Forex Essentials in 15 Trades: The Global-View.com Guide to Successful Currency Trading
Product Description
Traders are constantly learning their craft. Those who do not share information, discuss tactics and review prior trades are doomed for failure. Global-View.com knows this. It is the leading destination for Forex traders looking to learn and discuss trading. With over 33,000 registered users from 125 countries, Global-View.com exposes its users to an incredible base of knowledge. In this book, the authors dissect each of 15 chosen trades, using the material t… More >>
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July 17, 2010
11:40 am
I found this book very helpful and easy to read. I appreciated the authors sharing their years of experience in this field. It made me aware that trading is not just a bunch of numbers and I better be prepared before I get started. I would have liked to see some setup patterns in the trades section. Overall I give this book high grades.
Rating: 5 / 5
July 17, 2010
11:58 am
Having read my fair share of “how-to” books on trading a variety of financial products, I would say only a couple of them left me feeling more confident about getting into the ring, but 15 Trades is one of them. It is both comprehensive, and very compelling in its approach to the forex universe..revealing angles few have been in the game for long enough to see.
These guys were beating the forex market before many people even knew of its existence, and custom building blogs and forums for their worldwide Global-View community to enjoy well before these web phenomena became commonplace. A must read for forex traders and researchers, or anyone who is looking to gain the kind of valuable insights on the topic that are only found through long experience.
Rating: 5 / 5
July 17, 2010
1:38 pm
The foreign exchange market is the world’s most active financial market. As such, it offers many opportunities to retail investors (like myself). On the other hand, due to its global, (nearly) 24/7, operation and the high amounts of leverage available, it poses many risks, particularly to those who come from outside the traditional institutional trading community.
Trading effectively on the foreign exchange markets has 3 key aspects:
1) Understanding the markets;
2) Understanding your tools (including money management);
3) Self-discipline and analysis.
Although simple to state, becoming proficient in these aspects is difficult. This is especially true for non-institutional traders (institutional traders often have the benefit of immediate mentors, and guidance from their seniors, as they learn the ropes).
John M. Bland, Jay M. Meisler, and Michael D. Archer have put together a superb framework – particularly for new-to-intermediate traders – on which to build a viable FX trading approach. They bring years of experience, supported by concise (and quite readable) writing. I would also like to add that though I have been trading FX for a decade, and stocks for much longer, I learned a good deal from the book.
In addition to the book, they also introduce the reader to the Global-View FX trading community (at http://www.global-view.com ). This is the preeminent foreign exchange discussion site (it is not a “chat” room, and is moderated sufficiently to remove non-constructive postings while encouraging frank and open discussion). While it is largely professional, it is very open to the new trader (partticularly through it’s Help/Learning section), and to those traders (both in FX and otherwise) looking for grounded interpretations of our current economic state.
All in all, my only beef with the book is that they didn’t write it ten years ago. It would have saved me a fair bit in tuition from the School of Hard Knocks. But, as I read the book, I realize it’s never to late to learn
Rating: 5 / 5
July 17, 2010
1:50 pm
To make a long story short, reviewer StormFury says it all … and I subscribe 100% to his excellent review. He details on all major shortcoming of the book (and there are many).
For me the worst thing: the book’s title talks about 15 trades, so your expectations are tuned to find some EXAMPLE trades, with detailed reasoning about when these trades were entered and exited, and more importantly WHY they where entered. None of this can be fond in the book. Sometimes the author (Archer) spends as few as 3 lines for a trade, e.g. on p. 126, Analysing the trade he writes:
“In this trade I was using a formation on an hourly chart and was looking for well over 100 pips of profit. I could afford giving up some of that profit, should I be correct, since it was larger than my usual trade objective. (See Figure 11.3)”
… that’s ALL, that’s Archer’s “analysis” of a trade! Further down the entry/exit date and prices of the example AUDUSD pair are listed together with a figure that just doesn’t tell you anything. BTW, the entry date and exit date are the same (Nov. 21,2007), however, there is no entry time nor an exit time given. The figure itself only shows the letter “A”, supposedly the entry, but no exit. I could keep on going like that … it’s just a waste of time to read a book like that.
My advice, if you really want to stick your nose into the book, try to read through Chapter 27. The “Goodman Swing Count System” is supposed to be heart of the book, the key to Archer’s trading strategy. In case you will make it through the chapter, you will find that the so-called rules defined here are in most cases highly subjective. I have tried myself to find Archer’s multi-level matrices and intersections on many FX charts, with the result that his technique is no better than a throw of dice.
Rating: 1 / 5
July 17, 2010
4:14 pm
I don’t usually take the time to write reviews… but felt it was a worthwhile endeavor this time. I bought a bunch of books on trading currencies to try and get more perspective on how others think about and approach the forex market. I never worked in finance, so i don’t have a personal network of connections to collaborate and share ideas with. This Global-View.com guide, more than any of the other books I picked up, gave me what i was looking for. All the books lay out specific chart patterns, market fundamentals, and different trade setups, but what set this one apart for me was the community behind it. The book is a gateway to this global network of professionals and like-minded traders around the world. It’s “crowdsourcing” and knowledge sharing at its finest, brought to bear on the addictively exciting and impossibly complex puzzle that is the fx market. The book and its authors introduced me to a live community that’s been my broadening my market knowledge and enriching my trading experience more than any ordinary book on technical studies or fundamental analysis ever could.
Rating: 5 / 5