Good basics but miss a HUGE point
Let me be honest here:
This book provides some really good advice about trading the forex market. Which currencies have what tendencies which times and reports to look out for how to manage trades and money etc. It provides the basics for any beginner. But if you are a beginner you will NOT notice something EXTREMELY important that the authors of this book did not mention ON PURPOSE. The authors in full disclosure state they are associated with [...](i.e. Gain Capital). And while in the book they make it seem that since [...] is part of/is a(n) FCM/CFTC/NFA (basically throwing out terms to a beginner to make it seem safe and legit) the author's on purpose do not mention that [...]is NOT an ECN broker and hence you'd think that with all those acronyms they'd be credible but think otherwise. In real short what this means is that if you are not an ECN broker you are allowed to and most disclose in very fine print hidden among pages of other details they know few will read take on purpose trades opposite of yours (hedge) in order to make more profits and ensure that begineers get wiped out and even good traders don't last for the long term. There are many more terrible practices these bucketshops use like fishing for stops spread manipulation etc and [...]has the "white gloves" implied in this book very much dirty. Just google it if you don't believe me.
Just thought I'd throw this out there for any beginners. Choose your books wisely but don't trust everything they say and make sure you know what they failed to say and why.
EDIT: I don't mean to pick on Gain Capital specifically. All I am saying is when you do go to choose ANY forex broker keep my information in mind since it wasn't outlined in the book.
Edit#2: Just in case another point that wasn't mentioned: rememmber that if your broker is not FDIC insured and they go under all your money with them will almost certainly never be seen again (don't fall for their sales/marketing ploys of "we're the biggest ones" or we have a safe and positive balance sheet; if you never heard of Enron GM WAMU then you'd need to read a bit about them). The only FDIC insured FX broker I know of is CITIFxPro which if you read in fine print is managed by Saxo Bank not CitiBank.More detail ...
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