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Currency Trading For Dummies - pr_104257

Currency Trading For Dummies

By Kathleen Brooks, Brian Dolan

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Your plain-English guide to currency trading Currency Trading For Dummies is a hands-on, user-friendly guide that explains how the foreign exchange (ForEx) market works and how you can become a part of it. Currency trading has many benefits, but it also has fast-changing financial-trading avenues. ForEx markets are always moving. So how do you keep up? With this new edition of Currency Trading For Dummies, you'll get the expert guidance you've come to know and expect from the trusted For Dummies brand?now updated with the latest information on the topic. Inside, you'll find an easy-to-follow introduction to the global/ForEx market that explains its size, scope, and players; a look at the major economic drivers that influence currency values; and the lowdown on how to interpret data and events like a pro. Plus, you'll discover different types of trading styles and make a concrete strategy and game plan before you act on anything. Covers currency trading conventions and tools Provides an insider's look at key characteristics of successful currency traders Explains why it's important to be organized and prepared Offers guidance on trading pitfalls to avoid and risk management rules to live by Whether you're just getting started out in the foreign exchange market or an experienced trader looking to diversify your portfolio, Currency Trading For Dummies sets you up for trading success.

Product code: 9781118989807

ISBN 9781118989807
Publisher John Wiley & Sons Inc
Dimensions (HxWxD in mm) H236xW189xS19
No. Of Pages 384
Edition 3rd Edition
Currency Trading For Dummies has been a top personal finance and investment titles since its release in 2007, selling over 25,000 units YTD.? The foreign exchange market or forex for short is the buying and selling of currencies, and its one of the fastest growing markets in the world. From 2007 to 2010, forex market activity increased by 20%, with average daily turnover reaching nearly $4 trillion in April of 2010. Forex trading works much like it does with stocks, you buy low and you sell high. The benefit of trading forex is that you dont have to choose from thousands of companies or sectors. Plus, you can make things even simpler than choosing which company to buy. (Jeremy Wagner, Head Forex Trading Instructor) Unlike stocks, futures or options, currency trading does not take place on a regulated exchange. It is not controlled by any central governing body, there are no?clearing houses to guarantee the trades and there is no arbitration panel to adjudicate disputes. All members trade with each other based on credit agreements. Essentially, business in the largest, most liquid market in the world depends on nothing more than a metaphorical handshake. This arrangement works exceedingly well in practice; because participants in FX must both compete and cooperate with each other, self-regulation provides very effective control over the market. Furthermore, reputable retail FX dealers in the?United States?become members of the?National Futures Association?(NFA), and by doing so they agree to binding arbitration in the event of any dispute. Therefore, it is critical that any retail customer who contemplates trading currencies do so only through an?NFA?member firm.?(http://www.investopedia.com) The currency exchange rate is the rate at which one currency can be exchanged for another. It is always quoted in pairs like the EUR/USD (the Euro and the US Dollar). Exchange rates fluctuate based on economic factors like inflation, industrial production and geopolitical events. These factors will influence whether you buy or sell a currency pair. (http://www.xe.com/currencytrading/) The primary reason the FX market exists is to facilitate the exchange of one currency into another for multinational corporations that need to trade currencies continually. (http://www.investopedia.com)