Forex Made Easy
Forex Made Easy is an introductory book on foreign exchange (FX) trading.
The book begins with an introduction to foreign exchange, fundamental and technical analysis, FX options and how to create a trading environment at home.
The author then provides a basic overview of trading – stepping the reader through the importance of defining the trend, buying dips in uptrends and selling rallies in downtrends. Traditional patterns, such as triangles, double bottoms/tops and head and shoulders are discussed. A good pictorial image of nineteen popular candlestick chart patterns is provided.
Following the discussion on charts the author provides an overview of his preferred technical indicators (including Bollinger bands, DMI, MACD and RSI). This is followed by an introduction to Fibonacci and Elliott Wave. An explanation of Fibonacci retracements and extensions is accompanied by a look at Fibonacci time and circles. Forex Made Easy then goes on to give a general introduction to Elliott Wave theory.
After the discussion on technical analysis a few general guidelines on trading are given. The final chapter is devoted to the author’s web site where he provides an Internet-based FX trading service.
Overall I couldn’t get too excited about this book. Although it is well intentioned, for me it just didn’t get off the ground. The discussion on trading felt like ‘recycled’ standard technical analysis without any value added, and was little better than a good charting program’s user guide – just explaining what is. Where he lost me was his chapter on Money Management. Would you believe there wasn’t one mention of position sizing! If you’re keen to get your hands on a book introducing FX then Forex Made Easy may interest you. However, if you’re looking for assistance in learning how to trade FX I believe you could do better looking elsewhere.
This article was originally published in the Sep/Oct 07 issue of YourTradingEdge magazine (www.YTEmagazine.com). All rights reserved. © Copyright 2009, MarketSource International Pty Ltd.
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