Beat the Odds in Forex Trading: How to Identify and Profit from High Percentage Market Patterns
- ISBN13: 9780471933311
- Condition: NEW
- Notes: Brand New from Publisher. No Remainder Mark.
Product Description
“Beat the Odds in Forex Trading provides traders with tremendous value by disseminating the trading methods and philosophy of one of the most remarkable Forex success stories since Soros.”
–Alexander De Khtyar, President, Forex International Investments, Inc.
Add certainty and systematization into Forex trading with this practical approach. Author and industry professional Igor Toshchakov shows how recurring market patterns–which can be recognized on a simple bar chart–can be successfully used to trade the Forex market. Written for traders at every level, this valuable resource discusses the challenges of developing a trading method, while revealing the Toshchakov’s approach to the market–both from a philosophical and tactical point of view. You’ll discover specific trading strategies based on recognizable market patterns, get detailed information on entry and exit points, profit targets, stop losses, risk evaluation, and much more.
Beat the Odds in Forex Trading: How to Identify and Profit from High Percentage Market Patterns
Buy it Now from:$23.72
5 Comments on “Beat the Odds in Forex Trading: How to Identify and Profit from High Percentage Market Patterns”
Being exposed to Forex for a little more than 13 years now, I have to honestly say that having read numerous volumes on the subject this book stands out both by it’s simplicity and complexity combined. It is a well known fact that a majority of really great things are simple. Here is where this book comes in. Even though it might lool a bit comlex after reading it carefully and grasping the idea, or better put, the strategy that Igor describes you will get the sense of safe heaven. Forex markets are driven both internally and externally by such an abundance of information that it is difficult and sometimes very tiresome to make sense of it all. This book gives a clear cut picture of what needs to be done at a a very specific points in time. It doesn’t just give you the tools to trade but also, and that’s extremelly important, teaches you the right attitude to forex. It gives the trader the peace of mind with clear cut money management and trading techniques to be applied when the market presents it’s opportunities. This strategy can be used by both seasones traders as well as novices. You can work and still manage 20 to 40 min a day to do your analyses and enter the orders for the trades. Or you can watch the market constantly and identify and react to the situations that present itself. I highly recomend this book as a unique approach to trading and consistently making money with a very limited stress that most people experience in this bussiness. For a person with an opened mind this could be a breakthrough that they need to develop their own profitable trading routine.
Rating: 5 / 5
This book is great; it really is. The author explains the principles behind good trading, and doesn’t just tell you to follow a mechanical plan. In fact, he advises that depending on each situation, each trade should be slightly varied.
The templates at the back of the book are priceless. He explains how they work before this section so you shouldn’t have a problem understanding them.
The only bad thing is his english. If the book had been written by someone like Jason Kelly, this book would be the holy grail of forex trading (it really would). So it’s a little hard to understand what he’s trying to say but once you do understand it, it’s all good.
Rating: 4 / 5
The bad:
This book is not clearly written and could have been much thinner, although it is only 200 pages all included.
In the chapter “choosing the right dealer”, the author first talks about 5 pips being a normal spread for liquid pairs, and that only European dealers should be trusted. Finally, at the end of the chapter in a paragraph untitled “recent industry developments”, he states that spreads has become lower, that in the US, there are dealers that are OK, etc… Well, this looks like recycling of old writings with a small update at the end, doesn’it?
The author seems very proud of his way of trading and techniques, that he considers new. He may not have read the recent (back 20 years) literature on the subject. Indeed, all the techniques are derived from existing things. The daily range is typically used to gauge the possible extent of an intraday move. Breakouts from base, channels, trendline etc. have also been known for ages. False breakout are also known as springs or upthrusts. A variation of the open range breakout is also shown.
Even the concept of discretionary trading with mechanical setups is not new. It is the equivalent of having a plan.
The author states that he has made a major discovery: that trendlines will eventually be broken, or something like that… a little bit funny. This kind of style reminded me of a person who names everything TD something!
He speaks about probabilities a lot but does not give any numbers (high, low only) and does not state if he used a scientific method to draw his conclusions about these probabilities.
The good:
Nervertheless, the book contains very good information about how a pro trader could trade, although nothing is new (well, it depends on the books one reads of course!)
Beginners will gain a lot by reading this book.
I liked the organization of the templates, even though the techniques listed are not new.
It is a pity that it is not clearly and well written.
Rating: 3 / 5
It is most refreshing to find a book that discloses the less than glamorous side of Forex trading. The percentage of people who consistently win is very small but this is the case with all businesses, not just trading. The information discussed in this book is precisely the kind of information that makes the difference between those seeking fast wealth who then drop out a few months later, and those who persevere and are able to stack the odds in their favor. Forex trading is indeed a matter of learning to beat the odds by trading based on a combination of factors that add up to high percentage odds which create consistent wins over time. Igor has earned my respect as one of the few legitimate traders who is not in the business to be a broker’s employee selling glamour to the masses who have no intention of undergoing the discipline and work it takes to become a successful trader. Thanks!
Rating: 5 / 5
Let me do the usual qualifier and state that I have read every book on trading- let alone on the fx spot market. One thing you have to consider about some of the bad reviews so far is that it takes a difficult amount of time to become a “profitable” trader. I could only imagine if I read this book during my first year of trading- I would most likely think it was a very elementary trading book. Igor’s book is mainly for a “chartist” type of trader. This is much different from some indicator heavy mechanical trading system. When I first started trading I thought I could find the “holy grail” through some complicated marriage of many indicators plus some Elliot wave or Gann etc.. As I grew as a trader, paid dues in losses, I realized that trading with just price action alone is the quickest and most profitable(KISS). This involves only candlesticks, chart patterns, coupled with support/resistance. Everything else lags price. The more complicated you try to make trading- the harder it is. Most good forex traders are aware of certain intraday patterns that develop during the asian-european-new york trading sessions. After looking at charts for enough years you can trade these patterns unlike anything else in any other market. Igor is the first author to detail these patterns and show them on paper! He even tells you to ignore the first breakout in a horizontal range pattern during the asian session! That advice alone is worth more money than any non-trader will ever know!
Rating: 5 / 5