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Master The Multi Trillion Dollar, Global Forex Market: A Practitioner's Guide
The definitive playbook for finance professionals, written by a former Citibank interbank FX trader and the Head of Analytics who pioneered algorithmic trading in the Citibank Tokyo and London.
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Are You Making These Costly Forex Mistakes?
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Relying on theoretical knowledge from your MBA education without understanding the real-world dynamics of FX trading can lead to very costly mistakes
Misinterpreting RBI interventions that create market swings your models didn't predict
Struggling to explain currency volatility to your senior management during quarterly re
Using outdated risk management techniques that leave your organization exposed during major market events like the 2013 INR crisis
Making hedging decisions based on textbook theories rather than trading floor realities
Most finance professionals in India operate with a dangerous knowledge gap between academic theory and trading floor reality.
What Makes This Book Different
Written By Market Practitioners, Not Observers
Authored by Rajat Bhatia and Mahendra Mehta, PhD - former Citibank officers with decades of combined experience at one of the world's best FX trading banks
Features the proprietary Bourse Game simulation - the same training tool used by global banks to teach traders without risking real capital
Combines practical trading strategies with institutional-level risk management techniques used by the world's leading financial institutions
What Makes This Book Different
01
Confidently interpret market movements during RBI interventions
02
Implement institutional-grade
risk management systems at your organization
risk management systems at your organization
03
Recognize dealer tactics that
cost Indian companies millions in unnecessary spreads
cost Indian companies millions in unnecessary spreads
04
Build more effective hedging strategies for INR and other emerging market currencies
05
Make better-informed decisions during periods of currency volatility
06
Speak the language of interbank traders to negotiate better rates
The Complete FOREX Playbook
Foreign Exchange Markets
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Transform from a market observer to an active participant and strategic navigator if global FX markets, with an institutional-level understanding of:
Spot FX trading techniques used by professional market makers
Forward contracts and how they're actually priced in the real world
Currency futures, swaps, and options strategies used by major banks
Risk management systems that prevent catastrophic losses
The psychological aspects of trading in volatile markets
"This isn't just another theoretical textbook or oversimplified trading guide. It's the missing bridge between academic knowledge and actual trading floor practices."
Meet the Authors
Rajat Bhatia & Mahendra Mehta, Phd
Former Citibank interbank trader and Head of Analytics, who were active players in the $7.5 trillion per day trading volume in the FX markets. They worked together on the 8th floor of Sakhar Bhawan in Nariman Point, Mumbai.
Their combined experience includes:
Market making for the major banks in India, including the Reserve Bank of India, with whom the InterBank FX Desk had a direct hotline.
Managing proprietary trading during periods of extreme volatility
Developing innovative FX products for leading Indian multinationals like Reliance, Tata Group, and Infosys
Pioneering technical analysis systems for trading major currency pairs like $/£ (Cable), €/$, Yen/$, Swiss Franc/$.
Trading Floor Survival Kit
The Risk Management Secrets That Saved Millions
Daily Stop-Loss Limit:
Never exceed your predetermined daily loss amount, even on your worst day
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Monthly Stop-Loss Limit:
Track cumulative losses against monthly allowance
Daily Stop-Loss Limit:
No trader allowed to hold more than a certain level of overnight positions without senior management approval
Real Case Study
Beyond the 2015 Swiss Franc shock, the book also explores the 2013 INR crisis when the rupee plunged to historic lows against the dollar, dropping from 54 to 68 in just three months. As the authors explain, "Indian financial institutions with proper risk management survived the crisis while others faced existential threats."
The 3 Sacred Rules Of Citibank Traders:
RISK TECHNIQUE
Position Sizing
Stop Losses
Leverage
AMATEUR APPROACH
Position Sizing
Arbitrary levels
Maximum available
INSTITUTIONAL APPROACH
Percentage of capital adjusted for volatility
Based on technical support/resistance + volatility
Calculated based on VaR models
Takeaway
"The vicissitudes of a volatile marketplace had to be tempered with very strict risk management. Traders had well-defined daily and monthly stop loss limits, breaching which could result in serious disciplinary action, including removal from the trading desk."
The Complete FOREX Playbook
Foreign Exchange Markets
MARKET MAKER'S PSYCHOLOGICAL TOOLKIT:
"A typical conversation between a corporate dealer at IB Corp and his customer on 10th December..."
Corporate Customer: "I would like an outright price for 6 months USD/CHF in 10 million dollars, please."
Corporate Customer: "I would like an outright price for 6 months USD/CHF in 10 million dollars, please."
The Bank's Corporate Dealer: "Our rates are 1.0903/1.0918 for 10 million."
What customers never see: The dealer intentionally "shaded" these prices to signal his market view
MARKET MAKER'S PSYCHOLOGICAL TOOLKIT:
Spot Price Shading:
How dealers subtly adjust quotes to manipulate client behavior
Spread Widening:
When dealers suspect large market moves are coming
"Screen Painting":
Posting fake prices to mislead competitors
SHOCKING TRUTH:
"In the swap, the net interest cost to IB Corp is expressed in swap points (exchange points), rather than % per annum and the interest amount due is paid net in CHF."
THE JANUARY 3, 1990 EVENT:
When fourteen central banks collectively intervened to stop the dollar's rise, creating instant profits for insiders who knew which way the market would move.
The Bourse Game: Professional-grade Simulation
PRACTICE LIKE THE PROFESSIONALS DO
The Bourse Game simulator allows you to:
Experience "a very realistic replica of the global Foreign Exchange markets"
Trade using virtual money instead of real capital
Make markets in any pair of currencies in the spot market
Manage foreign exchange positions in real-time
Calculate profit, loss, and average rates
Interpret news items and analyze economic impacts
Understand market factor sensitivity and Value at Risk (VaR)
Foreign Exchange Traders
Treasury Marketing professionals
Foreign Exchange Traders
Chief Financial Officers
Fund Managers with multi-currency portfolios
Risk Managers and Controllers
Risk Managers and Controllers
ACTUAL CONTENT FROM THE BOOK:
"The Bourse Game is best played in an environment that looks like a bank's trading floor.
""The key factors that drive the rates are: Mean Reversion Factor, Spot Jump Factor, Volatility Jump Factor, and News Effect Time"
""The key factors that drive the rates are: Mean Reversion Factor, Spot Jump Factor, Volatility Jump Factor, and News Effect Time"
The Complete FOREX Playbook
Foreign Exchange Markets
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Written by active traders
Institutional perspective
Risk management focus
Interactive simulation
Real trading floor stories
Global market coverage
Technical & fundamental analysis
Who Needs This Book?
THIS BOOK IS FOR YOU IF:
The Bourse Game simulator allows you to:
You're a finance professional at an Indian bank, mutual fund, or financial institution
You work in treasury at Indian multinationals, dealing with foreign currency exposure
You're a trader at NSE/BSE looking to expand into currency derivatives
You manage portfolios with international exposure for HNIs or family offices in India
You're a student at IIM, XLRI, or other premier Indian institutes seeking practical knowledge
You want to understand how RBI interventions impact the INR in global markets
Not For:
Complete beginners or those seeking get-rich-quick trading schemes
Quick Facts
350
Pages of practical trading strategies
15
Case studies from Indian financial markets
28
Actionable risk management templates
Access to online Bourse Game simulation
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Step-by-step guides to calculating forward points for INR pairs
Take Control of Your FOREX Knowledge Today
Stop Operating With An Incomplete Understanding
The world's largest financial market doesn't have to remain a mystery.
Learn how the $7.5 trillion daily FX market actually functions from former Citibank traders who were at the center of it all.
Gain practical skills you can apply immediately through the Bourse Game simulation.
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Frequently Asked Questions
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Q: What is this book about?
This book provides a comprehensive guide to the private equity industry, covering everything from fundamental concepts to advanced strategies. It explores fund structure, investment processes, portfolio management, exit strategies, and career opportunities in private equity.
Q: What is this book about?
This book provides a comprehensive guide to the private equity industry, covering everything from fundamental concepts to advanced strategies. It explores fund structure, investment processes, portfolio management, exit strategies, and career opportunities in private equity.
Q: What is this book about?
This book provides a comprehensive guide to the private equity industry, covering everything from fundamental concepts to advanced strategies. It explores fund structure, investment processes, portfolio management, exit strategies, and career opportunities in private equity.
Q: What is this book about?
This book provides a comprehensive guide to the private equity industry, covering everything from fundamental concepts to advanced strategies. It explores fund structure, investment processes, portfolio management, exit strategies, and career opportunities in private equity.