It is one of egos and money, where millions of dollars are won and lost every day and phones are routinely thrown across hectic trading desks.
This palpable excitement has led to the explosion of the retail FX market, which has unfortunately spawned a new breed of authors and gurus more than happy to provide misleading and often downright fraudulent information by promising traders riches while making forex trading 'easy'. Well I'll let you in on a little secret: there is nothing easy about trading currencies. What's wrong with these guys, don't they read FX books?
In reality, the average client's trading approach combined with the unscrupulous practices of some brokers make spot FX trading more akin to the games found on the Vegas strip than to anything seen on Wall St. The FX market is littered with the remains of day traders and genius 'systems,' and to survive in the long-run traders have to realize that they are playing a game where the cards are clearly stacked against them. Bad luck perhaps? What if it happens more than once?
Do you ever feel like the market is out to get you? Well guess what, in this Zero Sum game it absolutely is. Covering the day-to-day mechanics of the FX market and the unsavoury dealings going on, Beat the Forex Dealer offers traders the market-proven trading techniques needed to side-step dealer traps and develop winning trading methods.
Learn from an industry insider the truth behind dirty dealer practices including: stop-hunting, price shading, trading against clients and 'no dealing desk' realities. More than just a simple manual, Beat the Forex Dealer brings to life the excitement of the FX market by delivering insights into some of the greatest trading triumphs and highlighting legendary disasters; all written in an easy to read style. Make no mistake about it there is a lot of money to be made in currency trading, you just have to know where to look.
Successful trading comes down to taking care of the details, which means skipping the theoretical stuff and providing only up-to-date, real-life examples while sharing the FX trading tips that have proved so profitable over the years. Well guess what, in this Zero Sum game it absolutely is. Covering the day-to-day mechanics of the FX market and the unsavoury dealings going on, Beat the Forex Dealer offers traders the market-proven trading techniques needed to side-step dealer traps and develop winning trading methods.
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Learn from an industry insider the truth behind dirty dealer practices including: stop-hunting, price shading, trading against clients and 'no dealing desk' realities. Make no mistake about it there is a lot of money to be made in currency trading, you just have to know where to look. Successful trading comes down to taking care of the details, which means skipping the theoretical stuff and providing only up-to-date, real-life examples while sharing the FX trading tips that have proved so profitable over the years.
By stripping away the theory and getting down to the core of trading, you too will find yourself on the way to beating the forex dealer. Deal ing with ullcenainty can also mean being pro-active ;:lnd forcing your oppo-nent 's hand.
When asked about hi s playing. Ed Lasker. What movedo they fear the most?
What wi ll they do if prices go down? Market panicipants and pawn shops know that it is much easier to rip-offso meone in trouble than to make money through you r ow n tradin g skills, so overthe years they have evolved into effic ient killing machines that would make Darwinproud. If the market catches a wisp of a hedge fund III trouble.
Aug 7 t4 2. Antic ipati ng highe r natural gas pn ces. At this point. The sudden nood of supp ly gets the market 's attention, and the NYMEX boys soon real ize that Amaran th is siui ng on a huge long position. Fundamem,tis are pushed aside ilS traders move in fo r an easy play.
Not su rpri singly. It bailed them ou t cash in their positions ror great gains. If Amaranth had not gone balls-oll tlong on natural gas, for exampl e. Forex traders are a unique brand of specul ator with an alm ost monasti c devotionto th eir pro fess ion, working obscene ho urs and concerning themse lves wi th globalmacro eve nts. What effect will the Tokyo eanhq uake have on the Swiss franc? How will the US do ll ar react to infl ati onary sig ns coming oul of Germany?
Tryex plai ning how you make a living to a stranger or you r spouse and they willlook at you as if you are crazy. The abili ty to select. Th rough the eyes of a forex trader every asset trade isessenti all y a bet o n exc hange rates. The world' s eco nomies are now one g iant interconnected machine, and the greasethat keeps the gears runn ing smooth ly is foreign exc hange.
Legendary FX tradershave made their careers by fi gu rin g out.
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This clairvoyance often instill s a levelof se lf-confidence that would hu mble professio nal ath letes. In A Rare Breed 17 Why is it a bad idea to give your star trader the keys to the backoffice? The Sumitomo Corp. Unfortunately for Sumitomo, his 10 year career was mostly filled with bogus contracts and fictitious entries meant to hide his mounting losses. Nick Leeson. Star trader for Barings Bank. John Rusnak. Allied Irish Bank's chief rogue trader. Peter Young. Seems like Young got the last laugh since the court declared him unfit for trlall.
If the bi g banks arc the FX wholesalers, then dealers are thesa lesmen trusted to push their in ventory. It may be worth accommodaling a tran sactio nfor a custo mer at a slightly lower commi ssion or loss if it means locking upbusi ness from that client in the future.
Because of the whee ling-and-dealing style of their work , deale rs have hi storicallybeen more associated with the streets of Brooklyn than any Ivy League school, andthey are renowned for bein g quick on their feet and excellin g at order-flow trading;they are the defi nition of the intra-day trader. Anot her favorite trading rule of the spot dealer is 10 never tru sl the first price. After a news release, dealers know that the first price print is the knee-jerk reactionof the market and most ofte n wrong, so dealers routine ly use news events to Rushout any weak positio ns by movi ng the market again st them.
A dealer's biggest nightmare is a runaway market. Prices canal ti mes ru n away from a dealer so quick ly that they are unable to offset theirexposure, and leaves the stressed-out dealer with positi ons deep underwater. Man yri sk-hu ngry dealers that contin ued to quote prices durin g the USDJPY crash of, for example, were wiped oul. In general, any one-way market is bad fordea lers, since pri ces do not retrace and they are forced to eventuall y unload theirpositions at a loss. FX Oealers 21through their quotes and fill s. Both have va lid po ints in thi s love-hate relationshi p actuall y most ly hate.
As in an ybus iness, good market cont acts and relati onshi ps are fu ndamental to success in themarket , and a trader may put up with a dea ler's shodd y quotes if he knows he ca ncount on him to take a large C ADJPY order on a Friday afternoo n. You ca n have the best ideas in the world. Of co urse, ha vin g a good re lati onsh ip does not mean you are not willin g to takethe mher party's money. Every ti me a trader pi cks up the phone to deal, he knowsthat the person on the other end of the line is goi ng to try to rip him o ff, but s marttraders also routinely pl ay tricks on their brokers.
A favo rite FX tri ck was to leavesmall stops with dea lers all over the city and wa it for the m to take the bait beforeentering the market with your real move in the form of massive orders that wouldcatch dealers wro ng-fooled and looking sill y. Similarl y, dealers often know thepos ition of their cl ient directl y through the margin depos it or indirec tl y throughindustry contacts and ac ti vely push the market again st them.
More concernedwith time than price , these guys have to constantly keep track of value datesand expirations. Spot Dealers: Fly-by-the-seat-of-your-pants crowd. Rely more on their gutthan their head. Can instantly calculate averages and are above all concernedwith their net exposure at any given time.
Beat The Forex Dealer An Insiders Look Into Trading Todays Foreign Exchange Market! Here
Generally more street-smart thanbook-smart. If they smell blood they pounce. Retail Spot Dealers : Usually ex-bank dealers that were MretiredMor decidedto move on to a cushier gig. They occupy an awkward place between theinterbank and the retail market, with most transactions being generallystraight-forward.
Cushy job that entails little more than tracking customer flowsand offsetting risk with their market makers.
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Now and then they organizeambushes on their clients, something they revel in. Everything frombackortice systems to tradin g has been affected by the changes, generall y makingthings faster, more accurate, and more reliable. Whereas before a trader was forced to make the round s in an effort to find aprice. With all of the liquidity providers now imputing their best price into a commonplatform, it shou ld in theory be a much better way of going about things, andfor the Illost part it is.
However, don't feel lOO sorry for the dea ler, for there willalways be a place for hi s trade.
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