7 Winning Strategies for Trading Forex: Real and Actionable Techniques for Profiting from the Currency Markets [Hardcover]

Grace Cheng (Author)

Book Description

Publication Date: June 25, 2007

Many traders go around searching for that one perfect trading strategy that works all the time in the global FOREX (foreign exchange/currency) market. Frequently, they will complain that a strategy doesn't work. Few people understand that successful trading of the FOREX market entails the application of the right strategy for the right market condition. 7 Winning Strategies For Trading Forex covers: - Why people should be paying attention to the FOREX market, which is the world's largest and most liquid financial market - How understanding the structure of this market can be beneficial to the independent trader - How to overcome the odds and become a successful trader - How you can select high-probability trades with good entries and exits. Grace Cheng highlights seven trading strategies, each of which is to be applied in a unique way and is designed for differing market conditions. She shows how traders can use the various market conditions to their advantage by tailoring the

Editorial Reviews

About the Author

Grace Cheng is a seasoned full-time Forex trader who is well-versed in technical, fundamental and sentiment analysis, which she utilizes in her trading. Grace is also the creator of the PowerFX Trading Course (www.gracecheng.com) which is designed for both new and intermediate traders. Grace has mentored hundreds of independent traders through her PowerFX Course. She occasionally writes for trading and investment magazines such as Technical Analysis of Stocks & Commodities, The Trader's Journal, Smart Investor, as well as for online financial portals like Investopedia. She has also been featured in newspapers, magazines, newsletters and on TV for her trading expertise. Visit her popular forex blog/website www.gracecheng.com.

Product Details

• Hardcover: 260 pages
• Publisher: Harriman House (June 25, 2007)
• Language: English
• ISBN-10: 1905641192
• ISBN-13: 978-1905641192
• Product Dimensions: 9.3 x 6.5 x 1 inches
• Shipping Weight: 1.2 pounds
• Average Customer Review: 3.8 out of 5 stars  See all reviews (9 customer reviews)
• Amazon Best Sellers Rank: #1,061,368 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

34 of 36 people found the following review helpful:

3.0 out of 5 stars For beginners, January 14, 2008

By 

Joe - See all my reviews

This review is from: 7 Winning Strategies for Trading Forex: Real and Actionable Techniques for Profiting from the Currency Markets (Hardcover)

This book is for new traders, not for anyone having already looked at any forex or TA materials before. It is very basic. However, the book is well written, and free of mistakes or false hopes. Therefore it is good for a completely new trader.
I was disappointed because the book does not deliver the front cover message: Real and actionable techniques for profiting from ... Only the last strategy (the news) is detailed and really actionable as is, though it is very basic and well-known. It does not give much details or new things in the other chapters.
I was disappointed by the sentiment strategy. It is just not a strategy! Well, I was not expecting a strategy based on sentiment, but something really clear to establish a sentiment. The content of this chapter is very limited (extreme COT reading and news, action divergence).
The trend riding is just: find a trend line or R/S and put a limit or market order when the price is close enough, put a stop at 20 pips, exit with R/S based on your time frame and use your common sense for the rest. Also, use your common sense and sentiment bias to know if you should take the trade or not. Most people already know that. The difficult part is indeed finding the common sense and a reliable sentiment!
The fade breakout is very similar to the trend riding (extremely similar!).
The decrease volatility strategy is a triangle one, using the trend riding stuff for entry/exit.
If you want to have a look at the table of contents, go to Amazon UK, it is available there.

26 of 31 people found the following review helpful:

5.0 out of 5 stars Possibly the best forex trading book I've read!, February 5, 2008

By 

Jessa - See all my reviews

Amazon Verified Purchase

This review is from: 7 Winning Strategies for Trading Forex: Real and Actionable Techniques for Profiting from the Currency Markets (Hardcover)

I have read over 10 books on forex trading and this is quite possibly the best one I've purchased. I wish I would have found it before the other ones as then I would have saved a lot of money. 7 Winning Strategies is a very practical guide to improving your chances at success in the forex market. I think one of the primary reasons trading strategies don't work out is because the trader applied the wrong strategy during certain market conditions. Grace Cheng's book covers different strategies to use for different market dynamics. It details how a trader can apply these strategies and it tells you what sort of market conditions the different strategies work best in - and best of all, it does it clearly and concisely. You still need to think for yourself, but this makes it a whole lot easier to plan your trade and trade your plan! The groundwork that's been done is right on.

Actually, I was aware of Grace Cheng before purchasing this book and just like another reviewer, I didn't have a very positive impression of her because her Web site looks kind of funky. Don't let that deter you from reading this outstanding book. This book literally taught me not to judge a book by its cover. If you read it and really apply your learnings to developing a strategy that is suited to your trading style, you'd understand just how valuable the strategies detailed in this book are.

12 of 13 people found the following review helpful:

1.0 out of 5 stars Disappointing, April 26, 2008

By 

Mathew Sale (MD, USA) - See all my reviews
(REAL NAME)   

This review is from: 7 Winning Strategies for Trading Forex: Real and Actionable Techniques for Profiting from the Currency Markets (Hardcover)

I bought this book because I read the author's blog and thought it would teach me something new about trading. However, I found that topics were discussed "on the surface" without going into "how to do it". I get the feeling that she is saving the bulk of her information for her online course, which you have to pay US$700 for.