I want to read more about FOREX strategies, the hows, whys, etc. My level would still be a newbie, but I don’t want a getting started book, Id like to get more details than what the get started books give me.
I’ve been considering the following, Id appreciate your comments on them, or to add to the list:
The FX Bootcamp Guide to Strategic and Tactical Forex Trading (Wiley Trading)- WAyne McDonnel
Day Trading and Swing Trading the Currency Market: Technical and Fundamental Strategies to Profit from Market Moves (Wiley Trading) by Kathy Lien
Day Trading and Swing Trading the Currency Market: Technical and Fundamental Strategies to Profit from Market Moves (Wiley Trading) by Kathy Lien
Has a newbie myself ,what i did is went down to Barnes and Noble grapped a couple of forex books read a chapter of each authors books.The one that i seemed to grasp better i bought.The one i bought is the one you mentioned #2 Kathy Lien book.Her book seem to cater to my mind by keeping the strategies simple.I was up in the air with another book the authors book and name escape me i think his last name his Kleinman.He had some interesting chapters on the kind of trader you are and the money management that should go with it.I think this website has a place where a nonnewbie can direct you too about books
I keep seeing Kathy Lien’s book around and I have to give it read, I saw the Forex bootcamp in the bookstores but I don’t know, I skimmed through it and it just doesn’t seem to work for my style of trading then again I could be wrong, maybe further down the line I’ll check it out.
If you already know the basics, then Ed Ponsi’s book will be a disappointment to you.
Edit: As far as books go try, “Mastering the Markets” by Tom Williams. VSA may give a little direction to your thought process and the use of strategies.
Letseepips: Unfortunately I am in Japan and they don’t have english books readily available in the the bookstores so Amazon is my only way if purchase.
Reaper: It does seem like a popular book but the feedback from amazon is very minimal.
rtv2: Thanks. That narrows my choices. That book you mentioned seems to be no longer sold though. What is VSA?
VSA, “Volume Spread Analysis” is what Tom Williams teaches in “Mastering the Markets”. It is a pdf sold on tradeguider(dot)com, cheap. There is a thread about VSA on FF by Shamus, as o99016mh pointed out to nyse1982.
Basically, VSA attempts to teach you how to discern when and where Institutional Money (read BIG MONEY) is going or is at.
RTV2: Thanks. I’ve read a little about VSA but seem to be confused as many people say that the forex market unlike stock cannot be measured by volume. AT the same time I also read that MT4 does not have a “real” volume indicator.
I kind of like the philosophy behind VSA but am worried about these issues before I start investing time reading on it. Care to share your thoughts?
To add to the discussion, someone also recommended Trading for a Living by Elder. Any comments on that one?
I checked it out on Amazon and it does seem to have good reviews. It seems to focus on stocks though. Should this not matter or will I just get a fraction of the info that applies to forex?
I do not know yet if I am into pattern recognition. I do know though that I worry about the subjectivity of pattern recognition? Does the book address this risk?
Mm I don’t know exactly if I get what you’re asking, but of course it talks about possible failures, money management, psychology under this patterns, etc., I mean no system has 100% accuracy and all of them have a high level of subjectivity.
If you’re interested you could try some free information on the web about chart pattern recognition to see if this fits you before you follow a specific way of trading.
As far as VSA goes, IMO, combined with Fundamental Analysis will help to keep my mindset on the bigger picture. I have only been reading the book for about a week and will need to reread several times.
This is definitely my favorite book (funny enough, I have everything else that you have on your list as well ), as it has a clear-cut, and straightforward approach.
I.e., it is very easy to understand and Ed actually also describes EXACTLY how to action his trading systems. However, it requires the knowledge and understanding of the basics (candlesticks, what is a pip, what is Forex, all that pre-school stuff) which should not be problem.
From all the Forex books I’ve read so far, this was the one I’ve enjoyed the most (after Adventures of a Currency Trader from Rob Booker), because it was easy to understand, so easy I was able to action the trading systems (not all) right after finishing the book.
With the time you will also learn to develop your own system so it fits you (schedule, attitude, principles, etc).
All the best,
Ken
P.S.
I also have “High Probability Trading Strategies: Entry to Exit Tactics for the Forex, Futures, and Stock Markets (Wiley Trading)” from Robert Miner but I found it quite painful to read through the whole book. I think it was just the “too-technical”-approach, which somehow must have intimidated me. I’m still working my way through this read.
Thanks guys. Been researching onthe books you have suggested. Im leaning towards Ponsi’s book right now, but still a little iffy. Anyway I guess I should read more than one book anyway. Keep the suggestions going!
Also, I found some free pdfs online, including one from Kathy Lien and Boris Schlossberg the authors of one of the books I was considering. Its called High Probability Trading Setups for the Currency Market. They introduced some strategies there which I tested. And on an average of around 15 trades each setup, they lost almost 90% of the time! Yes we should make tests more than 15 times, but the claim was that these were high probability strategies!
So Im a bit turned off by the Lien book for the moment.
Hello,with regards to the book, Currency trading for dummies-is it worth buying after reading the School of pipsology,or should i opt for a more advanced book?
Thanks for any help & appologies for hijacking the thread.
