Rating:

The onething I would have like to seen more of in the book, is trading examples on the charts. The charts in the book have easily identifiable trade setups, but it does not include examples of more elusive and complex trades. I guess Mr. Miner could write a second book for the more advanced trader.

This book is also well complemented by another book, Fibonacci Trading, How to Master the Time and Price Advantage written by Carolyn Boroden. I recommend reading High Probability Trading Strategies first and then refining your skills with the second book.

finally found it

Another property of forex market that makes it an excellent trading instrument is use of leverage. Many beginning traders don’t fully understand the concept of leverage. Basically, if you have a start up capital of $5,000 and if you trade on a 1:50 margin you can effectively control a capital of $250,000. However, a two percent move against you and your capital is completely wiped out. If you are a beginning trader you should not use more than 1:20 margin until you get comfortable and profitable and then and only then you can attempt to use higher margins.
What does 1:20 margin mean? It means that with your $5,000 you will control a capital of $100,000. Let’s say you are trading EUR/USD and by using our entry strategy you have decided to enter the trade on a long side. That means that you are betting that USD will depreciate against Euro. Let’s say current EUR/USD rate is 1.305. Again, if your trading capital is $5,000 and you are using 1:20 leverage you will effectively be exchanging $100,000 to Euros. If the current rate is 1.305 you will receive 100,000/1.305 = 76,628 Euros. If the trade goes in your direction the margin will work in your favour and 1% decline in USD will mean 20% increase in your start up capital.

So if EUR/USD rate moves from 1.305 to 1.318 you will be able to exchange your 76,628 Euros back to $101,000 for a profit of $1,000. Since your start up capital was $5,000 it is effectively a 20% increase in your account. However, if the trade went against you and USD appreciated 1% vs. Euro your account would be reduced to $4,000. That would not have happened as our strategy has built in hard stops to prevent such outcome.

Rating:

“I never cease to be amazed at all the ‘marketing gurus’ who start Forex education training companies or attempt to sell Forex ‘buy and sell signals’ and prey on the ignorant by promising them untold fortunes on the Forex for the bargain price of $995.” p. 33

Also on p. 33… “When it comes to trading on Forex, I highly recommend the MTI 4.0 charting package” He likens the software to, “A solid built, 1,100-foot, state-of-the-art cruise ship with all the latest gauges for weather … ” and follows with, “With so much at stake, do not take a shortcut on paying for quality trading tools.”

And oh yeah… he owns MTI.

And then when you search online for the software, you get to scammy looking sites that sell it in the same fashion that get-rich-quick ebooks are marketed. And then there’s the inevitable 7-day free trial… and no mention of the price. After some webcrawling, I found that the software costs $199 per month. Hmmm… Not to mention that the software looks cheap. I’m a programmer myself and I can tell you that the MTI software looks like garbage.

Here’s another hint… google ‘mti scam’ and see what you get. Here’s a sample: http://www.forexpeacearmy.com/public/review/www.markettraders.com

Personal note: enough with the analogies to flying an airplane. So the guy has a pilots license… that doesn’t mean that every function in his software package has to be analogous to a control in a cockpit. Lame.

Summary: The scammy nature of the software package that he endlessly promotes is enough to spoil anything else that the book might do well. Not that I’ll find out, because I’m throwing the book in the garbage.

Rating:

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.

Rating:

It relies on dual indicators that have to align themselves in certain ways in order to be a predictable, profitable setup. Most of them are momentum, Fibonacci numbers or oversold / overbought indicators. However, yet again they are mostly urban myths rather than testable statements.

The book is written in a style that somehow indicates that Robert has too little to say and needs to fill out his text with a language that is fluffy and sometimes digress into topics that hardly has something with the short term trading approach, such as bashing other trading instructors or newsletters.

This one is probably not one for the shelf… regret that I spent the money on the book.

Forex is not way but after a while (a few days in my case) you can see what is happening with the markets.

I have never lost a trade yet and made $40 in a couple of weeks from a $1 credit.

I suggest you start off small and try http://www.liteforexsa.com/ where you can trade form just $1. They also have a demo account so you can try learning the markets for fun with no risk.

Good Luck