E-Book Overview
This book is a mishmash of :1) A Beginner's guide. A bad one and nothing you cannot find online or in other better organized books.2) Some trading rules. The 15 trades are actually supposed to illustrate some general trading rules. The trades are not annotated except for the entries and exit, with no reason for entry or exit. There is no way you can learn from the trade as there is no explanation whatsoever and it seems they were slapped on to illustrate the point (or rules). If you are looking for a trading system, forget it. Even with his one page supposed KISS trend-following system, the author managed to obscure it beyond implementation.3) A dump of some online content. Which is available online already. The whole Shanghai BC chapter is available at the [...] website verbatim. So save your money and go to the site. The site itself is rather disorganized and not for the beginners.4) A hyped up "secret" trading method. The author (Archer) constantly refers to his secret trading method passed down by his mentor Goodman and devotes chapter 27 to an exposition of this method. This chapter is at least clearer than the other book where he started selling this method (Getting Started in Forex Trading Strategies). It is supposed to be a superior system that is better than Elliot wave. However I can tell you that it is not possible to implement it successfully based on the material in this book. Since it is a wave system, it is high subjectively and EVERY zig zag will look like a potential entry. It is possible that the author is able to make money using this method, but it would be due to his experience or other unrevealed rules or may be he just was to sell you more stuff at his site. Personally, I'll pass on this secret method.What I did take away from this book :1) Chapter 6. Trader profile. The author (Archer) provided 4 trader profiles (Guerrilla, Scalper, Day Trader, Position Trader) and their respective chart time frame, targeted profit pip range etc. It is good to have this information for your own comparison and reference so you can find your own profile by trial and experimentation. 2) Chapter 8. Trading Heuristic. What the author (Archer) calls the Snow Flake Heuristic describes a Trading Plan that can be used as a reference. He describes what he does to get ready for trading, how he monitors the market and filter potential trades and finally enters into them. It's a good description of how a trader should approach trading by determining his own trading personality and focus on making only the high probability trades.Conclusion:For this price, if you can get a copy at your library, read the parts I recommended (they are very short) and save your money for other books.
E-Book Content
P1: JYS FM JWBT057-Bland
January 23, 2009
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Printer: Yet to come
P1: JYS FM JWBT057-Bland
January 23, 2009
13:3
Printer: Yet to come
Forex Essentials in 15 Trades
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P1: JYS FM JWBT057-Bland
January 23, 2009
13:3
Printer: Yet to come
Founded in 1807, John Wiley & Sons is the oldest independent publishing company in the United States. With offices in North America, Europe, Australia and Asia, Wiley is globally committed to developing and marketing print and electronic products and services for our customers’ professional and personal knowledge and understanding. 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. For a list of available titles, visit our Web site at www.WileyFinance.com.
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