Toshchakov should consider how much of his performance is luck. Published on July 16,
ForeX Trading for Maximum Profit: From the Inside Flap Longtime Forex traders know they will never achieve certainty ofprofit. Beat the Odds in Forex Trading walksyou step-by-step through this proven powerful method so youcan: Wiley; 1 edition July 28, Language: Don't have a Kindle? Share your thoughts with other customers. Write a customer review. Read reviews that mention trader templates trade system basic igor traders chart practical become strategies provides approach english results based toshchakov profitable techniques advice.
There was a problem filtering reviews right now. Please try again later. One person found this helpful. I suppose you can't get everything from just one book LOL When you're trading in the real world , you just don't have time for all that complicated crap other expensive books try to teach you! Good to know there's another lunatic like me out there on the other side of the world! I am re-reading the book for a second time and there are some good tips on basic formation and how to trade them.
The meat and potatoes of the good are a system of templates that are provided for the reader at the end of the book. There are a lot of templates. So patients is a must. But the trading system, if you can master it, is much less stressfull than watching every pip.
I generally resell books once I've read them but a select few become reference books--Beat the Odds in Forex Trading is one of those books. He touches on leverage, trading the news, and all of the advice is practical and sane based upon my research through other sources. This book is great; it really is. The author explains the principles behind good trading, and doesn't just tell you to follow a mechanical plan.
In fact, he advises that depending on each situation, each trade should be slightly varied. The templates at the back of the book are priceless. He explains how they work before this section so you shouldn't have a problem understanding them. The only bad thing is his english. If the book had been written by someone like Jason Kelly, this book would be the holy grail of forex trading it really would.
So it's a little hard to understand what he's trying to say but once you do understand it, it's all good. The results were random, which would have been the same if I had thrown a dice. My advice is to trade by fundamental news and open a hedge position. Being a lonely trader without the knowledge of so called experts or a team of economic research analyst, for a person like me I open both buy and sell position whenever there is a major economic event like interest rate announcement, consumer index etc.
I cover the losing position and ride the winning position. After reading many books, attending seminar this is the only thing working for me. Since history does not predict future why depend on them. This book presents an intuitively appealing trading system that predicts a financial instrument's next move. The most likely move is that which is most correlated with immediately preceding chart pattern. Such an approach cries out for a degree of quantitation that this book lacks.
There are may important unanswered controls. For example, what is "high probability"? What happens when the correlations between price movements and chart patterns change over time? Toshchakov should consider how much of his performance is luck. Most trading systems, rigorous or whimsical, can generate momentary profits.
He should show the results of controlled experiments to substantiate his claims to be able to maximize probability and therefore profitability. This book disguises a whimsical trading system as something derived from the rules of probability. Although few popular books follow the rigor of a financial engineering text, the glibness of this book will not help you become a better trader. An introductory text on statistics or one on investor psychology or a subscription to The Econonmist or Financial Time would be a better use of your money.
The ideas are really basic, and I think you would find the same ideas in most technical analysis books. The author needs English training badly though.
Overall, I don't think this is worthwhile to read. Let alone the money you spend on the book. See all 34 reviews. Most recent customer reviews. Published on August 10, Published on November 7, Published on April 4, Page 1 of 1 Start over Page 1 of 1.
Forex Patterns and Probabilities: Technical Analysis and Chart Interpretations: Candlestick and Pivot Point Trading Triggers: Setups for Stock, Forex, and Futures Markets. Customers who bought this item also bought. Wiley; 1 edition July 26, Language: I'd like to read this book on Kindle Don't have a Kindle?
Share your thoughts with other customers. Write a customer review. Read reviews that mention trading traders market cot trader successful example carry technical guy report specific explains explanation solid analysis chapter average reports patterns.
There was a problem filtering reviews right now. Please try again later. This book is Ok. I would have given it more stars if it wasnt for Ed's mentioning using Most people who will be reading this book are probably new to trading.
I would recommend this book BUT i would caution the reader to not use such high leverage as Ed speaks of in this book. Leverage is a double edge sword. You see, the forex market is a random beasts and can easily move against you 50 - pips before going in your chosen direction. Now if you are highly leveraged when this happens it could devastate your account.
It could also devastate you emotionally because you may feel that you did something wrong when in fact that is far from the truth because the pip move was purely random! If you are not new to FX trading you may find some good information that can help with your fundamental analysis.
My last word, stay away from high leverage and your trading career will be long and successful! One person found this helpful. It doesn't get any better than Ed Ponsi. Just love this book and everything I can learn from it. Early in , I signed up for an online, beginning forex course. One of the instructors was Ed Ponsi. I saved all of the forum posts from that course. Of the four assigned instructors, Ed's responses were the clearest and most useful.
Here is a brief example: This is done to determine the major trend or theme in the market. The Daily chart is like a roadmap, it sends you in the right direction. The shorter-term chart is like a signpost, it tells you exactly where to enter. I wrote to Ed, who kindly recommended a book. Although it may have been the most useful at the time, it included so much fluff that I found it difficult to extract much actionable information.
Finally, in Ed published his first book, "Forex Patterns and Probabilities", probably due to his own frustration with recommending anything. It was the book I needed immediately after the basic course. It was precise in describing several proven strategies to becoming a successful trader. After that, I was very interested to read this second offering, "The Ed Ponsi Forex Playbook" to see how his trading philosophy had evolved. Although this new book focuses on just one of the strategies described in his earlier book, it was interesting to see how it had been expanded, and how Ed had evolved to focusing on very long term trading, combining market and economic fundamentals with technical indicators.
For a trader like me who has been severely hammered by short term strategies, this was a welcome confirmation that the direction my trading has taken me has brought me back to Ed Ponsi and to mainly long term looks. Kindle Edition Verified Purchase. I found this book very interesting and informative. As a beginner to the world of Forex, it provided me with a start in this area and with ideas and strategies which I could further research on.
This book is very different than his first book in my view and not what I was expecting. This book focuses more from the fundamental side of things vs a technical viewpoint which actually is really needed.
Most of the books I've seen or read have always been focused heavily on the technical side of things. This is the first book I think that has throughly explained the power and peril of a 'Carry Trade' and looks at it in all different angles which too me was awesome!!
Also the explanation of how to use COT reports were invaluable to me as well. All and all not a bad read The best book by Ed I have read a lot of forex books and followed a lot of analysts and I think Ed Ponsi consistently gives the best and clearest explanations. So in general, I think this book is great, and highly recommend it. Specifically my favorite sections were the Commitment of Traders report and how to use it, useful insights on intervention, and a detailed explanation of what is really happening with interest and exchange rates on a carry trade.
I have never seen these things explained this clearly and in this much detail anywhere else. Even when some of the topics seem daunting, the author writes with a genuine confidence that anyone can understand them, and the book is actually pleasant to read, very motivating, and very positive.