Foreign-exchange-market Books
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Trading systems that would probably work.Review Date: 2008-04-14
More of the sameReview Date: 2007-12-22
1. Good amount of content in this book is a repeat from his other two books. So if you happen to have one of his other two books you may want to ask yourself why do you want to buy this book.
2. Good amount of content in this book is freely available in the internet. Not only its covered for free in the internet, its actually more detailed and better articulated with good examples. Take the challenge and just do a google search for simple terms like candle stick, pivot points, stochastics, MACD, chart patterns etc and you will be amazed how much great content is there for free.
3. The three trading system methods being discussed is nothing new. Even if its not new, I would have atleast expected that these systems be covered in more detail with proper definition of the rules. Unfortunately, only overview of the system is provided and its up to the reader to figure out the missing pieces are. Book touches upon filters, entries etc but nothing detailed enough to be useful. I don't really know why the author calls the systems high probability. The first 2 of them are based on stochastics & MACD respectively. The last one is based on pivots & MA though not new, detailed information on tis system is not provided.
4. The tradestation back testing strategy code and the results looks like are cheri picked. You try to run that strategy with different instruments you will see the real truth. There is nothing great about this strategy. He talks about scaling when entering the trades but he does not incorporate that in the strategy and leaves it to the readers to figure that out. What is given in the strategy is the most basic version which you can find by posting in tradestation forum for free.
5. The pivot point moving average system strategy code is not presented. I was looking for clear rules on how this strategy can be implemented. If you talk about a strategy, you got to be specific about the rules so that anyone who want to backtest can do so. Unfortunately the rules are not specific. I had written to the author to get more information about this and found out that he would be selling this as an indicator in 2008. So looks like (my personal opinion) the Pivot point Avg system being mentioned in the book is a marketing instrument for his indicator being sold. I have read other books where the author refers to paid indicators he has written but does provide detailed information on how those indicators work and the details/calculation behind that in the book. If someone likes it and do not want to develop it themselves, they can always buy it if they like.
6. CD...... I am amazed that the author is marketing about calculators. All the calculators he talks about are available free in the internet. In addition, anyone who has excel can create these indicators in less than 5 mins. Most trading software automatically calculates these numbers. So I am not really sure what is the value of the indicator other than for marketing purposes. The CD does have a training video which is good. Other than that, I feel this CD is a way to make sure that you don't return this book as once you open the CD you cannot return it.
7. Looking at the chapters, you will notice...
Introduction to Forex... nothing new here... You can read about this in million sites for free.
Candlestick.... All this content is free in the internet. If you already own his previous book, you are wasting your money to read the same content thats available elsewhere.
Patterns..... Same as candlestick. Its filler information. No new insight. No actionable information. Unfortunately nothing of value here.
Fibonacci chapter was so theoritical even if you read it 10 times you will know what it is but will not help you in any shape or form. Its like learning about the internals of the car's engine which has no relationship to how to drive the car.
Trading system chapter was not detailed enough and lacked depth.
Psychology chapter was brief..
In essence, the book is like going to a mediocre Sunday buffet. It has references to different concepts but none of the concepts are covered in depth nor any new insight provided.
8. Since you paid good amount of money for this book, you atleast expect the book to be printed in good paper. You will surprised that the quality of the paper printed is also not good.
9. On the good side
Book discusses about Multiple Timeframe analysis which is good though Elder does a better job in his book.
Discussion on scaling out is interesting.
Quick Training video in the CD is good.
In summary, this book is not worth the money. No new information. Even the information covered is not covered in detail. Not much actionable information. So if you don't have access to the internet and cannot read content online, you can pay for this book to get all the basic information (in a printed form) though you can get such (better) information for free in the net. If you are looking for specific information on the 3 systems John is talking about, be prepared to get disappointed.
Hope this helps.
Ram
InvaluableReview Date: 2007-12-21
Must readReview Date: 2008-08-11
Is this book perfect? No, that is why I did not give it 5 stars. But it does come close. The only perfection I have seen is Steve Nison.
This book is basically about candlesticks, pivot points and some basic indicators like MACD, Stochastics, Fibbonacci. He also discusses risk management and psychology.
If you are looking for a 'system'...you will and you won't find it here. He gives you some basic systems to start with. Really...you have to learn, understand and create your own system and style of trading Forex and build on the knowledge given in this book. No book can give it to you. It comes from knowledge of yourself and experience with Forex.
I found his information on Pivot Points to be excellent and it definitely expanded upon my already strong understanding. I trade pivots, candle signals and at times use things like Bollinger Bands for confirmation. That is it. I stopped complicating Forex, made it simple and the money rolls in. Trending pairs, consolidated pairs, ranging pairs...doesn't matter. Once you understand price action...the world of Forex is yours.
One of the reviewers beneath me claims the techniques Person teaches do not work unless there is a trend. HAAAAAAAAAAAAAAAAAA WRONG!!!!!
I use these techniques in trends, ranges, for momentum and breakouts. It applies if you know how to trade those conditions. If you know what is and is not possible in those conditions!
If a market is only moving in a 20 pip range....DON'T TRADE IT. DUH! Nothing but scalping will work there. If the market is in a 30 to 40 pip range...I am making the money! Also, (common sense alert) what is possible depends on your broker, the spread, etc. My broker is an ECN so I have no slippage or spreads to deal with. I pay a $10 commission on each standard lot I trade. So, if I grab 20 pips ($200) and I pay a $10 comm. I made $190. With an ECN, I can trade anything.
Do not expect this book to be more than it offers. Any idiot can read the table of contents and clearly see what this book will cover and will not cover.
If you are new to Forex...get a strong foundation down first before you try this book. If you are already successfully trading and want to learn more...this book is for you. If you know pivots inside and out...you probably will not learn anything.
If you are not successfully trading Forex, have an intermediate to strong understanding of trading but do not use or know anything about Pivot Points....this is the book for you!
Before buying any book, before you even try trading...you had better have a strong understanding of Japanese Candles. They work in every market and on all time frames. I would not trust any material unless it is Steve Nison's. So start with his books and build from there.
Steve Nison's 'Profiting in Forex' DVD set (about $600) is THE gold standard when it comes to learning how to use candles with Forex in my opinion. That DVD course BLEW ME AWAY! And I knew my stuff too but I still learned new things! If you want to get good at Forex...combine that course with this book. If you are new...start with the basics first.
This book definitely provides a lot more than most may notice. The question is...are you capable of seeing what the other complainers missed?
Basic, nothing really useful, not well written, overpriced...Review Date: 2007-12-08
The content is very limited. It has a few things on forex introduction, general trading tips (the usual things), Fibonacci and pivot points, but it remains very basic and there is nothing that is not available for free.
The style is not good and clear. The book is much too thick for its actual content (lots of fillers).
The so-called systems are too basic to be good over the long run. And there are about 3 of them, quite similar to each other. It does not match the message of the book: "High probability systems and strategies for active traders"...
The CD? Like others said. A joke. The so-called calculator is a link to a web page where the real calculator is. Therefore you need internet, and in fact you don't need the CD! The link could have been just given in the text. Besides, this type of calculator is available on the internet for free and its realization is such a poor challenge that any beginner in programming could do it.


Still searching for Forex booksReview Date: 2008-11-09
The BEST Book On Forex Trading Review Date: 2008-10-06
Possibly the best forex trading book I've read! Review Date: 2008-02-05
Actually, I was aware of Grace Cheng before purchasing this book and just like another reviewer, I didn't have a very positive impression of her because her Web site looks kind of funky. Don't let that deter you from reading this outstanding book. This book literally taught me not to judge a book by its cover. If you read it and really apply your learnings to developing a strategy that is suited to your trading style, you'd understand just how valuable the strategies detailed in this book are.
DisappointingReview Date: 2008-04-26
This Book Will Be A Classic On Forex TradingReview Date: 2008-05-01
I've read many books on currency trading and I find this book easy-to-understand and appreciate the author's written snippets of her own observations and experience. Trading knowledge wise, on a scale of 1-10, it has taken me from a level of 2 to 7. The rest will have to come from trading in the trenches myself I suppose. Her knowledge of trading and inner workings of currency trading belies her youth, but if that's the result of her trading since after her university graduation many years ago, that's commendable and deserves my respect.
I first heard of Grace Cheng when I saw her on Chicago ABC News early this year and then went to her website. Since then I go to her site almost daily; her way of penning her opinions and observations is unlike those you see on most other broker sites.
I highly recommend this book to anyone who wish to know more about forex trading and those who are wise enough to see beyond her age and gender. This book will be by my side as I trade.

Used price: $38.51

More theoretical than a "Wiley Trading" imprint- but just barelyReview Date: 2008-02-24
Good intro to exchange rate determination and risk managmentReview Date: 2007-12-28
One outstanding feature of this book, and indeed a lot of work by this author, is that it moves beyond just exchange rate forecasting into the realm of exchange rate risk management and other issues pertinent to those who deal in this space.
Good as a textbook, but bad as a trader's guideReview Date: 2005-01-26
Good Book -But The suporting data is hard to findReview Date: 2005-06-27
A Good Read!Review Date: 2004-04-29

Used price: $38.99

Very ReadableReview Date: 2008-04-05
Never recieveReview Date: 2007-12-25
Terrible!
Foreign Exchange is foreign no longerReview Date: 2007-09-05
Kevin J. O'Mara
HeavyReview Date: 2007-02-21
Very informative, very readableReview Date: 2007-03-08
The book is very readable. Usually, this sort of thing puts me to sleep. But I knocked off a chapter per day, no problem. The author is a member of the UBS training department, and he clearly has experience explaining this topic to the uninitiated.
The math is quite light. Nothing more complicated than algebra, which is necessary to explain some pricing logic.
The book does not contain trading secrets. It is not a system for trading forex. It does not explain How I Made $1,000,000 Trading Forex. It will not help you pick a broker. It is not an exposition on the stochastic theory of forex pricing. It is, however, a clear explanation of the FX markets.

Used price: $13.87

Very InformativeReview Date: 2008-09-25
Misleading title...Review Date: 2008-09-21
Great for beginnersReview Date: 2008-07-21
More than for just DummiesReview Date: 2007-12-04
Ah, beware of hubris! I was pleasantly surprised at what I learned. The book has a good introduction to how to obtain the sorts of information that a real day trader will need, but is best on the emotional. Emotions are almost always overlooked. I've seen lots of bright people rise to a certain point on a trading desk and then just implode because they couldn't handle the stress. And these were people working with other's money. It is even worse when it's your own dough on the line. The guy who practices day trading until he has his system all ready and then blows out a month after going live is very common.
Early in my career I started my own firm. This was before day trading was even technically possible and the firm was in the options pits. I got on the emotional roller coaster: on good days it was "Come on Honey, its steak dinner time!" On bad days I tried to save money by rationing toothpaste. It all ended in tears.
This is all by way of stressing the role emotions play in successfully trading the market. This book discusses strategies actually employed by some of the best traders on Wall Street and the book is worth looking into for that alone.
Not For Dummies ---Review Date: 2008-06-26
If you are looking for simple understanding of the day trading concept, look elsewhere. If you want an advanced text, this is probably a minimally fair choice.


A poor text bookReview Date: 2004-03-19
Many examples in the book have obvious numeric errors. Also it does not talk about any logic behind the calculation. The little calculation it has is neither rigorous nor complete. Reading this book only caused me more questions and confusions. I had to read other books as a correction or supplement.
It's definitely not for people looking for mathematical reasoning. It does not even talk about Garman-Kohlhagen formula, or Spot-Forward parity etc. It only has some explanations of some jargons, even those explanations are not very well presented.
Another thing I don't like is that at several places two consecutive paragraphs are identical except for a few keywords -- an obvious result of copy & paste.
Had I known the content of the book, I would not have bought it! I bought the e-book & didn't know the content until after I bought it. And e-books cannot be returned. Otherwise I would have done it!
The perfect forex primer!Review Date: 2003-06-16
Great for the clueless but not for the prosReview Date: 2006-05-03
This is the only book I have found which explains this important market at a level that practically anyone can understand. I'm a math student doing a mathematical modelling project involving finance and investment and so I needed something like this: I do not know anyone who invests and the simple fact is that most people don't know much about the mechanics of the markets. This book fills in a gap in plain English with little verbosity or unnecessary digressions. Thus, as a basis for gaining intuition and domain knowledge in an undergraduate university project, this book is everything it attempts to be.


Solid Introduction to Wave TheoryReview Date: 2008-01-03
Statistical basis for wave theory and Elliott principlesReview Date: 2008-01-10
A must to complete an Elliott study of the Forex market.
Useful the historical part about development of wave theory.
This is not a trading system, you won't find a specific technique to make real trades, but with other material is useful to make analysis.
models are not tested with any rigourReview Date: 2007-10-23
The weakness is in its pronounced lack of scrutiny. Perhaps the book is meant to be preaching to the choir. Where a reader is a priori assumed to believe that some of this stuff actually works. A more sceptical reader should be cautious. Each model has some plausibility. But what were the results of actually applying it in the marketplace? So beware, before putting any of your money down on these models, or indeed on the book itself.

Updated Second EditionReview Date: 1999-05-24
Fair OverviewReview Date: 2000-02-04
Useful introduction.Review Date: 1999-06-19

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Collectible price: $25.00

The Death of CapitalismReview Date: 2008-08-20
not DeLillo's bestReview Date: 2008-05-26
DELILLO WHO?Review Date: 2008-03-21
I read this after rereading Philip Roth's Zuckerman books. Perhaps that was a mistake. Roth lives and creates life on the page. DeLillo is off in some never never land of his imagination. It does not relate to human experience. It is artificial posturing, meant to shock, but ends up boring.
I recommend you get works by Roth, Updike, Bellow, Richard Ford, Ruth Rendel, among others. Even formula writers like Robert Parker and John Mortimer are more stimlating and fun.
Crazy universe and great proseReview Date: 2008-02-23
Most criticism of this books seams targeted towards its cold universe and although DeLillo certainly have created a world from a fine blend of the worst features of modern life, he is rightful to do so. The brilliant description of the perverse indifference and fascination surrounding a mans attempt to end his life by pubic burning, is in my view no more grotesque than most modern video's circulating the internet.
So despite its gloomy views and complete ignorance of the good in the modern world there certainly lies truths in this crazy book. And since it is also filled with great prose, memorable paragraphs and grotesque displays of human insanity, it all ads up to a worthwhile read.
Don, We Hardly Know Ye!Review Date: 2007-09-19
DeLillo describes one of his characters in "Cosmopolis" as follows: "She talked. That was her job. She was born to it and got paid for it. But what did she believe?" ... This is what frustrates me about Don DeLillo: he writes, masterfully; indeed, he was "born to it." But what does he believe?
He falls, for me, into quite a populated category of modern-day writers who know and understand the pathologies of modern life, but the cure either eludes them or else they're not especially interested in exploring those pathologies. And that leaves them profoundly incomplete as a writer.
Put another way: "Et tu, Don?"
Ideology is not something that concerns many modern-day novelists, and indeed that may be the overarching problem regarding the current crop of fiction writers. One has no problem saying: "Sure, I get it, Orwell had an ideology; Hemingway had an ideology; Fitzgerald had an ideology." But modern-day novelists "play it safe" when it comes to an overarching socio-political point of view. In fact, may I suggest that taking a strong ideological stand would probably alienate a certain percentage of their potential audience (read: market share) -- and where's the profit in that? After all, beliefs may be sacred, but profits are divine.
And so novelists today, novelists such as Don DeLillo, "play it safe." While outstanding in his craftsmanship, we're still left to wonder: Yes, libermeister, you've characterized the problem brilliantly -- but what's the cure? Are you outraged by all this, or is it simply more grist for your literary mill?
Where, for example, can we place Norman Mailer nowadays, ideologically? He was FOR the first Gulf War, AGAINST the current Gulf War, but supports Hilary Clinton for president, Hillary being FOR the current Gulf War! Bing-bang-boom, he's all over the ideological map -- indeed: many things to many people. To quote The Church Lady: "How conveeeeenient!"
Evidently, self-professed "tough guys" aren't tough enough to stop dancing around the ideological middle, Mailer quite proudly labeling himself a "liberal-conservative."
Or Philip Roth. How, one wonders, does Philip Roth feel about the current state of affairs in and around Israel as they relate to the Palestinian question? How much mileage (read: fame, wealth & popularity) has Philip Roth accrued writing about Jews, and yet where has he written about the Israel government's relationship to the Palestinians and the West Bank?
I'm not saying he should take this, that or some other stand on the matter, where he stand ideologically is up to him but, as far as I'm aware of, he hasn't taken ANY position on the issue.
Here's how desperate Philip Roth is for grist for his literary mill. In his autobiography, "My Life as a Man," he confesses that he married his first wife knowing beforehand that she had diabolically tricked him into marrying her by faking a pregnancy. Why then did Roth go ahead with the marriage knowing, in advance, his wife's deceit? Well, as Woody Allen put it at the beginning of "Annie Hall" -- he needed the eggs. That is to say, Roth freely admits that, diabolic though she was, by going ahead and marrying his scheming wife, she would provide him with interesting "experiences" that he could transform into so much literary gold. (Oy, the humanity!)
Lenny Bruce once said: "Never trust a preacher who owns more than one suit." To the extent that novelists are our secular preachers, from a strictly prescriptive point of view, you'll excuse me but I prefer those novelists who don't know one yacht wax from another. I rather prefer those writers who have the guts to disturb their readers by taking a stand and in doing so offer a *cure* to the maladies they (so promiscuously) write about. As opposed to a cleverly written play-by-play of our contemporary maladies.
Writers such as DeLillio, Mailer and Roth all profess to be "progressive" in their point of view, but from where I sit, it takes guts to be *truly* progressive; it takes ideology and, with ideology, prescriptions; not just grist and talent.
Alas, Don DeLillo, you have my fullest respect as a master craftsman when it comes to the English language; and your books are full of delight and intelligence but, I hardly know ye, paisan. Upon what rock do you stand?


I want my time backReview Date: 2008-12-22
I am angry no because i paid money for this book, but because i will never be available to get back the time that i waste reading this useless crap.
BTW that was years ago, thankfully now i know how the markets really work, and to open your eyes, the forex markets is one of the most difficult markets in the world, one example, Warren buffet once he lost 850 m, George Soros, around 650 m, use your little peanut (brain) next time you buy a book about the markets. Got to make sense.
I gave the book one star because i couldn't gave 0 star
Eye opening ...Review Date: 2008-08-04
Total RipoffReview Date: 2008-05-21
Should Have Bought This Book First!Review Date: 2008-01-29
Overpromised, UnderdeliveredReview Date: 2007-11-05
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