The Forex Trading Course: A Self-Study Guide To Becoming a Successful Currency Trader (Wiley Trading)
- ISBN13: 9780470137642
- Condition: New
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A pioneer in currency trading shares his vast knowledge The Forex Trading Course is a practical, hands-on guide to mastering currency trading. This book is designed to build an aspiring trader’s knowledge base in a step-by-step manner-with each major section followed by a thorough question-and-answer section to ensure mastery of the material. Written in a straightforward and accessible style, The Forex Trading Course outlines a practical way to integrate fundamental and technical analysis to
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(out of 8 reviews)
List Price: $ 60.00
Price: $ 31.92
Turning Losing Forex Trades into Winners: Proven Techniques to Reverse Your Losses (Wiley Trading)
An effective way to reverse a trade’s fortune
Almost all trading books focus on “winning” trades. But winning trades can be hard to come by, especially when you’re just starting out. Turning Losing FOREX Trades into Winners takes a look at this discipline from a different angle, examining effective methods for dealing with trades that are in a losing position. First, it guides the trader through the various steps of determining if a trade is with or against the overall trend. Then
Rating: 
(out of 6 reviews)
List Price: $ 85.00
Price: $ 43.00
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{ 10 comments… read them below or add one }
Review by Mark Twain for The Forex Trading Course: A Self-Study Guide To Becoming a Successful Currency Trader (Wiley Trading)
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Nothing new or great here. If your just getting started this book will help with the basics. The part about system development is very sparse (essentially just says use ms excel for backtesting). Overall I felt fleeced paying retail for this at B&N.
Review by Richard Reed Jr. for The Forex Trading Course: A Self-Study Guide To Becoming a Successful Currency Trader (Wiley Trading)
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This book is supposed to be for beginners in forex. But it is very poorly done. It mostly deals with fundamental analysis, but in a very unorganized and unstraight forward fashion. He shows bar charts and candlestick charts without bothering to explain how to read them. He even starts talking about pips without explaining what a pip is. Then he just gives the standard overview of technical analysis. Nothing truly in depth. He mentions using a practice account, but kind of pooh-poohs it. Then he challenges people to open $5,000 and $10,000 accounts and make 10-15 pip trades. This is not good in my opinion.
A person should open a practice account an stick with it until they can make money consistantly. Then they should open a small account ($1,000-$2,000) and trade partial lots till they get the hang of it. And unless they like scalping (10-15 pip trades), they should aim for 100 pip trades. The only way I could ever make only 10 pips is to risk 30.
Read Currency Trading for Dummies. It is a very well thought out, organized, and certainly more informative than the Forex Trading Course. The dummies book also has suggested reading at the end for further study. The Forex Trading course has a few books mentioned throughout, but considering how bad The Forex Trading Course is put together, I wouldn’t trust the books listed outright.
Review by Mikael Tulloch-reid for The Forex Trading Course: A Self-Study Guide To Becoming a Successful Currency Trader (Wiley Trading)
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Definately for beginners – deals with some fundamentals, but not much more. The final chapter of the book directs the reader to the author’s website and promises that one can download the ” Learn4x Trading Pad ” which ” uniquely offers built-in analytics on trader performance, allowing the trader to track key performance results”. The link however doesn’t work and I was unable to find, much less download the Trading Pad at the author’s site. I did see several inducements to purchase his book. This was a real let down, as I think most beginners would find such a tool extremely useful in honing their skills.
Review by John Echternacht for The Forex Trading Course: A Self-Study Guide To Becoming a Successful Currency Trader (Wiley Trading)
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I have purchased and read most of the recent books related to Trading Forex. I would place Abe Cofnas’ newly released “The Forex Trading Course: A Self-Study Guide to Becoming a Successful Currency Trader” at the top of the list of books to purchase. The author covers the basics of trading: Fundamentals and Technical Analysis in a very in-depth level. However, I feel what sets this book apart from others are discussions of Advanced Strategies (e.g., Renko scalp setup and Pattern Recognition).
This book is a Must Read!
John Echternacht
Review by William D. McArthur for The Forex Trading Course: A Self-Study Guide To Becoming a Successful Currency Trader (Wiley Trading)
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Don’t waste your time here. Big disappointment.
Cofnas writes a monthly article in Futures Magazine which is what led me to this book to begin with. Since his contributions to the magazine are only one page and seemingly topical I thought I’d get the seven course dinner here.
What I got was a reheated burger and warmed over fries.
This man really needs to take some courses on writing books. Thoughts disjointed. Incomplete thoughts. Rambling thoughts.
There are too many GOOD books on what can be a very deep subject( Chandler and Laidi for 2 of the best )for the same money. This is hardly a “Guide to Becoming a Successful Currency Trader” – maybe only in the sense that it will spur you on to find the really good books to become successful.
Cofnas also puts out a series of videos that I had a chance to review but thankfully didn’t pay for. Same problem there.
I honestly don’t know if Cofnas even knows this stuff. If he does it certainly wasn’t evident anywhere in this book. Most points were generic and lacking any real explanation or depth – kind of a list of what to go educate yourself on from some other source.
In any event, trust me, after reading this book you will be no more prepared to tackle what is unequivocally the hardest market of all to trade. The central banks and big private banks can hold their collective breaths a lot longer and with way deeper pockets than any of us.
If you are a seventh grader writing an introductory paper on the subject this book is for you – otherwise pass and keep looking.
Review by Honest reviewer for Turning Losing Forex Trades into Winners: Proven Techniques to Reverse Your Losses (Wiley Trading)
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Target market
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Regarding profitability, there are two types of traders; those making and those losing money. If you are losing money (i.e. your strategy has a negative expectancy or faulty execution) then this text CANNOT HELP YOU. In this circumstance, cost averaging as expressed in this text will cause you to lose money faster since the premise is to make up for losses on the next or the next few trades. This is what is known as a Martingale type system (see Wikepedia for info on Martingale). As Van Tharp always says, the anti Martingale approach works.
If you are making money with your system, i.e. positive expectancy, then I would ponder one thing about taking the advice in this text and that is … Why would I alter my money management system because I’ve lost a trade? Certainly my money management approach will take into account losses and still be able to steadily increase my portfolio. Additionally, increasing your risk on the next trade assumes that your next trade is more likely to be successful than your last trade. Well, free Internet research will show that this premise is incorrect. Additionally, cost averaging is dangerous and may actually cause a good system to become marginal and a marginal system to lose money. Please read good money management texts for factual evidence to back up my claim (Van K Tharp etc).
Shallow
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With regard to the text’s shallowness, I can only say that it has no clear strategies. In fact, even the cost averaging that the book purports to teach has been handled in a very sketchy fashion with ideas on how to effect it strewn throughout the text in sentences such as “when suffering two or more losses in sequence, I do not attempt to recover everything with one trade, but spread it out over the next three or four entries” (page 101). Why not the next five or six entries, or seven our eight or one or two. Where is the rational behind using the next “three or four” entries. This statement alone should clue newcomers to trading to the fact that cost averaging is very dangerous.
The title is very appealing to those searching for the truth. The closest you will find in this text is the mention of their proprietary ROI (River Oscillator Indicator). I know nothing of the indicator but from the author you get the feeling that it is very good bordering on miraculous. You’ll have to pay for it. Nothing wrong with that. However, this book does not teach you how to use it. If interested, contact Concorde Forex Group, find out the cost of the indicator per month and any other costs such as training to use the indicator. Then make a reasonable decision as to whether or not it is worth it to you.
In closing, if you have a propensity for gambling, (which I don’t recommend) then I suggest you review the freely available techniques available on the net. In fact, they will even give you detailed methods of how much to risk, how much to increase your risk for each subsequent loss and when to quit (when you have reached your draw down limit), which is more specific information than contained in this text.
I live outside the US, so lucky for Amazon that it’s not cost effective to return this book.
Review by Geoffrey N. Ingram for Turning Losing Forex Trades into Winners: Proven Techniques to Reverse Your Losses (Wiley Trading)
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This was an excellent read. I bought this book partially because of the title “Turning Losing FOREX Trades into Winners.” You see, I’m definitely one of those that had some losing trades and I thought it would be refreshing to read something that dealt with my reality.
Initially, I was simply hoping for some tips on when to reverse a position, and while I found that, I found it while getting something I wasn’t expecting. The whole book is loaded with images (the second half seems to have more real estate given to visuals than to text) that deal with the practical reality of entering trades in “gray areas.” That is, instead of focusing on the fairly rare “perfect entry,” the book deals with what the market actually looks like every day, where you simply don’t see the prototypical entry. It does show trader’s dream entries, but only to make a point. Then it goes on to show multiple cases of what you can expect to actually see.
The text seems organized to allow beginners to get a greater feel for the topic while allowing experienced traders focus on specific trading techniques. Being somewhere in the middle, I found the explanations helpful, yet I’m keeping the book/website open to specific sections. It’s certainly worth the investment.
Review by for Turning Losing Forex Trades into Winners: Proven Techniques to Reverse Your Losses (Wiley Trading)
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Gerry really helped me with keeping my trading in the positive. The techniques that he goes over in the book are prices less. Chapter 5 is a must read for any forex trader.
Thanks again for sharing your priceless knowledge.
Review by Gustavo Alberto Salazar Jimenez for Turning Losing Forex Trades into Winners: Proven Techniques to Reverse Your Losses (Wiley Trading)
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Sencillo y con bastantes ejemplos que muestras las posibles situaciones que día a día como trader enfrentamos.
Permite explorar herramientas que pueden hacer que recupere ciertas entradas
pero como los es en todo lo relacionado con el análisis técnico, el backtesting y la personalidad del trader lo es todo
Review by John H. Sweet for Turning Losing Forex Trades into Winners: Proven Techniques to Reverse Your Losses (Wiley Trading)
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I have been trading for years and the FOREX for four years and this is one of the best books I’ve read on the subject. I highly recommend it.