The Very Best Forex Training Available

I had read several books on the subject before seeing Jeff Glenellis' book. And I had spent the better part of a year trying to trade Foreign Currency Exchange (Forex) unsuccessully. There are many successful traders using any number of trading methods and many of them offer books about it. But none ever offered to TEACH me their methods (even some to whom I paid significant sums of money) the way Jeff G does in his book.



I bought this book in an earlier revision about a year ago (before it was available thru Amazon). So I have already become proftable using what he teaches in it. Jeff G presents several very concise trading methods in easy-to-follow language. He is also the only one I ever saw present an actual profit progression from compounding where he has actually worked the plan and compounded a small initial startup into a significant sum of money.



But more important than any method he teaches a great deal on how to properly manage the money in your trading account to protect your capital. If you start with $5000 in your forex broker account yet you wipe it all away in a few losses you lose. But with a good method the right money management of your trading capital some consistent work and a little old-fashioned discipline you can start with as little as $200 and compound it all the way to $1M in less than three years -- while drawing out an ever-increasing income every week along the way.



Further many people "bait" you with an intial book but once you buy it then they start to bombard you with more stuff they have to sell that has the "deluxe" or "really great" information. And once you buy that they then proceed to offer you the "super-secret" stuff and so on. Or they "bait" you with the inexpensive book and then want to sell you thousands of dollars worth of "mentoring" (that turns out to be from people who don't even do what they're teaching). Jeff G has done none of that. Since I bought his book originally he has NEVER offered to sell me ANYTHING else extra. All the goods are in the one book.



And as to "mentoring" for those who are interested there is a one-time membership fee (of less than $100) to join his on-going service. Anyone can talk to him personally in the members-only room on most trading days. He actually does what he is teaching does it most every day and any member who wishes may join him there.



And even then he has never asked for even one penny for anything else extra.



For those who wish to learn to trade the Forex successfully I've never seen anything better at any price.

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Possibly the best forex trading book I've read!

I have read over 10 books on forex trading and this is quite possibly the best one I've purchased. I wish I would have found it before the other ones as then I would have saved a lot of money. 7 Winning Strategies is a very practical guide to improving your chances at success in the forex market. I think one of the primary reasons trading strategies don't work out is because the trader applied the wrong strategy during certain market conditions. Grace Cheng's book covers different strategies to use for different market dynamics. It details how a trader can apply these strategies and it tells you what sort of market conditions the different strategies work best in - and best of all it does it clearly and concisely. You still need to think for yourself but this makes it a whole lot easier to plan your trade and trade your plan! The groundwork that's been done is right on.



Actually I was aware of Grace Cheng before purchasing this book and just like another reviewer I didn't have a very positive impression of her because her Web site looks kind of funky. Don't let that deter you from reading this outstanding book. This book literally taught me not to judge a book by its cover. If you read it and really apply your learnings to developing a strategy that is suited to your trading style you'd understand just how valuable the strategies detailed in this book are. More detail ...

Without a target market & shallow

Target market

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Regarding profitability there are two types of traders; those making and those losing money. If you are losing money (i.e. your strategy has a negative expectancy or faulty execution) then this text CANNOT HELP YOU. In this circumstance cost averaging as expressed in this text will cause you to lose money faster since the premise is to make up for losses on the next or the next few trades. This is what is known as a Martingale type system (see Wikepedia for info on Martingale). As Van Tharp always says the anti Martingale approach works.



If you are making money with your system i.e. positive expectancy then I would ponder one thing about taking the advice in this text and that is ... Why would I alter my money management system because I've lost a trade? Certainly my money management approach will take into account losses and still be able to steadily increase my portfolio. Additionally increasing your risk on the next trade assumes that your next trade is more likely to be successful than your last trade. Well free Internet research will show that this premise is incorrect. Additionally cost averaging is dangerous and may actually cause a good system to become marginal and a marginal system to lose money. Please read good money management texts for factual evidence to back up my claim (Van K Tharp etc).



Shallow

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With regard to the text's shallowness I can only say that it has no clear strategies. In fact even the cost averaging that the book purports to teach has been handled in a very sketchy fashion with ideas on how to effect it strewn throughout the text in sentences such as "when suffering two or more losses in sequence I do not attempt to recover everything with one trade but spread it out over the next three or four entries" (page 101). Why not the next five or six entries or seven our eight or one or two. Where is the rational behind using the next "three or four" entries. This statement alone should clue newcomers to trading to the fact that cost averaging is very dangerous.



The title is very appealing to those searching for the truth. The closest you will find in this text is the mention of their proprietary ROI (River Oscillator Indicator). I know nothing of the indicator but from the author you get the feeling that it is very good bordering on miraculous. You'll have to pay for it. Nothing wrong with that. However this book does not teach you how to use it. If interested contact Concorde Forex Group find out the cost of the indicator per month and any other costs such as training to use the indicator. Then make a reasonable decision as to whether or not it is worth it to you.



In closing if you have a propensity for gambling (which I don't recommend) then I suggest you review the freely available techniques available on the net. In fact they will even give you detailed methods of how much to risk how much to increase your risk for each subsequent loss and when to quit (when you have reached your draw down limit) which is more specific information than contained in this text.



I live outside the US so lucky for Amazon that it's not cost effective to return this book.More detail ...

More of the same

I have bought this book as I had heard a lot about this author from trading symposiums. He may be a great trader and also may be a great presenter in symposiums but when it comes to writing a book I would not say he was successful.



1. Good amount of content in this book is a repeat from his other two books. So if you happen to have one of his other two books you may want to ask yourself why do you want to buy this book.



2. Good amount of content in this book is freely available in the internet. Not only its covered for free in the internet its actually more detailed and better articulated with good examples. Take the challenge and just do a google search for simple terms like candle stick pivot points stochastics MACD chart patterns etc and you will be amazed how much great content is there for free.



3. The three trading system methods being discussed is nothing new. Even if its not new I would have atleast expected that these systems be covered in more detail with proper definition of the rules. Unfortunately only overview of the system is provided and its up to the reader to figure out the missing pieces are. Book touches upon filters entries etc but nothing detailed enough to be useful. I don't really know why the author calls the systems high probability. The first 2 of them are based on stochastics & MACD respectively. The last one is based on pivots & MA though not new detailed information on tis system is not provided.



4. The tradestation back testing strategy code and the results looks like are cheri picked. You try to run that strategy with different instruments you will see the real truth. There is nothing great about this strategy. He talks about scaling when entering the trades but he does not incorporate that in the strategy and leaves it to the readers to figure that out. What is given in the strategy is the most basic version which you can find by posting in tradestation forum for free.



5. The pivot point moving average system strategy code is not presented. I was looking for clear rules on how this strategy can be implemented. If you talk about a strategy you got to be specific about the rules so that anyone who want to backtest can do so. Unfortunately the rules are not specific. I had written to the author to get more information about this and found out that he would be selling this as an indicator in 2008. So looks like (my personal opinion) the Pivot point Avg system being mentioned in the book is a marketing instrument for his indicator being sold. I have read other books where the author refers to paid indicators he has written but does provide detailed information on how those indicators work and the details/calculation behind that in the book. If someone likes it and do not want to develop it themselves they can always buy it if they like.



6. CD...... I am amazed that the author is marketing about calculators. All the calculators he talks about are available free in the internet. In addition anyone who has excel can create these indicators in less than 5 mins. Most trading software automatically calculates these numbers. So I am not really sure what is the value of the indicator other than for marketing purposes. The CD does have a training video which is good. Other than that I feel this CD is a way to make sure that you don't return this book as once you open the CD you cannot return it.



7. Looking at the chapters you will notice...

Introduction to Forex... nothing new here... You can read about this in million sites for free.

Candlestick.... All this content is free in the internet. If you already own his previous book you are wasting your money to read the same content thats available elsewhere.

Patterns..... Same as candlestick. Its filler information. No new insight. No actionable information. Unfortunately nothing of value here.

Fibonacci chapter was so theoritical even if you read it 10 times you will know what it is but will not help you in any shape or form. Its like learning about the internals of the car's engine which has no relationship to how to drive the car.

Trading system chapter was not detailed enough and lacked depth.

Psychology chapter was brief..



In essence the book is like going to a mediocre Sunday buffet. It has references to different concepts but none of the concepts are covered in depth nor any new insight provided.



8. Since you paid good amount of money for this book you atleast expect the book to be printed in good paper. You will surprised that the quality of the paper printed is also not good.



9. On the good side

Book discusses about Multiple Timeframe analysis which is good though Elder does a better job in his book.

Discussion on scaling out is interesting.

Quick Training video in the CD is good.



In summary this book is not worth the money. No new information. Even the information covered is not covered in detail. Not much actionable information. So if you don't have access to the internet and cannot read content online you can pay for this book to get all the basic information (in a printed form) though you can get such (better) information for free in the net. If you are looking for specific information on the 3 systems John is talking about be prepared to get disappointed.



Hope this helps.

RamMore detail ...

Poor editing but a great book

Okay first some background: I am new to trading forex but have been trading stocks and options for over 5 years. Aspects of the forex market are very intriguing (24 hour trading a small 'universe' of currencies to watch vs. thousands of stocks/options leverage etc.) so I was looking for a book that would tell me more about the forex market and provide a good foundation to trade successfully.



Let me state from the outset that the editing indeed leaves much to be desired. Typos letters or spaces left out and smallish charts that forces one to bring out a magnifying glass at times. But none of this has anything to do with the value of the content of the book. Anyone dismissing this book simply due to editing are 'missing the forest for the trees' as the saying goes. But the minor editing blunders are unfortunate and are the reason for only 4 stars instead of 5.



Content pros:

a) Very bite-sized chapters help encapsulate topics nicely. You can focus on one thing at a time to insure that you 'get it' before moving on. And everything builds upon the preceding chapters fairly smoothly so it works.

b) True to her premise this is NOT another missive on all the possible technical indicators available to use. (If you want that I suggest Murphy's tome on Technical Analysis.) Instead she is clearly outlining some of the key tools that she uses to trade forex and provides adequate reasoning for her choices. She does not dismiss other indicators as not being useful - she simply seems to have found that following a simple system with these tools works for her. And I would have to agree that it is easy to become bogged down in 'indicator paralysis' and I find her simplicity refreshing.

c) For those commentators below that question whether she is a 'real' trader or whether her system can work I would happily point out that the forex market uniquely offers a wonderful NO COST way to find out for yourself! Unlike any stock broker that I know you can open a demo account (or 3 or 5!) with any online forex broker and 1) learn how to execute a trade (it is different than stocks or options in some ways) 2) see whose `trading platform' you like the most AND most importantly 3) you can 'play along with Raghee' (or anyone else's strategy) as you read the book!

d) She does a very good job of defining trading styles (scalping swing momentum etc.) links them to what markets that best apply (trending sideways etc.) and to which indicators fit each style and market the best. I have not seen any other author put the style market conditions and tools together in such a clear manner.

e) She does a very commendable job in covering trade and account management. With the high leverage issues in forex these issues become very critical more so than with stocks and options. This is typically a boring area for most readers but ignore it at your financial peril!



Content cons:

a) Other than the known gripes about small charts and some editing gaffs I really do not have any significant `cons.' (But ask me again in a year once I have traded in a 'real' account for a while! The demo account is doing too well to leave unfunded!)



As you can tell I highly recommend this book. If you are new to forex you can buy many books for half the cost of this one some that are a lot thicker too! But I doubt that you can find a better book to help you become comfortable with the market the 'whys' and 'hows' of trading forex and perhaps most importantly how to manage your trades and money in differing market conditions.



1. Buy this book.

2. Open a demo account (if you are not already active in forex)

3. 'Play' until you are ready!



What could be better?

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So So

Nothing new or great here. If your just getting started this book will help with the basics. The part about system development is very sparse (essentially just says use ms excel for backtesting). Overall I felt fleeced paying retail for this at B&N.More detail ...

Solid Forex strategies for capturing profits in today's volatile markets

How to Make a Living Trading Foreign Exchange puts the world of Forex at your fingertips. Author Courtney Smith begins with an introduction to the Forex market-what it is and how it works. He then delves into six moneymaking techniques for trading Forex including his unique Rejection Rule that doubles the profit of basic channel breakout systems. In addition to two specific methods for exiting positions at critical levels Smith also discusses powerful risk management techniques and successful trading psychology strategies that will keep you one step ahead of the game.

• Reveals the secrets of the Forex market and how to create a lifetime of income trading it
• Offers advice on maximizing profits during the volatile swings that have increasingly become the norm
• Other titles by Smith: Option Strategies Third Edition Seasonal Charts For Futures Traders Commodity Spreads and Profits Through Seasonal Trading

Make more from today's Forex market with How to Make a Living Trading Foreign Exchange.[]More detail ...