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I have personally been using them since , and I was taught by someone else who had been using them since You can find a more diverse discussion of them on any of the major FX forums, but you might have to dig a little. But these are only my pet peeves. And I am peeved at the author a bit. He is, as he says, a currency strategist for FXCM.
He has also referred to himself as a profesional trader in the past. But titles can mean anything these days and I am left wondering whether he really trades for a living. All the speaking and seminar tours -- and he does a lot -- leave little time to actually trade consistently. On any time frame but the weekly and monthly.
If you are not trading consistently, then you are simply not trading. And if you are writing about trading, then you had better be trading consistently yourself. Or retired from trading successfully. My doubts go further. The model he presents is statistically very dangerous and requires very precise entry and exit techniques in order to enable the risk model to work. Beginning traders should simply not try this model and instead look for something that has a better reward to risk profile and that has more forgiving entry and exit tactics.
He claims the countertrend trades on the Bollinger Band "bands" model he presents have a high probability of success. This might be true, but traders must remember that he has provided little in the way of precise entry and exit rules and even less on the money and risk management side of the equation. And all of a few sentences on how to determine whether this style of trading is suitable for you.
And since it is impossible that he is trading consistently, I wonder if he can really say with an acceptable measure of statistical certainty that his model has been or will be profitable over time. He would probably be better off not disclosing this information for legal reasons, but acknowledging its importance and explaining its use would go a long way toward making the book credible.
If a new trader jumped in and started trading this model based on the information presented in the book, he or she would merely be "eyeballing it. He has not presented essential statistics to indicate that he employs the model profitably -- yet he gives the impression he is a profitable trader. In undertaking the exploration of any trading model, I have to know a few things first: Granted, Schlossberg's approach is discretionary and his focus is technical and so is mine , but the lack of any informaton on the measures above -- or their importance to formulating trading models -- has me worried.
Which brings me to a question similar to the first. Are we so impatient about the process of trading -- market research and model selection, self-assessment, and risk management -- that we can't wait to jump into the trade? If we are, I suspect we will all lose.
And that is my rating for this book. Booker's claim that this is the only book one needs for technical analysis is pure rubbish. They often speak together at FX expos and Booker himself is selling FX education courses and, in general, Rob's response to everything is "brilliant! In addition to the above, the charts are poorly presented and some of the patterns, particularly the head and shoulders patterns, are not necessarily valid in the "classical" sense.
And the whole thing just feels like a series of previously published articles loosely strung together -- which is in fact what some of the chapters are. This book will not give you the skill you need to carve out a small but profitable niche in the global currency market.
It might give you the confidence, but that and a buck fifty will get you a cup of coffee and maybe a date with the barrista. You're best bet, unfortunately, is to keep reading books on general trading -- in particular the books on stocks and futures.
They still present the best information for our buck fifty. What you need to know about FX specifically is already on the internet and free of charge. Try Elder's "Entries and Exits" to get a feel for what it's like to be a lonely trader.
These are the books that a new trader should start with, along with Steenbarger's "Enhancing Trader Performance" forget about his first book unless you just like reading about trading psychology and Gandevani's "How to be a Successful Trader" best yet on practical trading psychology, though full of typographical errors.
When you read them, sit in front of the charts and actively participate in your learning. When you're done, read a few more on specific indicators that appeal to you. Maybe check out other paradigms like market profile and point and figure charting. Trading is a way of life and you will spend a lot of time just doing research and reading more books on specific technical and fundamental perspectives.
Choose your sources wisely. Don't waste you're time reading Schlossberg. Do your due diligence on researching the best brokers for retail trading hint: Even the newbie would be better off reading something else. Some newbies here obviously disagree, but they're newbies.
And like I said before, don't be lazy! He is not alone of course. Just about every author who has published on spot FX is guilty. And we deserve better. This book is perfect. It is for sure one of the best books written on technical analysis for forex trading. See all 32 reviews. See all customer images. Most recent customer reviews. Published on July 31, Published on August 10, Published on April 18, Published on September 19, Published on September 15, Amazon Giveaway allows you to run promotional giveaways in order to create buzz, reward your audience, and attract new followers and customers.
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