Average Reviews:
(More customer reviews)I'm an Ed Ponsi fan. However, I think he may have inadvertently misled people with his choice of title and cover art. In particular, the subtitle -- Strategies and Trade Set-Ups -- along with the sports diagrams on the cover, imply that he's going to get down with some powerful set-ups and management techniques. The trade set-ups consist of trading off 10 and 20 day moving averages, and the management techniques consist of the option of adding to a winning trade when it retraces. Duh.
Furthermore, there is quite a lot of rank beginner stuff, for example, an explanation of currency pairs, pip value, lot size, etc. I don't have much patience with that sort of thing. There is plenty of introductory Forex material readily available, and I don't see why so many authors seem to feel the need to pad their books with what their readers already know. It's like buying a book on computer programming that contains detailed instructions on how to turn on the computer or what a hard drive is.
Oddly enough, in a book that explains pip value, there is a chapter on trading other people's money. I think he tried to be all things to all people, from those who started trading a demo last week to the guy who wants to start a hedge fund. I don't think it comes off very well, especially in a 200 page book.
The meat of the book -- the strategy -- consists of various sources of information that can give you a head's up on currency strength. We're talking the COT Report and such things, some which are not so widely known by intermediate level traders. It's good information to have. It wasn't what I was expecting, though. And of course, it's still a crap-shoot. Was the crowd right, or was the crowd wrong? It's the same old question with the same old answer: buy your ticket and take your chances.
The take-away is that Ed feels the real money is in long-term trading as opposed to day-trading. Certainly if you are trading moving averages, you need to let your profits run. Personally, I hate trading moving averages -- or anything that wiggles, for that matter -- and no day will dawn when I'm willing to eat a 100 pip stop.
Buy the book anyway. There are useful and important nuggets and the book is worth the money. Just don't expect trade set-ups that you haven't heard about a hundred times before.
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A practical guide to trading the foreign exchange market
The Ed Ponsi Forex Playbook offers a visual approach to learning specific trading strategies and identifying profitable trading opportunities in the Forex arena. Page by page, it skillfully describes strategies for long-term trading, swing trading, and day trading in a clear, easy-to-understand manner.
Written by the author of the hugely successful Forex Patterns and Probabilities, The Ed Ponsi Forex Playbook takes the entire concept of Forex education to a new level. The author raises the bar with this ambitious work, presenting fresh new strategies and concepts. Ponsi uses clever analogies and comparisons to make his explanations crystal clear.
With Ponsi as your "coach", the book employs sports analogies to show you, his players, the way to victory on the Forex playing field
Strips away the mystery, showing exactly how successful Forex traders make money
Explains complex financial concepts in ways that the average person can understand
Provides not only useful information, but actionable information to the Forex trader
The foreign exchange market is the most actively traded market in the world, and Ed Ponsi is world-renowned as one of the foremost educators in this field. With The Ed Ponsi Forex Playbook as your guide, you'll learn how to take advantage of the many opportunities found in the Forex arena.
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