Book Description
A groundbreaking collection on currency derivatives, including pricing theory and hedging applications.
"David DeRosa has assembled an outstanding collection of works on foreign exchange derivatives. It surely will become required reading for both students and option traders."-Mark B. Garman President, Financial Engineering Associates, Inc. Emeritus Professor, University of California, Berkeley.
"A comprehensive selection of the major references in currency option pricing."-Nassim Taleb. Senior trading advisor, Paribas Author, Dynamic Hedging: Managing Vanilla and Exotic Options.
"A useful compilation of articles on currency derivatives, going from the essential to the esoteric."-Philippe Jorion Professor of Finance, University of California, Irvine Author, Value at Risk: The New Benchmark for Controlling Market Risk.
Every investment practitioner knows of the enormous impact that the Black-Scholes option pricing model has had on investment and derivatives markets. The success of the theory in understanding options on equity, equity index, and fixed- income markets is common knowledge. Yet, comparatively few professionals are aware that the theory's greatest successes may have been in the derivatives market for foreign exchange. Perhaps this is not surprising because the foreign exchange market is a professional trading arena that is closed virtually to all but institutional participants. Nevertheless, the world's currency markets have proven to be an almost ideal testing and development ground for new derivative instruments.
This book contains many of the most important scientific papers that collectively constitute the core of modern currency derivatives theory. What is remarkable is that each and every one of these papers has found its place in the real world of currency derivatives trading. As such, the contributing authors to this volume can properly claim to have been codevelopers of this new derivatives market, having worked in de facto partnership with the professional traders in the dealing rooms of London, New York, Tokyo, and Singapore.
The articles in this book span the entire currency derivatives field: forward and futures contracts, vanilla currency puts and calls, models for American exercise currency options, options on currencies with bounded exchange rate regimes, currency futures options, the term and strike structure of implied volatility, jump and stochastic volatility option pricing models, barrier options, Asian options, and various sorts of quanto options.
Customer Reviews:
Excellent choice of papers!.......2001-08-18
DeRosa has picked excellent papers. If one reads the papers in detail, the currency derivatives literature, as well as related derivatives literature, becomes very easy to understand.
Comprehensive.......1999-06-19
This book presents highly technical papers on diverse topics from variuous academics. It would be very helpful to anyone looking to understand theoretical aspects of FX derivatives. Since most papers are written by different authors, notation is not consistent. In addition, academics do not always write like Hemingway. Nevertheless, the book covers everyhting from vanillas to exotics very well.
Book Description
The opportunities for unmatched returns and investment protection in the brave new world of foreign currency investing are second to none. In Foreign Currency Trading, financial executives Russell Wasendorf, Sr., and Russell Wasendorf, Jr., describe foreign currency trading in plain terms, and help you understand the risks, benefits, and operational requirements that you will need to take advantage of this market’s tremendous potential. Look to Foreign Currency Trading for clear explanations on the mechanics of foreign currency trading, in-depth discussion of all pertinent foreign exchange rules and regulations, and a comprehensive glossary with literally hundreds of terms essential to forex trading. With formerly imposing currency trading restrictions having been struck down in recent court rulings, the world of foreign currency trading is an exciting and rapidly-expanding field. Let Wasendorf and Wasendorf’s Foreign Currency Trading be your comprehensive guidebook for effectively taking advantage of this exciting opportunity, not only as a source of unmatched income and profits, but also as a sophisticated hedging instrument in any investment portfolio.
Customer Reviews:
This book really is not about teaching someone to trade.......2007-09-18
I was looking for a basic book teaching the concepts and trading practices and fundamentals. This book has a lot to say about none of the topics needed to help someone become a trader. If you are looking to have someone trade your account you might be helped by it. There are a lot better books out there "Getting Started in Currency Trading" is a fine example. This is the best buy for the money when you are done reading it you will be much better informed to move ahead. Getting Started in Currency Trading: Winning in Todays Hottest Marketplace (Getting Started In.....)
The Cover PAge looks pretty!!!.......2007-06-07
Well when i grow up i to be Russell R Wasendorf, whether sr. or jr. I think these two are the greatest salesmen around. I bought a wonderful book which adorns my bookcase and adds colour and life to my room. Whats more is that i found the same book in my brother's home. Thinking he 'borrowed' it I asked him, He replied saying he 'invested' in it and it works well as a sleep aide . Seriously some points for beginners are reasonably covered but most of the book was a waste of time, paper and resources. There were no Fine points covered in the book to memory but if there were it was lost in the dribble.
To the authors: you must be kidding.......2006-02-09
I'll summarize this book for you -- "Foreign Currency Trading is difficult, if you want to learn more, send us some more money and we will enroll you in a class."
Save your money, buy yourself a newspaper instead.
Rarely have encountered a book this useless........2003-06-05
As others have said clearly, this book is a waste of trees, ink and the time of its reader. The "authors" should be ashamed of such blatant hucksterism and poor description of even the most basic aspects of trading. Even if you are a neophyte, look somewhere else.
save your money ..........2003-03-16
... I have no idea what objective these guys had in mind when they sat down to write this book.... This book is just a bunch of information thrown together (probably downloaded from the internet) and they obviously took no time to put any real effort into this book. I was terribly dissappointed with my purchase of this book.....look elsewhere if you are interested in getting started in forex trading.
Customer Reviews:
some good information, but better avilable elsewhere.......2003-12-27
This book has some solid information, but it is all available elsewhere except some studies on Point & Figure profitability. However, tests in 2002 by djbaker suggested that the profitability of these signals had broken down, so i'm not sure how useful this book really is. Like the previous reviewer, i'd recommend reading the Dorsey book first.
Not the best, but has some nuggets.......2000-07-29
This book outlines, in excruciating detail, how to manage basic point and figure charts. The only part of the book that can't be found on the internet contains subjects on optimizing the charts and recent (ca. 1994-97) analyses of profitability of the charts.
Read Dorsey first (Point and Figure Charting), and if you want to really get deep, read the last couple chapters of this book.
Book Description
Since it first exploded onto the markets in 1974, THE FUTURES GAME has helped thousands of traders gain an intelligent understanding of futures markets. Over the years, Richard Teweles and Frank Jones have kept their fingers on the pulse of the dynamic futures trading industry, first updating their classic text in 1987. Now, this third edition of THE FUTURES GAME has been completely updated and revised to keep all participants--whether speculators or hedgers, new or veteran--one step ahead of this fast moving, high-stakes game. Combining two decades of strength and wisdom with todayÕs most innovative research and strategic recommendations, this guide to the futures markets continues its reign as the number one tool for futures trading mastery. THE FUTURES GAME, 3rd Edition, walks you through the universe of futures trading possibilities and opportunities, starting with an in-depth discussion of market basics that includes the nature of the contract, the organized markets for those contracts, and the relationship between cash and futures prices. The elements of successful trading are isolated, described, and analyzed to make you familiar with profitable decision-making processes. After that, detailed chapters devoted to particular markets explain price determinants and speculative possibilities within currencies, commodities, and stock index futures. "Notes from a Trader" sections go beyond theory and speculation to provide valuable tips and pointers -- expert guidance you can use to squeeze the maximum benefit from each trade. The comprehensive facts and insights packed into this traderÕs bible will help you predict what might happen--and why it might happen--in virtually every kind of market. New information in this important third edition includes: Latest research on important topics including efficient market hypothesis, technical and fundamental analysis, and much more É A comprehensive listing of valuable Internet website names and addresses. Stronger emphasis on financial instruments É Innovative strategies for maneuvering through the increasingly important international market É Completely revised sections devoted to Basics of the Game, Playing the Game, How to Win or Lose, Succeeding as a Broker, and Choosing the Correct Markets. Filled with knowledgeable trading strategies and insights, revealing charts on todayÕs most interesting futures markets, and numerous respected trading approaches that will allow you to craft a style based on your own strengths and requirements, THE FUTURES GAME is likely to become the one resource you refer to most often.
Customer Reviews:
Of all my books..........2007-04-30
... this come comes out "tops". I use the information I learned from this book daily as I trade not only futures but also forex. If you are a trader, this one needs to be one of your "top" resources.
Futures Game.......2006-10-30
I am a long time futures investor and I have several books on the subject. This book: "The Futures Game" is superb. It is complete and the only one to consult.
A textbook for beginners.......2001-08-04
This book is an essential a textbook for college students. It provides all the basic materials about the futures market. But I feel it doesn't cover too much about the problems of real world trading. After trading for sometimes, I know that there are many tricks using by the professional traders. They are really important. They can give you edges over other traders. But they are seldom covered in college textbooks. So you still need to read other books or learn from other people before you put the money into this risky game.
Belongs On Every Serious Market Participant's Bookshelf.......1999-05-21
This is clearly one of the best investment books written. The title belies the breadth of valuable market knowledge the book offers students of the markets.
No kidding.......1999-02-07
If you are going to trades futures, read this book, make a few trades, then read this book again. It is a cold, hard look at the reality of trading. While just about every other book on futures trading assumes you are a gullible idiot, this one exposes the difficulty of the pursuit. Its depth and breadth are incomparable.
Book Description
How to Access and Trade the World's Biggest Market Philip Gotthelf
The first and last word on trading within currency markets Expert trading veteran Philip Gotthelf provides the first comprehensive guide to currency speculation aimed toward the average investor. Combining fundamental and technical analysis, this book teaches traders how to take advantage of fluctuations within the currency markets and capture enormous gains. Currency Trading takes the latest developments in the FOREX market and provides readers with a complete trading plan.
Philip Gotthelf (Closter, NJ) publishes the Commodex System, the longest-standing daily futures trading system in the world, and Commodity Futures Forecast Service. He is also President of Equidex Inc., a registered Commodity Trading Advisor. Gotthelf wrote TechnoFundamental Trading and The New Precious Metals Market.
New technology and the advent of around the clock trading have opened the floodgates to both foreign and domestic markets. Traders need the wisdom of industry veterans and the vision of innovators in today's volatile financial marketplace. The Wiley Trading series features books by traders who have survived the market's ever changing temperament and have prospered-some by reinventing systems, others by getting back to basics. Whether a novice trader, professional or somewhere in-between, these books will provide the advice and strategies needed to prosper today and well into the future.
Customer Reviews:
This book must be a prank.......2006-06-15
How else to explain that banks are brought down not by "rogue" traders but rather by "rouge" traders - is there a secret market for cosmetics derivatives? - that Switzerland has adopted the Euro, that a chart is described as listing a gain from 93 to 97 but only shows a gain of 93 to 95 etc., etc., etc ad nauseam.
In my eyes, this book is so pathetic that it is only a slight exaggeration to suggest that all those involved in the creation of this book should never be allowed to touch paper and pencil again.
How to implement and back test this concept ?.......2004-08-16
In theory the concept of parity is belieivable.But to implement it I guess one would need some really sophisticated tool and the book is not a practical guide to implement his concept. Even though book needs serious editing, someone academically inclined may find this book interesting.
Thanks Disappointed and Disgusted from Northern California.......2004-05-09
The author spends way too much time explaining basic economic indicators that should be basic knowledge for any investor. After I read another review that outlined the blundering editorial mistakes, I had to see for myself. All true! I cannot continue reading this text... How can anyone who makes this many conspicuous mistakes get a book deal much less be right about anything? Not worth the $70 price tag!
Great book to start with!.......2004-02-06
As the author of the book "Futures For Small Speculators" I tend to be very critical of books that discuss my industry. Although this book had a few editorial mistakes, Mr.Gotthelf still did a solid job of getting his point across. For a beginner this is a great start. For more indepth analysis I would go to Mr. Cornelius Luca's books.
Hastily slapped together, poorly written, sloppily edited.......2004-01-11
It appears that Gotthelf dictated much of this book into a tape recorder, some far-away typist created the manuscript, and nobody bothered to read or edit the final result. How else to explain that "Jim Ellis is the Founder and Chief Executive Officer of Oracle" on p.43 (I thought it was Larry Ellison)? These sorts of editorial lapses are rife throughout the book.
To name but a few examples, Fig 6.5 caption says "Cash Currency trading screen" but it's actually a bar chart of Yen futures (p.124)
The data for Figure 8.11 (a perpetual contracts bar chart of Yen) is presented with the caption of Figure 8.10 ("Soybeans futures monthly chart"). No soybeans chart is presented at all; instead, a Nikkei futures chart mysteriously appears (p. 212)
Figure 8.41 is printed upside down! (p.236). Honestly. This is perhaps the ultimate insult to the reader and ought to be a source of acute embarrassment to the editor and author.
Academy Award nominee James Caan, with two a's, will be amused to read p. 89 which states "... has been depicted in fiction such as the movie Rollerball starring James Cann" with two n's.
Those who buy the book believing it may deliver on the dustjacket's promise "How to trade the world's biggest market" will receive a disappointment. The only trading strategy Gotthelf reveals is "Go Long when price crosses above a moving average, Go Short when price crosses below a moving average." Then he regurgitates standard methods of creating a synthetic position using options. There is absolutely nothing new here.
No review would be complete without mentioning Gotthelf's mysterious concept of Parity. First he tells you it's "a ratio that always equals one" (page 24). Next he tells you "there are no exact relationships" in FOREX (page 32), leaving you to wonder how Parity could always equal one if there are no exact relationships. Then he muddles through two hundred more pages and eventually you, the reader, decode the fact (which Gotthelf never bothers to state exactly) that his "Parity" actually means "Equilibrium". Great. But where's the insight?
I own several other Wiley Finance books and all of them have wonderful quotes from important figures in the trading world, in the form of testimonials and gushing recommendations on the rear dustjacket. Kaufman's "Trading Systems and Methods" has five, Hill and Pruitt's "The Ultimate Trading Guide" has four, Ryan Jones's "The Trading Game" has five, Sweeney's "Maximum Adverse Excursion" has three, et cetera ad nauseum. But this currency book by Gotthelf has exactly zero quotes on the dustjacket. No recommendations, no congratulations, no endorsements. I suggest you follow the advice of everyone who DIDN'T write a recommendation for Gotthelf's book: stay away.
Book Description
This book will show you how with inexpensive tools you can begin with a limited amount of capital and make it grow impressively. I describe how the Welles-Wilder Indicator, a relative strength indicator, with equations included, can be used to decide when to open index options, stock options, futures options and currency positions. I have selected the best commodity futures options to trade for short-term profits. A currency trading expert from Madrid showed me the great leverage of one's capital is the outstanding advantage of currency trading. I also describe my self-adaptive trading software, giving you all the equations and algorithms used so you can create your own software at home. I first learned options trading in Brest, France, from the sponsor of my oldest son's 40' racing catamaran. Bob was making $2 million per month trading options in New York. He explained his strategy of selling index-option Calls two standard deviations (sigma) above the market and selling Puts two sigma below the market-the probability of the market rising above the Call or dropping below the Put was less than 10%, meaning you profit 90% of the time. This two-sigma strategy has been adapted to credit covered spreads for generating a regular monthly income.
Customer Reviews:
Somewhat esoteric.......2006-09-04
I found this book at the library. I have emailed the author about the Excel spreadsheets that are discussed in the book. He has written me back a couple of times.
If you are spreadsheet inclined and want to work up a winning system for consistant profits, this book is for you!
Customer Reviews:
Amazingly Informative!.......1998-08-24
In his book, Mr. Ira Kawaller covers an amazing range of topics from risk managemant to stock options. I have never read a book so incredibly exciting in all of my life. Mr. Kawaller knows how to display the facts, provide informative facts, and decorate it all with a wit and charm that thrives in his book. "Financial Futures and Options" is THE book for risk management lovers everywhere. This book inspired me to change my career choices. After reading "Futures" (in one sitting!) I knew that prostitution and drug dealing was just not for me. I am now an economist making over $600,000 a year and loving it. Thank you, Mr. Kawaller. You turned my life around. (From what everyone is saying, I believe Mr. Kawaller now runs his own business called Kawaller & Company in Brooklyn, NY. If you ever need help financially, Mr. Kawaller will personally see to it that you get back on track. After all, risk can be managed if it is faced in a disciplined way. Ignore it and you face disaster. E-mail Kawaller and Company at kawaller@idt.net and good luck!)
Average customer rating:
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Currency Options and Exchange Rate Economics
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The Microstructure Approach to Exchange Rates
ASIN: 9810226195 |
Book Description
For commodity traders and portfolio managers—a practical, hands-on guide to profiting in today's growing international cross rate markets. Cross rates trading is growing increasingly popular, fueled in no small part by banks and multinationals seeking creative strategies for hedging currency risk and speculators seeking profits from interest rate plays and exchange rate moves. Trading Currency Cross Rates is the passkey to this vastly profitable financial sector. Written for the experienced trader moving into the currency futures and foreign exchange cash markets, as well as for the corporate portfolio manager seeking to limit company exposure, this professional guide covers the fundamentals of today's cross rates markets and delivers the step-by-step techniques needed to trade cross rates successfully. Packed with charts and tables that apply over a broad range of international markets and currencies, the guide:
- Explains what cross rates are and profiles the different types that currently are traded
- Shows whether to trade on an agency or principal basis, and how to avoid counterparty failure
- Covers the building blocks of currency valuation and the best methods for forecasting moves in currency cross rates
- Reveals how to profitably trade exotic cross rates among currencies from the Pacific Rim and Middle East
- Explains how to cross over to the growing interbank currency market, and which fundamental and technical analysis techniques specifically apply to it
- Discusses how to easily adapt any current trading system and its input to the profitable cash markets
Featuring the expertise of a leading cross rates trading expert in a concise, direct, accessible format, Trading Currency Cross Rates is the dependable, single-source guide to trading cross rates successfully.
Customer Reviews:
Trading Currency Cross Rates : Proven Trading Strategies from a Leading International Currency Trader and a Noted Expert on Futu.......2005-09-26
Good book for a feel on cross-rates. Unfortunately written before the advent of the EURO, therefore partially osolete nowadays.
Don't spend your money on this book .......2005-06-02
There are better books out there to spend your money on. The copy I have was printed in 1993 and a lot of things have changed since this first edition.
It is useless for individual traders.
You would be better off to buy John Murphy's books; Mark Douglas' books and John L. Person's book.
Just my humble opinion.
Average customer rating:
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Managing Currency Risk: Using Financial Derivatives
John J. Stephens
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Managing Interest Rate Risk: Using Financial Derivatives (Institute of Internal Auditors Risk Management Series)
ASIN: 0471498866 |
Book Description
Currency fluctuations cause more financial losses to business than any other single factor. Exchange rates between one currency and another can change dramatically in a short period of time, leaving the unprepared business exposed to potentially crippling losses.
Every business that traders internationally or relies on imported goods is exposed to the effects of currency fluctuations. The efficient management of this risk is essential for the survival of a company and any business that is exposed to such a risk should ensure that it is fully prepared to manage it.
Aimed at senior managers within businesses, this book is a practical primer on how to reduce risk from volatility in the foreign markets.
Download Description
Currency fluctuations cause more financial losses to business than any other single factor. Exchange rates between one currency and another can change dramatically in a short period of time, leaving the unprepared business exposed to potentially crippling losses. Every business that trades internationally or relies on imported goods is exposed to the effects of currency fluctuations. The efficient management of this risk is essential for the survival of a company and any business that is exposed to such a risk should ensure that it is fully prepared to manage it. Aimed at senior managers within businesses, this book is a practical primer on how to reduce risk from volatility in the foreign markets.
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Options on Foreign Exchange (Wiley Series in Financial Engineering)
Dynamic Hedging: Managing Vanilla and Exotic Options (Wiley Finance)
Mathematical Methods For Foreign Exchange: A Financial Engineer's Approach
FX Options and Structured Products (The Wiley Finance Series)
The Volatility Surface: A Practitioner's Guide (Wiley Finance)
