ForeX Trading for Maximum Profit: The Best Kept Secret Off Wall Street
January 6, 2011 by admin
Filed under FOREX Products
ForeX Trading for Maximum Profit: The Best Kept Secret Off Wall Street
Take an in-depth, how-to look at Forex trading using the methods, analysis, and insights of a renowned trader, Raghee Horner.
As the fate of the dollar against foreign currency generates both anxiety and opportunities, currency trading has been drawing much interest and a growing following among traders in the United States. The Forex market is particularly attractive because it trades with no gaps and has unlimited guaranteed stop-losses. The liquidity of the Forex market and worldwide participation makes for more reliable and longer lasting trends as well.
Raghee Horner, legendary not only as a top Forex trader but as a master teacher of trading systems and techniques, draws on her winning tools and methods, including classic charting techniques, in this book. She’ll enable you, regardless of your skill level as a trader or investor, to understand how the Forex operates and lays out a blueprint for getting starting in this little-understood but high-potential trading vehicle.
Rating: 
(out of 67 reviews)
List Price: $ 85.00
Price: $ 14.95
Review by Michael A. Shoemaker for ForeX Trading for Maximum Profit: The Best Kept Secret Off Wall Street
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Okay, first some background: I am new to trading forex but have been trading stocks and options for over 5 years. Aspects of the forex market are very intriguing (24 hour trading, a small ‘universe’ of currencies to watch vs. thousands of stocks/options, leverage, etc.) so I was looking for a book that would tell me more about the forex market and provide a good foundation to trade successfully.
Let me state from the outset that the editing indeed leaves much to be desired. Typos, letters or spaces left out and smallish charts that forces one to bring out a magnifying glass at times. But none of this has anything to do with the value of the content of the book. Anyone dismissing this book simply due to editing are ‘missing the forest for the trees,’ as the saying goes. But the minor editing blunders are unfortunate and are the reason for only 4 stars instead of 5.
Content pros:
a) Very bite-sized chapters help encapsulate topics nicely. You can focus on one thing at a time to insure that you ‘get it’ before moving on. And everything builds upon the preceding chapters fairly smoothly, so it works.
b) True to her premise, this is NOT another missive on all the possible technical indicators available to use. (If you want that, I suggest Murphy’s tome on Technical Analysis.) Instead, she is clearly outlining some of the key tools that she uses to trade forex and provides adequate reasoning for her choices. She does not dismiss other indicators as not being useful – she simply seems to have found that following a simple system with these tools works for her. And I would have to agree that it is easy to become bogged down in ‘indicator paralysis’ and I find her simplicity refreshing.
c) For those commentators below that question whether she is a ‘real’ trader or whether her system can work, I would happily point out that the forex market uniquely offers a wonderful, NO COST way to find out for yourself! Unlike any stock broker that I know, you can open a demo account (or 3 or 5!) with any online forex broker and 1) learn how to execute a trade (it is different than stocks or options in some ways), 2) see whose `trading platform’ you like the most AND, most importantly, 3) you can ‘play along with Raghee’ (or anyone else’s strategy) as you read the book!
d) She does a very good job of defining trading styles (scalping, swing, momentum, etc.), links them to what markets that best apply (trending, sideways, etc.) and to which indicators fit each style and market the best. I have not seen any other author put the style, market conditions and tools together in such a clear manner.
e) She does a very commendable job in covering trade and account management. With the high leverage issues in forex, these issues become very critical, more so than with stocks and options. This is typically a boring area for most readers, but ignore it at your financial peril!
Content cons:
a) Other than the known gripes about small charts and some editing gaffs, I really do not have any significant `cons.’ (But ask me again in a year once I have traded in a ‘real’ account for a while! The demo account is doing too well to leave unfunded!)
As you can tell, I highly recommend this book. If you are new to forex, you can buy many books for half the cost of this one, some that are a lot thicker, too! But I doubt that you can find a better book to help you become comfortable with the market, the ‘whys’ and ‘hows’ of trading forex, and perhaps most importantly, how to manage your trades and money in differing market conditions.
1. Buy this book.
2. Open a demo account (if you are not already active in forex)
3. ‘Play’ until you are ready!
What could be better?
Review by Mink Sahafi for ForeX Trading for Maximum Profit: The Best Kept Secret Off Wall Street
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Different traders have different styles. Some want a zillion confirming indicators before placing a trade, some prefer playing with indicators to trading, and some indulge in the fantasy of finding the “holy grail” system.
Personally, I’ve never found anything that beats good ole support and resistance, trendlines, and entering the “zone” by watching candlesticks form and candlestick formations. I pay my bills with Forex, and I trade against the indicators only slightly less often than I trade with them. I often forget to look at them at all because I’m focused on what is happening with the … PRICE!
The problem with indicators is they tell you what has happened but they make you believe they can tell you what WILL happen. There is a world of difference between looking at a historical chart and watching one develop in real time. If you don’t believe me, just place a default slow stochastic on a chart and watch the crosses develop. You’ll lose a heap of money in no time at all. Then knock yourself out tweaking it according to any number of holy grail systems. You’ll lose another heap of money.
Raghee’s system is no different. It looks great on historical charts, but often fails to predict the future in real time.
Actually, it is fairly easy to predict where prices will go in general – assuming no strong support or resistance and no big news, they will usually continue merrily on in the direction they are going. Consequently, it’s easy to get into a trade.
Getting out is the trick. And that trick is about experience, psychology, and money management more than prediction.
IMO, the truely reliable tools for trading Forex are simple — S&R, trend, candle formation, PRICE PRICE PRICE. The systems based on indicators — Raghee’s included — are simplistic, which is quite different from simple.
Kids, there ain’t no free lunch. That’s the bottom line.
Review by W. Malone for ForeX Trading for Maximum Profit: The Best Kept Secret Off Wall Street
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After all of the hype that I read surrounding this book, I was pretty disappointed with its content. The charts too small to be read easily, and the spelling and punctuation errors were more than I cared for.
The book does give a brief overview of the Forex market, but I was hoping for something more. The author does do a good job of describing her method of trading the market. I must admit that while I was reading the book, I was thinking that her methods seemed just too simple to be effective. However, the day after I finished reading the book, I found and successfully traded both a swing trade and a momentum trade using her techniques. The results were a gain of 30 pips on the swing trade and 75 pips on the momentum trade! This book has definitely given me another way to look for trades and I will continue to follow her “Three-Step Setup”.
Review by forexdude for ForeX Trading for Maximum Profit: The Best Kept Secret Off Wall Street
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I swear, I can not understand how anyone could possibly give this book more than a 3 star review at the very most, and that’s being generous! The book is simplistic, as if geared towards the mentality of a child. Some of the chapters are no more than 2 or 3 pages long and have nothing of any educational value. I have read all the reviews, as some of the other reviewers have recommended, and have gleaned this much from having done so. The people who have written negative reviews have pinpointed areas of why the book should be used as nothing more than fire-starter. They give reasons for why the book is a waste of time. Just read the other reviews for yourself! However, all the positive reviews merely state the same, general thing over and over–that the reader learned how to trade from digesting this fodder, that it was one of the best books on trading ever written, and that they didn’t understand anything about the forex market, even after reading the proliferation of other, expertly written titles out there, until reading this one. But there is very little explanation as to why or how they learned anything from this book, beyond merely reciting what the book jacket already states. I get the feeling that those individuals who wrote posititive reviews on this book didn’t even read it, because they’re all just repeating the same, generic theme but without giving any specifics.
IMPORTANT: Being on the lookout for other trading books, I regularly trip over this book and notice its reviews whenever I do. It’s fascinating to note that if the lastest 2 or 3 reviews are positive, I will not see any NEW reviews for weeks, or months at a time. Whenever someone submits a bad review, however, there is a sudden bombardment of pro reviews that are all, as stated before, brief summaries on how this was a great book but with no explanations. It is as if those mundane reviews were merely placed there to placate any prospective readers in the hopes they would not have the ambition to read more than the first 2 or 3 reviews before deciding whether or not to purchase it. I get the distinct feeling that whenever someone writes something negative about the book, the author has a number of friends and/or associates submit a barage of positive reviews. Since these people have probably not even read the book, the reason as to why those positive reviews are so vague comes into clarity.
I actually just finished reading ‘Day Trading the Currency Market’, written by a genuine, professional trader, just like many of the other books out there. I’ve been reading her daily analysis on dailyfx.com since I first got into forex and her track record speaks for itself. Kathy Lien’s narrative is clearly geared towards individual traders who are just getting into forex and it provides a wealth of knowledge that the author of this book probably didn’t even know existed. I’d recommend that one, among a host of others, before getting this one. If you’ve already bought this one, as I unfortunately did, compare it and you’ll see immediately what separates bonafide authors from fakes and wannabes.
Do yourself a favor and buy a better book that actually talks about something and who’s advocates actually pinpoint why they thought that book was deserving of their time. This one certainly was not!
PS I only gave this book 1 star because this site wouldn’t allow me to submit anything lower, as in a negative number of stars!
Review by Cecil Glenn for ForeX Trading for Maximum Profit: The Best Kept Secret Off Wall Street
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I have read countless trading books, been to all the seminars, and tried alot of software. When the dust settled Raghee’s book was still standing. Not to say that the other things did’nt help but this book simplified my trading. Now I know what to look for using the blueprint in the book. The pratical and tactical methods the book has taught me has increased my pip gain tremendously. It is not a magic box, you must be patient and work hard to apply the rules in the book. I still struggle at times, but with all things practice makes us better. Thank you Raghee for making a book that makes sense. Get the book.
Cecil Glenn