Forex Book

5 Reviews

1. Samuel:

   At the outset, I should let you know that you should pass over this book if what you are searching for is a completely automated trading system.
   The author puts forth four different methodologies to approach trading viz. the two time frame momentum indicators, Fibonacci in prices, Fibonacci in the tie domain and Elliott waves. The fact that the writer has been on the trading scene for quite some time – 20 years to be exact – is a marker of his trustworthiness. And you can employ the methods listed out as discretionary trading systems at your disposal.
   One more thing that I liked was that he was not trying to sell his software and websites as most other writers are wont to do. The book in itself is quite self-contained and complete – and this shows honesty and frankness on the part of the writer. Of course, the catch always remains that his software package would make life easier – but there’s no hard sell.
   The narration can be a little frustrating at certain points, being a touch too repetitive and with vague allusions to ‘unprofessional advisors’ lurking about somewhere. (I felt this was unnecessary.) It would have been really nice if there had been a section where he shared his views on how this book weighed against his earlier release “Dynamic Trading”. To me it seems that this book carries forward the ideas of Fibonacci and Elliott waves as given in Dynamic Trading but also gives the new concept of the two time frame momentum. However, it would have been better to hear it in his own words.

   6 January 2011, 4:23 am

2. RHardy:

   I find that Miner is one of the few writers in the business of how-to-trade books who really has some amount of noteworthy trading experience behind him. This is what makes his approach more grounded. As a result you find that his book contains detailed trading plans right from picking out suitable trade scenarios on the market to the very end when need to have an exit strategy. The High Probability Trading Strategies that he gives are not your run-of-the-mill low-risk plus high-dividend plans – it has more. Also, the Fib retracements concept is also quite novel and interesting – and of course, useful.
   The Multiple Time Frame Momentum approach is simply beautiful not only because it works quite well, but also because of its straightforwardness of execution. You should not miss the Beyond Fib Retracement chapter, which train you to identify beforehand which retracement routes are the best for your plan. The use of simple tricks to identify patterns and timings and windows that he teaches you to formulate your entire trading plan from the start of the trade setup to the end of the exit strategy is something that sets this book apart.
   I found that the accompanying video CD to this book also to be quite helpful. And this is quite something keeping in mind that in most of the other trading books, the video CD has material that does not complement the content of the book at all and often tends to take you on a tangent altogether. In Miner’s case, the video CD – all of 2 hours – gives you invaluable lessons in High Probability Trading Strategies with Miner himself going through quite a handful of illustrative trading scenarios one after the other. I feel that this should be useful for not only beginners but also for an experienced trader.

   6 January 2011, 4:24 am

3. Ram1500:

   The best part about this book is that it covers the whole gamut of trading strategies – right from the start to the end. It puts in plain words all the minute features involved in trading. However, one point that you have to know is that if you have absolutely no knowledge of technical analysis or reading charts at the outset, you might face some trouble understanding some of the sections. The author goes through his ideas and methodologies at a merciless speed and you should not expect everything to be broken down in ABCs to you. At certain points, I felt that I should already have had the Dynamic Trader software (marketed by Robert Miner himself) to understand certain special indicators that he talks about. There is no mention of how to set up these indicator points in other trading softwares. Two other things I noted were that the accompanying CD was quite handy and listed out several live trading scenarios which helped to clear ideas in my head, and the second is that Miner’s way of looking at the market makes intuitive sense in the end. Bottom line though: If you are not a serious trader, this book is not for you.

   6 January 2011, 4:26 am

4. Pyro:

   The first thing that I have to say about this book is that it should be considered as the Bible of trading: be it Forex, Stocks, Futures, Securities or Bonds. It shows the criticality of having a plan – thought out from the start to the finish. It shows the importance of Patience, and more so Discipline, in a trader’s approach to the market.
   Barring the numerous examples given in the book, the additional situations worked in the CD that comes with it helps you grasp the ideas quite well. You are then empowered to forge your own plan and go ahead.
   Last thing is that you must not forget to include the Dual Time Frame Momentum in your trading plan. Don’t forget that – not on your life.

   6 January 2011, 4:26 am

5. Kathy:

   If you ask me – I’d have named this book as “The Lost Expectations”. The primary reason for this is that it failed to deliver on every single expectation that I had from it while starting – and this includes the language used, the style, and the ideas put forth, everything. I felt that the methodologies the author is trying to put across here and the ‘novel’ concepts that he is trying to explain are rather dim and vague. I tried but could not find even a single successful trading concept that has been going around for decades now. One probable reason is that I picked up this title after going through George Kleinmann and John Ehlers writings – and I see now that it is not so easy to beat them.
   To put it simply: I don’t recommend this book at all.

   6 January 2011, 4:32 am