While most books on trading deal with general concepts and shy away from specifics, Forex Patterns and Probabilities provides you with real-world strategies and a rare sense of clarity about the specific mechanics of currency trading. Leading trading educator Ed Ponsi will explain the driving forces in the currency markets and will provide strategies to enter, exit, and manage successful trades. Dozens of chart examples and explanations will guide you each step of the way and allow the reader to "look over the shoulder" of a professional trader hard at work at his craft.
This book provides traders with step-by-step methodologies that are based on real market tendencies. The strategies in this book are presented clearly and in detail, so that anyone who wishes to can learn how to trade like a professional. It is written in a style that is easy to understand, so that the reader can quickly learn and use the techniques provided.
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The Best Forex Book By Far - A Classic
Review Date: September 8, 2007
Reviewer: Ikayakbr,
Without a doubt this book is far superior to anything else available on the subject of forex trading. "Forex Patterns and Probabilities" will become a trading classic not only for the tremendous amount of useful information it provides, but for the easy and fun way that the information is presented. The author, Ed Ponsi, presents very detailed strategies and then demonstrates them to the reader in a very concise manner. This is exactly what I needed and what most traders need - clear, unambiguous directions that explain in perfect detail exactly what the trader must do to make money trading.
The author caught my attention when he appeared on CNBC, and it became immediately clear that he was not the average guest. He has a relaxed manner and a seemingly encyclopedic knowledge of trading, yet he explains everything in a very down-to-earth manner. He has a real ability to explain trading in a way that is easy to comprehend for the average person. The book reflects that.
The one thing that is abundantly clear is that the book is written by an actual trader - you can tell by the tremendous detail and the clear thought process that the author has actually used these strategies, and he even shows examples where the trades didn't work out. He shows trading as it really is, not the idealized version presented in most books.
When I read this book I felt as if the author were speaking directly to me in that pleasant, easy-going manner. The book is free of technical jargon and is even amusing at times. I especially enjoyed the stories about the author's early days as a trader on Wall Street, and the way he relates trading to everyday life.
This book contains some real eye-openers, including a chapter that will forever change the way I think about trading. The author applies game theory to show why most short term traders lose money, and what you can do about it. This alone was worth the price of the book. Another section exposes the conflict of interest inherent in the introducing broker relationship. You certainly won't see that in any of the books written by market maker employees. Another great section showed how to set goals. There was so much good, useful information in this book, and it was so easy to read and entertaining, that I couldn't put it down. I recommend it highly to anyone who is serious about trading for a living.
Great Content, Easy to Understand, No Hype
Review Date: December 8, 2007
Reviewer: Zaphod, Arizona, USA
This book presents a rare combination - excellent content presented in language that is easy to understand. This is exactly what I needed, a clear series of trading tactics and strategies with no mysterious technical jargon to confuse the reader. The author wastes little time and "gets to the good stuff", a welcome relief from all of the filler-laden material on currency trading that permeates the industry.
I find it refreshing that Ed Ponsi does not try to hype anything in his book, he just gives good solid trading techniques and advice. This is in stark contrast to so-called 'authors' who are really just shills for currency market makers or signal providers, trying to hype their products. Why is there so much hype in the trading world?
The author is adamant that traders need to use different tactics for different situations. I have been using the FXED Trend strategy and Ed's multiple time frame strategy and they've been great, especially on the trending currency pairs. When the market ceases to trend, I switch tactics as recommended by the author, and use the Elevator Trade or the FXED Fibonacci Trade.
The bottom line is, I really enjoyed this book. It clearly states what traders must do to succeed, so I recommend it highly. Five stars.
Bought It For My Jr Traders
Review Date: November 29, 2007
Reviewer: tcamino, NYC
I work on a trading desk, and my junior traders will be getting this book as a gift. Very realistic, gets right to the point with a minimum of filler. The trending strategies are particularly useful. Goes far beyond most of what passes for trading literature.
Outstanding book!
Review Date: December 7, 2007
Reviewer: Lady Kincaid,
Excellent Book! Ed Ponsi's book exceeded all my expectations. It gave me a first hand account of what a currency trader's world is really like. The strategies are extremely useful, and based on a solid logical foundation, and the pratical methods the book has taught me have increased my profits tremendously. I think the book caters well not only to novices, but also to professionals who need to brush up their knowledge. Clearly written and fast-paced, the book is as entertaining as is informative, and the technical strategies are very comprehensive. The book definetly opened my horizons. It's great to have a book that is written in a way that makes sense!
As Good As It Gets
Review Date: January 13, 2008
Reviewer: rbetts79, Alabama
I've read all of the books on forex and most of the stock trading books too, this is the best one that I've seen. There are really clear strategies in the book that I can follow along, and now that I know what to do I've changed my style of trading and I am doing much better after struggling for months at this. Trading is hard so you need good strategies and good advice and I found it here in this book, it helped me a lot. God Bless.
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The Best Forex Book By Far - A Classic
