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The FX Bootcamp Guide to Strategic and Tactical Forex Trading [Hardcover]

by Wayne McDonell
4.4 out of 5 stars  See all reviews (72 customer reviews)

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Book Description

September 22, 2008 0470187700 978-0470187708 1
A straightforward guide to trading today's dynamic Forex market

Written by Wayne McDonell, the Chief Currency Coach at FX Bootcamp, this book shows readers how to successfully trade the Forex market on their own. FX Bootcamp's Guide to Strategic and Tactical Forex Trading skillfully explains how to combine popular technical indicators to formulate a comprehensive market strategy. Readers will then learn how to focus on using this information to create a tactical trading plan--one that will help them pull the trigger to get in and out of a trade. Along the way, McDonell takes the time to discuss the various challenges a Forex trader faces, such as greed, fear, loss, and isolation. As a Forex trader and educator of traders, Wayne McDonell knows what it takes to make it in the competitive world of Forex. And with FX Bootcamp's Guide to Strategic and Tactical Forex Trading he shows readers how.


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Editorial Reviews

From the Inside Flap

In The Art of War, renowned military strategist Sun Tzu states, "The general who wins the battle makes many calculations in his temple before the battle is fought. The general who loses makes but few calculations beforehand." While this observation comes from one of the oldest military treatises in the world, it's an important piece of advice for traders looking to win in today's dynamic Forex market.

As the Chief Currency Coach at FX Bootcamp, author Wayne McDonell helps clients around the world excel in the Forex field by training them to develop and execute a trading plan with military precision. Why does this approach work so well? The answer is simple???trading Forex is similar to war in that they are both zero-sum games, and in Forex trading, this means that one trader's gain can only come from another's equivalent loss. So, outthinking your opponent is essential to victory in both of these arenas.

Divided into five comprehensive parts, The FX Bootcamp's Guide to Strategic and Tactical Forex Trading puts this competitive market in perspective and shows you how to achieve success within it. This reliable resource opens with a detailed look at the technical indicators you'll need to use in your trading endeavors. From here, you'll discover how to combine these popular indicators to formulate a comprehensive strategy and learn how to use this information to create a tactical trading plan???one that will help you pull the trigger to get in and out of trades.

Besides introducing you to a proven Forex trading methodology and showing you how to improve performance by running your trading operations like a business, this book also addresses some the most important psychological aspects of trading???including greed, fear, loss, and isolation???and discusses what you must do to overcome such obstacles.

In Forex trading, patience and discipline are just as important as technical and fundamental analysis. With The FX Bootcamp's Guide to Strategic and Tactical Forex Trading, you'll discover how developing positive trading habits and the right trading skills will 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 Tactical Forex Trading

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

"If you're looking for specific strategies and methods for making money with currency trading, you need to start reading this book today. Wayne knows from experience what it takes to succeed in the Forex markets. He provides step-by-step instructions and explains in common language what to look for in charts and in the news to find profitable trades immediately. Don't make a single Forex 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 Forex Trading, McDonell shares his invaluable experience as a Forex trader and commodities trading advisor with you. Filled with in-depth insights and practical advice, this straightforward guide will teach you how to think for yourself and trade successfully—relying on your own technical, fundamental, and even psychological analysis. First, you'll become familiar with the indicators—from moving averages to price support and resistance—that form the foundation of the trading methodologies discussed in the book. Then, you'll discover how to put together a trading plan, and trade that plan for maximum profits. Along the way, McDonell also takes the time to discuss the various challenges you may face while trading Forex and explains how treating your trading operations like a business can improve overall performance.

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


Product Details

  • Hardcover: 235 pages
  • Publisher: Wiley; 1 edition (September 22, 2008)
  • Language: English
  • ISBN-10: 0470187700
  • ISBN-13: 978-0470187708
  • Product Dimensions: 9.2 x 6.4 x 1 inches
  • Shipping Weight: 15.2 ounces (View shipping rates and policies)
  • Average Customer Review: 4.4 out of 5 stars  See all reviews (72 customer reviews)
  • Amazon Best Sellers Rank: #837,649 in Books (See Top 100 in Books)

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

Most Helpful Customer Reviews
167 of 179 people found the following review helpful
1.0 out of 5 stars Novice material that could be dangerous September 2, 2009
By SBJ400
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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16 of 17 people found the following review helpful
1.0 out of 5 stars A bad book on trading October 23, 2009
By CS
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
5.0 out of 5 stars Spot 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
3.0 out of 5 stars Good But Poorly Edited 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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Most Recent Customer Reviews
1.0 out of 5 stars Read the NFA complaints first
The book is a rehash of widely available technical analysis methods that you can get for free from many forex sites. Read more
Published 1 month ago by N Martin
5.0 out of 5 stars Great book for newer traders who knows the basics
Let me say it right away - the worst about this book is how the illustrations are treatet. With that said, Wayne does a very important job to lower traders hot dreams of getting... Read more
Published 20 months ago by Carl Kristensen
1.0 out of 5 stars Are you kidding?
I bought this book based on the great reviews. I've been reading Ed Ponsi's books (great reading for forex) and because of the words "strategic" and "tactical" in the title I... Read more
Published on January 8, 2012 by Lou
1.0 out of 5 stars Not worth getting
Wiley Finance publishes a huge number of trading books each year. Each cost 60-80 dollars and is printed on yellowish very cheap paper. Read more
Published on November 25, 2010 by Jackal
5.0 out of 5 stars By Far the Most Electrifying, Realistic, and Helpful Book about...
I began my journey on how to trade the forex market by purchasing information from a source (that shall remain nameless) with hopes of understanding how the forex market works and... Read more
Published on September 18, 2010 by Laurence
3.0 out of 5 stars Comprehensive
Even though this book is comprehensive, I do not think I
can trade after reading it. There are plenty of interesting
sub-headings like 'Free House' which makes the book... Read more
Published on August 16, 2010 by aipuo
4.0 out of 5 stars cd
This book brings a lot of things into perspective and gave me a much better approach to trading.
Published on April 5, 2010 by Casey Dandeneau
5.0 out of 5 stars Very Practical Forex book
Excellent book. Provides insight into things you should know before trading - commodity correlations, currency correlations, technical and fundamental analysis (different from the... Read more
Published on March 8, 2010 by DW
4.0 out of 5 stars A great starter
Wayne is a fun to read expert, leads you to the actual trading process, in an safe and easy manner.
The book covers most of the necessary aspects of trading, and conforts your... Read more
Published on March 7, 2010 by Medhat M. Helal
5.0 out of 5 stars A Roadmap for Success in the Forex Market
There are many books on trading Forex, but only one that provides a roadmap for success. What separates the Bootcamp Guide from other books is how it summarizes and then unifies... Read more
Published on March 5, 2010 by P. Brigham
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