The title of this review is based on the fact that this book costs only $25. Now, if you hunt around enough through the forest of forex education that you can pay for you will know that $25 is practical nothing compared to what you might pay for other books and/or courses. Speaking of courses... the author of this book sells a forex education course that carries a price tag of $8000 and while reading this book it very often struck me that this book was written as nothing more than an advertisement for his courses. Yes, this book is that vague... at best. Take a moment and think about this... the subtitle to this book has the word "patterns" in it but yet if you look in the index at the back of the book you won't even find an entry for the word "patterns". What does that tell you?Did I mention the word "vague"? At very best this book is vague and is a very general introduction to the box office where you buy your ticket to actually enter the forex trading arena.Like I said, you get what you pay for and when you pay only $25 for this book that is about all the true value that you will get for your money, which pails in comparison to the vast amount of information that you can pay for and also find for free if you take the time to turn over every stone on the internet that concerns forex trading. You never know what you might find for free. Allow me to add this. If you are coinsidering buying this book then I assume you are relatively new to forex. If this is the case, your first step should be to explore the psychological aspect of trading. Don't underestimate this suggestion. You will thank me for it. Look for a book called, "Trading in the Zone" by Mark Douglas or an extremely deep and eye opening course offered over the Internet called 80/20 The Trader's Mindset by Chris Matthews. This course is worth so much more than you will pay for it you will be truly amazed. The bonus materials alone are worth the price of the course.As far as nuts and bolts trading education goes, look into two products by Dean Saunders named The 10 Minute Forex Wealth Builder, or The Forex Blade Strategies.Lastly, do not start out trying to scalp on short time frames. Scalping is the worst place to start forex trading. Start learning and trading on 4 hour and daily charts first... it is much easier and much less stressful than scalpling off short time frame charts.
Author(s): Jared Martinez
Edition: 1
Publisher: McGraw-Hill
Year: 2007
Language: English
Pages: 236
Contents......Page 11
Dedication......Page 7
Acknowledgments......Page 9
Introduction......Page 17
Two Wolves......Page 19
Follow the Rules......Page 22
Your Personal Litmus Test......Page 23
Your Life’s Purpose......Page 32
Conclusion......Page 33
2 Introduction to the FOREX......Page 35
History of the Forex Market: How It All Began......Page 37
What Is the FOREX?......Page 39
Types of Traders......Page 40
How Do Traders Get Paid?......Page 41
Types of Orders......Page 43
The Three levels of Trading......Page 46
The 21-day, 3 Percent Rule......Page 47
Conclusion......Page 48
3 Self-Empowerment via Trading Software......Page 49
How to Determine Market Direction......Page 53
Using Indicators to Determine an Entry Point......Page 55
Using Indicators to Determine Exit Strategies......Page 59
Conclusion......Page 62
The History of Japanese Candlesticks......Page 65
How to Read a Japanese Candlestick......Page 67
How to Find a High......Page 68
Understanding the Different Japanese Candlesticks......Page 70
Candlestick Formations......Page 74
Bullish Candlestick Formations or Buy Signals......Page 75
Bearish Candlestick Formation or Sell Signals......Page 80
Trading Candlestick Patterns......Page 86
Conclusion......Page 88
5 The Financial Game of Support and Resistance......Page 89
The Game......Page 91
How do Bulls and Bears Score Points?......Page 92
Resistance and Support......Page 93
Learning to Short the Market......Page 99
Past Resistance can Become Future Support......Page 101
Visually Observing the Game......Page 102
Conclusion......Page 104
A Trend Is Your Friend......Page 107
Trading a Trend Until it Bends......Page 109
Spotting an Uptrend......Page 114
Drawing Uptrend Lines......Page 115
Finding and Drawing Inner, Outer, and Long-term Uptrend Lines......Page 116
Incorrect Ways of Drawing Uptrend Lines......Page 118
Finding and Drawing Downtrend Lines......Page 123
Finding and Drawing Inner, Outer, and Long-term Downtrend Lines......Page 124
Incorrect Ways of Drawing Downtrend Lines......Page 125
Trends Inside of Trends......Page 127
Trading Channels......Page 128
Conclusion......Page 129
7 Buy and Sell Zones......Page 131
Trends......Page 133
The Sell Zone......Page 135
Shorting the Market When It Enters the Sell Zone......Page 139
The Buy Zone......Page 140
Conclusion......Page 144
8 The Fibonacci Secret......Page 147
The History of Fibonacci......Page 149
The Fibonacci Sequence in Nature......Page 150
The Fibonacci Retracement and Extension Ratio Relationship......Page 158
The Value of Adding the Fibonacci Numbers to your toolbox......Page 164
Conclusion......Page 165
Fibonacci Market Movement on September 11, 2001......Page 169
Fibonacci Retracements Everywhere......Page 173
Conclusion......Page 176
Fundamental Announcements Analysis......Page 179
Trading Days Versus Trending Days......Page 185
Increased Risk with Trading Fundamental Announcements......Page 186
World Economies......Page 188
The Importance of Fundamental Announcements......Page 189
Conclusion......Page 192
11 Consolidating, Bracketing, Accumulation, or Sideways Movement......Page 193
Consolidation Factors......Page 194
Strategy 1......Page 196
Strategy 2......Page 199
Not All Fundamental Announcements Move the Market......Page 200
Strategy 3......Page 201
Bull and Bear Traps......Page 202
Conclusion......Page 203
What Is Equity Management?......Page 205
The Equity Management Formula......Page 211
Percentages Mean Nothing When Trading......Page 213
Conclusion......Page 215
13 The Final Analysis......Page 219
Education First......Page 222
Finding Your Pot of Gold......Page 223
B......Page 227
L......Page 228
R......Page 229
U......Page 230
C......Page 231
F......Page 232
I......Page 233
O......Page 234
T......Page 235
W......Page 236
