Average Reviews:
(More customer reviews)This is the most boring, childish trading book I have ever read. First you have to go through almost 150 pages of filler, where the author explains, over and over and over again that he is going to show you how to "attack" currency trends. At some point you will probably scream and yell : "Shut the hell up and show us something, anything!!" Then he finally reveals his "secret", are you ready for this? Well here it is, in essence : Buy when the price is above its 100 and 200 moving average and sell when the price is below its 100 and 200 moving average. That's it. Seriously.
He shows you plenty of highly cherry-picked charts to prove his point. Of course for every perfect, textbook chart example there are at least 8 or 10 charts that do NOT work (naturally he won't tell you that), that's the problem with moving averages, they produce a LOT of false breakouts when the market is in a non-trending mood, which is its normal state almost 70% of the time! The author then adds a few (subjective) support/resistance lines (he calls them "remembered lines", how exotic), a couple of trendlines and some Fibonacci levels to the charts (to make them look more complex than they are) and there you are, you now know how to "attack" currency trends (yeah right!), aren't you the lucky one?
All in all, this book will surely impress newbies and amateurs, but for more experienced and knowledgeable traders it is a joke. The new comers will look at the beautiful cherry-picked charts and say "Wow, this stuff really works!". But they will quickly and painfully discover that applying these "techniques" in real time is quite a different story, as their stops get triggered trade after trade! I even challenge the author to consistently find the beginning of a real, mega trend with any degree of accuracy. Because believe it or not, this book not only wants to show you how to "attack" a currency trend, but how to ANTICIPATE a trend as well!
Folks, seriously, if we could anticipate forex trends we would all be richer than Bill Gates in less than two years.
Yes moving averages work with trending markets like the Forex, but nobody was able to eliminate all the false breakouts yet, and this little book is no exception.
PS: Look at all these (more than suspicious) 5 star reviews written by first-time "reviewers", they read like a commercial for the book.
Click Here to see more reviews about: Attacking Currency Trends: How to Anticipate and Trade Big Moves in the Forex Market (Wiley Trading)
The guide for reading long-term trends in the foreign currency market
To thrive in the marketplace traders must anticipate, enter, and stay with trends in the foreign exchange market.
In this much-needed guide top forex, expert Greg Michalowski clearly explains the attributes of successful traders, and shows how traders can set themselves up for success by drafting an explicit mission statement and game plan. The book also contains the tools and techniques traders need to read the markets and identify when a market is in a trend. Michalowski shows traders how to enter an emerging trend, how to manage the position, and how to exit the position most effectively.
Includes the technical tools needed to invest in the foreign exchange market: moving averages, trendlines, and Fibonacci levels
Shows how to identify a trend and stick with the trend through its duration
Written by Greg Michalowski who was cited by SmartMoney magazine as a "go to" source for making money moves
With this book, Michalowski offers an important resource for identifying and riding out long-term trends in the volatile foreign currency.
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