The Harmonic Trading by Scott M. Carney

The Harmonic Trading by Scott M. Carney — a trading book that teaches the strategies of the harmony trading, which can be applied in any type of the financial trading, including, of course, the online Forex market. Harmonic trading is a specific way of trading, which recognizes special patterns and cycles inside the rates’ fluctuations. The repeating nature of such cycles and patterns in trading represents the same laws and rules that reign in our daily life. This Forex book offers the methodology of detecting such patterns. Knowing them can greatly increase the success probability of your trades. Of course, it will not offer a 100% failure-proof strategy that is making millions in an hour without risk, but this book offers the alternative Forex methods that are different from the traditional technical analysis and rely heavily on Fibonacci numbers and price patterns.

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Below you can read the reviews of the book and also submit your own review about The Harmonic Trading by Scott M. Carney.

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3 Reviews

  1. Moiz Amjad:

    Original works are a rarity and Scott’s work is definitely original. Whether you like to trade the Fibo’s or not, this is a book that should be on the desk of every trader. After Prechter and Frost’s work on Elliott Wave Principles, we are lucky to see another genuinely original work in the writings of Scott, during our lifetime. Thank you, Scott.

  2. Eric:

    I am a very active trader for about two years now and I read whatever I can lay my hands on. In this short span, I have always wanted to get acquainted with as many types of different techniques to trade. I wanted to involve many types of trading methods together and design an ideal training technique. The term “Harmonic Trading” was introduced by Carney and primarily involves Fibonacci ratios. Carney felt that this was a very effective method of identifying a price pattern and create a model which is applicable to most trading situations. He explains it all a very effective way and his methods have been received with a lot of adulation. He also explains how he used RedHat to come up with this technique. I have always wanted to trade without my emotions getting in the way and the chapter called “Trading Checklist” has been of great help in my path to success. The book is filled with useful information but it is important that you follow it up with the next volume by the same author.
    Undoubtedly a delightful reading experience but it is not entirely self-sufficient

  3. xor:

    There have been a lot of questions regarding the practical application of this technique. I have been unable to answer that question as of now. This is mainly because I am relatively new into the field of trading and my learning process is still incomplete. If I am asked to comment on this method by plainly looking at it without implementing it, I cannot do so. Another reason is that by just reading this book, applying this method will be extremely difficult for any advanced trader as well. This book being just the first book of a two part series and does not explain the application method completely.
    Nonetheless, this book analyzes and presents a very new and interesting trading method. The book provides you with a very basic yet clear understanding of the “Harmonic Trading” method. The author talks about a “natural growth process” using the Fibonacci ratios. It states the trading is actually part of a trend which moves in a cyclic pattern and if carefully analyzed, can be effectively predicted.