Saturday, March 31, 2012

Book Review: Currency Trading in Forex and Futures markets

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Book Review: Currency Trading in Forex and Futures markets
 style  I just finished through in the Forex markets and Futures by Carley Garner. This is the second book I read Carley following . This book and Article writing regularly, motivated me to include Carley as a contributor to my book and do an interview with her in support of it. As you will soon discover, this relationship has little effect on my objectivity where this new book is concerned.
On the plus side, this book is a work very well describes the different ways you can exchange the money market (cash, futures, options, ETFs). There are good explanations of the mechanics of forex trading in its various forms, and the main methods used in market analysis. This includes a thorough discussion of the title (COT) report and on a limited section title = “Opportunities forex seasonal .
My major problem with the book is the bias of the author. It is a futures broker, who makes a major lean his views. This is not unexpected, but the fashion openly manipulative in which she throws retail cash transactions in a negative light is something I find distasteful. It does this several times in the early parts of the book by presenting some of the concerns often raised that have arisen in the arena for cash during the year (mainly related to forms of manipulation possible current broker-desk) with a complete commentary on how and why this might be a risk to anyone entering the market. Then, at the very end, after only intensifies the level of fear of the reader, it ends with a line like: “But that almost never happens.” This is the kind of thing that I have to wait politicians, not the authors of books.
The cast of spot foreign exchange in a negative light, either directly or specifically in relation to the future is happening throughout the conversation. I do not mind that she has a preference, but I would like to see more objective discussion on less than an outright attempt to influence the reader. (Personally, I have traded forex market through all that it addresses and continue to do so in different ways depending on what I’m trying to do in the markets)
There is also something of an omission error in the comparison of spot and futures in terms of interest rates. The author rightly comments on all roll-over, the interest deferral mechanism that takes place in the spot market at the end of each trading day. It fails (as far as I’ve seen) to note that the interest rate differential is also a factor in the futures market because it is priced in.
For me the negatives of outweigh the positives, so I’m not inclined to recommend this book if I did like his previous.
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