7 Winning Strategies for Trading Forex is primarily for those who are new to the world of currency trading and are curious about how they can make money from the forex market. Existing traders who are trading on demo or live accounts should also find some useful advice in this book.
Author’s Introduction:
This book describes seven fundamental and technical trading strategies for trading the foreign exchange markets. The purpose of this book is to show you how you can trade forex with these winning strategies. I will share with you some new ideas, interesting concepts, and the nuts and bolts of how you can implement each strategy more effectively.
This book is quite different from traditional technical analysis books because, while those books may document the reliability of certain technical patterns, I will explain in this book why certain technical patterns do not work as well in the forex market and therefore need adapting. For example, I have increasingly noticed that in recent times the first attempt of a price breakout more often than not results in a
failure.
The strategies that I am going to share with you are suitable for trading the forex market in any time frame – ranging from minutes to weeks. Throughout the book I also explain certain aspects of the forex market so that you can gain an insight into how the market behaves.
Even though each strategy has its own general guidelines, do note that all these strategies are open to individual customisation – flexibility is one of the key ingredients of becoming a successful trader. Flexibility is required for the trader to adapt his or her strategies to different market conditions, as well as for the trader to customise trading strategies to suit his or her own trading style and personality. Therefore, feel free to tweak or modify any of the parameters of these strategies to suit your own preferences. In my years of trading the forex market, I have found that consistent success came from basing my trading philosophy on three M’s:
- Mind
- Money
- Method
While this book focuses primarily on the Method portion, I wish to emphasise that for any strategy to be profitable, mind mastery and money management must also be incorporated as part of a holistic approach in enhancing one’s overall trading performance – as performance is not assessed based on just a few trades, but on a series of trades made over a specific period of time. The 7 strategies in this book must be applied with discipline and a huge dose of common sense. Their rules and guidelines are not set in stone. What I provide is a guide to implementing
Contents:
- Getting Started
- Spot Forex Market Structure
- How To Overcome The Odds Of Trading Forex
- The Ten Rules For Forex Trading
- Strategy 1 – Market Sentiment
- Strategy 2 – Trend Riding
- Strategy 3 – Breakout Fading
- Strategy 4 – Breakout Trading
- Strategy 5 – Decreased Volatility Breakout
- Strategy 6 – Carry Trade
- Strategy 7 – News Straddling
7 Winning Strategies for Trading Forex: Real and Actionable Techniques for Profiting from the Currency Markets By Grace Cheng pdf
Reese Vazquez (verified owner) –
Good thanks
Michaela Randall (verified owner) –
Very useful and informative book.
Sonny Lugo (verified owner) –
Two of these seven worked for me, but as trading is such a subjective and personal activity my suggestion would be try them all and see what you are comfortable with.
Kaylie Hahn (verified owner) –
This is very general book with several general strategies how to trade, but definitely not enough to be a good trader. I can recommend another one “Forex Patterns and Probabilities” which is way better.
Mckenna Felix (verified owner) –
Well, if you a new trader like me, has no or very little idea about market, technical and fundamental analysis then this book has some really good learning techniques. The good thing I like about this book is that it is to the point, and only has 7 techniques, using simple yet powerful technical analysis tools …
I have read many other books and highly recommend buying currieries for dummies – a must book that every new trader should have.
I would say that you must read it before getting into LIVE trading.
Kabir Rogers (verified owner) –
I give this book a 5 for easy to read, and covers basic stuff such as trendlines and breakout, if you traded stocks then you know much about this. However, it offfers some insights into what moves the currency market.
Keegan Allen (verified owner) –
Absolutely useless book even for beginners. I give it 1 of 5 stars just for the heap of useless written text.
Lilianna Wells (verified owner) –
This book is for new traders, not for anyone having already looked at any forex or TA materials before. It is very basic. However, the book is well written, and free of mistakes or false hopes. Therefore it is good for a completely new trader.
I was disappointed because the book does not deliver the front cover message: Real and actionable techniques for profiting from … Only the last strategy (the news) is detailed and really actionable as is, though it is very basic and well-known. It does not give much details or new things in the other chapters.
I was disappointed by the sentiment strategy. It is just not a strategy! Well, I was not expecting a strategy based on sentiment, but something really clear to establish a sentiment. The content of this chapter is very limited (extreme COT reading and news, action divergence).
The trend riding is just: find a trend line or R/S and put a limit or market order when the price is close enough, put a stop at 20 pips, exit with R/S based on your time frame and use your common sense for the rest. Also, use your common sense and sentiment bias to know if you should take the trade or not. Most people already know that. The difficult part is indeed finding the common sense and a reliable sentiment!
The fade breakout is very similar to the trend riding (extremely similar!).
The decrease volatility strategy is a triangle one, using the trend riding stuff for entry/exit.
Madelyn Strickland (verified owner) –
I am writing this review to help in determining if someone should purchase this book because I was fortunate enough to get access to the book and look through it. The book mainly describes multi candlestick patterns that are used for trading decisions. These include patterns such as pennants, head and shoulders etc. If I recall, there is only one strategy that is not like this, and this is a carry trade strategy.
I do not doubt that there are persons that trade these strategies but these strategies are described for free online in a way that is similar to how this book outlines them. If you want to trade multi candlestick strategies, I would recommend “Trade What You See” by Larry Pesavento et al. If you are new to trading and would like to learn some fundamentals without spending a lot of time online, this is a good book since a trader who has never heard about double bottoms would be ill-equipped to hold a conversation. However, if you know this type of info already OR are looking for an detailed strategy, then this is not the book for you. Pesavento is not that book either but it is better in that the strategies are more suitable for the manual trader or the person looking to add a few high probability strategies to his repertoire.
Trenton Hoover (verified owner) –
This is a great book on forex trading, and has helped me progress into profitable trading after many months of trading. Grace Cheng does a good job explaining how the forex markets work before delving into trading strategies that made a lot of sense, something that is easily overlooked by even people who have already begun trading. For those who are trading and haven’t read this book, get this book, pronto. Hands down, this is the best forex book I’ve ever read and I have read almost all of them. Excellent must-read!
Rodney Walls (verified owner) –
Well, this book is certainly better edited than some other Forex books I’ve read, but is pretty basic. It is a great book for one who knows little about the currency market, but really does not reveal much strategically. I continue to search for a well-rounded, intellectually complex reference on Forex, but perhaps it doesn’t exist yet. My favorite purely Forex reference so far is The Complete Guide to Currency Trading & Investing by Jamaine Burrell. It is not perfect either, but is certainly more detailed.
Journee Hogan (verified owner) –
Good, clear information!
Oakleigh McClure (verified owner) –
7 Winning Strategies for Trading Forex.
Sure, the strategies are listed.
However you never know how to trade them.
If you’re expecting a book with a specific method for making a profit in Forex, this is not the one.
However, you get a lot of good information about the strategies. Not how to profit from them with a specific system, but a lot of good information.
Max McMillan (verified owner) –
It is refreshing to see a book like this on the topic of forex trading, a book which is written concisely and straight to the point without wasting space. In this book “7 Winning Strategies For Trading Forex”, the author Grace Cheng has done a great job of explaining the specific peculiarity of forex trading for the average individual, and how specific techniques can be applied to certain currency pairs. I am pleased that this book delivers what it was set out to do. She even emphasized that certain strategies are to be used under different market conditions. Realistic traders will find her information very useful and generous. As for those looking for the holy grail book, nothing is ever good for them. If you want a serious book on forex trading to be worth your money, this book will be it.
I’ve read many books on currency trading and I find this book easy-to-understand and appreciate the author’s written snippets of her own observations and experience. Trading knowledge wise, on a scale of 1-10, it has taken me from a level of 2 to 7. The rest will have to come from trading in the trenches myself I suppose. Her knowledge of trading and inner workings of currency trading belies her youth, but if that’s the result of her trading since after her university graduation many years ago, that’s commendable and deserves my respect.
I first heard of Grace Cheng when I saw her on Chicago ABC News early this year and then went to her website. Since then I go to her site almost daily; her way of penning her opinions and observations is unlike those you see on most other broker sites.
I highly recommend this book to anyone who wish to know more about forex trading and those who are wise enough to see beyond her age and gender. This book will be by my side as I trade.