I'm writing a book about FOREX. Submit ideas here!

[forexpipz]

Hello to all my fellow traders.

This is no doubt going to be a LONG thread.

Anyway. This thread as the title suggests is about writing a book about forex. Now before you all say - well we dont or do need another book about forex I will attempt to try and persuade you of the merits of another book. :smart:

1) All the books out there about forex are pants. Plain and simple pants.
2) There are a few exceptions but their exception doesn't last for the duration of the book
3) They are all ambigous to the point where they all sound exactly the same
4) They lack depth etc etc etc. Many more reasons to follow...

So there you have it. Short and sweet. There are many more reasons why to write a book but hopefully this thread will reveal some of the more interesting parts of forex that other books neglected to mention for whatever reason.

In starting this thread I hope to gain and exploit the collective wisdom of years of trading experiences from the memebers of this thread. It's an open ended discussion and i'm looking for IDEAS :idea::idea::idea: The more the merrier. So shoot. Giz an idea ladies and gents of what you would ideally like to see in a foreign exchange book.

I know all the obvioius candidates that would make it into the book - i.e money management etc but I'm looking for the stuff that really makes an impact on trading performance. Stuff that most authors shy from due to their monolithic content. However - monolithic can be condensed using appropriate formatting and diagrammatic logic to further reduce complexity and aid understanding. Boring i know. Lets move on.

I hope to format the book in a way that maximizes comprehension. Pretty flow diagrams for example. UML models etc. Hopefully you are starting to get an idea.

As for content. This is where you guys n girls show off your armoury. What would you like to see or read for that matter. Giz a few examples to get my teeth stuck into.

Looking forward to your requests. When i've gathered enough ideas I will will be polling for the actual content. Dont just stop at ideas neither. If you have a solid grasp of what you are talking about and can justify your ideas (even better) then I will be more than happy to consider your works as examples or references within the book.This also includes theories. As deep as you want Roderick. Mathematically intesive or not. Your choice. Happy trading. Lets go:

Marc.

 

[tommog]

depends if youre writing a book about FX and the history of the foreign exchange markets etc (that sounds quite interesting actually).

Or are you writing another "how to" book. In that case i would say there isnt any need, the internet and countelss other books on the market give you more than enough information on technical studies, example trades, trading styles. The simple fact is most people chose to ignore all this information and give in to their psychological weaknesses that ruin most traders (might be a book idea about that too). Failure in trading is rarely through lack of intelligence/knowledge

The FX makret is a market like any other, if you can trade corn futures well you can trade FX so i really dont think the market needs a book on "how to trade FX" as there is no difference between FX and any other market. Unless you are talking about how to hedge your billion dollar manufactory's dollar exposure etc.

Personally i find books done in interview Q & A format most enjoyable, a good interviewer gets inside the minds of people you want to aspire to be like which is priceless information. but again this has been done several times.

Sorry i couldnt come up with the light bulb moment and give you a gap in the market to write for

 

[forexpipz]

tommog - The history of FX sounds pretty cool. I know it has been covered elsewhere but never the less a book with more emphasis on charts to support the histoy would be nice I guess.

It certainly wont be a how-to book in the sense of how-to trade but I'm guessing a lot of people would benefit from snippets of example trading plans from traders that are successful.

The fx market is a financial market I agree but limiting your trading to a single market means you get intimate with a certain pairing if you know what I mean. Trading liquid as opposed to illiquid pairs can leave many traders twiddling there thumbs not knowing why it works on some pairs and not others. The dreaded whipsaw for example.

The macroeconomics of currency markets are vastly different from that of other markets even though many similarities exist. Hey it a social science right? Should be interesting getting to the core of flow analysis as opposed to other theories of market drivers. I like the Q and A idea though. That sounds like an interesting prospect and will be earmarked for inclusion.

I like Elders entries and Exits. That is a nice touch but I'm hoping to improve upon that becuase a lot of these books have shoddy examples with sub standard formatting and graphics. So hopefully that would improve the readers comprehension.

I'm looking at correlation between markets too. Say for example market drivers, commodities, equities, fixed income. Relationships. Where the money comes from, where it flows to and from and why. Good examples would be a godsend especially for visual learners.

Thanks for your input.

 

[tommog]

i agree, the macro make up of the Forex market is unique to forex (although shares a lot macro interest with other markets such as bonds) as interest rate expectations are a driving force. There isnt a "Trading Forex Fundamentally" book that i know of that is very concise. but then again most traders thats are looking for concise or introductory books tend to be primarily focused on finding the holy grail with technicals

 

[forexpipz]

Holy Grail

i agree, the macro make up of the Forex market is unique to forex (although shares a lot macro interest with other markets such as bonds) as interest rate expectations are a driving force. There isnt a "Trading Forex Fundamentally" book that i know of that is very concise. but then again most traders thats are looking for concise or introductory books tend to be primarily focused on finding the holy grail with technicals

This is what I want to emphasise about the Holy Grails System. Throughout the book I want to make it clear that in order to succeed you absolutely must lose. Some more than others of course but to point out that there is certainly no holy grail and if there were it would be rendered unasable always.

The markets are dynamic and I want traders to understand that. There is a lot of hype about mech systems too. Most is just that hype but the simple fact of the matter is that mechanical trading volumes are on the increase and many banks are using high probability trading systems that do have some results. This is also an aspect I would like to explore.

There are two sides to every story and those that swear against mecanical systems and those that use them with success. Some work however not for long and most have exagerrated claims. Backtesting forwared testing or whatever. It all has to be explored to some degree.

The most important aspect of the book will be this:

The book is about trading the forex market. It emphasises practice practice practice because all too often the only thing aspiring traders ever do is read read read and when it comes to putting into practice what they have read they have forget it all. All the maxims all the rules are lost somewhere in their heads. Its all about practice. I cannot emphasise that enough. its all about sitting in front of the charts and getting very intimate with the most important thing. The price. Sitting down for several hours a day watching price as it relates to other markets and fundamentals when they arrrive at the market and using your own judgement to make decisions. Eventually with enough practice you will make informed and calculated trades based on your very own experience and not on the experience of the book or other readings but what you have seen and felt before. How it felt and knowing why it all went wrong.

 

[Rhody Trader]

I don't think "concise" and "forex fundmentals" really belong in the same sentence. It implies that you could tell people exactly what fundamentals always impact on forex rates and that just isn't the case. You can paint in some broad strokes - trade, interest rates - but the specific drivers at any given point in time vary endlessly.

 

[chilltrader]

Don't waste your time and effort with another forex book.

It will be treated with the same suspicion as any other (and why not!)

Instead.. setup a website... post your trades... package your "manual"... then sell that.

No one wants to read all that cr@p about history and contextless money management or psychology or fundamentals etc... thats all available (for free) on the net now... and written by some real good authors.

Show a strategy - with examples, money mgmt etc - ALL in the context of YOUR strategy (or strategies).

Thats what will be useful.

If its yet another typical book without any proper "show me the money" strategy and has reams about "history of forex" or some "economic/fundamental" claptrap to start with - its another set of pants destined for obscurity IMO.

 

[everyonerich]

1.) Entry criteria : -- ??

2.) whats take profit/stoploss level?

3.) results..?

 

[forexpipz]

Ambiguity at its best

I don't think "concise" and "forex fundmentals" really belong in the same sentence. It implies that you could tell people exactly what fundamentals always impact on forex rates and that just isn't the case. You can paint in some broad strokes - trade, interest rates - but the specific drivers at any given point in time vary endlessly.

Agreed totally. What I do need however is perhaps a conceptual view of the impact of fundamentals. Like you mentioned. Interest rate themes. I would also like both sides of the trader's mentality.I.e. those that trade the technicals, those that trade the fundamentals and those that trade using both. I personally trade using both and technical analysis is extremely easy once you have learnt the process (my oppinion only!) however technical analysis is not subject to constant change unlike the fundamentals. This is why I choose to monitor the forex economic calendar and realeases whilst also using technical analysis to pin point trades. I'm also aware of the equities and fixed income markets and how they will impact direction.

Additionally we should monitor gold and oil too and the relationships these have on forex. For example. Relying on Technicals alone may not be enough. You have planned the perfect trade and then some news comes out that provoces a violent swing in price. Had you known or factored this into your technical model before you placed the trade then you may have decided not to trade or alter your approach.

I would like to hear from all traders and even investors on the subject of forex because ultimately this book will adopt a top down approach to trading. Becuase the book will be a fairly indepth one at that the only option I have is to start from the Longer term investor mentality regarding forex going right the way down to a little ticker watcher.

So i'm probably going to kick off with Long term Models. This in turn will be broken down into fundamental models and technical models. Perhaps on the monthlys. For example. Balance of payments theories, The monetary approach etc etc.

Oh god. Where do I start. It seems like a lot to take on for a single person but hey I have all the time in the world at this moment in life so i am eagerly looking forward to having some intensive conversations with traders, retail forex brokers, academics etc. Any help on the subject of forex is welcome. From Computer programmers who code broker software platforms right through to backtesters and hedge fund Managers who are reducing currency risk. You name. You guys are all here and I just know you have a lot to say about forex so here is your opportunity to make a big impact.

I really want to make a success of this book and I dont want the usual filler what is out there. Your input is greatly appreciated.

 

[forexpipz]

So as I sit here eating my pickled onion flavoured monster munch crisps ( these things have addictive science in them i just know it ) I've been thinking a great deal about this book and have decided that it is possible to fill not just one niche but several simoultaneously. Well thats my hope anyway. I'm 100% committed to not just writing a book but to knocking out a real belter that will I hope be 'the bible' of forex. Big claims yes but just you try and hold me back. I have a passion for this stuff and i'm going to unleash that passion onto the world. With your help of course.

So roll up investor types. Plz tell me in great detail how you begin your analysis. Oh yeah and plz dont tell me you get out of bed and let your team of econmists do the hard work for you coz that would be one heck of an anorexic book.

 

[Directional]

dont forget the compulsory section about FX hedging strategies; the uncontestable advantages of being able to be both long and short in the same currency at the same time, and why this is better than closing the position out.

 

[wasp]

So roll up investor types. Plz tell me in great detail how you begin your analysis. Oh yeah and plz dont tell me you get out of bed and let your team of econmists do the hard work for you coz that would be one heck of an anorexic book.

Not that I am trying to argue here, but why on earth would we do the hard work for your book exactly?

 

[forexpipz]

Not that I am trying to argue here, but why on earth would we do the hard work for your book exactly?

Its part of my research. If you feel that perhaps you will do all the hard work then consider the monolithic task ( its big ) of processing all those ideas into a book. That is a scary thought provocotive process in itself. Writing a book is a lengthy process and it only begins with research and ideas. You then have to analyse, verify, process la di da di da all that information and prepare or mold it into a fashion that is easily absorbed into the grey matter that will have maximum impact to a wide range of readers. Ideas are food for thought so to speak. Besides - forums are a place for discussion where ideas are exchanged for the benefit of all. Not just myself. This book will be immensly useful to its readers and its contributors. Who might I add will get a look in when it comes to credits and a free copy here and there for the deserving.

This is not just about writing a book. Its about giving something back as well. Which this book will I hope do very nicely.

Lets just say I hope to improve peoples trading by them not having to read the utter ambigous b/s that is currently considered publishable forex reading material. Dont get me wrong there are some nice books out there (Especially Dr Elder) but there are also a lot of books that are just a complete waste of hard earned cash. Hope that answered your question.

 

[forexpipz]

Chasing pavements

Don't waste your time and effort with another forex book.

It will be treated with the same suspicion as any other (and why not!)

Instead.. setup a website... post your trades... package your "manual"... then sell that.

No one wants to read all that cr@p about history and contextless money management or psychology or fundamentals etc... thats all available (for free) on the net now... and written by some real good authors.

Show a strategy - with examples, money mgmt etc - ALL in the context of YOUR strategy (or strategies).

Thats what will be useful.

If its yet another typical book without any proper "show me the money" strategy and has reams about "history of forex" or some "economic/fundamental" claptrap to start with - its another set of pants destined for obscurity IMO.

Granted - there is loads of doggy turd out there yeah especially all that money management nonsense for new traders. They could condesne it to just trade 1% of your capital per trade and use your stops according to the amount of cash in that 1%. Job done you say. In a sense yeah but not quite. There is deffinitely more to it than that.

This book but it will not advocate a single method nor will it attempt to divide and conquor lots of other methods. Its about self development through mistakes. The history part is non essential I know but its nice to have a passing appreciation of what developed this multi-headed monster in the first place. It wont be an economic text but it will have fundamental tones to it coz the fundamentals and the technicals should be traded in tandom. Its not about Random walks. Its about getting down dirty with price action at the heart of the matter.

 

[forexpipz]

I'm bored of watching bloomberg and charts so i've belted out some dribble...

This part of book is a historical account regarding the origins and constitution of the foreign exchange market. As you pick up this book you may have aspirations of trading the socks off of your little net-book whilst relaxing on a remote beach paradise - but before you arrive at your destination lets take a little detour into the fascinating world that coined the word FOREX. Let’s explore how we evolved our system into the gigantic multi-headed beast that consumes excess $ 3,000,000,000,000 per day!

Although the material presented here is considered non essential to becoming a successful forex trader it will never the less give you a sense of greater appreciation for the worlds most formidable financial market. Let the battle commence.

 

[ramrob]

I think anyone who has the sense to make it as a trader knows that all the information you can get from a book you can get for free somewhere. I think what would have and would still be, very helpful, is a guide to where those hidden gem resources are. I have a stockpile of websites in my bookmarks that I have only found through referral or perhaps stumbling upon. Stuff like where a newbie can get good charts for free, or where some of the highly regarded threads are on the web...hell maybe you can get T2W to sponser you....:cheesy:

thats what i think. I think technical analysis books are pretty much a waste of money and paper.All that info is on the web countless times over. Even the books themselves can be found online for cheap/free...even the really good expensive ones.

 

[dilesh23]

call it ...ummm Forex-ual attraction.

 

[chilltrader]

"..That is a scary thought provocotive process in itself..."

"..and prepare or mold it into a fashion..."

"..This book will be immensly useful..."

"..having to read the utter ambigous b/s..."

With those many spelling errors in just a couple of paragraphs, make sure to use a spellcheck while writing your book

Its part of my research. If you feel that perhaps you will do all the hard work then consider the monolithic task ( its big ) of processing all those ideas into a book. That is a scary thought provocotive process in itself. Writing a book is a lengthy process and it only begins with research and ideas. You then have to analyse, verify, process la di da di da all that information and prepare or mold it into a fashion that is easily absorbed into the grey matter that will have maximum impact to a wide range of readers. Ideas are food for thought so to speak. Besides - forums are a place for discussion where ideas are exchanged for the benefit of all. Not just myself. This book will be immensly useful to its readers and its contributors. Who might I add will get a look in when it comes to credits and a free copy here and there for the deserving.

This is not just about writing a book. Its about giving something back as well. Which this book will I hope do very nicely.

Lets just say I hope to improve peoples trading by them not having to read the utter ambigous b/s that is currently considered publishable forex reading material. Dont get me wrong there are some nice books out there (Especially Dr Elder) but there are also a lot of books that are just a complete waste of hard earned cash. Hope that answered your question.

 

[forexpipz]

There is always one

Since when did spelling determine anything?

Spelling is for nerds who do spelling competitions. I type extremely fast and spell checking is something that is completely secondary. Yes of course I'll use a spell checker. I may even proof read and perhaps I will put a title on the book. Grow up. :!:

 

[forexpipz]

This thread has ended because after reading a couple of pages from ASHRAF LAIDI I have no chance. Thread terminated.