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Getting Started with Forex Trading Using Python
Getting Started with Forex Trading Using Python

Getting Started with Forex Trading Using Python: Beginner's guide to the currency market and development of trading algorithms

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Getting Started with Forex Trading Using Python

Developing Trading Strategies – Why They Are Different

For many years, I traded in various markets, educated developers in trading, and taught some essential programming and algorithm (algo) development to traders. Eventually, I concluded that the main problem for both groups (the developers and traders) was not a lack of knowledge in programming, but an incorrect or insufficient understanding of the subject domain, that is, financial markets and their mechanics.

This was quite a surprise for me. I thought that coding, debugging, and handling errors should be the main obstacle, but in reality, the problem is in finding useful, correct, and adequate information about markets, their structure, and operations, especially in regard to algo trading. I don’t mean that it’s somehow undisclosed or otherwise hidden from the general audience – not at all. The problem is that it’s really hard to find a source that not only covers everything – from the market structure to money and risk management – but also shows clear connections between very specific features of a market and less-specific features that a trading algorithm should have in order to be successful in this market.

For example, many authors consider entries and exits in a trading strategy as something that can be executed immediately and with equal success at any moment, any time of the day. However, in the real market, this is not the case. I saw lots of strategies that only worked on paper because their developers didn’t take into consideration the fact that they were dealing with a real, complex structure with lots of limitations and shortcomings, and not with an abstract idealistic model.

This example is really primitive, but I hope it explains the most important point that is missed by many researchers and developers: we do not deal with abstract datasets and time series where each data point has an equal value and where any action can be taken at any moment with equal possibility; we work with a very complex structure that has lots of features that make this structure a dynamic non-stationary system. And to be successful in algo trading, these features should be accounted for.

Without knowing how markets are organized and how they operate, our trading algorithms will inevitably fail sooner or later.

If put in a more positive manner, understanding the market will help us in making trading algorithms more robust.

This book is my humble attempt to bridge the gap between the world of quantitative trading (driven by numbers) and the real market (driven by humans). I am convinced that today, any long-term success in trading can be achieved only with good knowledge of both.

Let’s begin with the basics. We will learn about the very basic market terminology and the essential concept of a trading strategy, get familiar with the risk in various forms and aspects with a special focus on ordering and transactional risk, and also mention market data processing in a very general sense.

In this chapter, we will discuss the following topics:

  • Trading strategies – it’s all about how you manage risk
  • Automated trading – operational risk and regulatory limitations
  • Making actual trading decisions – trading logic and credit risk
  • Ordering – transactional risk
  • The general architecture of a trading application
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Key benefits

  • Build trading applications with research and without advanced Python programming skills
  • Dive into professional fx trading while enhancing your trading apps to be more accurate
  • Develop simple yet efficient backtesting applications to help keep your expectations realistic

Description

Algorithm-based trading is a popular choice for Python programmers due to its apparent simplicity. However, very few traders get the results they want, partly because they aren’t able to capture the complexity of the factors that influence the market. Getting Started with Forex Trading Using Python helps you understand the market and build an application that reaps desirable results. The book is a comprehensive guide to everything that is market-related: data, orders, trading venues, and risk. From the programming side, you’ll learn the general architecture of trading applications, systemic risk management, de-facto industry standards such as FIX protocol, and practical examples of using simple Python codes. You’ll gain an understanding of how to connect to data sources and brokers, implement trading logic, and perform realistic tests. Throughout the book, you’ll be encouraged to further study the intricacies of algo trading with the help of code snippets. By the end of this book, you’ll have a deep understanding of the fx market from the perspective of a professional trader. You’ll learn to retrieve market data, clean it, filter it, compress it into various formats, apply trading logic, emulate the execution of orders, and test the trading app before trading live.

Who is this book for?

This book is for financial traders and python developers who are interested in forex trading. Academic researchers looking to focus on practical applications will find this book useful. This book can also help established fx market professionals who want to take the first steps in algo trading. Familiarity with Python and object-oriented programming within the scope of an online course or self-study is a must. Knowledge of network protocols and interfaces is a plus but not a prerequisite, as is specific knowledge about markets and trading.

What you will learn

  • Explore the forex market organization and operations
  • Comprehend the sources of alpha and the concept of algo trading
  • Get a grasp on typical risks and ways to mitigate them
  • Understand the essentials of fundamental and technical analysis
  • Connect to data sources and check the integrity of market data
  • Use API and FIX protocol to send orders
  • Translate trading ideas into code
  • Run reliable backtesting emulating real-world market conditions
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Publication date : Mar 17, 2023
Length: 384 pages
Edition : 1st
Language : English
ISBN-13 : 9781804616857
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Product Details

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Length: 384 pages
Edition : 1st
Language : English
ISBN-13 : 9781804616857
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Table of Contents

20 Chapters
Part 1: Introduction to FX Trading Strategy Development Chevron down icon Chevron up icon
Chapter 1: Developing Trading Strategies – Why They Are Different Chevron down icon Chevron up icon
Chapter 2: Using Python for Trading Strategies Chevron down icon Chevron up icon
Chapter 3: FX Market Overview from a Developer's Standpoint Chevron down icon Chevron up icon
Part 2: General Architecture of a Trading Application and A Detailed Study of Its Components Chevron down icon Chevron up icon
Chapter 4: Trading Application: What’s Inside? Chevron down icon Chevron up icon
Chapter 5: Retrieving and Handling Market Data with Python Chevron down icon Chevron up icon
Chapter 6: Basics of Fundamental Analysis and Its Possible Use in FX Trading Chevron down icon Chevron up icon
Chapter 7: Technical Analysis and Its Implementation in Python Chevron down icon Chevron up icon
Chapter 8: Data Visualization in FX Trading with Python Chevron down icon Chevron up icon
Part 3: Orders, Trading Strategies, and Their Performance Chevron down icon Chevron up icon
Chapter 9: Trading Strategies and Their Core Elements Chevron down icon Chevron up icon
Chapter 10: Types of Orders and Their Simulation in Python Chevron down icon Chevron up icon
Chapter 11: Backtesting and Theoretical Performance Chevron down icon Chevron up icon
Part 4: Strategies, Performance Analysis, and Vistas Chevron down icon Chevron up icon
Chapter 12: Sample Strategy – Trend-Following Chevron down icon Chevron up icon
Chapter 13: To Trade or Not to Trade – Performance Analysis Chevron down icon Chevron up icon
Chapter 14: Where to Go Now? Chevron down icon Chevron up icon
Index Chevron down icon Chevron up icon
Other Books You May Enjoy Chevron down icon Chevron up icon

Customer reviews

Rating distribution
Full star icon Full star icon Full star icon Full star icon Half star icon 4.3
(3 Ratings)
5 star 33.3%
4 star 66.7%
3 star 0%
2 star 0%
1 star 0%
D Whitman Apr 15, 2023
Full star icon Full star icon Full star icon Full star icon Full star icon 5
Having spent years developing stock trading systems, I've encountered countless books on trading systems that present cherry-picked examples and ultimately waste the reader's time. But "Getting Started with Forex Trading Using Python" by Alex Krishtop is different.This book offers a wealth of information on Forex trading and provides a true understanding of what it takes to succeed in the market. The author's emphasis on performance analysis, trade analysis, and risk management is particularly noteworthy, providing crucial insights into the development of successful trading systems that are often overlooked in other books.The book's Python examples are invaluable. They demonstrate step-by-step how to retrieve market data, develop trading strategies using technical analysis, visualize data, perform backtesting, and measure performance. The result is a practical, hands-on guide that allows the reader to easily grasp the concepts and put them into practice."Getting Started with Forex Trading Using Python" is not just an excellent introduction to Forex trading; it offers much more. It is a must-read for anyone serious about algorithmic trading in the Forex market.
Amazon Verified review Amazon
Amazon Customer Apr 23, 2023
Full star icon Full star icon Full star icon Full star icon Empty star icon 4
I was given this book to review. I would buy it regardless because I am interested in ForEx so this was right up my alley.Let me first start with what this book is not.This book is not for a moderate level quant who wants to expand into ForEx, but rather an introductory text overall to trading in general and what to look for with a dash of information on ForEx.So it makes a great book to get into quant trading in general, but don't expect to be approaching this from a moderately skilled level and above and just focusing on what you need to know for ForEx.In other words, it describes a lot of redundant things that a quant maybe already know, such as moving averages, and what have you as if you had no background on it.
Amazon Verified review Amazon
Om S Apr 22, 2023
Full star icon Full star icon Full star icon Full star icon Empty star icon 4
Getting Started with Forex Trading Using Python" is a comprehensive guide for Python developers and financial traders interested in forex trading. The book aims to help readers understand the market, build applications that yield desirable results, and develop backtesting applications to keep their expectations realistic.The book covers topics such as market organization and operations, sources of alpha and algo trading, typical risks and ways to mitigate them, fundamental and technical analysis, connecting to data sources, API and FIX protocol, and running reliable backtesting. By the end of the book, readers are expected to have a deep understanding of the forex market, be able to translate trading ideas into code, and run reliable backtesting that emulates real-world market conditions.
Amazon Verified review Amazon
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