Forex book for newbie
Hello everyone!
Could you please recommend any book to start learning about Forex.
What I need is starting from basics( assuming i dont know anything about currencies and forex). I am not interested in any trading strategies. What I firstly want to know are the basic correlations say between rate cuts and currencies, or carry trade.
What book/ author could you recommend?
Thank you very much,
Denis
Answers (6)
International Financial Markets by Orlin Grabbe. The definitive textbook on the subject.
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Eddie T
Head of Foreign Exchange (FOREX) & Account Executive for Futures, Options, Stocks, Bonds, Commodities & CFD's
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Thsi is not specific to the FX market but is specific to anyone wishing to start trading (anything). John Murphy's - Technical Analysis of the Financial (it used to to be the Futures) Markets. It was the primer for me 2 1/2 decades ago and I still refer to it when I need objectivity. A lot swear by Edwards & Magee's book but I am one of Thatchers Children and he is of my generation, plus I have met him. After that try Candlesticks and Gann theory or Elliott wave (if you must) but a LOT of the FX market is made up of moves created by technical analysis. Fundamentals are incidental to tactical moves though strategically they have some credit.
Fundamentals of Multinational Finance by Moffett, Stonehill and Eiteman. Addison Wesley Publishing. Great book.
http://www.amazon.com/Fundamentals-Multinational-Finance-2nd-Eiteman/dp/0321280318
I've found Foreign Exchange: A Practical Guide to the FX Markets by Tim Weithers to be a great introductory resource, especially if you are looking for a basic overview. Professor Weithers worked for years in the corporate education part of UBS and teaches at University of Chicago. It's like getting the best of theory which has been tested in the market place to be practical. The other recommedations so far are also excellent. Drop a line if you'd like more technical info. . .
I would recommend going to cme.com which is the website the Chicago mercantile exchange and go under education and you will find online classes that are free that you can take at your own pace and there are also strategy papers etc.
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Adam S
Director of Investments, Brock Financial Group
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The Alchemy of Finance. Talks about how Soros views the markets and some of his ideas for Fx speculation.
