The Author

Cornelius Luca teaches Forex for the New York institute of finance and is also the author of Also the author of NYIF's Technical Analysis Applications in the Global Currency Markets and obviously knows his subject from the amount of material the book contains. The book has now been updated to its third edition which was published in 2007. Many reviews say that its an indespensable book all traders should own so should you consider buying it? Lets take a look at what information the book contains. 

The Subject Matter

You really do get a lot of info from the history and development of Foreign exchange to the major players in the market and the characteristics of the various currency pairs. He also covers, the basics of technical and fundamental analysis and covers some trading tools and strategies. In terms of trading tools and techniques, we get - basic chart formations, some info on candlestick charting and patterns, info on trading indicators and he also covers the trading theories of Elliot Wave and Gann – so a lot of info is included in the book but is it a worthwhile purchase?

Our View of the Book

The book is still good on the history of the markets, the major players and subjects such as the basic risks of trading and as an introduction to technical and fundamental trading. So on the facts about the market its very good as a reference book but in terms of trading technical analysis, tools for trading and strategies, its no more than an intro of what they are and how there normally used but you can get all this for free on the Internet. 

Will the book help you become a successful currency Trader?

The answer is no and the info you get, on charting and indicators is a basic intro of what they do but what really makes me frown is - including W D Gann and Elliot Wave as serious investment strategies! As a serious investor, how can you take these strategies that the markets move to some specific order seriously? If you know Forex trading you know they don't. Trading is not about science, its about probability and having an edge over the market with your strategy. 

The author clearly knows the facts about Forex but from a traders perspective, there is nothing in the book which will help you in terms of trading. As a reference book on facts on trading its very good but expensive in my view. While you can get all the facts for free, they are presented in a clear and concise way. Should you buy this book? I think its to expensive for what it is which is really just reference book of information which can all be found for free on the Internet.

Trading in the Global Currency Markets

Cornelius Luca

Hardcover, 576 pages

First Published 01/072000 by Prentice Hall Press