Forex Patterns & Probabilities: Trading Strategies for Trending & Range-Bound Markets (Wiley Trading) (Hardcover)

~ (Author)
Key Phrases: dollar currency pair, one currency pair, forex market, New York, United States, Great Britain (more...)

Editorial Reviews

Product Description

While most books on trading deal with general concepts and shy away from specifics, Forex Patterns and Probabilities provides you with real-world strategies and a rare sense of clarity about the specific mechanics of currency trading. Leading trading educator Ed Ponsi will explain the driving forces in the currency markets and will provide strategies to enter, exit, and manage successful trades. Dozens of chart examples and explanations will guide you each step of the way and allow the reader to "look over the shoulder" of a professional trader hard at work at his craft.

This book provides traders with step-by-step methodologies that are based on real market tendencies. The strategies in this book are presented clearly and in detail, so that anyone who wishes to can learn how to trade like a professional. It is written in a style that is easy to understand, so that the reader can quickly learn and use the techniques provided.

From the Inside Flap

In recent years, traders have turned to the foreign exchange market expecting to capture substantial profits. While the high availability of leverage within this arena can improve your chances of making money, ultimately the success of your endeavors depends upon how well you understand and operate within this market. Nobody knows this better than author Ed Ponsi. As a professional trader and leading educator of traders, Ponsi has developed a proven approach to trading today's forex market, and now, with Forex Patterns and Probabilities, he wants to share it with you.

While most books on trading deal with general concepts and shy away from specifics, Forex Patterns and Probabilities provides you with real-world strategies and a rare sense of clarity about the specific mechanics of currency trading that will allow you to take advantage of both trending and range-bound markets.

Written in a straightforward and accessible style, Forex Patterns and Probabilities will help you make the most of your time in this market. You'll be introduced to a variety of elements that are essential to forex trading success and discover the best ways to enter, exit, and manage trades. Dozens of chart examples and explanations will guide you each step of the way and allow you to "look over the shoulder" of a professional trader hard at work at his craft.

Divided into four comprehensive parts, this detailed guide:

• Explains the playing field of the forex market, using powerful metaphors that relate trading scenarios to situations in everyday life

• Outlines several specific trading strategies—including the FX-Ed Trend Technique—designed for trending markets

• Delves into a variety of non-trending trading techniques—from the volatility-based Squeeze Play to the hedge fund–inspired Interest Rate Edge—which are all based on unique market tendencies

• Offers an insider's view on how to emulate the behavioral patterns of successful professional traders—and how to escape the mindset of the amateur

• And much more

Today's forex market contains some of the most profitable trading opportunities in the world. With the practical strategies and trading methodologies found in Forex Patterns and Probabilities you can uncover these opportunities and achieve long-term financial success along the way.

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Product Details

• Hardcover: 272 pages
• Publisher: Wiley (July 27, 2007)
• Language: English
• ISBN-10: 0470097299
• ISBN-13: 978-0470097298
• Product Dimensions: 9.1 x 6 x 1.1 inches
• Shipping Weight: 1.1 pounds (View shipping rates and policies)
• Average Customer Review: 4.5 out of 5 stars  See all reviews (57 customer reviews)
• Amazon.com Sales Rank: #7,325 in Books (See Bestsellers in Books)

  Popular in these categories: (What's this?)

  #4 in	Books > Business & Investing > Finance > Foreign Exchange
  #6 in	Books > Professional & Technical > Accounting & Finance > International > Finance
  #46 in	Books > Business & Investing > International

Customer Reviews

Most Helpful Customer Reviews

72 of 76 people found the following review helpful:

5.0 out of 5 stars The Best Forex Book By Far - A Classic, September 7, 2007

By	Ikayakbr "I kayakbr" - See all my reviews

Without a doubt this book is far superior to anything else available on the subject of forex trading. "Forex Patterns and Probabilities" will become a trading classic not only for the tremendous amount of useful information it provides, but for the easy and fun way that the information is presented. The author, Ed Ponsi, presents very detailed strategies and then demonstrates them to the reader in a very concise manner. This is exactly what I needed and what most traders need - clear, unambiguous directions that explain in perfect detail exactly what the trader must do to make money trading.

The author caught my attention when he appeared on CNBC, and it became immediately clear that he was not the average guest. He has a relaxed manner and a seemingly encyclopedic knowledge of trading, yet he explains everything in a very down-to-earth manner. He has a real ability to explain trading in a way that is easy to comprehend for the average person. The book reflects that.

The one thing that is abundantly clear is that the book is written by an actual trader - you can tell by the tremendous detail and the clear thought process that the author has actually used these strategies, and he even shows examples where the trades didn't work out. He shows trading as it really is, not the idealized version presented in most books.

When I read this book I felt as if the author were speaking directly to me in that pleasant, easy-going manner. The book is free of technical jargon and is even amusing at times. I especially enjoyed the stories about the author's early days as a trader on Wall Street, and the way he relates trading to everyday life.

This book contains some real eye-openers, including a chapter that will forever change the way I think about trading. The author applies game theory to show why most short term traders lose money, and what you can do about it. This alone was worth the price of the book. Another section exposes the conflict of interest inherent in the introducing broker relationship. You certainly won't see that in any of the books written by market maker employees. Another great section showed how to set goals. There was so much good, useful information in this book, and it was so easy to read and entertaining, that I couldn't put it down. I recommend it highly to anyone who is serious about trading for a living.

30 of 31 people found the following review helpful:

5.0 out of 5 stars Great Content, Easy to Understand, No Hype, December 7, 2007

By	Zaphod (Arizona, USA) - See all my reviews

This book presents a rare combination - excellent content presented in language that is easy to understand. This is exactly what I needed, a clear series of trading tactics and strategies with no mysterious technical jargon to confuse the reader. The author wastes little time and "gets to the good stuff", a welcome relief from all of the filler-laden material on currency trading that permeates the industry.

I find it refreshing that Ed Ponsi does not try to hype anything in his book, he just gives good solid trading techniques and advice. This is in stark contrast to so-called 'authors' who are really just shills for currency market makers or signal providers, trying to hype their products. Why is there so much hype in the trading world?

The author is adamant that traders need to use different tactics for different situations. I have been using the FXED Trend strategy and Ed's multiple time frame strategy and they've been great, especially on the trending currency pairs. When the market ceases to trend, I switch tactics as recommended by the author, and use the Elevator Trade or the FXED Fibonacci Trade.

The bottom line is, I really enjoyed this book. It clearly states what traders must do to succeed, so I recommend it highly. Five stars.

44 of 49 people found the following review helpful:

4.0 out of 5 stars Clear and detailed strategies for the forex market, August 12, 2007

By	daytrader0341 (Boston, MA United States) - See all my reviews

Ed provides the basics of trading strategies that handle most of the forex market conditions. While many of these strategies have appeared eleswhere the explanations of why they work and why they should be followed is something that comes from years of trading experience. For example: why does forex often fail to breakout of support and resistance areas on the first or second attempt? How do the institutions maneuver the price during slow volume hours and how you can use this to advantage. Also the section on his trend following system is clearly thought out and easy to follow.

This is a book that I could really could have used 6 months ago and skipped most of the other stuff about trading. About the only thing missing is backtested results to show how well the systems work in real trading. But there are clear examples of each strategy.