Customer Reviews

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

5 star:		(11)
4 star:		(3)
3 star:		(1)
2 star:		(0)
1 star:		(4)

 

 

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.

I read this book over the 2010 New Year weekend and was very excited about the concepts it presented. I have been trading Forex for about a year and felt that the things Jeff presented really made sense.

On Jan 5th I joined his Trade group that is supposed to provide emails regularly to help in the members trading. He mentions this in the back of the book, which is what lead me to the website to join. I paid $149 - I never heard anything from him.....

So, I figured the transaction hadn't gone through. So on the 10th I joined again. This time I got a form letter saying my email was activated.

As part of this group you can join a daily conference call in the "Trade Room" that is supposed to talk live about possible trades going on and then the group that is online (suggested to be many in this group) would make the trades together. It was stated in the advertising material that this group operated from 6AM to noon eastern time. Being on the west coast I got up at 3:00 AM to take part in this discussion. I did this for many days. I finally found some action on the discussion at about 6:30 AM (west coast time). And there were no more than 10 people as part of the group. I got on at least 5 times and found the same thing. They never talked about anything I could figure out. No specific trades were every executed while I was listening to the group. It was only two people talking about a EA and how it was working for them - this went on for days.

I have yet to receive an email advising of a possible trade, it is now January 29th. I wrote to Jeff twice now asking for him to either send back my money or explain to me how the system works so I can better use it. The only response I have received is the same form letter saying my email account has now been activated.

I want my $149 returned, but I can't get through to the guy at all. PLEASE do yourself a favor and stay away from this situation, he is a rip-off artist who doesn't seem to have an interest in those who want to "learn" from him. He talks a great story of encouragement, but his actions do not follow his talk, he hasn't done anything he said he would and it has been 24 days since I first made contact with him and his organization.

MY next step is to complain through Amazon and the publisher. I want to try to protect others from being ripped-off.

Having used a multitude of EA's, signals, systems, PDF's over several years this is a very good place to start learning the basics of FOREX. FOREX is not a $ a second thing, it (like most things for most people) needs you to learn to crawl before you walk, You could start here and stay here and make a million in 4 years if you so desired, maybe quicker.
Now the hardest thing is choosing a broker (try Oanda MIGFX Alpari or IBFX for really small accounts). remember a real money account (even with $50 in it) is better than a "demo" account and won't cost you your life savings. Take it easy, MONEY MANAGEMENT ABOVE ALL !!!!!!!!!!!

The only good thing about this book is the discussion on preserving capital. J.J. Glenellis talks about joining his trade room for $149.00, save your money, this is a total scam. I sent numerous emails trying to contact some one and never once received an email in responce. If this guy doesn't have the morals to live up to what he is selling then I really question everything he has written in the book.

I was completely unimpressed. One thing that irritates me to no end is when some wise guy creates a chart of how much money you will make earning 10 pips per day, 20 pips per day, or ? per day. In this book, it's a chart that shows your road to riches if you earn 5% per day, like he purportedly did. I've earned 5% per day, and I've even earned a lot more on occasion. However, all it takes is one loss to knock you out of the spreadsheet. ONE LOSS! Imagine how devastating a string of losses would be to the bottom line! While these people tell you that there will be losses, they fail to factor that into their little tables. (Note: If you have a system that produces wins 60% of the time, and where the stop-loss is equal to the profit target, right away you would see that you would have to actually be able to gross at least 8.33% of your equity per day, to end up with 5% net profit. But, when do you stop trying to bag that 5% profit? When you have a 20% drawdown? I wish I had some recommendations to give readers of this review, but if I had a system that would consistently "win" 60% of the time, I wouldn't have bought this book to begin with!!!

Also, this book is a retread. Oh, sure, there are plenty of subsequent editions of books out there, but he just took the old book, and added his "updates" in italicized notes, rather than re-writing anything. I got a laugh at how he states that a particular system no longer works! Why waste peoples' time trying to explain how one "might" make it work!! For the money, it was really disappointed that he couldn't re-write, or completely eliminate, the parts that should be scrapped.

My recommendation is that you save your money and pass on this book. At least check out the reviews for this item on forexpeacearmy.com before you decide to toss your money to the wind.

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

The book is a quick and easy read and a beginning trader should benefit most from the money management and proposed account growth chapter. The book highlights some trading systems which are mainly scalping techniques which are methodologies a beginner should be careful with as it is quite easy to get burnt. And very quickly! The other systems, being moving average crossovers and breakouts, are less than failsafe which is main reason the reader should place emphasis on money management and risk tolerance.

From reading it one could be led to believe that the FX market is easy to get into (true) and can provide easy profits (remember that when someone makes money, someone else loses it.) While it has grown tremendously and is highly liquid, it should be approached with caution so as not to be the ones losing to the banks. The lack of a centralized clearing house for FX transactions and the wide variety of brokerage houses makes this a potential mine field, and if a beginning trader believes that they can go in with $500 to make a mint, they will quickly realize the impact of leverage!

To the beginning trader, remember that it is you, the retail trader, who is going against the banks...

I still think the book is worthwhile, but only when combined with other education that references solid trading techniques as opposed to "systems" which rely on bouncing balls or color-changing lines exclusively.

Glenellis is not a novice trader, he is an an expert, and that is what makes this book great. What makes it horrible is the fact that novice traders do not know where the pitfalls are and are unaware of the problems.

First of all, the strategies presented, as they are presented do not work. Neither are they mechanical as it may seem at first. I even think Glenellis published the strategies that do not work on purpose, and this is great. What is so great about publishing strategies that do not work? The fact that people will start trading them with demo or microlots, and learn what they have to adapt. The lesson taught that way are far more valuable than a handed-out-on-a-silver-platter profitable trading strategy. Throughout these strategies you will learn what tools to use when you are expecting a certain market move: e.g. if you know there is going to be a big move at a precise point but are unsure on the direction, use the method described on trading the news...this is not necessarily news, could be breakouts, could be weekly trendline bounces and so on. It is your job to solve the day to day trading puzzles, and there are not ready made answers, good indicators...in one word, the holy grail.

The most horrible part of this book is money management. Do not read this unless you have been trading unsuccessfully for at least two years, and successfully for another two. the seven sum figures will be too alluring for you to remain objective. you will make the mistake of overtrading--especially if you are successful. You need to know both how it feels to be right and how it feels to be wrong to formulate income goals, and reach them. It is not Glenellis who is to blame for this, but our own greed and overconfidence once we first become profitable.

The only rule you should use is never to risk more than 1% capital, not per trade, but per day! it means if you have 1k, trade up to -10 usd per day. It means you should trade on no leverage profitably for at least a year before venturing further. Remember that if you could make 5$ a day, in a year, without any leverage increase, you would double your money, but if the profitable strategy fails to work as desired, you will have a lot of opportunities to see that, and you will be less nervous. The time to risk 10% in a day will come, but in five to ten years from now!

All in all this is a great book, although the title is horrible. Beware of the hidden problems of trading!

This book goes further in explaining his successes than it does in transferring knowledge of how to succeed. He does provide a few trading strategies, but if you aren't already familiar with forex they're pretty risky. My main issue with this book is that there are no page numbers. If you take notes as you read (as I do), there's no way to correlate your notes with anything other than a bookmark. Likewise, there's no table of contents. Finally, as others have noted, the author makes a number of pitches for his own trade calling service.

Save your money. There are plenty of helpful, educating books about trading foreign currencies. This one should not be on your shelf.

Great book to read for Forex Traders of any level.Clearly written and easy to understand.It greatly helps the Trader Reader
to understand the Forex Market,and How it function and what to expect from it.Also and most importantly the qualities Traders need to develop in order to have a change to succeed.I would recommend it to any Trader looking to develop a successful and profitable approach
to trading the Forex Markets.Its value for more than what it costs.DA.UK.