Forex Analysis and Trading: Effective Top-Down Strategies Combining Fundamental, Position, and Technical Analyses (Bloomberg Financial) Review

Average Reviews:

(More customer reviews)It is a very complete book, this a real guide to trade in Forex, not it provides you with guidance but also it gives you the strategic structure to develop your own investment methods.
Even though the following texts are not about trading I recommend the following books:
In Hell
THE DELIRIUM OF DE LIBERATOR

Click Here to see more reviews about: Forex Analysis and Trading: Effective Top-Down Strategies Combining Fundamental, Position, and Technical Analyses (Bloomberg Financial)

The forex market is huge and offers tremendous trading opportunities. There are many different tools for analyzing the forex market. But what are the best tools and the best ways to use them to trade most effectively?
Forex Analysis and Trading organizes the most widely used—although disparate—approaches to forex analysis into one synergistic, robust, and powerful framework. This system draws on fundamental, position, and technical analyses to identify profitable currency positions, enabling traders to make the best decisions regarding major currencies.
Marta and Brusuelas are forex trading professionals with years of experience analyzing and trading every major currency.

Get 35% OFF

Click here for more information about Forex Analysis and Trading: Effective Top-Down Strategies Combining Fundamental, Position, and Technical Analyses (Bloomberg Financial)

Read More...

Mastering the Currency Market: Forex Strategies for High and Low Volatility Markets Review

Average Reviews:

(More customer reviews)I trade futures, stocks and options, with futures now making up the bulk of my trading. I am very interested in learning currencies and gaining additional flexibility in my trading. I came across this book and saw it was a new publication so I pre-ordered. I assumed it would have the latest inside information on currencies and how best to trade them. After the all, the title is "Mastering the Currency Market, Forex Strategies for High and Low Volatility Markets". I have to say that I was sorely disappointed.
The editorial review says the book is divided into these sections:
* The basics of trading currencies
* Fundamental analysis of price valuation
* Technical analysis and trading charts
* Trading philosophy and psychological discipline
* Volatility and risk management
The first 2 sections are the only parts of the book that offer anything unique to currencies. And out of a 292-page book, these sections end after only the first 48 pages. The rest of the book is a basic technical analysis indicator training manual with some candlestick signals thrown in the mix. Starting with simple candlesticks, covering basic chart patterns and looking at multiple time frames for trade confirmation. The book ends with a short treatise on psychology and trading journals, subjects that have entire works dedicated solely to them. There are no unique "Forex" strategies, just basic technical analysis education.
Chapter 1 discusses the basics, names of currency pairs, market times, etc.
Chapter 2 although seemingly lacking real depth may give the most insight to someone interested in mastering currencies. It discusses economic factors affecting currencies and the price movement. There is a handy chart showing economic reports and the usual effect they have on individual currencies.
There is no detailed insight to the individual currency trading instruments or to the Forex market in general. Interesting, the title suggests strategies for high and low volatility. Looking in the book's index, volatility is discussed on one page, in one small paragraph, and it is a less than an introductory discussion. Which Forex strategies work best in which type of market? Where are the high and low volatility examples? What are the best pairs to trade? How do we hedge? Is there any currency correlation? We may never know.
It would have been simpler for the authors to write the first 2 chapters and then add a page that says, "Apply standard technical indicator trading techniques to the currency market." and end the book there.
If you were a beginner trader, I would say you could add this to your library. However there are hundreds, maybe thousands of technical analysis books on the market, many better than this. We surely do not need another one.
Perhaps a better name for the book would have been "A Beginners Guide to Technical Analysis: With some Forex pairs used as examples." Had that been the name, I would have saved myself the return shipping. 2 stars for basic technical analysis, 1 star for any real Forex insight.
One thing to take in account on all Amazon reviews. Reviewers who have only reviewed the item you are researching should be subject to suspicion. Click on the username to see if the reviewer has any history on Amazon and make your choice wisely.


Click Here to see more reviews about: Mastering the Currency Market: Forex Strategies for High and Low Volatility Markets


Make Volatility and Risk Work forYou with Forex Trading!

"This book should be in every trader/investor's library. As we come out of thisdepressed market . . . this book can be your companion, helping you avoidmistakes and enhance your trading/investment program."—Bill M. Williams, author of Trading Chaos

"Whether you're just getting started trading the world's most exciting financial market,or you're looking to add to your trading edge, [the authors] have written an engagingbook packed with powerful techniques that you can use right now."—Rob Booker, trader, author, educator, and founder and host of TraderRadio.net

The foreign exchange market is the largesttrading market in the world, withaverage daily volume well into the trillions.Because the market is always characterized byhigh liquidity, forex traders benefit most fromvolatile markets—making it the ideal investmentapproach today and well into the future.

Mastering the Currency Market is a comprehensiveguide to currency and futures tradingstrategies and techniques for both highly volatileand nonvolatile markets.

Putting to work their vast and highly diverseexperience in forex trading, the authors explainhow to take advantage of the many benefitsof foreign exchange trading, includingits low cost of entry afforded by margin, andthe dynamic pricing by nature of the competitivemarketplace. Mastering the CurrencyMarket is divided into five sections covering:
The basics of trading currencies
Fundamental analysis ofprice valuation
Technical analysis andtrading charts
Trading philosophy andpsychological discipline
Volatility and risk management

With four decades of combined experience,the authors clearly communicate to you a tradingmethod that will give you the confidenceto both analyze markets and execute tradessuccessfully, regardless of underlying marketconditions.

As 2008 introduced nightmare scenarios forinvestors around the world, it was Al Gaskill'smost productive period of his trading career.He used the same trading methods spelled outin this book.

Apply the lessons inside and you'll see profitsrise during periods of high market volatility,and when the market slows down, you candownshift to countertrending methods. It'sa win-win investing method, and Masteringthe Currency Market leads you through it everystep of the way.

Get 33% OFF

Click here for more information about Mastering the Currency Market: Forex Strategies for High and Low Volatility Markets

Read More...

Getting Started in Real Estate Day Trading: Proven Techniques for Buying and Selling Houses The Same Day Using The Internet Review

Average Reviews:

(More customer reviews)While this book is well-written and easy to read, it falls short on a couple of important points. "Day Trading" real estate, as defined by Goins, is really nothing more than basic double-closing/simultaneous closing house flipping that has been around for years. Yes, you're in and out the same day because both your purchase closing and sale closing are scheduled back-to-back, but you contract weeks in advance. Nothing new at all. Certainly more than a day to turn it around.
Also, the book claims that you can do this "without cash." However, in Chapter 7 Goins suggests that you borrow against your credit cards, life insurance, personal home or IRA. Or another suggestion - sell your stuff on Ebay. Sure are a lot of suggestions for getting that cash that the cover of the book declares you don't need to day trade real estate. Goins recommends a deposit of at least $500 for most contracts. That's required cash, pure and simple. It seems a bit deceptive to repeatedly say you don't need cash to do this when the reality of this method, or pretty much any real estate business method, is that at least some cash is required.
The print quality was lacking in the copy I received, with several of the front pages being illegible ink smears.
This book is well-organized and probably contains a nugget of good usable information here and there. If you've already read about flipping houses you will find little new material. If you haven't read about flipping then this book is as good as any to use for basic information.


Click Here to see more reviews about: Getting Started in Real Estate Day Trading: Proven Techniques for Buying and Selling Houses The Same Day Using The Internet

Real estate day trading is using the Internet to buy and sell houses without leaving home. In many cases, the investor closes on a house and resells it the same day. Readers will learn the author's system for how to buy and sell 5-10 houses a month in today's market, using the Internet, phone, fax, and email to analyze, research, and find the properties, buyers, and others needed for the transaction. Author Larry Goins has personally done deals in nine different states and has students in the US, Canada, Australia, New Zealand, Japan, China, Israel, the Philippines, and Denmark. Day trading can be used for wholesaling properties to other investors, retailing, lease options, short sales, foreclosure investing, etc. The basic steps are:
Search online for potential properties to make offers on, using specific techniques for finding the right ones.
Once an offer is accepted, usually within 1-2 weeks, put it on paper using clauses included in the book, and get the property inspected by a rehab contractor to get a free estimate of how much the repairs will cost. This is done by finding reputable contractors online and through referrals from realtors and through autoresponders.
Order an appraisal.
Sell it fast! Using the buyers list you have built on the internet through email marketing groups, social networking sites, blogs, free classified sites, bank-owned property sites, and more, send an email with the details of the property and instructions on how they can get the property under contract. Usually within two hours several potential buyers will reply.
Set up a closing to buy it and to sell it on the same day; closings are about 30 minutes apart. By it at 10:00 and sell it at 10:30, for example.
There are many ways to fund and close on the property. The book will contain step-by-step, easy processes for assignments, options, flex options, simultaneous closings, using hard money, private money, cash partners, and credit partners, none of which will require an investor's own cash or credit.

Get 35% OFF

Click here for more information about Getting Started in Real Estate Day Trading: Proven Techniques for Buying and Selling Houses The Same Day Using The Internet

Read More...

AbleTrend: Identifying and Analyzing Market Trends for Trading Success (Wiley Trading) Review

Average Reviews:

(More customer reviews)This book is useful to traders of all backgrounds. I know that it will help me in my own trading. Most of the concepts in the book apply to trading in multiple markets and on multiple time frames. This book has a lot of information about both entry and exit strategies. There is not a lot of complicated math. It is easier to read and understand than many books about technical analysis and trading. It not necessary to know anything about charting before reading the book. In fact, if you read this book you will probably conclude that most books about technicial analysis are worthless. It is true that some parts of the book apply to functions of the AbleTrend 7.0 program, but most of the concepts are universal. The book is valuable whether you have used AbleTrend 7.0 or not. Besides trading techniques, the book has some interesting information on how Chinese philosophy applies to trading. The book presents some some compelling theories on why some trading techniques make sense while others will never work.
It is true that some of the indicators discussed in the book are proprietary. I don't think that this takes away from the usefulness of the book. It is not really necessary to know all of the mathematical algorithms. The most unfortunate aspect of the book is that it is printed in black & white. There are many trading examples, but they are difficult to follow because you cannot see the colors on the charts. You will probably want to get the book's charts in color by contacting AbleSys.


Click Here to see more reviews about: AbleTrend: Identifying and Analyzing Market Trends for Trading Success (Wiley Trading)

A worldwide leader in financial trading software shares one of its most successful systems
In AbleTrend, Dr. John Wang discloses for the first time, the fundamental principles behind his bestselling and award-winning trading system, AbleTrend signals. Sophisticated in scope, yet written in a way that any trader can understand, this book skillfully presents the theory behind this award-winning system.
This reliable resource presents the logic of a proven system that reveals the direction of a trend at its early stage in all markets-stocks, commodities, foreign currencies, ETFs, e-Minis, and mutual funds. It also identifies objective, automatic buy/sell/stop signals, helping you manage risk, make rational trading decisions, and eliminate the guesswork.
Pinpoint when market trends start and end, and where the key support and resistance are
It's universal-applied to any market and any time chart
Applications are offered with over 20 real-market case studies
AbleTrend confidential seminar costs $2,000, now you may get the secrets from this book
AbleTrend was developed by a recognized authority and expert trading system developer

AbleTrend presents innovative decision-making trading concepts that will allow ordinary traders to identify market trends and seek profits from them.

Get 37% OFF

Click here for more information about AbleTrend: Identifying and Analyzing Market Trends for Trading Success (Wiley Trading)

Read More...

Trading Options in Turbulent Markets: Master Uncertainty Through Active Volatility Management (Bloomberg Financial) Review

Average Reviews:

(More customer reviews)I've been trading for several years now (not at a professional level), and make regular profits selling stock options (mostly covered calls and naked puts).
I've bought this book in order to learn new strategies I could use to improve my trading results, but I don't think the book delivers on this.
There are mainly two parts in this book :
- the first options theory, volatility and discussion on the greeks
- the second part describes ten strategies using options
Concerning the theoretical part, it's true that there is no math formula, everything is plain english, but I really don't understand how to use this for my personal trading. For example, there's a discussion about trading "delta neutral" positions, but how can this possibly apply to an amateur ? As far as I know, only market makers are interested in this, because they want to remove the directional risk of their positions.
Concerning the strategies, the relatively "basic" ones are well documented : the covered call, the naked put, the married put, the collar and the straddle/strangle are well treated, the author gives Profit/Loss profiles and the information is sufficient for the reader to know what he/she is doing, although there are some errors (for example page 121 on the table : if you buy 1000 shares @ $28, and sold ten $30 call @ 1.50 ; if the stock is at $40 or $56 at expiration, you will have to sell your shares for $30, netting $2 on the shares, and keeping the $1.5 premium, resulting in a profit of $3500, not $1500).
The rest of the strategies, which are more complex and then need more coverage, are not explained well to my opinion.
The vertical spreads, for example, don't have any Profit/Loss profile ! Maybe the aim of the author was to make his readers think and experiment by themselves, but the main aim when buying a book is to learn quicker.
For the calendar spread, it's the same thing : I really struggled to understand what this strategy was about, until I checked in Guy Cohen's book what it was : it is the equivalent of a covered call, but you replace the long stock with a long call.
For the back spreads and ratio spreads, there is just a call ratio spread P/L profile. If you want to understand what happens to a call back spread that moves against your expectations, you need to do all the research by yourself, or look in another book.
In short, I was disappointed by this book : when reading, I didn't understand how to use the theoretical part in my trading, I already knew the "basic" strategies and learned nothing more, and the more advanced strategies are not explained deeply enough.
Here are some recommandations :
- to learn about options and the greeks in general, look at "Options made easy" by Guy Cohen
- to learn about five real strategies that work, and how to correctly implement them, look at "Get Rich With Options" by Lee Lowel (the title is weird, but the book clearly delivers)
- to have a reference of all the options strategies available, look at "The Bible Of Options Strategies" by Guy Cohen
- to learn how to generate income through selling options, look at the "Complete Guide to Option Selling" by Cordier and Gross (the book only discusses commodity options, but offers practical advice that can be used by equity options traders as well)
- to learn how to make significant amount of money trading stocks and options, look at "Generate thousands etc..." by Samir Elias, although you need to carefully examine the risk of the strategies presented (be careful, you might be completely blown away by this book!)



Click Here to see more reviews about: Trading Options in Turbulent Markets: Master Uncertainty Through Active Volatility Management (Bloomberg Financial)

Get 37% OFF

Click here for more information about Trading Options in Turbulent Markets: Master Uncertainty Through Active Volatility Management (Bloomberg Financial)

Read More...

Essentials of Foreign Exchange Trading (Essentials Series) Review

Average Reviews:

(More customer reviews)I have spent 20 years researching and trading stocks and bonds, and was interested in currency trading. I purchased a number of books on foreign exchange. I read this book first, Essentials of Foreign Exchange Trading, and I found it an excellent choice. It has also been a good companion to my experimentation and trading on one of the major FX trading websites.
It starts off with a good introduction to the principles of currency trading and includes a discussion of a wide range of trading approaches to help understand which best fit your personality and style. The chapters that dive in on technical analysis (using candlesticks, moving averages, fibonacci/pivot point, elliott wave) are especially good; it is obviously the author's specialty. That was good for me since my background is in fundamental analysis and the author's treatment of technical analysis was comprehensive and helpful. The sections on fundamental analyses were good too, although I went through them quickly given my familiarity. My primary focus was to "expand the toolbox" with technical analyses and this book served that goal. Also, importantly, the book is written in an entertaining and fluid style. It was easy to read and absorb.
Overall, I found the book excellent and recommend it.

Click Here to see more reviews about: Essentials of Foreign Exchange Trading (Essentials Series)

Get 48% OFF

Click here for more information about Essentials of Foreign Exchange Trading (Essentials Series)

Read More...

The Complete Guide to Day Trading: A Practical Manual From a Professional Day Trading Coach Review

Average Reviews:

(More customer reviews)I have been actively Day Trading for about 2 months now, and have managed to remain profitable. I have gotten better over time, and I eventually see this as a way to earn a living.
I heard about this book as I attended one of Marcus's free seminars online.
I really struggled on whether to give this book a rating of 2 or 3 stars. And that is based on what I think the book is good for. I think the title is a bit misleading? The title kind of bills this book out as a 'COMPLETE Guide to Day Trading.'
When I read the word 'COMPLETE,' I tend to think that it will cover money management, trader mentality, how to identify trends, and most important, detailed explanations into trade setups. Basically I would think it would cover many things about day trading, but most importantly.....specific trade setups.
This book was a decent, quick read. And it does a pretty good job at explaining the basics to brand new day traders. It also has some good organizational information in there for anyone. But if you're looking for a book to explain specific setups, time of day, etc.....this isn't the one for you. Specific trade setups really are just mentioned as a blurb more or less in the book in one chapter. If you've been trading for a while, I would say that since it IS available in paper back, and is relatively in inexpensive, it's not a bad buy, but there are more useful books in my opinion. 'Mastering the Trade' is still the best book I've read thus far.
If this book were billed as anything BUT the 'COMPLETE' guide to day trading, or if the word 'Beginner' were somewhere in the title, I would have given it 3 stars. But to be billed as the COMPLETE guide is what swayed me to report 2 stars. Even after reading this book, there is no way a new trader will read it and be capable of day trading.
I don't feel bad about purchasing this book at all. Decent read, but I do not think it's going to help most day traders. Happy trading!!!
Forrest

Click Here to see more reviews about: The Complete Guide to Day Trading: A Practical Manual From a Professional Day Trading Coach

Do you want to be a day trader?Every day, millions of dollars change hands in the markets, presenting the perfect opportunity for people just like you to make significant money and profits through the art of day trading.But here's the question: is day trading right for you? And, if it is, how do you get started?In his new three-part guide, professional day trading coach Markus Heitkoetter lays out a simple, proven system for trading success. From the basic essentials of trading to the actual process of making money in the markets, he'll cover it all.
What You Need To Get Started: The Tools, The Methods, The Mindset
Finding the Best Market to Trade: Futures, Forex, Stocks, or Options
A 7-Step Approach to Developing Your Own Profitable Trading Strategy
The 10 Power Principles of Successful Trading Strategies
Avoiding The 7 Common Mistakes of Traders
Get Started Without Risking A Single Penny
Ready-To-Use Trading Plan Templates, Checklists, Resource Directories, & More
Loaded with easy-to-use information, proven and reliable strategies and guidelines, and a practical hands-on approach to the industry, The Complete Guide to Day Trading is your own personal manual to success in the markets.

Click here for more information about The Complete Guide to Day Trading: A Practical Manual From a Professional Day Trading Coach

Read More...

Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude Review

Average Reviews:

(More customer reviews)If you are like most people, after your first few losing trades you set about to learn better market analysis. After your next string of losers you learned about risk management. But there's still one more challenge to conquer; yourself.
     That is the major premise of this book. If it sounds like wishy-washy psycho-babble to you, I'll only say that I would have agreed -- four months ago, before I quit my 20-year technology career, obtained a Series/7 license and joined a professional day-trading firm. I now believe most people would lose money if you gave them 50/50 odds on whether or not it was going to rain tomorrow.
     In other words, successfully forecasting the market is not enough. Why not? Well, this book explains why not. It has to do with one's sense of self-worth, one's moral judgment of money, one's work-ethic, one's tendency to focus on good news while ignoring bad, and other things.
     "Zone" was recommended to a friend of mine by a professional floor trader who told him, "I wish I had read it before starting two years ago. Don't place another trade until you do." Well said. Does this apply to investors as well as traders? Oh, absolutely! If you have ever said to yourself, "I'm not selling that stock while it's down, I'll wait until I have a profit in it," then for the love of money, read this book.
     Finally, read "Zone" before Douglas' earlier work. If you still want more then read "Disciplined Trader" for a general review plus a deeper exploration into the author's philosophical and meta-physical theories.

Click Here to see more reviews about: Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude

Get 44% OFF

Click here for more information about Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude

Read More...

All About Forex Trading (All About Series) Review

Average Reviews:

(More customer reviews)We've been students of John and Wade (the authors) for the past 21 months and these two guys are fantastic teachers of the financial markets. We finally got the concept of Forex/Markets trading thanks to John and Wade's education. They taught us basics and advanced skills to read charts and trade with profits. They provide simple, no non-sense information needed to understand Forex. You'll love their style and sincerity to educate. Must read - highly recommended material.

Click Here to see more reviews about: All About Forex Trading (All About Series)


Currency trading techniques you can bank on!
Forex trading can be remarkably lucrative—and complex, confusing, and risky. Too many investors dive right into Forex, suffering big losses. If you want to trade currencies successfully, read this book, take your time, and plan accordingly. The $4 trillion Forex market will be waiting.

All About Forex Trading walks you through everything you need to know to make currency trading a vibrant part of your diversified portfolio and generate handsome returns—regardless of what is happening to stocks and bonds. Whether your investing style is conservative or aggressive, this no-nonsense guide has what you need to build a powerful Forex trading strategy. Learn all there is to know about:
What (and who) drives currency prices
Investment vehicles for Forex trading
Technical analysis techniques
Key fundamental indicators
Navigating the economic calendar
All the traded currencies—from the Americas to Europe to Asia

Get 39% OFF

Click here for more information about All About Forex Trading (All About Series)

Read More...

The Currency Trader's Handbook: Strategies For Forex Success Review

Average Reviews:

(More customer reviews)This booklet is about "be disciplined" and take away emotions, from the beginning to the end.
"Strategies for forex success" is written on the front cover. "Be disciplined", avoid fear, greed etc. must be the strategies in question.
The so-called strategy 10 just means: take 10 pips profit and run! How great! In total, there is 1 technical strategy involving classic moving averages.
If you trade on emotions or are completely new to trading in general, then this book may help, but many books already do include these "be disciplined" and other comments.
The book is also an advertisement for the author's websites.
One star to balance the other 5 stars reviews.

Click Here to see more reviews about: The Currency Trader's Handbook: Strategies For Forex Success

Get 11% OFF

Click here for more information about The Currency Trader's Handbook: Strategies For Forex Success

Read More...

Five Bullets Review

Average Reviews:

(More customer reviews)I've known "Joe" for years now, from the time he hosted me on a tour of a 500-ft submarine destroyer battleship in the North Sea - all the way to now, as he successfully manages his own funds on a few hours of trading per day, with a low-risk strategy. The reason I tell you this is because it's impossible to say that this review isn't biased. I know the guy. I trust him. I plan on investing some of my own investment capital with him in 2011. So with that preface, I want to tell you just a couple of reasons that this book matters, and why you should read it.
In a world where advice-givers come and go, and never show you any evidence of their actual trading ability, "Joe" sets himself apart. You're not just reading a book about theory: you're reading about his own practice. This is what he really does, and he proves it: his trading performance is public, posted real-time, on Twitter, every single day. He doesn't _tell_ you that he trades. He trades. He shows you. Why read anything written from anyone who doesn't show you that they really put their own money to work with the methods that they write about? Many advice givers in this business have decided it's too embarrassing to show a loss - and that embarrassment would harm their business - so they show nothing. I'm sorry to say that in the past, I've done that too - but "Joe" was a significant influence on me changing that, and it has made a ton of difference for me personally. "Joe" has never done any trading that wasn't also simultaneously public. That counts for something substantial.
Second, in a world of books that tell you the same thing that you already learned a year ago in another place - this is refreshing. It's a personal story, but it's also a complete trading method. Granted, it's inspired from something he read and learned from another source - but it's original. It gives credit where credit is due, but then it breaks new ground. I built a small cottage with Strategy:10. "Joe" came along and built a skyscraper next door.
Dollar for dollar (and you know as well as I do how much trading books usualy cost), this is one of the most valuable books you can have in your trading collection. It's a no-brainer. Buy the book.

Click Here to see more reviews about: Five Bullets

Many trading books focus on the technical aspects of market analysis. Others focus on the psychological aspects. This book joins the dots, arguing that self-awareness is of fundamental importance in building a methodology adapted to the trader and the instrument he trades.In walking through the development of his own trading methodology, the author provides a turn-key solution adapted to the volatile, but highly lucrative, regulated Forex market.Whilst nothing can remove the hard work necessary to become consistently profitable in such a competitive business, this book is essential reading for anyone aspiring to build or adapt a robust trading methodology, tailored to his own personality and the specific characteristics of the regulated Forex market.If you absorb and assimilate the principles herein, your trading performance will improve radically. It's as simple as that.

Click here for more information about Five Bullets

Read More...

Adventures of a Currency Trader: A Fable about Trading, Courage, and Doing the Right Thing (Wiley Trading) Review

Average Reviews:

(More customer reviews)I will have to disagree with the enthusiastic reviews of this book by various users. I suppose I'm not the target audience of this book because I've been trading currency in one form or another for about 9yrs now and I just read the book yesterday. So being a seasoned trader, I came to the book with different experiences than a total newbie.
That being said, *if* I could go back to my newbie self and recommend books for me to read, this would not be one of them. First off, the title of the book is misleading: Adventure? There is no adventure in this book. If you want adventure, read "Investment Biker" or "Adventure Capitalist" by Jim Rogers. If you want a pseudo-adventure with a real character - read "Reminiscences of a Stock Operator" by Edwin Lefevre. Reminiscences is a great book about a true trading legend, this book is about a guy in an office who wants to trade for a living. It goes on about how he blows through two accounts and meets various mentors (more on that later) that get him on the right path. There is very little that is exciting about any of the events that happen within the book - i.e. there is no adventure here.
You should also understand that this book is a parable/fable - so it reads as a strange combination of personal journey and enlightenment event. It's somewhat bizarre. Some of the characters seem to know things about the protagonist that are completely unbelievable. For example, in the book, a big-shot trader of a multi-billion dollar trading firm knows that a random law clerk (the main character) just lost $5,000 using a retail forex account. You're expected to believe that an unemployed law clerk can sneak into a trading firm and get a trading mentor. (Incidentally, the author's adulation of "mentors" is not the least bit suspicious considering he seems to run some sort of mentoring business on the side). All of these logical leaps and storytelling lapses you're expected to excuse because the book is a parable.
The main character himself is not really sympathetic or believable. We are told that he funds his forex account with his credit card but that he and his wife are maxed out on their 6 credit cards. Yet somehow, miraculously, at some point later in the book, he has something like $30,000 in "savings" that he can draw upon. His wife is pregnant with his fourth child at the same time that he quits his job and decides to become a trader (despite having shown no talent for it and having no experience doing it). We are supposed to have sympathy for this guy, who decides he doesn't need health insurance while having a pregnant wife and no money? In general, the character himself makes so many poor decisions it lessens the impact the author is trying to achieve. It's quite obvious the author wants to point out the many pitfalls of trading currencies (i.e. don't use too much leverage, don't gamble with money you can't afford to lose, etc etc) but he makes these points in such a heavy-handed manner that it's nearly impossible to take the protagonist seriously.
I got through over 2/3 of the book before I ever saw the words "stop-loss". But of course by the time the reader learns about what a stop-loss is, the protagonist is already hobnobbing with multi-billion dollar hedge fund managers (explaining to them what the carry trade is - again very believable stuff here). Keep in mind, he's meeting all these people before he actually knows how to trade. A few paragraphs later we find out that our protagonist doesn't know how to use spreadsheets. Risk management is sort of an afterthought in this book. Again, we get through 2/3 of the book before we hear about what an acceptable drawdown is - Apparently that number is 25% (in a day? in a week? The author never specifies). He dismisses 10% out of hand without giving any explanation, but I'll tell you, any trader that would be OK losing 10% of his entire account in a day is either a) not a very good trader or b) a maniac. I simply think this is bad advice - especially for rank beginners which are who this book is intended for.
Putting aside the thin "plot", the style of the writing itself is repetitive and boring. Many sections are structured as interviews. The dialogue is clunky & unnatural. I've already mentioned that the situations themselves are totally unrealistic but the way these characters interact with each other is sometimes just plain strange.
At the end of the day, if the target audience is supposed to be newbies, let me give you some free advice:
1) Start trading with a demo account - don't risk real money until you understand the mechanics of trading and can prove that you can make money on the demo platform
2) As soon as you feel comfortable, fund a small account where you can trade micro lots and use no more than 2-1 leverage until you are consistently profitable
3) Never play with money you can't afford to lose - This is a cardinal rule (although the author makes the rather dubious argument that there is no such thing as money you can't afford to lose).
4) ALWAYS use a Stop-Loss! (this should actually be rule number one)
5) Do your homework and find/create a system that works for you - There are no free lunches
For the amount of money this book costs, you could buy 3 very good trading books or buy 5-7 used books.
Final verdict: 1.5 stars


Click Here to see more reviews about: Adventures of a Currency Trader: A Fable about Trading, Courage, and Doing the Right Thing (Wiley Trading)

Praise for ADVENTURES of a CURRENCY TRADER
"A truly easy, unique, and enjoyable read! Rob has done it once again to teach us in the funniest way possible how not to make the most common trading mistakes. If you are tired of reading how-to books, this is perfect for you. I highly recommend this book to all traders. Everyone will learn something about themselves by reading this book."—Kathy Lien, author, Day Trading the Currency Market, and Chief Strategist, www.dailyfx.com
"Adventures of a Currency Trader is a must read for anyone who has ever traded or is thinking about trading in the Forex markets. Rob Booker has a unique way of taking years of market knowledge and transforming it into an educational and entertaining experience. It has quickly become a cult classic in my trading library!"—H. Jack Bouroudjian, Principal, Brewer Investment Group
"Brilliant! Rob's humor and humanity shine through in this parable about trading and life. Filled with wisdom and wit, it's an exhilarating rollercoaster ride through the peaks and valleys of the learning curve, with many valuable lessons learned along the way."—Ed Ponsi, President, FXEducator.com
"Rob's fable of everyman 'Harry Banes' is destined to become a trading classic. This is both the missing piece and the foundation that comes before the strategies and methodologies. The search for the Holy Grail begins and ends in the heart and mind. The journey is authentic and real and if you're willing to take it with Rob, you will be rewarded in the end. Seldom has psychology and wisdom been so entertaining!"—Raghee Horner, trader and author of Forex Trading for Maximum Profit and Days of Forex Trading
"In a series of insightful and entertaining vignettes, Rob Booker teaches both the novice and the experienced trader some hard won truths about the currency market. It's a must read book written by a guy who survived the trenches and went on to prosper in the biggest and most competitive financial market in the world."—Boris Schlossberg, Senior Currency Strategist, Forex Capital Markets LLC, and author of Technical Analysis of the Currency Market

Get 37% OFF

Click here for more information about Adventures of a Currency Trader: A Fable about Trading, Courage, and Doing the Right Thing (Wiley Trading)

Read More...