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The foreign-exchange market is often referred to as the Slaughterhouse where novice traders go to get ‘chopped up’. It is one of egos and money, where millions of dollars are won and lost every day and phones are routinely thrown across hectic trading desks. This palpable excitement has led to the explosion of the retail FX market, which has unfortunately spawned a new breed of authors and gurus more than happy to provide misleading and often downright fraudulent information by promising traders riches while making forex trading ‘easy’.
Well I’ll let you in on a little secret: there is nothing easy about trading currencies. If you don’t believe me then stop by Warren Buffet’s office and ask him how he could lose $850m betting on the dollar or ask George Soros why his short yen bets cost him $600m not once but twice in 1994. What’s wrong with these guys, don’t they read FX books?
In reality, the average client’s trading approach combined with the unscrupulous practices of some brokers make spot FX trading more akin to the games found on the Vegas strip than to anything seen on Wall St. The FX market is littered with the remains of day traders and genius ‘systems,’ and to survive in the long-run traders have to realize that they are playing a game where the cards are clearly stacked against them.
Have you ever had your stop hit at a price that turned out to be the low/high for the day? Bad luck perhaps? Maybe. What if it happens more than once? Do you ever feel like the market is out to get you? Well guess what, in this Zero Sum game it absolutely is.
Covering the day-to-day mechanics of the FX market and the unsavoury dealings going on, Beat the Forex Dealer offers traders the market-proven trading techniques needed to side-step dealer traps and develop winning trading methods. Learn from an industry insider the truth behind dirty dealer practices including: stop-hunting, price shading, trading against clients and ‘no dealing desk’ realities.
Detailing the dealer-inspired trading techniques developed by MIGFX Inc, consistently ranked among the world’s leading currency trading firms, the book helps turn average traders into winning traders; and in a market with a 90% loss rate winning traders are in fact quite rare! More than just a simple manual, Beat the Forex Dealer brings to life the excitement of the FX market by delivering insights into some of the greatest trading triumphs and highlighting legendary disasters; all written in an easy to read style.
Make no mistake about it there is a lot of money to be made in currency trading, you just have to know where to look. Sidestepping simple dealer traps is one way of improving your daily p&l, but it is surely not the only one. Successful trading comes down to taking care of the details, which means skipping the theoretical stuff and providing only up-to-date, real-life examples while sharing the FX trading tips that have proved so profitable over the years. By stripping away the theory and getting down to the core of trading, you too will find yourself on the way to beating the forex dealer! more info
{ 25 comments… read them below or add one }
Clear Insight
Rating:5 out of 5 stars
Read and underlined a significant portion of this book. As a new FOREX trader, I found this books insights into the daily volatility of the market and the reasons for unexplained fluxuations helpful in designing a trading plan. Highly recommended.
Very critical knowledge to have
Rating:4 out of 5 stars
Often we think that currencies are all about technical and fundamental analysis, but Silvani brings up a very critical variable that is often discounted – the dealer! This book reveals to you the inner nitty gritty of how the dealers work the orders, gun for your stops, and what you can do about it. Most retail traders completely ignore this information and as a result they become toys in the hands of dealers.
This is the kind of information that can give you a critical edge, especially if you’re an intra-day trader. Silvani talks about the frequent mistakes retail FX traders make. Trading ideas are suggested that take advantage of what dealers do to you (like how to be on the correct side of a stop run, a news trade). It also gives you information on how to conduct due diligence on your broker and check if he’s cheating you (multiple price feeds!), as well as how to complain if you get cheated. Many FX trading books are written by people who run brokerages, and they’re obviously not going to tell you this stuff!
The thing that prevents me from giving it five stars is that the book could have even gone into more detail but it doesn’t. It could have spent a bit more time explaining and illustrating some of the concepts, and for the price it charges it should do that.
This book won’t go through the 101′s of trading (though it does give you a fair overview of basic trading strategy), however in my opinion its absolutely required reading before you fund your first FX account.
The only Forex book I love to read!
Rating:5 out of 5 stars
This is my first time writing comments in Amazon, as I can’t stop myself to express my happiness after reading this book.
I’ve traded Forex about 3 years and had lost a lot of money. After reading this book, I really knew that what happened for my Forex trading skills, and how to beat the dealer (as the title of this book).
The author mentioned many times that a trader should think as a dealer, which inspired me what mistakes I had made and knew there are a lot of tricky traps in Forex market. The topics like “All About Stops”, “Trading the FED”, “Fading News”, “Big Figure Trade”, “The Friday to Sunday Extension” etc are all invaluable to me and I am sure no other books have mentioned such skills / experiences.
I started to win money (even not yet recovered all my lost) after reading this book. I love it very much! Thank you Agustin Silvani! You are really an insider!!! You are the best! And, thanks a lot for sharing your great experience with your readers!
Cheers!
Must Reading For Forex Newbies
Rating:4 out of 5 stars
This book will enlighten you about how your Forex broker is motivated to make you fail at Forex. It will also teach you how brokers abuse their retail clients. Gives meaning to the expression “a broker will make you broker.”
This book explains the “system”
Rating:4 out of 5 stars
BEAT THE FOREX DEALER gives you the insight of the markets and how the dealers / brokers profit on your positions. This book pulls back the curtain allowing the reader to see the “man at the machine”. The truths exposed in this book are not just in the Forex markets but also in the Futures markets and the Stock markets. The investors have all the cards stacked against them. You have to think and trade like a dealer to have a chance.
This book will open your eyes to all the systems and magic programs available, they just keep feeding the dealers. I recommend you buy this book and read it twice before you buy any Forex pairs, Commodity Futures, Stocks,Bonds or even Real Estate. Don’t let the Dealer continue to win.
A must for anyone!!
Rating:5 out of 5 stars
I have traded options for a few years and I recently moved over to Forex trading. This book has help me with getting a full understanding of what to expect on the playing field.
Know the REAL forex game.
Rating:5 out of 5 stars
This is easily the most valuable book of the nearly dozen or so I’ve read. Have you ever wondered why the market moves against you when you follow text book technical set ups that every trading manual states you should? It’s because the brokers and dealers know you will and actively go after your position. It’s obvious to me now but before reading this book I didn’t know MY broker was out to aggressively take my money.
This book has given me a whole new view of forex trading and because of it I’ve stopped scratching my head and begun to make gains. I know the real game now and have adjusted my trading to take advantage of it.
One word, EXCELLENT!
Rating:5 out of 5 stars
This is the second review I’ve ever posted and I’m not big on providing my opinion unless I’m VERY upset or impressed and I’m most definitely impressed with this book. Beat the Forex Dealer is by far hands down the best book I’ve never read on the markets! Do yourself a favor and purchase it, it’s well worth it!
Great Insight
Rating:5 out of 5 stars
I’ve read quite a few books on FX and they all tell you pretty much the same thing, BUT this book gives you an insight from the dealer’s perspective. I didn’t know that the dealers are trading against you and that they trip stops purposely. This book has made me trade differently and I’ve had positive results. This book is a must!
Valuable and Succinct
Rating:5 out of 5 stars
I have a large (and growing) library of trading books with only a select few that I still reference on occasion. This is one of them! Packed full of valuable information that gives a clear behind-the-scenes explanation as to why certain movements happen in the market on a regular basis. Information that has immediately corrected a few of my trading habits. I especially appreciate his concise writing style, without droning on page after page with useless information. His charts could have been a little larger (had to use a magnifying glass on occasion), but absolutely well worth the time. Thanks you Mr. Silvani.
Why try to beat the dealer
Rating:2 out of 5 stars
First, I haven’t read this book, but I have read the reviews. They have convinced me not to read it. I know a little about the FX games brokers play. I’m a European Fx broker. Apparently his premise is “by following his recommendations”, one can beat the dealer broker. This like saying you can beat the Mafia and the KGB. Why do you want to put yourself in that position and put your hard earned money in the position to be taken away by these unethical people. They earn their living by making sure you lose. I won’t go into the many, many ways they do it. I have gone to websites owned by these slime balls and read their advice they give to novice traders (suckers) and they lead then right down the path to steal their money.
Where one needs to start, is to trade only with an ECN (Electronic Communications Network) broker. They don’t have dealer desks. If they do, they aren’t real ECNs and there are plenty brokers who pretend to be ECNs and aren’t, so you need to be careful. An ECN doesn’t trade against your account and they don’t see what you are trading. They are directly connected to several large banks who blindly trade with you. The outcome has much more to do with your ability to trade, than your ability to fool yourself that you can beat someone who knows all about you and your account. Find a good ECN broker and you don’t need this book.
How do you find an ECN broker? Ask some questions. Ask, are you an ECN? If yes, continue – Do they offer 1/2 pip spreads? If yes, they aren’t an ECN. This trick fools your platform and they can steal your money. Do they charge a commission? If they are a real ECN the answer will be yes, because that is how they earn their money, not by stealing from you. Of course you want free trades, but it is much more costly in the long run. Do they have a dealer desk? If yes, they aren’t a real ECN. They will have a service desk…….. that will serve you, not steal from you. The dealer brokers advertise much more, because they make (steal) much more money. You need to search for ECNs.
Good trading!!
Brussels, Belgium
A must read for anyone interested in forex.
Rating:4 out of 5 stars
The only reason i am giving it a four star is because the chapters can be a little short and sometimes more elaboration would be good. Having said that, i must say this is in the top 5 best books on forex i ever read.
If you don’t purchase this book you will probably end up making dumb mistakes and loose money simply because you are not aware of all the players and where you fit in this game. For beginners for sure survival is success in this game: Silvani will help you to survive.
Although it is not a book for beginners in the sense of teaching the basics, if you are new you still owe it to yourself to read this book. It will save lots of money in your forex endeavours. Just the chapter on stop losses is worth the price of the book, and that’s one of the reasons i am giving it a four star- i wanted more information. Everyone i read in books or internet mentions the “need=requirement” to have stop losses. And even though that is very true in general, there are situations when you need to change them or remove them altogher at least temporarily. Using stop losses is obviously necessary but stop losses can also run down your account while your position was “right”. Silvani clarifies neatly when to ignore stop loss, These pieces of tidbits will ,i believe, improve your trading skills. Kathy Lien’s book is a real good companion to this book.
In general this book uses very short chapters which makes it for a fast and easy read, but if you want to understand the content in more detail you just need to revisit each chapter and take your time. I enjoyed reading this book exactly because of this ease of content.
A Must Have!
Rating:5 out of 5 stars
Other reviewers have already well articulated my sentiment and I just want to echo what others have said in that:
“DO NOT TRADE FOREX BEFORE READING THIS BOOK!”
Trader Beware
Rating:5 out of 5 stars
I would recommend this book to anyone considering foreign exchange trading–preferably before a single position is ever opened. Agustin Silvani’s work has opened my eyes to the seedy, shady “tricks” of the forex dealer trade. After only a few pages, it is easy to see why the spot currency market is where unknowing, novice traders are preyed upon by the “sharks” of the business. There are many reasons why most forex traders fail, and it certainly does not help that dealers are often on the other side of the trades. The smart investor/trader can profit in this zero-sum game, but he or she must be prepared. I believe this book is the “shark cage” every trader needs.
The strategies presented are designed to help the reader begin thinking like the “big money” that controls the market. I was able to lock up 50 quick pips earlier this month trading the NFP announcement. The market behaved in an almost textbook manner, and it was all outlined in this book. Why trade with the frustrated losers, when you can become a shark yourself. Take notes and practice the techniques outlined, and results should naturally follow. Nothing works all the time, but you will definitely have more or a chance to profit if you are prepared.
the real deal
Rating:5 out of 5 stars
I would highly recommend this book for any serious FOREX retail trader. I think the author has been there and back, and really knows how this stuff works. In my opinion, it would be more useful for someone who had done some reading and FX trading, but I would recommend it to anyone who is in the difficult world of FX trading or who is thinking about it. It is not an introduction, and is not going to explain the fundamentals or give you tons of technical analysis ideas, but the author clearly tells us that there are many other good books out there, and we should be reading some of them.
At any rate, I bought this book ‘sight unseen’ and it is worth every penny.
Good luck trading !
Good Book In A Very Uncrowded Field
Rating:4 out of 5 stars
I will admit, this is a good book. From the at times harsh skepticism of the introduction (the skepticism, of course, is well founded), to the interesting tidbits of the final chapters, this is a pretty good book about Forex. It skips the obvious BS I’ve seen in most volumes, and gets right to the nitty-gritty.
But is it a 5 star book? Nope. Not at all. In fact, I would give it 3 stars if it weren’t for the fact that there is such a dearth of good reading in the Forex arena!
I will admit that there are some good tips in here, and it is well written and features some actual setups and examples. A little pricey for what it is, but then that’s pretty common in the world of trading books. Note to fledgling Forex authors out there: Get to work! We’d love to hear from you!
“Don’t day trade without it!”
Rating:5 out of 5 stars
Before you even think of trading the forex market, read this book. Augustin has revealed what really goes on in most of the retail trade for the day trader. I loved every part of it.
Finally, somebody has some, and told the truth about many of the retail dealers in this industry. Even better, he shows you how to overcome a lot of their shoddy practices. A true “eye opener” that will bring tremendous clarity to your trading style.
Ignore the dealers that will ultimately give rebuttal reviews here. They do the same thing in the forums to keep the unknowing traders off their backs. They’re always giving lame excuses and trying to fix their so-called platform issues. What a joke.
This is a great book for traders on any level. One that you will thoroughly appreciate and enjoy.
A Must Read
Rating:5 out of 5 stars
I have been studying trading the markets for the past couple of years and I have read many books on trading. This book by Agustin Silvani hits the nail on the head. Any novice before they consider themselves ready to pull the trigger must read this book in order to understand what the trader is up against.The trader is not only contending with the market but also fighting off the market maker.With this knowledge you will go into your chess game a bit more prepared for the ambush that lies ahead.
Beat the Forex Dealer
Rating:5 out of 5 stars
This is a very interesting book, full of vital information and a must read for anybody wanting to be a trader.
A lot of inside behind the scenes info.
Outsanding book
Rating:5 out of 5 stars
This is an outstanding book, particularly relevant in this time of turmoil in the markets. Is a type of book which you very seldom find. The author is on your side and this is very helpful during this unique period of such an incredible volatility. The book help you to better understand how the market works and how to take advantage of that.
BM
Excellent…it breaks down what you need to know about the forex market!
Rating:5 out of 5 stars
This book informs you of what you’re up against in the “wild west” of trading–the foreign exchange market.
It’s broken up into 6 parts and the chapters in Part II–The Retail Side of Things–are worth the price of the book. Another great section is Part IV–FX Trading Tips–in which the author gives you several helpful tips that are relevant and unique to trading forex.
I’ve read several books dealing with forex and so far, this one is the best. Bottom line, buy the book if you trade in, or are interested in, the foreign exchange market.
Great insight to Forex market!
Rating:5 out of 5 stars
I’ve been only in forex market for less than a month, but reading this book makes me a better trader everyday. I like the fact that Silvani says it right from the beginning, that the dealer is trading against you. Which makes sense and makes me approach the market really carefully.
Wonderful book
Rating:5 out of 5 stars
This book should be a must for every intraday trader that already has some knowledge of the forex market,although you will not get a clear cut trading strategie out, you will find out what goes on behind the scene at your broker and how to avoid their pitfalls
Good perspective
Rating:5 out of 5 stars
Unlike most Forex books, this does not reiterate basic strategy and definitions. Rather, it assumes that the reader knows the basics, and concisely reveals how the Forex dealers can use those strategies against the reader. The author’s material corresponds well to common complaints from traders worldwide (check out Forex trader blogs at any website). The graphs are well-laid out, and helpful for elaborating on the counter-strategies described by the author. A quick read, but surely complex enough for re-reads. I cannot comment on whether the author’s strategies will indeed ensuring “beating the dealer” (have not tested them yet), but I think that revealing how the Forex establishment can take advantage of traders will make readers more cautious, and less trusting. Should be part of any advanced beginner’s library.
Easy: deal in regulated futures
Rating:2 out of 5 stars
While this book provides some insight into the unethical dealings of forex brokers, it sidesteps the easiest solution, that is, trading in a regulated market. Instead, it tries to convince you that you can outsmart some guys that know your position 100% of the time, that can requote at leisure, change the terms of your account any time they wish and, if all that doesn’t work, put you on “manual”.
Don’t bother to play ball with one hand tied behind your back thinking you’re so good that you can still beat the other guy with just one hand, simply play where you can use both hands: regulated markets, not bucket shops.