The Forex Trader's Bill of Rights Review

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(More customer reviews)Banks are never anybody's favorite organization, but some of the things they do (like introducing delays into settling transactions... you wait for your money, they get to play with it a few more days) can be really dissapointing. A great little booklet, Oanda's guide is helpful both to understand the way the forex world works (and how you just might be getting ripped off), and also an example of how one small company is challening the banks at their own game... and telling the world about the uneven playing field.

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The Forex Trader's Bill of Rights is a manifesto. In 10 short chapters it takes on the oligarchy that rules forex trading, citing the worst practices and recommending specific rights individual traders should insist on.The book's approach is high-minded but not visionary.While its stated objective is to make forex trading more transparent, more efficient, and fair, the rights it proposes are grounded in the reality of trading today. Rather than star-gazing about restructuring forex from the top down, this book urges traders to stop accepting business-as-usual and take simple actions that will change the market from the ground up—starting now.The Bill of Rights is a set of principles to spur change, not trading tips:Immediate, uncensored access to the marketplace --why we don't have it and how dealer intervention abuses tradersForward contracts instead of spot trades -- the hidden costs of two-day settlementWhat you don't know can hurt you --why should market makers control trading information and disclose it selectively—to their own benefit?Trade now or trade later --no trader should be prevented from acting on information that matters—while it still mattersThe deal you get depends on who you are --the fine art of market-maker discriminationChoosing and managing risk --why the "inevitable" risks of forex trading aren'tThe right to understand total cost --spreads matter: what a difference a pip makesLearning what you need to know --you won't hear it from your market makerThe absence of accountability --if you don't know real spreads and real prices, how can you validate your trading strategy?Continuous interest --another way to reduce unnecessary volatility

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