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 >>

Forex Essentials in 15 Trades: The Global-View.com Guide to Successful Currency Trading

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This entry was posted on Saturday, January 30th, 2010 at 12:58 pm and is filed under Currency Trading. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

5 Responses to “Forex Essentials in 15 Trades: The Global-View.com Guide to Successful Currency Trading”

B. Vigon January 30th, 2010 at 3:24 pm

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

Michael Goldman January 30th, 2010 at 4:13 pm

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

C. Brobeck January 30th, 2010 at 6:50 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

StormFury January 30th, 2010 at 9:23 pm

This book is a mishmash of :

1) A Beginner’s guide. A bad one and nothing you cannot find online or in other better organized books.

2) Some trading rules. The 15 trades are actually supposed to illustrate some general trading rules. The trades are not annotated except for the entries and exit, with no reason for entry or exit. There is no way you can learn from the trade as there is no explanation whatsoever and it seems they were slapped on to illustrate the point (or rules). If you are looking for a trading system, forget it. Even with his one page supposed KISS trend-following system, the author managed to obscure it beyond implementation.

3) A dump of some online content. Which is available online already. The whole Shanghai BC chapter is available at the [...] website verbatim. So save your money and go to the site. The site itself is rather disorganized and not for the beginners.

4) A hyped up “secret” trading method. The author (Archer) constantly refers to his secret trading method passed down by his mentor Goodman and devotes chapter 27 to an exposition of this method. This chapter is at least clearer than the other book where he started selling this method (Getting Started in Forex Trading Strategies). It is supposed to be a superior system that is better than Elliot wave. However I can tell you that it is not possible to implement it successfully based on the material in this book. Since it is a wave system, it is high subjectively and EVERY zig zag will look like a potential entry. It is possible that the author is able to make money using this method, but it would be due to his experience or other unrevealed rules or may be he just was to sell you more stuff at his site. Personally, I’ll pass on this secret method.

What I did take away from this book :

1) Chapter 6. Trader profile. The author (Archer) provided 4 trader profiles (Guerrilla, Scalper, Day Trader, Position Trader) and their respective chart time frame, targeted profit pip range etc. It is good to have this information for your own comparison and reference so you can find your own profile by trial and experimentation.

2) Chapter 8. Trading Heuristic. What the author (Archer) calls the Snow Flake Heuristic describes a Trading Plan that can be used as a reference. He describes what he does to get ready for trading, how he monitors the market and filter potential trades and finally enters into them. It’s a good description of how a trader should approach trading by determining his own trading personality and focus on making only the high probability trades.

Conclusion:

For this price, if you can get a copy at your library, read the parts I recommended (they are very short) and save your money for other books.

Rating: 1 / 5

Nina C Robinson January 30th, 2010 at 11:38 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

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