Okay, first some background:I am new to trading forex but have been trading stocks and options for over 5 years.Aspects of the forex market are very intriguing (24 hour trading, a small 'universe' of currencies to watch vs. thousands of stocks/options, leverage, etc.) so I was looking for a book that would tell me more about the forex market and provide a good foundation to trade successfully.Let me state from the outset that the editing indeed leaves much to be desired. Typos, letters or spaces left out and smallish charts that forces one to bring out a magnifying glass at times.But none of this has anything to do with the value of the content of the book.Anyone dismissing this book simply due to editing are 'missing the forest for the trees,' as the saying goes.But the minor editing blunders are unfortunate and are the reason for only 4 stars instead of 5.
Content pros:
a)Very bite-sized chapters help encapsulate topics nicely.You can focus on one thing at a time to insure that you 'get it' before moving on.And everything builds upon the preceding chapters fairly smoothly, so it works.
b)True to her premise, this is NOT another missive on all the possible technical indicators available to use. (If you want that, I suggest Murphy's tome on Technical Analysis.) Instead, she is clearly outlining some of the key tools that she uses to trade forex and provides adequate reasoning for her choices.She does not dismiss other indicators as not being useful - she simply seems to have found that following a simple system with these tools works for her.And I would have to agree that it is easy to become bogged down in 'indicator paralysis' and I find her simplicity refreshing.
c)For those commentators below that question whether she is a 'real' trader or whether her system can work, I would happily point out that the forex market uniquely offers a wonderful, NO COST way to find out for yourself!Unlike any stock broker that I know, you can open a demo account (or 3 or 5!) with any online forex broker and 1) learn how to execute a trade (it is different than stocks or options in some ways), 2) see whose `trading platform' you like the most AND, most importantly, 3) you can 'play along with Raghee' (or anyone else's strategy) as you read the book!
d) She does a very good job of defining trading styles (scalping, swing, momentum, etc.), links them to what markets that best apply (trending, sideways, etc.) and to which indicators fit each style and market the best.I have not seen any other author put the style, market conditions and tools together in such a clear manner.
e)She does a very commendable job in covering trade and account management.With the high leverage issues in forex, these issues become very critical, more so than with stocks and options.This is typically a boring area for most readers, but ignore it at your financial peril!
Content cons:
a) Other than the known gripes about small charts and some editing gaffs, I really do not have any significant `cons.' (But ask me again in a year once I have traded in a 'real' account for a while!The demo account is doing too well to leave unfunded!)
As you can tell, I highly recommend this book.If you are new to forex, you can buy many books for half the cost of this one, some that are a lot thicker, too!But I doubt that you can find a better book to help you become comfortable with the market, the 'whys' and 'hows' of trading forex, and perhaps most importantly, how to manage your trades and money in differing market conditions.
1. Buy this book.
2. Open a demo account (if you are not already active in forex)
3. 'Play' until you are ready!
What could be better?
Product Description
Take an in-depth, how-to look at Forex trading using the methods, analysis, and insights of a renowned trader, Raghee Horner.
As the fate of the dollar against foreign currency generates both anxiety and opportunities, currency trading has been drawing much interest and a growing following among traders in the United States. The Forex market is particularly attractive because it trades with no gaps and has unlimited guaranteed stop-losses. The liquidity of the Forex market and worldwide participation makes for more reliable and longer lasting trends as well.
Raghee Horner, legendary not only as a top Forex trader but as a master teacher of trading systems and techniques, draws on her winning tools and methods, including classic charting techniques, in this book. She'll enable you, regardless of your skill level as a trader or investor, to understand how the Forex operates and lays out a blueprint for getting starting in this little-understood but high-potential trading vehicle.
From the Inside Flap
Making A Fortune in the World's Most Dramatic Market
With no commissions, 24 hour accessibility, and gap-less chart patterns, it is no wonder that the foreign exchange (FX) market continues to draw more and more interest from traders around the world. If you're ready to venture into this fast-paced world and stake your claim, you must first acquire the skills that will help you make the most in the FX market-because if you're uniformed, you will underperform.
Written by Raghee Horner-one of the top FX traders in the country and a master teacher of trading systems and techniques- Forex Trading for Maximum Profit offers a comprehensive road map to getting started in this little-understood, but highly-profitable arena. By sharing her winning tools and methods, including classic charting techniques, price action, and market psychology, Horner enables traders and investors of any skill level to capitalize on and make money from the FX market. Throughout the text, she lays out a blueprint for trading success. And through this book's companion CD-ROM, you'll be virtually transported to Rahgee's trading desk where she'll show you-by illustrating actual, real-time trades and techniques-how to put what you've learned to work.
Filled with in-depth trading insights and practical advice, Forex Trading for Maximum Profit contains everything you need to succeed in the FX market. By becoming more familiar with this dynamic market and understanding Raghee's thought process as she trades in it-a process that has helped her achieve a typical per-trade return of 34%-you'll be prepared to take your first step into FX with confidence.
Click Here to see more reviews about: ForeX Trading for Maximum Profit: The Best Kept Secret Off Wall Street (Hardcover)
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