Forex Price Action Scalping: an in-depth look into the field of professional scalping
Forex Price Action Scalping provides a unique look into the field of professional scalping. Packed with countless charts, this extensive guide on intraday tactics takes the reader straight into the heart of short-term speculation. The book is written to accommodate all aspiring traders who aim to go professional and who want to prepare themselves as thoroughly as possible for the task ahead. Few books have been published, if any, that take the matter of scalping to such a fine and detailed level
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Surprisingly good,
I’ve read many trading books and books on forex tend to be among the worst even when they come from John Wiley Finance (kind of a very reputable publisher). In contrast, this book is a rather thoughtful discussion about mainly the EURUSD market. The core of the book is a number of practical setups using candlestick charts.
The book (of quality) most similar to this book is Brooks’s Trading Price Action Trends: Technical Analysis of Price Charts Bar by Bar for the Serious Trader (Wiley Trading). This is also something that has been picked up by many customers since that book is also cross-listed on amazon for its similarity. Some similarities and differences:
– Brooks uses five minutes charts and the current book uses 70 tick charts (which works out to quite close to 1 minute chart).
– By going straight to the set-ups, the current book is a little bit more practical than Brooks’s three volume set.
– Brooks is focused on S&P500 futures trading and the current book EURUSD trading.
– Brooks provide a lot of market commentary on a blog. The author of the current book is pretty anonymous on the Internet. You shouldn’t trust the author solely based on having a displayed track record, but it is nice to have.
– Brooks is much more wordy than the current author.
It is not a bad idea to start with Volman’s book. If you want more knowledge on daily price movements then you should look into Brooks’s tre volume set. (The three volume set has superseded the link provided above.)
I have given this book five stars. That doesn’t mean you will make money with the book. You need to develop your own approach. The only thing I am saying is that this book can be a useful building block when you develop your own approach. That is the best conclusion a book on trading can ever get.
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|First impressions,
Well I’ve never heard of Bob Volman or of Light Tower Publishing but after reading this book I can tell you that it’s on par with what I’ve read from Al Brooks. The author has a very readable and insightful style which makes for strangely quick reading for this subject.
In some ways it strikes me as a sort of a price action short hand when you compare it to Al Brooks writings but nevertheless I think it very insightful and I plan on using some of the methods in trading equities.
I don’t remember anything in the book that struck me as off or not matching my experience in the market. Every chapter rings true and fits the true reality of day trading like only a very small percentage of trading books do. I found myself nodding my head quite a few times in agreement with Bob’s lucid explanations of many of the details of trading as a whole. My favorite quote is… “simple because the edge is not a thing that can surface by itself. It can only be obtained by the blood, sweat and tears of committing oneself to countless hours of studying markets, patterns, set ups and price action principles.”
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|Excellent Book!,
I never like to lose more than 10 pips on one trade, it’s like a red line for me that separates staying cool in a trade and doubt taking over: this book fits my risk profile to the pip-> therefore, a scalper I am.
After making it halfway through the book and putting the setups to the test, it has become clear to me that Bob (hope you don’t mind me calling you Bob) went the extra mile to uncover the fundamental details that are required to successfully trade his setups. In my experience, 98% of the other books out there (especially Forex books) leave those little but essential details up to you to figure out over time. The problem with that is, if you are lazy and want something for nothing like many of us do, you are probably gonna drop those other books fairly quickly, jump back on your horse, and continue your search for the Holy Grail (instead of doing the hard work that is required to be successful with them).
Good news, in this book, Bob has already done all of the hard work for you. This book is like food-stamps for the starving trader. I highly recommend this book.
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