The Forex Trader's Bill of Rights

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 traders

Forward contracts instead of spot trades --
the hidden costs of two-day settlement

What 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 matters

The deal you get depends on who you are --
the fine art of market-maker discrimination

Choosing and managing risk --
why the "inevitable" risks of forex trading aren’t

The right to understand total cost --
spreads matter: what a difference a pip makes

Learning what you need to know --
you won’t hear it from your market maker

The 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