Survive And Prosper In The Great Depression Of 2009-2012: A Step-By-Step Guide To Amassing A Fortune Trading Foreign Currencies (Paperback)

by J. J. Glenellis (Author)
Key Phrases: forex trader, mini contracts, fixed stop loss, Moving Average, Money Management, Trade Call (more...)

Editorial Reviews

Review
Like any other market, foreign-currency trading requires a plan, writes Glenellis in this yeoman's guide, which is by turns breathless, admonitory, encouraging, cautionary and, ultimately, nearly impossible to turn away from. The author starts with $1,000.00--not a drop in the bucket, but also unlikely to sink the family ship if one gets torpedoed. He does caution, "There is considerable exposure to risk in any foreign exchange transaction." Glenellis seeks to minimize that risk and help readers through the minefield that easily cripples ill-prepared neophytes. He tenders no promises--writing "NOBODY WINS EVERY SINGLE TRADE! NOBODY!"--though his plan's accessible, practical approach at least makes sense of the process. First he measures readers' psychological fortitude, as that defines their immediate parameters in terms of willingness to take risks. Glenellis then takes readers through some nuts-and-bolts material--the concepts of stop-loss, limit orders and trailing stops and how to adjust them to your comfort level, and understanding the importance of patience, discipline and a plan. The author then moves on to more in-depth--yet digestible--forays into various foreign-currency trading forms, such as news trading, technical indicators of predictive devices, determining entry signals in anniversary trades, tactics for jumping on breakouts, trading platforms and why you should work with an established, large-scale trader (since small traders, he writes, leave you vulnerable to a panoply of disheartening gambits). Glenellis' trading plan makes considerable order out of chaos and is low-stress and comprehensive without being overwhelming. Particularly enlightening was the detailed account of a month in the life of a trader as he conducts business; Glenellis demonstrates how he achieved results and interprets why readers' experiences may differ. A manageable, decidedly enticing introduction to currency trading --Kirkus Discoveries, June 2009

Product Description
Millions of Americans are this very moment facing the most frightening economic conditions since the Great Depression. However, a small but growing number are living worry-free, having learned a skill that will keep themselves and their families not only living in comfort, but prospering like never before! That skill is Trading Foreign Currencies. Once the private playground of the super-rich, trading currencies is now open to anyone with a little knowledge and at least $200 to open a trading account. With this book, author and long time forex trader J.J. "Jeff" Glenellis explains everything you need to know to immediately begin prospering as a forex trader. From finding a broker and setting up your first set of charts, to learning how to easily spot certain Trade Set Ups that instantly become profitable, you'll learn enough in this informative and entertaining book to instantly begin earning extra money each week as a Forex Trader.

Product Details

• Paperback: 162 pages
• Publisher: CreateSpace (December 10, 2008)
• Language: English
• ISBN-10: 144044286X
• ISBN-13: 978-1440442865
• Product Dimensions: 9.8 x 7.9 x 0.5 inches
• Shipping Weight: 14.4 ounces (View shipping rates and policies)
• Average Customer Review: 4.4 out of 5 stars See all reviews (13 customer reviews)
• Amazon.com Sales Rank: #55,365 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

29 of 32 people found the following review helpful:

5.0 out of 5 stars The Very Best Forex Training Available, December 25, 2008

By	Cali Kid - See all my reviews

I had read several books on the subject before seeing Jeff Glenellis' book. And I had spent the better part of a year trying to trade Foreign Currency Exchange (Forex) unsuccessully. There are many successful traders using any number of trading methods, and many of them offer books about it. But none ever offered to TEACH me their methods (even some to whom I paid significant sums of money) the way Jeff G does in his book.

I bought this book in an earlier revision, about a year ago (before it was available thru Amazon). So I have already become proftable using what he teaches in it. Jeff G presents several very concise trading methods in easy-to-follow language. He is also the only one I ever saw present an actual profit progression from compounding, where he has actually worked the plan and compounded a small initial startup into a significant sum of money.

But more important than any method, he teaches a great deal on how to properly manage the money in your trading account, to protect your capital. If you start with $5000 in your forex broker account, yet you wipe it all away in a few losses, you lose. But with a good method, the right money management of your trading capital, some consistent work and a little old-fashioned discipline, you can start with as little as $200, and compound it all the way to $1M in less than three years -- while drawing out an ever-increasing income every week along the way.

Further, many people "bait" you with an intial book, but once you buy it, then they start to bombard you with more stuff they have to sell, that has the "deluxe" or "really great" information. And once you buy that, they then proceed to offer you the "super-secret" stuff, and so on. Or they "bait" you with the inexpensive book, and then want to sell you thousands of dollars worth of "mentoring" (that turns out to be from people who don't even do what they're teaching). Jeff G has done none of that. Since I bought his book originally he has NEVER offered to sell me ANYTHING else extra. All the goods are in the one book.

And as to "mentoring", for those who are interested, there is a one-time membership fee (of less than $100) to join his on-going service. Anyone can talk to him personally in the members-only room on most trading days. He actually does what he is teaching, does it most every day, and any member who wishes may join him there.

And even then, he has never asked for even one penny for anything else extra.

For those who wish to learn to trade the Forex successfully, I've never seen anything better at any price.

17 of 20 people found the following review helpful:

1.0 out of 5 stars Amateurish, Untested and Risky, March 10, 2009

By	David Dube "well-read bookworm" (Eagle Lake, ME United States) - See all my reviews (REAL NAME)

I bought the online version of this guy's book last year, and joined his so-called "Trade Call List". I paid $97 for this and all it ended up doing for me was make me lose $300 trading currencies.

His strategies are absurd and his suggestions are amateurish at best. Not only will you NOT get rich following what's written down in this book, but you will most likely lose every penny you spend trying to implement his advice.

The strategies range from being vague and complicated and highly-discretionary, to being outright wrong and having no chance of ever working. The impression I got after more research was that he borrows bits and pieces of tactics from different places, information that has been around for a long time and puts them together as "his" strategy, without ever giving the complete picture. He always leaves out some important information that makes long-term success elusive.

As an example, the strategy involving the GBP/JPY breakout. This doesn't appear to work in the long term. If you trade it the way he suggests, trading every single breakout every single night, you might make some gains, but you will more likely end up giving back all or most of these gains, especially if you use a 1:1 reward-to-risk ratio.

I say this because this is what happened to me. This is how I lost $300 trading currencies. The only way this might work is if you use a 2:1 reward-risk ratio, using 100 pips as your profit target, and 50 pips as your stoploss, and move your stoploss to breakeven after you gained 50 pips. If the market was willing to give you that on a consistent basis, this strategy might work.

But, even then, you have to be prepared for some severe drawdown months, especially in the summer(low-volume) months from June to August. The months I tried it in were July and August of last year, and I just kept having loss after loss after loss. The few wins I had were not enough to make up for the losses, and I ended up blowing through my entire account.

Another way it might work is if you were somehow able to predict how far your winners would go, and then "let these winners run", as the saying goes.

Jeff said nothing about the risky summer months in advance. He only mentioned it after the fact, to subscribers of his "trade call" list. He also said nothing about the risk of drawdowns.

I have since read that it is better not to trade breakouts alone, in and of themselves. You should only trade breakouts which have a bias to them, bias meaning a pre-existing trend, and this trend should be of a certain strength. Not all trends are created equal. Not only that, but the channel that you are trading the breakout from has to be a certain size and a certain shape- the smaller and more narrow it is the better.

He says nothing about this in his book. I had to discover it on my own, after losing $300 following his advice.

After being on his list for awhile, I have discovered that he tries out different strategies in a haphazard fashion, all of which are highly untested, and all of which seem to lose money in the long-term. I haven't made a dime following any of his recommendations.

The only good thing I can say is that I have gotten a few good ideas here and there from his book and list, ideas which were only mildly interesting and only somewhat helpful.

As far as making a million dollars in four years following his advice, it hasn't happened to me and I doubt it will happen to you. This is what's known as "hype". My advice would be to take his book with a huge grain of salt.

At the very least, practice the strategies on a demo account for at least 3 months, before committing real money to them. Be certain that you ended the 3 months in profit. And, even then, be sure not to over-leverage yourself. From my experience I would suggest that you prepare for the worst-case scenario, and make sure that worst-case scenario would only wipe out a quarter(one-fourth) of your account. Even less than a quarter would be preferable.

The worst-case scenario, in my opinion, is losing 4 times in a row, 4 consecutive losses. You should make sure that losing 4 times in a row will only wipe out a quarter(one-fourth) of your total account balance. If you then lose again on the fifth try, reduce your trading size to one-half of what it was. Then try 10 more times. If you lose 10 more times in a row, stop trading for the month. Either try a new strategy or wait until another month and try again.

I think the following items are worth looking at:

The London Rush System.
My advice with this is to trade the first one that breaks out, when more than one is giving a signal. Use a 100-pip profit target and a 50-pip stoploss. Move your stoploss to breakeven when you've gained 50 pips. Make sure to use the included MT4 indicators and template. Also, I would stay away from a currency whose spread is more than 15 pips. I've been making a consistent 400 pips a month with this so far. MIG is the best MT4 broker to use with this because they carry all of the GBP-crosses, and they let you use their MT4 demo for free.

Forex Deal Butler
This one is really expensive, but it seems to be really good for daytrading. However, I have not yet tested it myself.


Solomon FX
They have tons of strategies which are apparently well-tested.

You can find these items by looking them up on Google or Clickbank.

6 of 6 people found the following review helpful:

4.0 out of 5 stars A good Manual with simple strategies, March 6, 2009

By	E. R. Buitron "Alex Kings" (Mexico) - See all my reviews (REAL NAME)

Good Morning

This book could be a good starting point for people aiming to trade in the forex markets and are looking for advise from some one who claims to be a full time trader. It is explained in a very simplistic manner and straight to the point in most of the cases. It covers 5 strategies and in only one of them shows the results during a month in a half of trading such strategy. Other than his results, It is the psicology behind trading during such period that is very important, because back testing a system can be a little complicated from the mathematical point of view and trying to get objetive conclusions it is too. But it is easy to follow back testing because there is no strees at all involved during loosing periods, nor the real life to deal with, while trading that we the "normal and functional" human beings have to live trough. So the author share with the lector such moments and give us good thougts to continue trading.

Also he talks about turning $1000 usd into $1,000,000 usd in less than 32 months with good money management. I think this aproach is partially the correct one for traders, because aims to create equity rather than creating monthly or daily cash flow from a very skinny account, which most traders had tried once at least once (me included). If you focus first to protect your account and make it grow enough then you will probably enjoy the benefits of becoming a full time trader. But this is a bussines and because of that you should not take money from it during the first years until the bussines has grown enough to pay you back.

What I dissagree a little bit is his money management rules for his plan, because only consider winning trades, which as he said there are three things that may happen while in a position and two of them are good and one is bad. One can win, the other may break even and the third may loose, but with intelligent money management you could avoid loosing your entire equity in your account. As Warren Buffet says: "If you want to finish in first place in a race, first make sure you finish the race"

None of its methods suits for me and not because they are bad at all, but I took part of one that is trading break out range for the GBB / GPY and adapted for the GBP / USD for break out during Australia and Asia Session, because fits better my biological clock here in America, and in back testing (the easy part) seems to give nice profits with a steady manner (200 to 300 pips per month), but as Glenellis says in this book. "No one wins all the time.... Not even me..."

If you are curious and want to know about this system, don't hesitate to send me an email to:[...] I will be glad to show it, so feed back can make it better.

Best regards

Alejandro Reyes Buitron