Table of Contents

Acknowledgments ix

Introduction xi

Part I Through the Eyes of a Trader 1

1 On Markets 3

2 The Currency Market 9

3 A Rare Breed 13

4 FX Dealers 19

5 Today’s FX Market 23

6 The Players 27

Part II The Retail Side of Things 33

7 Card Stacking 35

8 Don’t Trust Your FCM 43

9 Third-Party Services 47

10 Fighting Back 51

Part III Joining the 10% 55

11 Becoming a Great Trader 57

12 Picking the Right Approach 63

Part IV FX Trading Tips 73

13 Adapting to the FX Market 75

14 Trading Thin Markets 83

15 Using the Crosses 87

16 All About Stops 93

17 Characteristics of FX Trends 97

18 Trading the FED 103

19 Fading News 109

20 FX Analysts: Who Cares? 113

Part V Dealer Trades 117

21 Trading Against Dealers 119

22 The Big Figure Trade 123

23 The Friday to Sunday Extension 131

24 Sticking it to Your Dealer 137

Part VI The Future 143

25 The End of the Beginning 145

Appendix Trading “How To’s” 149

How to Set Up Your Trading 151

How to Trade Price Action 157

How to Build a Position 163

How to Trade Out of a Losing Position 169

Notes 177

Speaking Like a Dealer 179

FX Glossary 181

Trading Maxims 189

Bibliography 191

CFTC Minimum Finance Requirement 193

Index 209

About the Author

One of the pioneers in foreign-exchange trading, Agustin Silvani developed one of the first retail-oriented currency programs and currently leads the team of professionals at MIGFX Inc, consistently rated among the top-ten currency traders as ranked by Barron’s, Futures, and Currency Trader Magazine. Mr Silvani’s experience in FX ranges from the interbank to the retail sector, helping manage portfolios ranging from $1 million to more than $10 billion in size, and is a regular contributor to the financial press.

Reviews

"...could help novices avoid much of the pain...a brutall honest appraisal of how currency markets work." (Investors Chronicle, April 24th 2009)