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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