World Famous Comics: Turning Losing Forex Trades into Winners: Proven Techniques to Reverse Your Losses (Wiley Trading)
Turning Losing Forex Trades into Winners: Proven Techniques to Reverse Your Losses (Wiley Trading)
By: Gerald E. Greene Publisher: Wiley Average Rating: Binding: Hardcover Label: Wiley Number of Items: 1 Number of Pages: 224 Publication Date: June 23, 2008
Product Description: 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, it explains how to decide when a trade should be closed or left open. While this reliable resource is filled with in-depth insights and expert advice that will help readers gain a better understanding of today's FOREX market, it also contains hundreds of chart examples that will provide step-by-step instructions on how traders can recover from losses.
Without a target market & shallow Target market ----------------- 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 -------- 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.
Buen libro 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
Excellent addition to my library 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.
The title says it all 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.
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