by Ed Ponsi
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Product Description
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 the reader to "look over the shoulder" of a professional trader hard at work at his craft. This book provides traders with step-by-step methodologies that are based on real market tendencies. The strategies in this book are presented clearly and in detail, so that anyone who wishes to can learn how to trade like a professional. It is written in a style that is easy to understand, so that the reader can quickly learn and use the techniques provided.
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Average Customer Review:
1 of 1 people found the following review helpful:
 Excellent! Best Forex Book By A Mile, 2008-07-10
I'm going to throw away all of my old trading books, all of them put together can't match this one. Not just the best fx book, maybe the best trading book, period. Many of the techniques apply to stocks too. I'm getting fantastic results on the Swiss franc using one of the trending techniques. Ponsi's strategies make sense, it is very easy to learn his styles of trading, which shift along with changing market conditions. Much better than anything else out there.
4 of 4 people found the following review helpful:
 A Solid work but too conservative, 2008-07-07
A very good from-scratch discussion of the market and trading mechanics, nice overview of the fundemental reports, some actionable strategies laid out and well explained and a few genuine veteran insights thrown in to boot. Worth owning, especially if you're beginner to intermediate.
However, he's just too conservative. His setups are very good but you'll grow old waiting to see them. Example: calling for 4 (5, 20, 50, and 200 if I remember right) moving averages to fan out in proper order, on a daily chart, in order to qualify a trend. Yeah, it's definitely a trend, but by the time you get there, the trend's almost over. And you'll never get in on a retracement or a resumption that way. You'll control losses by never placing any trades. Nix at least one moving average, maybe even 2.
His focus is daily charts in general. Nothing wrong with that, but nowhere's near the money to made or lost as in the intraday charts. But he doesn't tell you that. He offers a flawed argument why his way is best, goes something like this: Using one of his ideal trendfollowing setups, he pulls of a trade that earns him something like 3000 in 4 months. Then he goes on to compare it to a 10 pip per trade goal and says even if you made your 10 pips per day, everyday, in that same period, with the same pair, you'd only score about 1700 pips instead of his 3000. Fair logic, but who says you'd only get 10 pips and quit? His 3000 pip rise is punctuated with enough ups and downs to score twice or 3 times that trading intraday. With less risk, given that his stops on a daily were as high as 155 pips, still pretty tight for a daily chart, yet that same 155 pips is an enormous stop on an hourly. Not to mention all the days that you won't be trading while you wait for 4 MA's to line up.
I'm not bashing the guy - he wrote a good book, better than alot of them out there, but know that his way is safe at the expense of returns. The one advantage is that his trades are not labor intensive, you can visit your broker site once a day to manage them. But only once. Not for active traders unless you adapt them somehow.
On the other hand, if you have a job and a family and a house to take care of and are happy just to beat the return on a T-bill then Ponsi's your man. You just can't make a living with his methods.
2 of 2 people found the following review helpful:
Great Starter Book., 2008-07-05
Im very new to FOREX and found this book very good. Well written and understandable with no BULL. Does not pitch anything or anyone, Just right to the point. Wish there were more book from Ponsi.
2 of 2 people found the following review helpful:
One of the best, 2008-06-23
It is a very good book that teaches, using an easy vocabulary, all you need to know about the Forex market. I consider it is great for a bigginer and very useful to for an actual operator.
2 of 2 people found the following review helpful:
Great Book, 2008-06-23
It's a great book for the novice / intermediate trader. Ed explains the forex's basic concepts, technical analisis concepts and also teaches some good strategies. He also explains the importance of good money management. A good book for those serious about learning forex.
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