134 of 145 people found the following review helpful:
1.0 out of 5 stars
Novice material that could be dangerous, September 2, 2009
This review is from: The FX Bootcamp Guide to Strategic and Tactical Forex Trading (Wiley Trading) (Hardcover)
Let me say right away -
I judge harshly any material that promotes another product. This book promotes the author's website constantly throughout. You must pay to be a member after a trial period LOL
$100 for a measely 7 days!!! That is what the author calls TRIAL. LOL I thought you were trading because you needed money...not because you have tons of money to flush down the toilet?!
Here are the exact current details posted from the author's website -
Trial Membership ($99 for the first 7 days. Then $299.95 for each month)
First 7 days $99. Then $299.95 each 30 days as a full Monthly Member.
Monthly Membership ($299.95 for each month)
Semi-Annual Membership ($1499.95 for 6 months)
Annual Membership ($2400.00 for 12 months)
BEWARE NOVICES !!!!!!!! Tons of people write books and create websites just to get the eager novice to depart with money!
One simple question to ask yourself -
If the author is such a great, successful trader...why would he be busy chasing down subscribers? Would you? Wouldn't you be busy scooping up pips and not bothering with some silly website and trying to drum up business for it?
For the money he is charging per month, you could buy DVD workshops and seminars from some of the top traders out there and you get to keep those DVDs and watch them over and over at no charge.
I do agree that the general VAGUE substance of this book is generally accurate. You could learn a few things...BUT what this book will teach you is freely available online at some great Forex websites for FREEEEEEEEEEEEE !!!! Just Google search "free forex training" or try "baby pips". You will learn FAR MORE than any beginner book will ever teach you there for free.
Also, the candlestick advice in this book is so generic and vague you could lose plenty of money. Let me quote the book -
"Dojis become a most significant reversal signal when seen after an extended rally of long-bodied candles" (by the way, the plural of doji is doji...not dojis)
This holds a tiny kernel of truth to it in that doji signals are more powerful signals after a large move in the market. THE TRUTH ENDS THERE. According to THE guru of candlesticks...Steve Nison (the man that brought candlesticks to the West and the one you should learn them from and the man this book gives no credit to as a source for further education)...according to Nison's teachings doji are not reversal signals by themselves. Doji represent transition or confusion in the market. You cannot just assume the market will reverse. You need more confirmation. Candlestick signals by themselves are not reason enough to trade!
For a novice, simplistic, generic advice like this could wipe your account out in days.
I am not saying the author is a bad person or has bad intentions. I am merely judging the book. I do feel there are many good little tips in it...BUT the same info is available for free. Since this book does not delve into meaty, strict detail about anything...you will only scrape the surface, get excited and will be more likely to subscribe to the website. I think that is the plan behind this book. For some people...that may be a good thing. As a novice, you should research, investigate and learn as much as possible before paying one single penny to anyone! How do you know what to pay for or subscribe to when you do not understand Forex, trading or any other relative issue????
Use the internet, GOOGLE as much as possible...chat in forums, take your time and LEARN then make purchase based on intelligence not knee jerk excitement. Forex is rife with scams, hustles, fast buck programs and systems.
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29 of 32 people found the following review helpful:
5.0 out of 5 stars
Spot on!, November 3, 2008
This review is from: The FX Bootcamp Guide to Strategic and Tactical Forex Trading (Wiley Trading) (Hardcover)
Wayne really hits the mark with this book. It's a basic summary of the method he teaches at www.fxbootcamp.com. Not only does he cover the technical and fundamental aspects that a successful Forex trader needs to know, but he covers the other all important topics too, like risk analysis, trade plans & journals, trade reviews and having the right mindset to be a successful trader. All with no Fluff!
I found Wayne's book really helped me trade according to MY rules, not the markets rules. This meant that when I trade, it's become a lot of fun again. Now I am trading in one night, profit wise, what I used to trade in one month.
If you want to get a clear sense of what is in this book, have a look at his videos on FXStreet.com blogs called "2 Hour Video: Strategic & Tactical FOREX Trading". blogs.fxstreet.com/fxbootcamp/2008/03/12/2-hour-video-strategic-tactical-forex-trading
I recommend this book to anyone who feels there is room to improve in their Forex trading, or is looking for a reliable, simple system to follow. The method outline in Wayne's book won't give you every pip in a market's movements, but it will provide you with a large portion of them, in a conservative manner.
I also recommend this book to new FX Bootcampers, as it will help them come up to speed quickly, with the method Wayne teachers at FX Bootcamp.
In response to Jeff Marsick's review (RE - Good But Poorly Edited), I agree that this book could have done with more editting. In regards to Wayne's MACD settings of 21, 55, 8, this is in fact correct. One of the things with Wayne's method is that he uses a slowed down MACD oscillator to guage MARKET speed (medium term price action) and a sped up Stochastics oscillator to measure PRICE momentum (short term price action). This is covered in the above mentioned webinar video at around 18 minutes into it.
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17 of 18 people found the following review helpful:
5.0 out of 5 stars
I have applied what is in this book and it works., July 3, 2009
This review is from: The FX Bootcamp Guide to Strategic and Tactical Forex Trading (Wiley Trading) (Hardcover)
As Wayne McDonell points out - trading is similar to war. You take the high ground and wait for the enemy to approach. In this case it's the trader on the other side of the trade who is the enemy. If you are interested in forex, or already trading, you will find this book a valuable resource. It helped me become a better trader.
Writing in a clear and personally engaging style, McDonell makes sense of the fundamental and technical aspects of what moves currency pairs. He also comes equipped with an arsenal of useful charting tools that help a trader get the "feel" for the direction and speed of the market. The focus is on developing a plan for every trade: wait for price to come to you, determine when to enter, and when to take profit.
A trading style aimed at making "conservative repeatable trades" is what is really at the heart of this book. There are a half dozen or so books available on trading that are worthwhile, and I have read all of them. Some focus on strategy and others on the psychology of trading. McDonell pulls it all together and covers every aspect of trading you need to become a successful trader.
This book works well for traders at all levels of experience who are not consistently making successful trades. Some of the criticisms of the book are valid. But the faults are miniscule when compared to the tremendously useful and insightful content found in every chapter. If I could have only one book on forex trading, it would be this.
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