Beat the Odds in Forex Trading: How to Identify and Profit from High Percentage Market Patterns (Wiley Trading) (Hardcover)

by I. R. Toshchakov (Author)
Key Phrases: Positive Potential, Currency All, Trade Basic (more...)

Editorial Reviews

Product Description
"Beat the Odds in Forex Trading provides traders with tremendous value by disseminating the trading methods and philosophy of one of the most remarkable Forex success stories since Soros."
--Alexander De Khtyar, President, Forex International Investments, Inc.

Add certainty and systematization into Forex trading with this practical approach. Author and industry professional Igor Toshchakov shows how recurring market patterns--which can be recognized on a simple bar chart--can be successfully used to trade the Forex market. Written for traders at every level, this valuable resource discusses the challenges of developing a trading method, while revealing the Toshchakov's approach to the market--both from a philosophical and tactical point of view. You'll discover specific trading strategies based on recognizable market patterns, get detailed information on entry and exit points, profit targets, stop losses, risk evaluation, and much more.

From the Inside Flap
Longtime Forex traders know they will never achieve certainty of profit. The best they can hope for is to trade uncertainty for a proven system and a reliable combination of recurring patterns.

Beat the Odds in Forex Trading shows you how to replace fickle predictive formulas with tangible market chart patterns to dramatically augment your Forex trading results. In this book, skilled currencies trader and trainer Igor Toshchakov (L. A. Igrok) details his Igrok Discrete-Systematic Method, the straightforward and accurate system that allows you to enter and exit the market according to clear-cut mechanical rules instead of vague hunches and emotional guesswork.

With the Igrok Method, you use measurable statistical signals to estimate the probability that a market will move in a given direction at a given moment. Beat the Odds in Forex Trading walks you step-by-step through this proven powerful method so you can:

• Set aside fundamental considerations that underpin Forex fluctuations to focus on strategies to profit from those fluctuations
• Eliminate the necessity of making market predictions by replacing them with a strict systematic approach in an otherwise discrete trading environment
• Identify statistically significant trends and chart those trends to estimate directional probability of the next market movement
• Detect signs of a false trend line break that, in reality, could be confirmation of an ongoing trend continuation
• Choose currency pairs based primarily on their liquidity, activity, and average amplitude of fluctuations
• Select money management principles based on situations, trade systems, and current market conditions
• Understand, and profit from, the observed behavior of banks and other financial institutions that drive Forex price movements

Filled with in-depth insight and expert advice, Beat the Odds in Forex Trading details odds-enhancing trading strategies for entering and exiting the market using the Igrok Method; reviews strategies for recognizing and counteracting central bank interventions that can either destroy or greatly enhance a currency trading account; and provides templates for short-term and intraday trading.

Overthinking can harm even the most experienced trader. Beat the Odds in Forex Trading shows you instead how to read the currency markets and react—in ways shown over time to increase your odds of success. It replaces excessive formulas and theoretical calculations with proven methods and techniques, resulting in a trading guide that will greatly strengthen your trading approach, from both a philosophical and tactical point of view.

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Product Details

• Hardcover: 224 pages
• Publisher: Wiley (July 28, 2006)
• Language: English
• ISBN-10: 0471933317
• ISBN-13: 978-0471933311
• Product Dimensions: 9.1 x 6.3 x 0.9 inches
• Shipping Weight: 13.6 ounces (View shipping rates and policies)
• Average Customer Review: 3.6 out of 5 stars See all reviews (32 customer reviews)
• Amazon.com Sales Rank: #218,936 in Books (See Bestsellers in Books)

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Customer Reviews

Most Helpful Customer Reviews

23 of 24 people found the following review helpful:

4.0 out of 5 stars Poor English; Awesome info., November 18, 2006

By	Y. Rhee (Philadelphia, PA) - See all my reviews (REAL NAME)

This book is great; it really is. The author explains the principles behind good trading, and doesn't just tell you to follow a mechanical plan. In fact, he advises that depending on each situation, each trade should be slightly varied.

The templates at the back of the book are priceless. He explains how they work before this section so you shouldn't have a problem understanding them.

The only bad thing is his english. If the book had been written by someone like Jason Kelly, this book would be the holy grail of forex trading (it really would). So it's a little hard to understand what he's trying to say but once you do understand it, it's all good.

15 of 15 people found the following review helpful:

3.0 out of 5 stars Badly written, nothing new but good content, January 8, 2007

By	Joe - See all my reviews

The bad:
This book is not clearly written and could have been much thinner, although it is only 200 pages all included.
In the chapter "choosing the right dealer", the author first talks about 5 pips being a normal spread for liquid pairs, and that only European dealers should be trusted. Finally, at the end of the chapter in a paragraph untitled "recent industry developments", he states that spreads has become lower, that in the US, there are dealers that are OK, etc... Well, this looks like recycling of old writings with a small update at the end, doesn'it?
The author seems very proud of his way of trading and techniques, that he considers new. He may not have read the recent (back 20 years) literature on the subject. Indeed, all the techniques are derived from existing things. The daily range is typically used to gauge the possible extent of an intraday move. Breakouts from base, channels, trendline etc. have also been known for ages. False breakout are also known as springs or upthrusts. A variation of the open range breakout is also shown.
Even the concept of discretionary trading with mechanical setups is not new. It is the equivalent of having a plan.
The author states that he has made a major discovery: that trendlines will eventually be broken, or something like that... a little bit funny. This kind of style reminded me of a person who names everything TD something!
He speaks about probabilities a lot but does not give any numbers (high, low only) and does not state if he used a scientific method to draw his conclusions about these probabilities.

The good:
Nervertheless, the book contains very good information about how a pro trader could trade, although nothing is new (well, it depends on the books one reads of course!)
Beginners will gain a lot by reading this book.
I liked the organization of the templates, even though the techniques listed are not new.

It is a pity that it is not clearly and well written.

26 of 29 people found the following review helpful:

5.0 out of 5 stars A light at the end if the tunnel, August 15, 2006

By	Gene Spektor "Casablanca" (CA USA) - See all my reviews (REAL NAME)

Being exposed to Forex for a little more than 13 years now, I have to honestly say that having read numerous volumes on the subject this book stands out both by it's simplicity and complexity combined. It is a well known fact that a majority of really great things are simple. Here is where this book comes in. Even though it might lool a bit comlex after reading it carefully and grasping the idea, or better put, the strategy that Igor describes you will get the sense of safe heaven. Forex markets are driven both internally and externally by such an abundance of information that it is difficult and sometimes very tiresome to make sense of it all. This book gives a clear cut picture of what needs to be done at a a very specific points in time. It doesn't just give you the tools to trade but also, and that's extremelly important, teaches you the right attitude to forex. It gives the trader the peace of mind with clear cut money management and trading techniques to be applied when the market presents it's opportunities. This strategy can be used by both seasones traders as well as novices. You can work and still manage 20 to 40 min a day to do your analyses and enter the orders for the trades. Or you can watch the market constantly and identify and react to the situations that present itself. I highly recomend this book as a unique approach to trading and consistently making money with a very limited stress that most people experience in this bussiness. For a person with an opened mind this could be a breakthrough that they need to develop their own profitable trading routine.