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

by Grace Cheng (Author)
Key Phrases: slow stochastic, currency price charts, fading breakouts, Winning Strategies For Trading Forex, New Zealand, News Straddling Strategy (more...)

Editorial Reviews

Product Description
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

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; illustrated edition edition (June 25, 2007)
• Language: English
• ISBN-10: 1905641192
• ISBN-13: 978-1905641192
• Product Dimensions: 9.2 x 6.5 x 1.1 inches
• Shipping Weight: 1.2 pounds (View shipping rates and policies)
• Average Customer Review: 3.8 out of 5 stars See all reviews (9 customer reviews)
• Amazon.com Sales Rank: #361,735 in Books (See Bestsellers in Books)

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Customer Reviews

Most Helpful Customer Reviews

21 of 25 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

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.

21 of 26 people found the following review helpful:

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

By	Joe - See all my reviews

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.

6 of 8 people found the following review helpful:

5.0 out of 5 stars This Book Will Be A Classic On Forex Trading, April 30, 2008

By	Peter Hartwell (New York, USA) - See all my reviews

It is refreshing to see a book like this on the topic of forex trading, a book which is written concisely and straight to the point without wasting space. In this book "7 Winning Strategies For Trading Forex", the author Grace Cheng has done a great job of explaining the specific peculiarity of forex trading for the average individual, and how specific techniques can be applied to certain currency pairs. I am pleased that this book delivers what it was set out to do. She even emphasized that certain strategies are to be used under different market conditions. Realistic traders will find her information very useful and generous. As for those looking for the holy grail book, nothing is ever good for them. If you want a serious book on forex trading to be worth your money, this book will be it.

I've read many books on currency trading and I find this book easy-to-understand and appreciate the author's written snippets of her own observations and experience. Trading knowledge wise, on a scale of 1-10, it has taken me from a level of 2 to 7. The rest will have to come from trading in the trenches myself I suppose. Her knowledge of trading and inner workings of currency trading belies her youth, but if that's the result of her trading since after her university graduation many years ago, that's commendable and deserves my respect.

I first heard of Grace Cheng when I saw her on Chicago ABC News early this year and then went to her website. Since then I go to her site almost daily; her way of penning her opinions and observations is unlike those you see on most other broker sites.

I highly recommend this book to anyone who wish to know more about forex trading and those who are wise enough to see beyond her age and gender. This book will be by my side as I trade.