The Sensible Guide to Forex: Safer, Smarter Ways to Survive and Prosper from the Start by Cliff Wachtel is an empowering guide designed to provide the necessary knowledge and tools to those venturing into the world of forex trading. Written by Wachtel, a seasoned financial industry veteran, the book delivers an in-depth understanding of forex markets, offering pragmatic advice, valuable insights, and comprehensive strategies for both beginners and experienced traders.
The book kicks off with an introduction to forex trading, elucidating key terminologies, market mechanics, and underlying economic principles that impact currency values. It then guides readers through the process of setting up a forex account, choosing a suitable trading platform, and understanding the various types of trading orders.
One of the unique aspects of this book is its dual approach to forex trading. Recognizing that not everyone is cut out for active trading, Wachtel presents both active and passive forex trading strategies, allowing readers to choose a path that best fits their financial goals, risk tolerance, and lifestyle.
Active traders will find a comprehensive collection of tested strategies for day trading and swing trading, alongside the essential concepts of technical and fundamental analysis. On the other hand, passive investors will learn about simpler, less time-consuming strategies designed to protect their wealth against currency risks and even capitalize on certain market conditions.
Wachtel also dedicates ample discussion to risk management, a critical component of successful trading. Readers will learn how to size their trading positions appropriately, use stop losses effectively, and manage their portfolio risk. Additionally, the book delves into the psychological aspects of trading, providing strategies to cope with emotions like fear and greed.
“The Sensible Guide to Forex” stands out for its practical, hands-on approach to forex trading. It’s not just about theory; it’s about providing real-world strategies, actionable tips, and empowering readers to become self-reliant, successful forex traders. The book’s blend of comprehensive knowledge, real-world strategies, and pragmatic advice make it an indispensable resource for any forex trader.
