Foreign Exchange: A Practical Guide to the FX Markets (Wiley Finance)

Description

Praise for Foreign Exchange "Tim Weithers starts by telling the reader that foreign exchange is not difficult, just confusing, but Foreign Exchange: A Practical Guide to the FX Markets proves that money is much more exciting than anything it buys. This useful book is a whirlwind tour of the world's largest market, and the tour guide is an expert storyteller, inserting numerous fascinating insights and quirky facts throughout the book." -John R. Taylor, Chairman, CEO and CIO, FX Concepts "The book reflects the author's doctorate from the University of Chicago, several years' experience as an economics professor, and, most recently, a very successful decade as an executive at a huge international bank. These fundamental ingredients are seasoned with bits of wisdom and experience. What results is a very tasty intellectual stew." -Professor Jack Clark Francis, PhD, Professor of Economics and Finance, Bernard Baruch College "In this book, Tim Weithers clearly explains a very complicated subject. Foreign Exchange is full of jargon and conventions that make it very hard for non-professionals to gain a good understanding. Weither's book is a must for any student or professional who wants to learn the secrets of FX." -Niels O. Nygaard, Director of Financial Mathematics, The University of Chicago "An excellent text for students and practitioners who want to become acquainted with the arcane world of the foreign exchange market." -David DeRosa, PhD, founder, DeRosa Research and Trading, Inc., and Adjunct Professor of Finance, Yale School of Management "Tim Weithers provides a superb introduction to the arcana of foreign exchange markets. While primarily intended for practitioners, the book would be a valuable introduction for students with some knowledge of economics. The text is exceptionally clear with numeric examples and exercises that reinforce concepts. Frequent references are made to the economic theory behind the trading practices." -John F. O'Connell, Professor of Economics, College of the Holy Cross Review: Very informative, very readable - This book was exactly what I needed. I was familiar with forex futures, and I wanted to break into the cash forex market and possibly into currency options. This book gave me a clear explanation of the markets, including the conventions, the mechanics, the spot market, forex swaps, forex options, etc., and some of the factors which drive exchange rates (e.g., interest rates). The book is very readable. Usually, this sort of thing puts me to sleep. But I knocked off a chapter per day, no problem. The author is a member of the UBS training department, and he clearly has experience explaining this topic to the uninitiated. The math is quite light. Nothing more complicated than algebra, which is necessary to explain some pricing logic. The book does not contain trading secrets. It is not a system for trading forex. It does not explain How I Made $1,000,000 Trading Forex. It will not help you pick a broker. It is not an exposition on the stochastic theory of forex pricing. It is, however, a clear explanation of the FX markets. Review: Basic FX knowledge - The book is good for someone with no exposure to FX markets and for those who want to get a handle on things like how rates are quoted, why digital options make sense etc. The only gripe I have about this book is that it is an introduction to the topic, and not an advanced exposition on FX models, etc. Otherwise it is well written.