Sep
01
Forex Patterns & Probabilities: Trading Strategies for Trending & Range-Bound Markets
By
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…
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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.
5.0 out of 5 stars
Excellent, Serious Work on Forex Trading
The author is spot on with his observations of market tendencies and his methods to exploit those tendencies.
5.0 out of 5 stars
Best Forex Book On The Market!
I have read nearly every fx book printed over the past five years and without question, Forex Patterns and Probabilities is miles beyond the rest.
5.0 out of 5 stars
forex patterns and probabilities
I found this book very useful. It was what I wanted & needed to know. i have purchased many books but this book explains things that a trader should know in easy to understang…
Ed provides the basics of trading strategies that handle most of the forex market conditions. While many of these strategies have appeared eleswhere the explanations of why they work and why they should be followed is something that comes from years of trading experience. For example: why does forex often fail to breakout of support and resistance areas on the first or second attempt? How do the institutions maneuver the price during slow volume hours and how you can use this to advantage. Also the section on his trend following system is clearly thought out and easy to follow.
This is a book that I could really could have used 6 months ago and skipped most of the other stuff about trading. About the only thing missing is backtested results to show how well the systems work in real trading. But there are clear examples of each strategy.
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.
4.0 out of 5 stars
Making Money in Your Underwear
This book came highly recommended here on Amazon. I have already recommended it to my brother who is also an investor (he’s in stocks).
5.0 out of 5 stars
Worth every penny
Gives you a unique perspective of trading. Large parts of it can apply generally to all trading. Clearly explains the difference between trading Forex and other instruments such…
5.0 out of 5 stars
BJ, New York
If you are new in forex trading and want to learn trading then this book will put you on right track and direction.
5.0 out of 5 stars
Outstanding Forex Trading Book
I would give this book ten stars if I could. This book is the single most helpful tool that a forex trader can have, period.
4.0 out of 5 stars
great book
great book but i think it’s a little too expensive. it’s a big help to anyone wanting to better their trading skills.
5.0 out of 5 stars
Essential Forex Reading
Echoing many other reviews for Ed Ponsi’s well-written and informative work, Forex Patterns & Probabilities is essential reading for anyone interested in the foreign exchange…
3.0 out of 5 stars
Book didn’t really help me at all.
I applied the authors strategies and I lost money. I went back to my old ways and made money. If your way is not broken then why try something else?