Rating:?
Amazon Price: $60.00 (as of August 4, 2012 9:52 pm ?
The guide for reading long-term trends in the foreign currency market
To thrive in the marketplace traders must anticipate, enter, and stay with trends in the foreign exchange market.
In this much-needed guide top forex, expert Greg Michalowski clearly explains the attributes of successful traders, and shows how traders can set themselves up for success by drafting an explicit mission statement and game plan. The book also contains the tools and techniques traders need to read the markets and identify when a market is in a trend. Michalowski shows traders how to enter an emerging trend, how to manage the position, and how to exit the position most effectively.Includes the technical tools needed to invest in the foreign exchange market: moving averages, trendlines, and Fibonacci levelsShows how to identify a trend and stick with the trend through its durationWritten by Greg Michalowski who was cited by SmartMoney magazine as a "go to" source for making money moves
With this book, Michalowski offers an important resource for identifying and riding out long-term trends in the volatile foreign currency.
Product Details
- File Size: 4947 KB
- Print Length: 305 pages
- Page Numbers Source ISBN: 0470874384
- Publisher: Wiley; 1 edition (February 23, 2011)
- Sold by: ?Amazon Digital Services
- Language: English
- ASIN: B004PYDTC8
- Text-to-Speech: Enabled
- X-Ray: Not Enabled
- Lending: Enabled
Customer Reviews
Simple, Clear, Disciplined, Expert Advice
?April 11, 2011
By George
Having traded around the world in both institutional and family office environments, I would make this book required reading for every trader on my desk. Greg?s ?If?Should? rule is outstanding and can be applied to many situations.His focus on simplicity and the need to keep the trigger indicators to a minimum, and his suggestion that everyone should have a plan/mission statement is simple, but often overlooked.
Lastly, successful trading, like a hugely successful batter in baseball who hits 3 out of 10 (.300), each is going to have his fair share of losing trades. Shaking off the loses, and cutting out of them quickly is what seperates the boys from the men, the long term success stories, from the ?blow ups?.
Easy to read, full of good examples and metaphors that you will instantly relate to and understand, I give this book 2 thumbs up.
You understand the charts with a clear confident clarity after reading it.
?October 10, 2011
By A. Moraitis "Graham"
Hi All, Graham from South Africa here. I have been on live money for 7 months.I believe 99% of the forex market ?mentors? are cons and exploiters, nothing short of ruthless and heartless, the cons have burnt me out of precious moneys, however I read this book(reading again now). I have never ever been in the pips like I am now and recouped most of what the forex crooks robbed me of and it cost me all of 40 usd on Amazon?and I dont open an email about forex unless its my statement, my forex vision is purged of stochastics, RSI, MACD etc clutter and all the associated gumph, I found a simple sharp reliable strategy with this book.
Charts look so clear to me now, I feel like I am seeing inside the market makers mind, After reading this book I can look at a chart, flick thru time frames, through on fib re-tracements correctly and find entry and reentry points onto trends and the greatest thing is? I dont climb off the trend after what I use too think was respectable pips either? I now re-enter and make more.
I can honestly say that I was not profitable before I read this book. Since I got it I have put my 2 trading friends onto it, we all have bought a copy now, and is it coincidence that all 3 of us are trading in the money now?
If you would appreciate some history and roots of technical analysis development and advancement; the first 20 pages are fascinating and are a highlight of nothing less than a revolutionary technical approach to the markets in evaluating risks and identifying targets. It makes one really really grateful for the charting technology we have now at our finger tips. It took 5 reads to grasp, but even if you skipped the whole ?Market Profile system? in early pages it wouldnt matter. the book is fantastic.
If I lived in the States I would try and meet the author, its so apparent that this book was not written to make money, its never going to sell enough to be lucrative, how many traders are there out there?, and I am sure he can ?print? money with his trend surfing skills, why would he author a book if it wasnt for sincere interest in helping people like me. So I say thank you Greg and some guy ?ChaosTrader63? on youtube that directed me to the book.
very helpful guide!
?May 20, 2012
By Stefano
this book is very well done! I think that the first four chapters are very precious! Thank you!ciao!
Stefano
A Must read for Forex
?May 16, 2012
By newspiper
This book is the easiest Forex trading book I have ever seen. Greg takes you from an easy starting position to understand what his trading plan is and then guides you through an easy to understand path to get to where you need to be. This book has helped my trading and it will help yours too.
Makes you read the market like a book
?March 22, 2012
By Reza
An indispensable guide, instrumental in making any trader understand and navigate the markets with confidence and calculated risks. If there was a trading curriculum, this book should be on the syllabus.
New to the Forex?thanks for clarifying a complex market
?April 13, 2011
By Matthew J
I can?t thank Greg enough for writing this book. I?m new to the FOREX market & have yet to finish reading ?Attacking Currency Trends? in its entirety, but I have to say I?m thrilled about how it?s reading. I was expecting a dry, text book of facts & graphs, and am overwhelmed at how he is able to ?talk? to me in a clear, concise, methodical way. His ?style? of writing has allowed me to understand my new job & the market with every page I have read. This book should be taught in school, for it is more readable, and informative than any class I have ever taken.Thanks,
M J
A Refreshing Approach to Forex Trading
?April 15, 2011
By M. Nemirovsky
I was lucky enough to get a copy of this book after meeting Greg at the London Trader?s Expo.As a newbie to Forex trading I?ve read quite a bit of material in the past 6 months. From beginners guides to complex strategy development. I?ve read about all the indicators from RSIs to Stochs to Ichimoku, and have tried applying all of them into a ?winning? trade strategy. I?ve even tried using ?pay for use? developed systems that claim 70% winning trades.
Well, despite all this knowledge and having all these sure-fire indicators lighting up my charts, the profits didn?t come. Everyone needs a strategy that fits their personality. After struggling with why my trades weren?t winners even though my 7+ indicators all said they should be, I was frustrated and knew that trading shouldn?t be this complicated.
At the end of the day, hands down this book is exactly what I was looking for.
Greg does a great job of explaining a simple approach to profitable Forex trading. The step-by-step style of the book drives the key concepts home. Also, since the book is all about simplifying the process, you are able to quickly apply it to your charts and see the concepts in action.
I?ve just finished the book recently, and I look forward to revising this recommendation maybe even start a blog with positive results.
Cheers and good trading!
A Must read for ALL Traders!
?May 16, 2011
By RKBrewer
For starters, I have to say I wish I had found Greg?s book sooner. I have spend tens of thousands of dollars and countless hours on training classes, reading many many books, and attended hundreds of webinars. The one thing I have deciphered from all of this information and sunken cost is that trading should not be made over complicated. Unfortunately, that?s precisely what the mountains of trading classes and books create ? an over-complicated view of the markets. When I got my hands on Greg?s book, I literally ?devoured? his material. The book is very well written and takes the trader from A-Z in the process of becoming a successful trader. Greg?s methods, while directed at forex currency trading, are applicable to ALL markets and asset classes, whether you prefer equities, options, ETF?s, futures or forex. Greg?s approach to the markets will benefit both novice and experienced traders. This is the ONLY trading book a trader will ever need! Thanks for sharing with us Greg!
Practical FX Trading made Simple and Profitable
?June 6, 2011
By Geoffinaus
If you want to learn how to Trade FX this may well be the only book you need. It certainly should be one of them at least. It is easy to read and understand and has combined both the theory with practical in a way that you say to yourself of course after reading eg it covers the psychology of risk trading (some say trading is 100% psychology )with simple practical methods of reducing the entry risk by entering a trade at the best entry point ? when price hits the 100 SMA with a small stop loss and determining exits in advance by using Fibonacci to plan your exits at likely turning points (and re entry after pull backs). With entry and exit fear reduced and controlled you can trade in a calmer manner and make less mistakes.Greg eliminates all the confusion of multiple and often contradictory indicators to 3 simple elements (which all the Traders around the world are looking at)
1 The 100 and 200 period simple moving average which most professional traders use and trade off
2 Trend and remembered lines of support and resistance which while basic are fundamental to all trading
3 Fibonacci lines which tell you where prices are likely to go with a high degree of probability
If you pull up a chart of a Ccy pair (say the EURUSD or GBPUSD) and plot in the 100 and 200 SMA you will see so many profitable trades where the 100 SMA is broken or bounced off of ? sometimes thousands of pips over weeks or months.
Determining Trend and Entry
You buy when price moves above the 100 SMA ( Bull Trend) and sell when price moves below (Down Trend) the 100 SMA. Its that simple. It works on the daily, 1 hour or 5 minute charts. When entering off the daily you also need to check you are at the top or bottom of the hourly and 5 minute to ensure you get in at the right price and allow you to have the lowest stop loss. The alternative would be to use the ATR to determine the daily price movement and place your stops above this (this does have more risk though)
Watching Trend, Support and Resistance
Trend and Support and Resistance lines are often over looked according to Greg in favour of more advances or complicated indicators like MACD, RSI etc. These other indicators can be contradicting though which defeats . Trend, Support and Resistance lines are basic but they are still probably the best
Using Fibonacci
Fibonacci tells you where price is likely to go with a high degree of probability. Knowing where price is likely to go tells you in advance at what level you should be looking to exit the trade or get back onto the trend after a pull back
I have so many ah ah moments reading this book. I am reading it again now. It uses the KISS approach which in itself a big plus. In my opinion this book is like having the password or key to the Bank Vault. It requires practice of course as does anything but is so much clearer than anything else I have read on FX Trading.
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