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Currency Trading For Dummies, 3rd Edition


Learn to:

  • Understand how the market works
  • Research the global forex markets
  • Apply mobile and platform trading solutions
  • Use tips and hints from professionals

Understand the foreign exchange market and benefit from it!

The forex market is fast, exciting, and potentially lucrative — if you know what you're doing. This hands-on, user-friendly guide shows you how the foreign exchange market works, who the players are, what influences currency values, how to interpret data and events, and what you need to know to develop a winning strategy. Read carefully before investing!

  • Understand how it works — if you're new to currency trading, here's a plain-English explanation of how the forex market works, what moves it, and what newcomers need to know
  • Things to think about — find out how your investment objectives, experience level, and risk appetite must be considered
  • Tools of the trade — see how to find sources of data and market intelligence, take advantage of the latest technology, and use technical analysis to spot trade opportunities
  • Read the market — learn to interpret economic data and official statements and gauge market psychology, sentiment, and positioning
  • Make a game plan — get expert guidance on developing a structured strategy and a disciplined approach to currency trading

Open the book and find:

  • Differences between the forex market and the stock market
  • Pros and cons of currency trading
  • Essential secrets of success
  • Best ways to manage your exposure
  • The latest SEC rules and tax laws
  • Tips on doing research
  • Risk management rules to live by
  • Key characteristics of successful currency traders

Kathleen Brooks is research director at She produces research on G10 and emerging-market currencies, providing her clients with actionable trading ideas. Brian Dolanhas more than 20 years of experience in the currency market and is a frequent commentator for major news media.

Introduction  1

Part I: Getting Started with Currency Trading  5

Chapter 1: Currency Trading 101  7

Chapter 2: What Is the Forex Market?  17

Chapter 3: Who Trades Currencies? Meet the Players  33

Chapter 4: The Mechanics of Currency Trading  47

Part II: Driving Forces behind Currencies  71

Chapter 5: Looking at the Big Picture  73

Chapter 6: Understanding and Applying

Market News and Information  99

Chapter 7: Getting Down and Dirty with Fundamental Data  115

Chapter 8: Getting to Know the Major Currency Pairs  139

Chapter 9: Minor Currency Pairs and Cross-Currency Trading 163

Part III: Developing a Trading Plan  179

Chapter 10: Training and Preparing for Battle  181

Chapter 11: Cutting the Fog with Technical Analysis  201

Chapter 12: Identifying Trade Opportunities  229

Chapter 13: Risk-Management Considerations  249

Part IV: Executing a Trading Plan  267

Chapter 14: Pulling the Trigger  269

Chapter 15: Managing the Trade  283

Chapter 16: Closing the Position and Evaluating Your Results  295

Part V: The Part of Tens  305

Chapter 17: Ten Habits of Successful Currency Traders  307

Chapter 18: Ten Rules of Risk Management  313

Chapter 19: Ten Great Resources  317

Appendix: Trading Strategies  321

Index  343