Turning Losing Forex Trades into Winners: Proven Techniques to Reverse Your Losses (Wiley Trading)

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 ...