Novice material that could be dangerous

Let me say right away -

I judge harshly any material that promotes another product. This book promotes the author's website constantly throughout. You must pay to be a member after a trial period LOL



$100 for a measely 7 days!!! That is what the author calls TRIAL. LOL I thought you were trading because you needed money...not because you have tons of money to flush down the toilet?!



Here are the exact current details posted from the author's website -

Trial Membership ($99 for the first 7 days. Then $299.95 for each month)

First 7 days $99. Then $299.95 each 30 days as a full Monthly Member.

Monthly Membership ($299.95 for each month)

Semi-Annual Membership ($1499.95 for 6 months)

Annual Membership ($2400.00 for 12 months)





BEWARE NOVICES !!!!!!!! Tons of people write books and create websites just to get the eager novice to depart with money!



One simple question to ask yourself -

If the author is such a great successful trader...why would he be busy chasing down subscribers? Would you? Wouldn't you be busy scooping up pips and not bothering with some silly website and trying to drum up business for it?



For the money he is charging per month you could buy DVD workshops and seminars from some of the top traders out there and you get to keep those DVDs and watch them over and over at no charge.



I do agree that the general VAGUE substance of this book is generally accurate. You could learn a few things...BUT what this book will teach you is freely available online at some great Forex websites for FREEEEEEEEEEEEE !!!! Just Google search "free forex training" or try "baby pips". You will learn FAR MORE than any beginner book will ever teach you there for free.



Also the candlestick advice in this book is so generic and vague you could lose plenty of money. Let me quote the book -



"Dojis become a most significant reversal signal when seen after an extended rally of long-bodied candles" (by the way the plural of doji is doji...not dojis)



This holds a tiny kernel of truth to it in that doji signals are more powerful signals after a large move in the market. THE TRUTH ENDS THERE. According to THE guru of candlesticks...Steve Nison (the man that brought candlesticks to the West and the one you should learn them from and the man this book gives no credit to as a source for further education)...according to Nison's teachings doji are not reversal signals by themselves. Doji represent transition or confusion in the market. You cannot just assume the market will reverse. You need more confirmation. Candlestick signals by themselves are not reason enough to trade!



For a novice simplistic generic advice like this could wipe your account out in days.





I am not saying the author is a bad person or has bad intentions. I am merely judging the book. I do feel there are many good little tips in it...BUT the same info is available for free. Since this book does not delve into meaty strict detail about anything...you will only scrape the surface get excited and will be more likely to subscribe to the website. I think that is the plan behind this book. For some people...that may be a good thing. As a novice you should research investigate and learn as much as possible before paying one single penny to anyone! How do you know what to pay for or subscribe to when you do not understand Forex trading or any other relative issue????



Use the internet GOOGLE as much as possible...chat in forums take your time and LEARN then make purchase based on intelligence not knee jerk excitement. Forex is rife with scams hustles fast buck programs and systems.More detail ...

Good perspective

Unlike most Forex books this does not reiterate basic strategy and definitions. Rather it assumes that the reader knows the basics and concisely reveals how the Forex dealers can use those strategies against the reader. The author's material corresponds well to common complaints from traders worldwide (check out Forex trader blogs at any website). The graphs are well-laid out and helpful for elaborating on the counter-strategies described by the author. A quick read but surely complex enough for re-reads. I cannot comment on whether the author's strategies will indeed ensuring "beating the dealer" (have not tested them yet) but I think that revealing how the Forex establishment can take advantage of traders will make readers more cautious and less trusting. Should be part of any advanced beginner's library.More detail ...

Don't be fooled by the book title!

There are less then 80 pages about sentiment indicators in this book. Fundamental Analysis Technical Analysis Elliott and Fibo make the rest. In 80 pages the author talks about 4 sentiment indicators: Magazine Covers Headline News COT Report and the FXCM SSI.



I have paid over 50 USD (with shipping) for information that I can find on the internet for free. More detail ...

Book is very elementary and has too much reference material

While I liked the general information in the book I found it very basic regarding Forex. [...] A fair to good basic discussion of Forex but lacking in usable information to actually trade with. The discussions of technical indicators is very weak. On page 167 it discusses the "Head and Shoulders Pattern." It defines the left shoulder the right shoulder and the Head but does not say what the pattern means or what a trader could use the pattern for. I would not recommend the book to anyone who is seriously trading the Forex market.More detail ...

Excellent Book on Currency Trading

I was reluctant to purchase this book because i feared this one would be as many other books i have bought before: tutorial on basics with examples that are hard to follow. I was wrong but i am giving it a four star because the one area i believe is very important to discuss stop-loss management she was not very helpful - still better than most books i read - for that i think you need to read Agustin Silvani's book.



Aside from that this book is an excellent instruction book on swing and day trading. The book very succintly explains the preparation for the trading day and the two strategies you can follow: fundamental or technical. Although i don't use some of her strategies i do use a couple and am in the process of designing my system for the others. I think the three chapters 89 and 10 are worth the price of book by themselves.More detail ...

Good when taken into context

I have had the pleasure of seeing Kathy Lien speak twice at Forex seminars. She is very intelligent and has a wonderful personality. You will find some interesting and informative content in this book that can be useful in your educational path in Forex. But it is important to keep in mind that the book is written not by a trading entrepreneur but by a representative of one of the largest Forex brokers. To become a successful trader it is essential to recognize the vast difference in agenda between winning traders and brokers. The entire industry is driven by brokers and almost all material available on learning to trade is tied directly or indirectly to the broker industry whose agenda is to teach trading strategies that make the most money for THEM. Because the industry is unregulated brokers are able to get away with many less than ethical practices. For instance it is ironic that another reader mentions how Kathy covers the subject of the "carry trade" in detail. The last time I spoke with FXCM I discovered to my shock that they had adopted the policy of charging a negative interest regardless of which direction one was trading which I believe should be criminal. But there is no regulating agency to prevent them from doing that. Neither the CFTC nor the NFA actually regulate the activity of Forex brokers. Some other brokers refuse to publish their interest rates or display them in their trading platforms so they can change them behind the scenes every day according to what benefits them the most. You may notice that others have a negative interest that is twice as much as their positive interest. All of this is part of the overall objective to keep the majority of traders focused on day trading which makes the most money for brokers. Studying trading material published by brokers is like asking a casino owner how to gamble. Most of the trading "mentors" are also introducing brokers who make money when you trade. A word to the wise is that if you intend to succeed in Forex trading consider looking to sources of information that are not tied to any broker such as other traders who have learned to master this arcane art. More detail ...

Solid Forex strategies for capturing profits in today's volatile markets

How to Make a Living Trading Foreign Exchange puts the world of Forex at your fingertips. Author Courtney Smith begins with an introduction to the Forex market-what it is and how it works. He then delves into six moneymaking techniques for trading Forex including his unique Rejection Rule that doubles the profit of basic channel breakout systems. In addition to two specific methods for exiting positions at critical levels Smith also discusses powerful risk management techniques and successful trading psychology strategies that will keep you one step ahead of the game.

• Reveals the secrets of the Forex market and how to create a lifetime of income trading it
• Offers advice on maximizing profits during the volatile swings that have increasingly become the norm
• Other titles by Smith: Option Strategies Third Edition Seasonal Charts For Futures Traders Commodity Spreads and Profits Through Seasonal Trading

Make more from today's Forex market with How to Make a Living Trading Foreign Exchange.[]More detail ...

No nonsense advice

The author presents four very useful tools for trading stocks commodities or currencies. These are: two time-frame momentum indicators Elliott waves Fibonacci with price and Fibonacci with time. You can use these four tools as a discretionary trading system but the Fibonacci discussion is especially valuable in and of itself. The author has been around 20 years providing trading advice - an indication of some quality.



I appreciate that the author isn't trying to hard sell his software and newsletter. You can apply the ideas in the book without buying anything more from the author! That is an honest touch that is appreciated.



The style of the text can be somewhat annoying at times; it is a bit repetitive and has too many comments about not-so-good advisors out there somewhere. (No need for the author to point this out unless he wants to name the offenders.) It would have been good if the author told the reader how this book compares to his earlier book "Dynamic Trading". My take is that the current book introduces the two time-frame momentum and streamlines the other information on Elliott and Fibonacci but it would have been useful to get this information from the author. Is the previous book superceded in his mind or does it still have value?



All positive reviewers (13 of them at the time of writing) have only reviewed this book and nothing else. Clearly the author has a fan club. Irrespective I can really recommend this book.



I have written several short reviews on trading books. The best way is to compare the score on the books I've read. Many reviews on amazon.com are just glorious 5 star reviews. I use all five categories; sorry but everything isn't "great". Books rated 5 are very good. Books rated 4 are good solid books well worth reading. Books rated 3 can be bought by some people who read a lot or have very specific needs. Books rated 1 or 2 I would not recommend buying or reading. Naturally all in my humble opinion. More detail ...

Finally an original in FX

This book will be helpful to those seeking an introduction to the interrelatedness of the currency commodity equity and fixed income markets. The book is well written and easy to read. However I would not suggest the book to a person with no technical economic or financial background.

I have followed Mr. Laidi's currency outlook for over a decade now both on TV and in print and can honestly say that I have yet to come across another analyst with the foresight of Mr. Laidi (he called the bear market and USD collapse when the rest of Wall St. were still believing in an unending bull market).

Although many of his correlations referenced in this book are obviously backward looking it does teach traders to take a global market perspective before narrowing down to specific currency pairs. I felt his explanation of the FED under both Greenspan and Bernanke really did a good job on a very difficult topic as many traders like myself really don't understand the different weapons the Fed and other central banks posses.

Equally useful and informative was his chapter on the effect of interest rates there isn't enough space for me to go into it instead I will let you gather the pearls of wisdom for yourself.

Mr. Laidi finally concludes that some of the historical tendencies are currently being challenged and that only time will tell if a new relationship has emerged or if history will again be proven right. Pick up this book if you want to read the work of an original thinker at the top of his craft. Whether you trade FX or another market I think you will benefit from Mr. Laidi's insight. More detail ...

Without a target market & shallow

Target market

-----------------

Regarding profitability there are two types of traders; those making and those losing money. If you are losing money (i.e. your strategy has a negative expectancy or faulty execution) then this text CANNOT HELP YOU. In this circumstance cost averaging as expressed in this text will cause you to lose money faster since the premise is to make up for losses on the next or the next few trades. This is what is known as a Martingale type system (see Wikepedia for info on Martingale). As Van Tharp always says the anti Martingale approach works.



If you are making money with your system i.e. positive expectancy then I would ponder one thing about taking the advice in this text and that is ... Why would I alter my money management system because I've lost a trade? Certainly my money management approach will take into account losses and still be able to steadily increase my portfolio. Additionally increasing your risk on the next trade assumes that your next trade is more likely to be successful than your last trade. Well free Internet research will show that this premise is incorrect. Additionally cost averaging is dangerous and may actually cause a good system to become marginal and a marginal system to lose money. Please read good money management texts for factual evidence to back up my claim (Van K Tharp etc).



Shallow

--------

With regard to the text's shallowness I can only say that it has no clear strategies. In fact even the cost averaging that the book purports to teach has been handled in a very sketchy fashion with ideas on how to effect it strewn throughout the text in sentences such as "when suffering two or more losses in sequence I do not attempt to recover everything with one trade but spread it out over the next three or four entries" (page 101). Why not the next five or six entries or seven our eight or one or two. Where is the rational behind using the next "three or four" entries. This statement alone should clue newcomers to trading to the fact that cost averaging is very dangerous.



The title is very appealing to those searching for the truth. The closest you will find in this text is the mention of their proprietary ROI (River Oscillator Indicator). I know nothing of the indicator but from the author you get the feeling that it is very good bordering on miraculous. You'll have to pay for it. Nothing wrong with that. However this book does not teach you how to use it. If interested contact Concorde Forex Group find out the cost of the indicator per month and any other costs such as training to use the indicator. Then make a reasonable decision as to whether or not it is worth it to you.



In closing if you have a propensity for gambling (which I don't recommend) then I suggest you review the freely available techniques available on the net. In fact they will even give you detailed methods of how much to risk how much to increase your risk for each subsequent loss and when to quit (when you have reached your draw down limit) which is more specific information than contained in this text.



I live outside the US so lucky for Amazon that it's not cost effective to return this book.More detail ...

Possibly the best forex trading book I've read!

I have read over 10 books on forex trading and this is quite possibly the best one I've purchased. I wish I would have found it before the other ones as then I would have saved a lot of money. 7 Winning Strategies is a very practical guide to improving your chances at success in the forex market. I think one of the primary reasons trading strategies don't work out is because the trader applied the wrong strategy during certain market conditions. Grace Cheng's book covers different strategies to use for different market dynamics. It details how a trader can apply these strategies and it tells you what sort of market conditions the different strategies work best in - and best of all it does it clearly and concisely. You still need to think for yourself but this makes it a whole lot easier to plan your trade and trade your plan! The groundwork that's been done is right on.



Actually I was aware of Grace Cheng before purchasing this book and just like another reviewer I didn't have a very positive impression of her because her Web site looks kind of funky. Don't let that deter you from reading this outstanding book. This book literally taught me not to judge a book by its cover. If you read it and really apply your learnings to developing a strategy that is suited to your trading style you'd understand just how valuable the strategies detailed in this book are. More detail ...

So So

Nothing new or great here. If your just getting started this book will help with the basics. The part about system development is very sparse (essentially just says use ms excel for backtesting). Overall I felt fleeced paying retail for this at B&N.More detail ...

Good basics but miss a HUGE point

Let me be honest here:



This book provides some really good advice about trading the forex market. Which currencies have what tendencies which times and reports to look out for how to manage trades and money etc. It provides the basics for any beginner. But if you are a beginner you will NOT notice something EXTREMELY important that the authors of this book did not mention ON PURPOSE. The authors in full disclosure state they are associated with [...](i.e. Gain Capital). And while in the book they make it seem that since [...] is part of/is a(n) FCM/CFTC/NFA (basically throwing out terms to a beginner to make it seem safe and legit) the author's on purpose do not mention that [...]is NOT an ECN broker and hence you'd think that with all those acronyms they'd be credible but think otherwise. In real short what this means is that if you are not an ECN broker you are allowed to and most disclose in very fine print hidden among pages of other details they know few will read take on purpose trades opposite of yours (hedge) in order to make more profits and ensure that begineers get wiped out and even good traders don't last for the long term. There are many more terrible practices these bucketshops use like fishing for stops spread manipulation etc and [...]has the "white gloves" implied in this book very much dirty. Just google it if you don't believe me.



Just thought I'd throw this out there for any beginners. Choose your books wisely but don't trust everything they say and make sure you know what they failed to say and why.



EDIT: I don't mean to pick on Gain Capital specifically. All I am saying is when you do go to choose ANY forex broker keep my information in mind since it wasn't outlined in the book.



Edit#2: Just in case another point that wasn't mentioned: rememmber that if your broker is not FDIC insured and they go under all your money with them will almost certainly never be seen again (don't fall for their sales/marketing ploys of "we're the biggest ones" or we have a safe and positive balance sheet; if you never heard of Enron GM WAMU then you'd need to read a bit about them). The only FDIC insured FX broker I know of is CITIFxPro which if you read in fine print is managed by Saxo Bank not CitiBank.More detail ...

The Very Best Forex Training Available

I had read several books on the subject before seeing Jeff Glenellis' book. And I had spent the better part of a year trying to trade Foreign Currency Exchange (Forex) unsuccessully. There are many successful traders using any number of trading methods and many of them offer books about it. But none ever offered to TEACH me their methods (even some to whom I paid significant sums of money) the way Jeff G does in his book.



I bought this book in an earlier revision about a year ago (before it was available thru Amazon). So I have already become proftable using what he teaches in it. Jeff G presents several very concise trading methods in easy-to-follow language. He is also the only one I ever saw present an actual profit progression from compounding where he has actually worked the plan and compounded a small initial startup into a significant sum of money.



But more important than any method he teaches a great deal on how to properly manage the money in your trading account to protect your capital. If you start with $5000 in your forex broker account yet you wipe it all away in a few losses you lose. But with a good method the right money management of your trading capital some consistent work and a little old-fashioned discipline you can start with as little as $200 and compound it all the way to $1M in less than three years -- while drawing out an ever-increasing income every week along the way.



Further many people "bait" you with an intial book but once you buy it then they start to bombard you with more stuff they have to sell that has the "deluxe" or "really great" information. And once you buy that they then proceed to offer you the "super-secret" stuff and so on. Or they "bait" you with the inexpensive book and then want to sell you thousands of dollars worth of "mentoring" (that turns out to be from people who don't even do what they're teaching). Jeff G has done none of that. Since I bought his book originally he has NEVER offered to sell me ANYTHING else extra. All the goods are in the one book.



And as to "mentoring" for those who are interested there is a one-time membership fee (of less than $100) to join his on-going service. Anyone can talk to him personally in the members-only room on most trading days. He actually does what he is teaching does it most every day and any member who wishes may join him there.



And even then he has never asked for even one penny for anything else extra.



For those who wish to learn to trade the Forex successfully I've never seen anything better at any price.

More detail ...

Praise for

Forex On Five Hours A Week

"The style allows Raghee Horner to tackle the thorniest concept for beginning traders to understand from the outset—shorting. The explanation is one that is the best I've read in many a book all because she is conversing with you within the pages." —KIARA ASHANTI ACTIVE TRADER MAGAZINE

"Just who is Raghee Horner? That's easy. If you are a forex trader Raghee Horner is a young woman who can change your life. She can turn your losses into profits. She can take the mystery out of trading this incredible market."—PETER McKENNA INVESTOR'S BUSINESS DAILY

Trading the forex market has become one of the most popular forms of trading. It's a 24/7 job for many. But what if you have a day job and only a little time to dedicate to the market?

In Forex on Five Hours a Week top forex trader Raghee Horner shows you how with a few key techniques and just five hours a week you can capture consistent profits in the forex market.More detail ...

Praise for

Forex On Five Hours A Week

"The style allows Raghee Horner to tackle the thorniest concept for beginning traders to understand from the outset—shorting. The explanation is one that is the best I've read in many a book all because she is conversing with you within the pages." —KIARA ASHANTI ACTIVE TRADER MAGAZINE

"Just who is Raghee Horner? That's easy. If you are a forex trader Raghee Horner is a young woman who can change your life. She can turn your losses into profits. She can take the mystery out of trading this incredible market."—PETER McKENNA INVESTOR'S BUSINESS DAILY

Trading the forex market has become one of the most popular forms of trading. It's a 24/7 job for many. But what if you have a day job and only a little time to dedicate to the market?

In Forex on Five Hours a Week top forex trader Raghee Horner shows you how with a few key techniques and just five hours a week you can capture consistent profits in the forex market.More detail ...

A straightforward guide to trading today's dynamic Forex market

Written by Wayne McDonell the Chief Currency Coach at FX Bootcamp this book shows readers how to successfully trade the Forex market on their own. FX Bootcamp's Guide to Strategic and Tactical Forex Trading skillfully explains how to combine popular technical indicators to formulate a comprehensive market strategy. Readers will then learn how to focus on using this information to create a tactical trading plan--one that will help them pull the trigger to get in and out of a trade. Along the way McDonell takes the time to discuss the various challenges a Forex trader faces such as greed fear loss and isolation. As a Forex trader and educator of traders Wayne McDonell knows what it takes to make it in the competitive world of Forex. And with FX Bootcamp's Guide to Strategic and Tactical Forex Trading he shows readers how.More detail ...