Sunday, April 02, 2006

ForeX Trading for Maximum Profit: The Best Kept Secret Off Wall Street

ForeX Trading for Maximum Profit: The Best Kept Secret Off Wall Street
An in-depth how-to look at Forex trading using the methods, analysis, and insights of a renowned trader, Raghee Horner As the fate of the dollar against foreign currency generates both anxiety and opportunities, currency trading has been drawing much interest and a growing following among traders in the United States. The Forex market is particularly attractive for investors because it trades with no gaps and has unlimited guaranteed stop-losses. The liquidity of the Forex market and worldwide participation makes for more reliable and longer lasting trends as well. Raghee Horner has become legendary not only as a top Forex trader but as a master teacher of trading systems and techniques. Drawing on her winning tools and methods, including classic charting techniques, this book enables a trader or investor of any skill level to understand how the Forex operates and lays out a blueprint for getting starting in this little-understood but high-potential trading vehicle. Raghee Horner (Pompano Beach, FL) is an accomplished trader with more than fifteen years in the markets. She is the cofounder and lead trader of the EZ2 Trade Institute and an educator teaching her style of technical analysis and charting strategies to students all over the world. Raghee has written more than 100 articles on investing, has been a regular on the MoneyWatch Radio Network, is featured at eSignal's "Trading with the Masters," and is a regular contributor to Trader's magazine. Her chart analysis and commentary have appeared on TradingMarkets, JAGNotes,, and FXStreet. She is also a sought-after speaker who has conducted seminars throughout the U.S., Canada, Caribbean, and Asia.

Customer Review: I was looking for a trading approach and found it here

I googled forex and found plenty of generic information on the market, history, major players, chart patterns but nothing specific. I needed to know when to trade because I was told that even though this market trades 24 hours there are better times to trade. Also needed a trading approach. I am not new to trading. I have traded stock successfully for years. I tried applying what I had been doing in stocks and it didn't quite translate the way I had hoped it would. A friend recommend this book to me and I bought it second hand for a good price. The tools the author uses are not diffcult to learn and the Wave that she uses are now on all my charts. Traders that are looking for a fundamentalist's approach to trading economic data nad news will be disspointed. I like the way the author used Fibonacci Levels and psychological numbers to manage the trade. This book made forex approachable and gives me a place to start. If you need generic info on the market, google "forex" and you will have plenty of information. When you are ready to trade, give this book a read.

Customer Review: Simple vs. simplistic

Different traders have different styles. Some want a zillion confirming indicators before placing a trade, some prefer playing with indicators to trading, and some indulge in the fantasy of finding the "holy grail" system.

Personally, I've never found anything that beats good ole support and resistance, trendlines, and entering the "zone" by watching candlesticks form and candlestick formations. I pay my bills with Forex, and I trade against the indicators only slightly less often than I trade with them. I often forget to look at them at all because I'm focused on what is happening with the ... PRICE!

The problem with indicators is they tell you what has happened but they make you believe they can tell you what WILL happen. There is a world of difference between looking at a historical chart and watching one develop in real time. If you don't believe me, just place a default slow stochastic on a chart and watch the crosses develop. You'll lose a heap of money in no time at all. Then knock yourself out tweaking it according to any number of holy grail systems. You'll lose another heap of money.

Raghee's system is no different. It looks great on historical charts, but often fails to predict the future in real time.

Actually, it is fairly easy to predict where prices will go in general - assuming no strong support or resistance and no big news, they will usually continue merrily on in the direction they are going. Consequently, it's easy to get into a trade.

Getting out is the trick. And that trick is about experience, psychology, and money management more than prediction.

IMO, the truely reliable tools for trading Forex are simple -- S&R, trend, candle formation, PRICE PRICE PRICE. The systems based on indicators -- Raghee's included -- are simplistic, which is quite different from simple.

Kids, there ain't no free lunch. That's the bottom line.