Forex Revolution

An Insider's Guide to the Real World of Foreign Exchange Trading

By: Peter Rosenstreich

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Product code: 23023
ISBN: 013148690X
304 pages
Format: Hb
Published by: Prentice Hall, 2005, 1st edition

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Forex Revolution - front page cover image

Description of Forex Revolution

Foreign currency exchange - "Forex" - is rapidly emerging as today's most important new investment opportunity for active investors. Until recently, these markets were shrouded in myth and secrecy, and deliberately concealed by international financial firms and central banks. But revolutions in technology, regulation, and globalization have made Forex trading accessible to the individual investor.

Now, those investors have a complete, practical, and honest "user's guide" to Forex trading: Forex Revolution. Long-time trader Peter Rosenstreich explains why today's global economic conditions make Forex trading so powerfully attractive - and why it now offers some of the world's most explosive profit opportunities. He presents a clear-eyed and objective assessment of the risks of Forex markets, and demolishes the misconceptions that can cost new traders dearly. You'll master everything you need to know to trade Forex "hands-on" - from fundamental and technical trading strategies to the unyielding discipline that's essential to success.

Rostenreich reveals insider tips the "gurus" never tell you, offers expert advice on handling fast-moving, 24-hour markets, and previews the impact of radical changes such as the emergence of China. Unlike other books, Forex Revolution doesn’t require you to subscribe to costly services or purchase expensive tools. It gives you everything you need: the facts, the techniques, the resources, and most of all, the insider's edge.

Features

Why Foreign Exchange trading offers you explosive profit opportunities right now!

- Why retail Forex trading offers you explosive profit opportunities right now!
- Realistic assessments of Forex risks and pitfalls - and how the professionals avoid or mitigate them.
- All the unbiased, up-to-the-minute information and hands-on techniques you need to start profiting immediately.

Forex Revolution - Chapter headings

1. The Truly Modern Market
- A Market for the 21st Century
- Opportunity Is Knocking
- Everybody's Talking About It
- Endnotes

2. The Currency of Trading in Everyday Life
- A Fact of Life
- Keeping Up with the Rates
- The Sun Never Sets on Forex
- Noodles in the Morning
- Laos for Lunch
- Odessa at Dusk
- Back in a 9-to-5 Market

3. The History of Forex (and Why You Should Care)
- The Beautiful Market
- Lessons of History
- The Roots of Modern Currency
- The Clash Between Governments and Markets
- Trends That Rocked the Forex World
- The Rise and Fall of the Modern Gold Standard
- The Rise of the Euro
- The Internet Trade Revolution: Banks Hated It, Speculators Loved It, and the Market Demanded It
- Seeing the World Through Forex
- Endnotes

4. The Basics of Foreign Exchange
- Spot
- Quotes
- Majors
- Cross Rates
- Pips
- Bid/Ask
- Lot
- Mini Lot
- Basic Tools of Training
- Positions
- Market Order
- Limit Order
- Stop Order
- Order Cancels Other
- Stop-Limit Order
- Rollovers
- Interest Rate Differentials, or Rollover Charge
- Leverage
- Controlling Leverage
- Initial Margin
- Margin Call
- Commissions
- Graphic: Calculations for the Spot Market
- Forex Regulators
- SFBC
- IDAC
- SFC
- FSA
- ASIC
- CFTC and NFA
- NFA
- Forex Designations
- Forex Dealer Members
- Futures Commission Merchants
- Introductory Brokers
- Commodity Trading Advisers
- Brokers
- Managed Accounts

5. Forex Trading Vehicles
- Forwards and Futures
- Options
- Swaps
- Derivatives and the Forex Market
- The Interbank Market
- Endnotes

6. Tools and Strategies to Get Started
- Gut Check: What It Takes to Be a Forex Investor
- What Are My Investment Goals, and Are They Realistic?
- What Is My Capacity for Risk?
- Time Investment
- Before You Trade
- Doing a Test Run
- Strategy: Creating an Approach Model

7. Forex from the Inside

8. Inside a Forex Platform
- Searching for the Right Platform
- Doing Your Homework
- Retail Platforms
- Trading Mechanisms
- Hub and Spoke Trading
- Request for Quote (RFQ)
- Click and Deal
- News
- Charts
- Research
- Things to Look Out For
- Requotes
- Network Connection
- Getting the Best Price
- Safety
- My Trading Room
- Information Sources
- Important Numbers
- Forex Retail Platforms
- Protecting Yourself
- Avoiding Fraud
- The Firm Promises a Free Lunch
- The Trader Uses Terminology You Don't Fully - Understand
- The Firm Claims To Trade in the "Interbank Market"
- The Firm is Using the Hard Sell via the Internet
- The Firm is Vague and Little Information is Available

9. Trading Inside the 24-Hour Storm
- Working Around the Clock
- Defining Your Trading Strategy
- Contingency Plans
- Cut Losers
- Pigs Get Slaughtered
- Overleveraging and Overtrading
- Watch the Markets
- Don't Walk Away
- Review the Market
- Market Manipulation
- Just Because You're Not Paranoid Doesn’t Mean They Aren't Out to Get You
- Flatline Your Emotions
- Trade with Your Personality
- Filter Information
- Avoid Bias

10. What Moves the Markets: Basic Fundamental and Technical Trading Strategies
- Watch Your Fundamentals
- Old Versus Fresh News
- Market Movers
- Governments
- Important Currencies
- The U.S. Dollar
- The Euro
- The Yen
- The British Pound
- The Swiss Franc
- Other Currencies
- The Yuan
- The Won
- The Real
- The Rand
- The G7
- Central Banks
- The U.S. Federal Reserve
- The European Central Bank
- The Bank of England
- The Bank of Japan
- The International Monetary Fund
- Private Financial Institutions
- Corporations
- Speculators
- Monetary Policy and Interest Rates
- Inflation
- Gross Domestic Product
- (Un)Employment
- The Beige Book
- Government Spending and Taxes
- Government Attitude
- Equilibrium: "Parity"
- Trade Balance
- Political and Social Environment
- Currency Board or Peg
- Subjectivity
- Technical Analysis
- Determing the Trend
- Support and Resistance
- Chart Patterns
- Fibonacci Pattern
- Elliot Wave Theory
- Gann Angles
- Andrews Pitchfork
- Indicators 101
- Moving Average
- Moving Average Convergence/Divergence (MACD)
- Relative Strength Index (RSI)
- Stochastic Oscillator
- Bollinger Bands (BB)
- Parabolic Stop and Reversal (SAR)
- Average Directional Index (ADX)
- Starter Technical Model
- Scalping
- Technical or Fundamental?
- Endnotes

11. Black Swans and Rogue Traders
- The Inherent Instability in the Forex Market
- The Tequila Crisis
- The Asian Crisis
- Breaking the Bank of England
- Interventions
- Scams and Rogue Traders
- Russia Devalues the Ruble

12. Trends and the Yuan
- Forex Will Not Just Get Bigger; It Will Get More Respect
- Globalization and the War on Terror
- The Chinese Dragon and the Indian Tiger
- ASEAN
- The Euro: Can It Hold?
- The Growth of Free-Trade Blocks
- The U.S. Dollar

Endnotes
Appendix
Index

Authobiography of Peter Rosenstreich

Peter Rosenstreich is a principle and foreign exchange trader for Rose Stevons & Company, a boutique New York alternative investment firm specializing in providing retail clients with innovative, structured products. Mr. Rosenstreich has extensive experience in the retail Forex sector. He is licensed with a series 3, 7, and 63, and is registered with the NASD and National Futures Association as a Commodity Trading Advisor (CTA). Mr. Rosenstreich holds a BA in History from Clark University and an MBA from the City University of New York, Zicklin School of Business.

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