Attacking Currency Trends: How to Anticipate and Trade Big Moves in the Forex Market (Wiley Trading)
The guide for reading long-term trends in the foreign currency marketTo thrive in the marketplace traders must anticipate, enter, and stay with trends in the foreign exchange market.In this much-needed guide top forex, expert Greg Michalowski clearly explains the attributes of successful traders, and shows how traders can set themselves up for success by drafting an explicit mission statement and game plan. The book also contains the tools and techniques traders need to read the markets and iden
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Boring, almost useless book,
This is the most boring, childish trading book I have ever read. First you have to go through almost 150 pages of filler, where the author explains, over and over and over again that he is going to show you how to “attack” currency trends. At some point you will probably scream and yell : “Shut the hell up and show us something, anything!!” Then he finally reveals his “secret”, are you ready for this? Well here it is, in essence : Buy when the price of a currency pair is above its 100 and 200 moving average and sell when the price is below its 100 and 200 moving average. That’s it. Seriously.
He shows you plenty of highly cherry-picked charts to prove his point. Of course for every perfect, textbook chart example there are at least 8 or 10 charts that do NOT work (naturally he won’t tell you that), that’s the problem with moving averages, they produce a LOT of false breakouts when the market is in a non-trending mood, which is its normal state almost 70% of the time! The author then adds a few (subjective) support/resistance lines (he calls them “remembered lines”, how exotic), a couple of trendlines and some Fibonacci levels to the charts (to make them look more complex than they are) and there you are, you now know how to “attack” currency trends (yeah right!), aren’t you the lucky one?
All in all, this book will surely impress newbies and amateurs, but for more experienced and knowledgeable traders it is a joke. The new comers will look at the beautiful cherry-picked charts and say “Wow, this stuff really works!”. But they will quickly and painfully discover that applying these “techniques” in real time is quite a different story, as their stops get triggered trade after trade! I even challenge the author to consistently find the beginning of a real, mega trend with any degree of accuracy. Because believe it or not, this book not only wants to show you how to “attack” a currency trend, but how to ANTICIPATE a trend as well!
Folks, seriously, if we could anticipate forex trends we would all be richer than Bill Gates in less than two years.
Yes moving averages work with trending markets like the Forex, but nobody has been able to eliminate all the false breakouts yet, and this little book is no exception.
PS: Look at all these (more than suspicious) 5 star reviews written by first-time “reviewers”, they read like a commercial for the book.
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|You understand the charts with a clear confident clarity after reading it.,
Hi All, Graham from South Africa here. I have been on live money for 7 months.
I believe 99% of the forex market “mentors” are cons and exploiters, nothing short of ruthless and heartless, the cons have burnt me out of precious moneys, however I read this book(reading again now). I have never ever been in the pips like I am now and recouped most of what the forex crooks robbed me of and it cost me all of 40 usd on Amazon…and I dont open an email about forex unless its my statement, my forex vision is purged of stochastics, RSI, MACD etc clutter and all the associated gumph, I found a simple sharp reliable strategy with this book.
Charts look so clear to me now, I feel like I am seeing inside the market makers mind, After reading this book I can look at a chart, flick thru time frames, through on fib re-tracements correctly and find entry and reentry points onto trends and the greatest thing is… I dont climb off the trend after what I use too think was respectable pips either… I now re-enter and make more.
I can honestly say that I was not profitable before I read this book. Since I got it I have put my 2 trading friends onto it, we all have bought a copy now, and is it coincidence that all 3 of us are trading in the money now…
If you would appreciate some history and roots of technical analysis development and advancement; the first 20 pages are fascinating and are a highlight of nothing less than a revolutionary technical approach to the markets in evaluating risks and identifying targets. It makes one really really grateful for the charting technology we have now at our finger tips. It took 5 reads to grasp, but even if you skipped the whole “Market Profile system” in early pages it wouldnt matter. the book is fantastic.
If I lived in the States I would try and meet the author, its so apparent that this book was not written to make money, its never going to sell enough to be lucrative, how many traders are there out there…, and I am sure he can “print” money with his trend surfing skills, why would he author a book if it wasnt for sincere interest in helping people like me. So I say thank you Greg and some guy “ChaosTrader63” on youtube that directed me to the book.
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|A Refreshing Approach to Forex Trading,
I was lucky enough to get a copy of this book after meeting Greg at the London Trader’s Expo.
As a newbie to Forex trading I’ve read quite a bit of material in the past 6 months. From beginners guides to complex strategy development. I’ve read about all the indicators from RSIs to Stochs to Ichimoku, and have tried applying all of them into a “winning” trade strategy. I’ve even tried using ‘pay for use’ developed systems that claim 70% winning trades.
Well, despite all this knowledge and having all these sure-fire indicators lighting up my charts, the profits didn’t come. Everyone needs a strategy that fits their personality. After struggling with why my trades weren’t winners even though my 7+ indicators all said they should be, I was frustrated and knew that trading shouldn’t be this complicated.
At the end of the day, hands down this book is exactly what I was looking for.
Greg does a great job of explaining a simple approach to profitable Forex trading. The step-by-step style of the book drives the key concepts home. Also, since the book is all about simplifying the process, you are able to quickly apply it to your charts and see the concepts in action.
I’ve just finished the book recently, and I look forward to revising this recommendation maybe even start a blog with positive results.
Cheers and good trading!
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