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17 Proven Currency Trading Strategies, + Website: How to Profit in the Forex Market Hardcover – February 11, 2013
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From the Inside Flap
With an average of $4.3 trillion exchanged per day, the Foreign Exchange (Forex) market is the largest and the most actively traded market in the world. Countless money-making opportunities abound in the Forex market every day for savvy traders equipped with the right knowledge and tools. But how does an amateur investor take advantage of these opportunities to earn high returns? This book provides a comprehensive solution to this question by arming you with the same knowledge and tools that these savvy Forex traders have.
Written by Mario Singh, head of the prestigious FX1 Academy, the largest Forex education firm in the Far East, 17 Proven Currency Trading Strategies is a plain-English guide designed for anyonefrom beginners to professionals, and everyone in betweenlooking to quickly master the knowledge and skills needed to win big in the booming Forex market.
Following the first section that explains in plain Englishwhat is Forex trading, how money is made in the Forex "game", the six major players involved, and the importance of knowing one's Trader Profilethe second section focuses on specific and practical guidance, which includes:
- A "Trader Profile Test" to help the reader get a clear picture of his natural trading style and which of five trading profiles he belongs to (Scalper, Day Trader, Swing Trader, Position Trader, or Mechanical Trader)
- 17 proven trading strategies (between 2 to 5 strategies for each trader profile) for the reader to immediately start cashing in on the Forex market
- Descriptions of an array of real-world trading scenarios, with tips on how to address them
- A section that shows the reader how to custom-tailor a trading system designed for his sensibilities and risk tolerance
- Forex hedging strategies for finance professionals at multinational corporations
- And much more
Short on theory and long on practical insights and step-by-step guidance, 17 Proven Currency Trading Strategies is an indispensable working resource for investors and traders of every classificationfrom retail investors and fund managers, to portfolio managers and institutional investorslooking to expand their trading horizons and win big in the Forex game.
And, whether you're a recent college grad or a baby boomer preparing to retire; a middle manager or business owner; or looking for a reliable second income stream, this book can help you to achieve the financial independence you want and deserve by trading the Forex market, no matter what your life stage, income bracket, or professional standing.
From the Back Cover
"This is an excellent primer for traders at the start of their Forex trading career. I especially like the fact that it is separated into two parts, with Part 1 covering a complete introduction to Forex and Part 2 covering the exact strategies. At the end, Mario provides two invaluable pieces of advice for continued success. Firstly, he provides the five rules a trader must adhere to. Secondly, he sets out the three character attributes a trader must have. I believe this book deserves a place in your bookshelf."
Ray Barros, trader, private hedge fund manager, and author of The Nature of Trends
"Since I have been investing in international equities for many years, this book was of particular interest. Foreign exchange impacts us all and particularly those of us investing globally. This book gives a fascinating insight into exactly how the Foreign Exchange market, the world's largest, actually works. I was particularly interested in the description of the six major players in the market: central banks, commercial and investment banks, multinational corporations, institutional traders, retail Forex brokers, and retail traders. One particularly fascinating feature in the book is a psychological questionnaire that determines 'What kind of trader are you?' and also deals with trading strategies for various types of traders."
Mark Mobius, President, Templeton Emerging Markets
"Success! Mario has created a series of powerful, easy-to-use trading strategies that anyone can use regardless of their level of experience. I've had the pleasure of knowing Mario and working with him for years, and there is no better person from which to learn about currency trading. 17 Proven Currency Trading Strategies gives the reader everything they need to succeed.
Ed Ponsi, President of FXEducator.com and EdPonsi.com
"Mario Singh is the King of Forex in Asia! He is one of the few people who truly understands the importance of combining fundamentals with technicals and does it extremely well. He is a great friend, and his passion for trading and teaching others comes through clearly. This book is jam-packed with useful trading strategies for all types of traders. You can literally pick up this book and start trading. Well respected throughout Asia, this book will quickly become a staple on the bookshelves of all Forex traders in the region."
Kathy Lien, CNBC Contributor; Managing Director of FX Strategy, BK Asset Management
Top customer reviews
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The first part of the book concentrates on a lot of the well known basics of Forex, if your brand new this might be a good read for you. He covers the How and the Why of the market and other basics.
The second part of the book is actually relevant to the title. There are 17 rather quick systems to trading, but there is not a lot of depth and analysis as to why the system really will work. There is a light bit of explanation as to why the systems will work ie the information about the indicator being used. But aside from that there doesn't seem to be evidence that these systems in fact work. The second system, if you worked it mechanically would be a horrible loser for instance, there seems to be a method to the madness but the author doesn't clarify why it would work. The second system, to be clear is a scalping Bollinger band bounce type strategy, but in the charts used to illustrate it there are a few trades that if executed would have crashed and burned.
The day trading systems generally were just support and resistance, either trade the break or fade the break. Nothing really innovative here. The swing strategies were more interesting but not much different.
Some of the position strategies were actually rather interesting, I'm not as interested in those generally, but I really liked the idea of linking the daily forex market to certain commodities, maybe not the newest info, but I felt I learned something here. (Although I did not check it out for myself yet, so fair warning to myself)
That said, if you decide to take a strategy given in this book do your own diligence and figure out the nuances as to why it works on the demo account live before putting your money on the line. As this is true for any system it should just be amplified for these systems.
I thought some of the charts were difficult to read, some of the type was just a little to small but none the less I was able to get the gist of it.
The funny thing is that the author spends a great deal of time explaining the setup of each strategy and its outcome, but if you look closely at each chart, you will notice that the author does not mention the 2 ou 3 LOSING signals that could have triggered a buy or sell signal just a few bars ago. So on the same chart, the LOSING signals are conveniently ignored and only the winning signal is shown and explained.
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