Customer Reviews

The 10 Essentials of Forex Trading: The Rules for Turning Trading Patterns Into Profit

5 star:		(14)
4 star:		(4)
3 star:		(1)
2 star:		(5)
1 star:		(6)

 

 

It has nothing new about Forex trading or even trading in general, it has some technical analysis (you can find it in any TA book). Misleading the newbies by showing some good looking trades using the Moving averages and "his " Oscillator (I am not sure what is so special about it), giving false impression that this what you will get if you follow him (going to his institution). The 5 star reviews do not give a good reason to buy the book only saying you must buy it (may be they forget to say WHY to buy it). So they have no merits, except what they are saying repeatedly that the author is an expert, who mentored thousands of traders. He also is saying that about himself (more than once) in the book. If you want to know about technical analysis for forex or stocks -which is the same- you can check Jon Murphy, Schwager, or J. Magee.... books
If you are looking for psychology of trading go for Mark Douglas or others. The 200 pages of shallow information could be obtained - for free - from the Internet or any basic trading book. Save your money. Check the book first before you buy it. Do not believe the "must read" recommendations for no good reason. Because there is nothing useful in the book. Let him pay for his promotion

As a former insider at MTI, I can attest to the previous "1" star ratings and support the same with facts. This author's primary business is in education; however, this author doesn't even understand the product of sums. This book is nothing more than an extended table of contents coupled with an exorbitant number of references to his business. The decision to buy this text should be one of prudence. Please review the book physically before buying.

The author is preying on the "ignorant" public that is eager to trade. I would not put is past this author to instruct his own employees/colleagues/friends to write positive reviews (FxAngel, R. Enright).

A few good text recommendations are from CTrader's review that I agree with:
"If you want to know about technical analysis for forex or stocks -which is the same- you can check Jon Murphy, Schwager, or J. Magee.... books
If you are looking for psychology of trading go for Mark Douglas or others."

I have to agree with Ctrader (see below, 1 star).
It is unbelievable that a book like that could be published in 2007. There is absolutely nothing new at all. The usage of the patterns is not even well described. The usable content is very basic and limited. It is full of personal experiences or allusion to other stories. Full of advertisement for his MTI.
It does not deliver what is written on the front cover. "The rules for turning patterns into profit" where is that? The title: "The 10 essentials..." What are these 10 things exactly?

I bought that book thanks to the 5 star reviews below (before the 1 star review from Ctrader) since I cannot have a look to books where I live...
The 5 star reviews giving no valuable information seems to bloom very easily and fast for this book!

Sorry that I still have no idea of what the 10 essentials are after I finished it, but as a professional trader I can tell the book is too shallow to be helpful at all, despite the author's outstanding writing skill. Some may argue that I am too demanding to require a book of less than 200 content page to be compleat but I assure you the FX market is a killing field with a casualty rate of over 90% that forgives no mistake nor ignorance. Of course, if you think a lukewarm mix of Candlestick, Fibonacci, Trendline, FA and equity management is good enough, please simply neglect this review. Otherwise,..............

p.s. Despite my low rating of it, below please find my favorite passages for your reference.

A wise, old Indian chief was speaking with his grandson about life, telling him about the internal battle that goes on inside all people. He said, "My son, inside all of us there exists a constant battle between two wolves. One wolf is very evil. It forces you to deal with anger, envy, jealousy, sorrow, regret, greed...............The other wolf is good. It helps you to experience joy, peace, love, hope, serenity, humility......." The grandson thought about it for a minute and then asked his grandfather, "Which wolf wins?" The chief replied, "My son, the one you feed." pg 1

"Anyone wanting to make some money today? Just watch and trade the GBP. The bulls are after a high from several years back and when they get near it and/or take it out and achieve a new high, turn to a 15 min chart and keep your eyes open for an evening star, engulfing bearish candle or tweezer tops. The second one of them appears, go short!" pg 74

Just remember, nothing lasts forever....there will be signs that you will need to pay attention to....you can begin to make the necessary adjustments to either hold onto what you are about to lose or aggressively start taking advantage of getting out of the mess you are in. pg 114

COMPLETELY USELESS AND UTTER NONSENSE!!! DO NOT BUY THIS BOOK!!!
Just make sure you take a look what's inside before you make the purchase!!
Chapter 3, Self empowerment via trading software??? The author begins by saying that there is no software out there that can make you a reliable profit... then on the next page he says you should invest in his MTI trading package which isn't cheap because investing in cheap software just does not work. Furthermore he contradicts this notion by saying that people who can create such software might as well sell it to a bank for millions, why bother selling it to small individual investors???
Terrible, terrible book. Let's just say if you buy this book you might as well be paying for an advertisement for his trading software.
If you are still not convinced that the book is 220 pages of a money making scam together with his software, read the back of the book and see who has written reviews... An insignificant person named Larry Pesavento, who probably does not even exist and Stephen R. Covey, who does not even comment about the content but rather the authors "great" character. Finally go look at the author's background... nothing spectacular at all. Just some average scam artist trying to get rich from teaching people how to make money on the currency exchange by reading better books out there and teaching himself. I hope you aren't the one getting being scammed by this idiot.
This book is going back to where it came from and hopefully back to the author himself. He might as well be giving the book out for free had he intended the book to sell his software.

What nerve...

"I never cease to be amazed at all the 'marketing gurus' who start Forex education training companies or attempt to sell Forex 'buy and sell signals' and prey on the ignorant by promising them untold fortunes on the Forex for the bargain price of $995." p. 33

Also on p. 33... "When it comes to trading on Forex, I highly recommend the MTI 4.0 charting package" He likens the software to, "A solid built, 1,100-foot, state-of-the-art cruise ship with all the latest gauges for weather ... " and follows with, "With so much at stake, do not take a shortcut on paying for quality trading tools."

And oh yeah... he owns MTI.

And then when you search online for the software, you get to scammy looking sites that sell it in the same fashion that get-rich-quick ebooks are marketed. And then there's the inevitable 7-day free trial... and no mention of the price. After some webcrawling, I found that the software costs $199 per month. Hmmm... Not to mention that the software looks cheap. I'm a programmer myself and I can tell you that the MTI software looks like garbage.

Here's another hint... google 'mti scam' and see what you get. Here's a sample: http://www.forexpeacearmy.com/public/review/www.markettraders.com

Personal note: enough with the analogies to flying an airplane. So the guy has a pilots license... that doesn't mean that every function in his software package has to be analogous to a control in a cockpit. Lame.

Summary: The scammy nature of the software package that he endlessly promotes is enough to spoil anything else that the book might do well. Not that I'll find out, because I'm throwing the book in the garbage.

I would recommend every beginner in Forex to read this book. As a person without any financial or investing background I like this book. It was my first book in the industry of market and explained me in simple words what Forex about.

The first day trading book I read was John Carter's Mastering the Trade. The 2nd book was Jared Martinez's book here.
So I'm a bit of a newbie. John Carter's book is not specifically on Forex. But I have to say, John's 3 pages on Forex have more substance than Jared's entire book. The other thing that is quite confusing about Jared's book (maybe I'm totally missing it) is that no where in the book can you see a basic overview of what the "10 Essentials" are!
Jared obviously is using this book to try and sell his MTI software.

The one thing that I found to be useful was his basic and repetitive reminders of how our personality type, emotions, etc. will effect our ability to be successful. I know this is somewhat obvious, but it helps to keep hearing it.

While the book is only 214 pages, it is jam packed with powerful information. It is also an easy read. If you are interested in learning how the Forex market works and how to profit from currency trading, this book is an excellent resource.

I was impressed to see Stephen Covey give a strong recommendation on Mr. Martinez and The 10 Essential of Forex Trading. Mr. Covey states:

"Authored by a man of great character, this book is not only fascinating and innovative in the financial realm, but the spirit of his mantra infuses itself throughout, Life is not about what we acquire, rather what we become."

Study this book and you will become a master Forex trader.

This is the first forex book I've ever purchased and at first it didn't help me much. I just didn't understand and wasn't able to apply the techniques properly. It was only after I started trading for a while that it began to make sense. Call me crazy but the author has it right. Dead right. He actually teaches you how to trade with a method that works. No crazy indicators but instead pure good old analysis.

It's not the best written book though and I could see why a new person would be confused. He needs to come out with a new and better organized addition with some more recent updates. I couldn't figure out what the 10 essentials were. However once you become a more experienced trader you start to realize that everything he's saying is correct. You have to see through the fog of some of the fluff he adds to understand what I'm talking about. I actually think the book is better for a person who has some trading experience and chart time than a complete newbie.

Despite the fact that it does have a lot of flaws I give this book 5 stars because when it comes down to it he gives you the answers. You just have to look deep enough and long enough to find it. This book is my holy grail and I take it everywhere with me.