Basics", Wachtel quite impressively relates fundamental issues what is a currency pair, what do short and long mean, etc in a way that is entirely easy for even novice traders to digest.
Each chapter is divided into shorter subsections which enable the reader to relate to the complicated topics as approachable rather than overwhelming. There are hundreds of charts included in the book, and it seems that Wachtel chose each one judiciously for its educational value. Unlike some Forex educational materials whose charts are complicated and overwhelming, those included in The Sensible Guide to Forex are, not surprisingly, entirely sensible.
Wachtel focuses not only on traditional trading of currency pairs, but on how to trade commodities and binary options, how to use autotraders and when not to use them , and the risks and rewards of social Forex trading platforms. Though we would strongly recommend reading the book from cover to cover, an organized table of contents makes it possible to find specific topics or chapters instantly.
At the end of the book Wachtel includes seven appendixes. The first one is a list of recommended Forex related sites and some general financial websites that traders can use as a backup resource or a source for current market updates.
The other appendices provide specific frames of reference and guidance for practical issues not directly related to placing trades, such as "How to Calculate Pip Value", 'Choosing a Forex Broker" and more. This is what Wachtel attempts to do in this book and in our view, he definitely reaches this goal.
He takes the reader from the very basic of Forex trading to having a well-rounded perspective about this complicated investment method, without sounding superior, overly intellectual or unnecessarily complex.
The book, however, surpassed expectations and showed us an entirely new side of its author, which is the ability to cater to traders at all skill levels, not just those looking for specific technical analysis.
The Sensible Guide to Forex is highly recommended for first-timer traders as well as more experienced traders who want to begin trading new pairs or instruments.
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