The FX Bootcamp Guide to Strategic and Tactical Forex Trading (Wiley Trading) (Hardcover)

by Wayne McDonell (Author)
Key Phrases: leading indicators, lagging indicators, trading strategy, Global Forex Trading, Wincorp Consulting Company, Bollinger Bands (more...)

Editorial Reviews

Product Description
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.

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 simpleâtrading 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 planâone 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 tradingâincluding greed, fear, loss, and isolationâand 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.

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Product Details

• Hardcover: 235 pages
• Publisher: Wiley (September 22, 2008)
• Language: English
• ISBN-10: 0470187700
• ISBN-13: 978-0470187708
• Product Dimensions: 9.1 x 6.2 x 1 inches
• Shipping Weight: 15.2 ounces (View shipping rates and policies)
• Average Customer Review: 4.7 out of 5 stars See all reviews (46 customer reviews)
• Amazon.com Sales Rank: #49,311 in Books (See Bestsellers in Books)

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Customer Reviews

Most Helpful Customer Reviews

15 of 15 people found the following review helpful:

5.0 out of 5 stars Spot on!, November 3, 2008

By	Glenn Woodford "fxWoody" (Melbourne, Australia) - See all my reviews (REAL NAME)

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.

18 of 19 people found the following review helpful:

3.0 out of 5 stars Good But Poorly Edited, September 24, 2008

By	Jeff Marsick - See all my reviews (REAL NAME)

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.

Where the book fails, however, is where an editor (Heaven forfend, even a PROOFREADER) could have intervened. The graphs aren't well labeled and are dark and terribly hard to follow. Spelling errors abound. But worst of all, the numbers can't be trusted. For instance, Mr. McDonell describes the MACD as using 21, 55 and a signal of 8. Most MACD's use 12, 26, and a signal of 9. Is this a typo? Or is Mr. McDonell using a better range for Forex than the usual defaults? Unknown. It's never discussed. It's one instance of several and I recommend one have Perry Kaufman's "Trading Systems and Methods" handy.

My disgust with Wiley and Sons Publishing continues. Perhaps the prospective reader would be better off (and less annoyed) by viewing his videos on his website, www.FXBootcamp.com.

6 of 6 people found the following review helpful:

5.0 out of 5 stars Simple & Understandable - Very Useful, November 7, 2008

By	Zoran Makrevski (Skopje,Macedonia) - See all my reviews (REAL NAME)

One thing is sure: This book makes ME better trader.

All important aspects of Forex trading are explained. Not bad for 229 page book. No pages filling material.

I had problem with consistency in my trading, and this book teaches me how to get over that problem. I think that every trader, even experienced ones, can learn something from this book.

It is not absolute beginner's book, but if you know the basic things about Forex - you will be fine.