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The FX Bootcamp Guide to Strategic and Tactical Forex Trading Hardcover – September 22, 2008

ISBN-13: 978-0470187708 ISBN-10: 0470187700 Edition: 1st

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Product Details

  • Hardcover: 235 pages
  • Publisher: Wiley; 1 edition (September 22, 2008)
  • Language: English
  • ISBN-10: 0470187700
  • ISBN-13: 978-0470187708
  • Product Dimensions: 6.4 x 1.1 x 9.1 inches
  • Shipping Weight: 15.2 ounces (View shipping rates and policies)
  • Average Customer Review: 4.4 out of 5 stars  See all reviews (76 customer reviews)
  • Amazon Best Sellers Rank: #138,970 in Books (See Top 100 in Books)

Editorial Reviews

From the Inside Flap

In The Art of War, renowned military strategist Sun Tzustates, "The general who wins the battle makes many calculations inhis temple before the battle is fought. The general who loses makesbut few calculations beforehand." While this observation comes fromone of the oldest military treatises in the world, it's animportant piece of advice for traders looking to win in today'sdynamic Forex market.

As the Chief Currency Coach at FX Bootcamp, author WayneMcDonell helps clients around the world excel in the Forex field bytraining them to develop and execute a trading plan with militaryprecision. Why does this approach work so well? The answer issimpleâ??trading Forex is similar to war in that they are bothzero-sum games, and in Forex trading, this means that one trader'sgain can only come from another's equivalent loss. So, outthinkingyour opponent is essential to victory in both of these arenas.

Divided into five comprehensive parts, The FX Bootcamp'sGuide to Strategic and Tactical Forex Trading puts thiscompetitive market in perspective and shows you how to achievesuccess within it. This reliable resource opens with a detailedlook at the technical indicators you'll need to use in your tradingendeavors. From here, you'll discover how to combine these popularindicators to formulate a comprehensive strategy and learnhow to use this information to create a tactical tradingplanâ??one that will help you pull the trigger to get inand out of trades.

Besides introducing you to a proven Forex trading methodologyand showing you how to improve performance by running your tradingoperations like a business, this book also addresses some the mostimportant psychological aspects of tradingâ??including greed,fear, loss, and isolationâ??and discusses what you must do toovercome such obstacles.

In Forex trading, patience and discipline are just as importantas technical and fundamental analysis. With The FX Bootcamp'sGuide to Strategic and Tactical Forex Trading, you'll discoverhow developing positive trading habits and the right trading skillswill put you in a better position to profit over the long haul.

From the Back Cover

Praise for The FX Bootcamp's GUIDE TO Strategic and TacticalForex Trading

"Wayne McDonell is the most popular Forex speaker on our Website. His live training and educational events draw large crowds oftraders because he can explain complex Forex trading concepts in acommon language that anyone can understand. This book does thesame. I highly recommend it."
—Francesc Riverola, CEO of FXstreet.com

"If you're looking for specific strategies and methods formaking money with currency trading, you need to start reading thisbook today. Wayne knows from experience what it takes to succeed inthe Forex markets. He provides step-by-step instructions andexplains in common language what to look for in charts and in thenews to find profitable trades immediately. Don't make a singleForex trade until you've read this book!"
—Tim Bourquin, founder of The Forex Trading Expo

With The FX Bootcamp's Guide to Strategic and Tactical ForexTrading, McDonell shares his invaluable experience as a Forextrader and commodities trading advisor with you. Filled within-depth insights and practical advice, this straightforward guidewill teach you how to think for yourself and tradesuccessfully—relying on your own technical, fundamental, andeven psychological analysis. First, you'll become familiar with theindicators—from moving averages to price support andresistance—that form the foundation of the tradingmethodologies discussed in the book. Then, you'll discover how toput together a trading plan, and trade that plan for maximumprofits. Along the way, McDonell also takes the time to discuss thevarious challenges you may face while trading Forex and explainshow treating your trading operations like a business can improveoverall performance.

If you want to be a successful Forex trader, you must have afirm understanding of how the global market works and how to tradeit. With The FX Bootcamp's Guide to Strategic and Tactical ForexTrading, you'll quickly learn how to gather intelligence, formulatea strategy, and confidently pull the trading trigger.


More About the Author

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Follow Wayne McDonell and FX Bootcamp here:
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http://www.facebook.com/fxbootcamp

http://www.twitter.com/fxbootcamp

http://www.youtube.com/fxbootcamp

http://fxbootcamp.fxstreet.com

http://www.fxbootcamp.com

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20 minute video tour of what is inside this forex trading book
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http://www.youtube.com/watch?v=3Y-JvEDxnAA&feature=PlayList&p=B0BA95C231189924&index=0

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Free 2 Hour Video Workshop: Strategic & Tactical FOREX Trading
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http://transcripts.fxstreet.com/2008/02/monthly-webinar.html

Customer Reviews

I highly recommend this book to anyone who is seriously wanting to have a career in Forex.
R. Torti
The book will not make you an instant success, but it will give you a good idea of how to approach Forex trading, and what it takes to become a profitable trader.
Gabriel Sallard
I've read many books on FOREX training and by far this is the best and greatest book that I have ever read about FOREX.
Kenny Knight

Most Helpful Customer Reviews

169 of 181 people found the following review helpful By SBJ400 on September 2, 2009
Format: 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.
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18 of 19 people found the following review helpful By CS on October 23, 2009
Format: Hardcover Verified Purchase
I'm not new to investing but am a beginner learning day trading and the forex market. I've read several books before this one and have learned quite a bit. This book, however, glosses over important, complicated indicators like Fibonacci retracements and pivot points. My biggest beef with this book are the graphics. The charts are small, dark, unreadable and generally unlabeled. Not useful for illustrating any points. My favorite is the candlestick section where he refers to green and red bars in the chart shown -- which is black and white ("in Figure 12.1 the first candle would be red."). The content jumps around between fundamentals, psychology and technical analysis so it's hard to follow. There are many typos and grammatical errors in this book. On one page describing stochastic oscillators, he says "The bottom line is placed at the 25 percent level. The bottom line is placed at the 75 percent level." I think he means the TOP line is placed at the 75 percent level. These kind of mistakes confuse beginners!!
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29 of 34 people found the following review helpful By Glenn Woodford on November 3, 2008
Format: Hardcover
Wayne really hits the mark with this book. It's a basic summary of the method he teaches at [...] 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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24 of 30 people found the following review helpful By Jeff Marsick on September 24, 2008
Format: Hardcover
There is an inherent problem with anything put out by John Wiley and Sons Publishing: their books are littered with errors. I would be shocked to find that an actual editor is on their payroll. Every book they put out needs to be scrutinized, and thoroughly, or else the reader will be led astray. It's infuriating, given that they put out so much product on so diverse a subject as finance, and using so many great names as authors. That is the main reason why this book garners three stars, when it clearly deserves more.

Wayne McDonell has written a great playbook for currency trading. He doesn't waste time with the basics of what a pip is or what the majors are or any other detritus that seems obligatory litter in every currency trading book of any level of experience. He jumps in with a description of lagging and leading technical indicators, then proceeds with a narrative on how to use economic information as a sort of fundamental analysis, then lays out a process of combining the two schools into a savvy and reproducible strategy for successful currency trading. He does a fantastic job of it, too. While he points out strengths and weaknesses in indicators, he never claims one to be a silver bullet or that there is a secret sauce to being a successful currency trader. Instead, he lays the groundwork for the reader to practice on their own and fine tune this approach. If you are looking for a magic formula, go somewhere else. If you, like me, tend to make trades without much of a plan (and subsequently get torched by such poor executions), then this is the book for you. Novices can definitely learn from this book, and perhaps even seasoned veterans can pick up a thing or two.
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