The Ed Ponsi Forex Playbook: Strategies and Trade Set-Ups
$28.11
| Author(s) | |
|---|---|
| Pages |
238 |
| Format |
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| Published Date |
2010 |
The Ed Ponsi Forex Playbook offers a visual approach to learning specific trading strategies and identifying profitable trading opportunities in the Forex arena. Page by page, it skillfully describes strategies for long-term trading, swing trading, and day trading in a clear, easy-to-understand manner.
Introduction:
The Ed Ponsi Forex Playbook is organized into five parts: Part I, “Training Camp,” contains basic but vital information to lay the groundwork for your success. The next part, “Scoring Points,” delves into more advanced trading concepts.
Then Part III, “Winning the Championship,” deals with specific techniques that will give your trading an edge. Part IV, “Commitment to Excellence,” presents more advanced money-making trading concepts, and in the final section, “Staying in Shape,” the reader learns which situations to avoid in order to enjoy a long and successful trading career. By the time you have finished reading this book, you’ll have an arsenal of trading strategies at your disposal. You’ll also understand many diverse trading topics such as:
- Placing winning Forex trades using observation and analysis
- Trading like a hedge fund
- Interpreting the comments of a central bank
- Using a COT report
- Using Fed Funds futures and STIRs
- Understanding quantitative easing
Better still, you’ll learn not just the meaning of the preceding terms, but how to use these situations as opportunities to make money. If all of that sounds complicated, don’t worry—it’s not. None of these topics is complicated, and you’d understand them clearly and forever if only someone would explain them to you in a way that makes sense. The purpose of this book is to cover as much ground and as many useful concepts as possible, and to do so as efficiently as possible.
Contents:
- The Playing Field
- Calculations and Standardizations
- Follow the Money
- Using the U.S. Dollar Index
- Contrarian Indicators and the COT Report
- The Power of Observation
- The Easiest Points You’ll Ever Score
- Hitting It for Six
- How to Trade Like a Hedge Fund
- How to Trade Like a Rock Star
- Reach for the Sky
- Seeing into the Future
- Purchasing Power Parity and the Big Mac Index
- Swaps and Spreads
- Alphabet Soup: The BIS, the IMF, and the OECD
- For Every Winner, a Loser?
- Scam Avoidance Techniques
- Fire the Manager!
The Ed Ponsi Forex Playbook: Strategies and Trade Set-Ups By Ed Ponsi pdf
18 reviews for The Ed Ponsi Forex Playbook: Strategies and Trade Set-Ups
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Hayley Dennis (verified owner) –
I purchased this book because his first one, “Forex Patterns and Probabilities” was really good and useful. This one is a disappointment. First of all, the subtitle “Strategies and Trade Setups” is completely misleading since the book does not present any real strategies and I could not find any trade setups. It is more like a collection of historical events which might be useful if you are completely new to the market which is probably the target group anyway. The book starts with the very basics like how to read currency pairs. Almost straight after that, he explains how you might go to a hedge fund to trade with other people’s money. I repeat, from “long EUR/USD means long EUR short USD” to “deal for a hedge fund”. Sorry Ed, on which planet are you living and who are you trying to fool? He also spends quite a few pages about past price moves and shows you how much money you could theoretically have made. This reads more like an internet scam with chapters like “How to trade like a Rock star”. He spends three chapters to explain what a carry trade is. The last few chapters explain how a swap works and tell you what the IMF, World Bank and OECD is, and that their reports might be useful in order to predict currency moves. The most useful chapter is actually the warning about potential scam out there where he states that most scammers use past market moves to get hypothetical profits. I agree with that, so why does he use the same technique in all his previous chapters?
I cannot recommend this book.
Jayceon Rowe (verified owner) –
I’m an Ed Ponsi fan. However, I think he may have inadvertently misled people with his choice of title and cover art. In particular, the subtitle — Strategies and Trade Set-Ups — along with the sports diagrams on the cover, imply that he’s going to get down with some powerful set-ups and management techniques. The trade set-ups consist of trading off 10 and 20 day moving averages, and the management techniques consist of the option of adding to a winning trade when it retraces. Duh.
Furthermore, there is quite a lot of rank beginner stuff, for example, an explanation of currency pairs, pip value, lot size, etc. I don’t have much patience with that sort of thing. There is plenty of introductory Forex material readily available, and I don’t see why so many authors seem to feel the need to pad their books with what their readers already know. It’s like buying a book on computer programming that contains detailed instructions on how to turn on the computer or what a hard drive is.
Oddly enough, in a book that explains pip value, there is a chapter on trading other people’s money. I think he tried to be all things to all people, from those who started trading a demo last week to the guy who wants to start a hedge fund. I don’t think it comes off very well, especially in a 200 page book.
The meat of the book — the strategy — consists of various sources of information that can give you a head’s up on currency strength. We’re talking the COT Report and such things, some which are not so widely known by intermediate level traders. It’s good information to have. It wasn’t what I was expecting, though. And of course, it’s still a crap-shoot. Was the crowd right, or was the crowd wrong? It’s the same old question with the same old answer: buy your ticket and take your chances.
The take-away is that Ed feels the real money is in long-term trading as opposed to day-trading. Certainly if you are trading moving averages, you need to let your profits run. Personally, I hate trading moving averages — or anything that wiggles, for that matter — and no day will dawn when I’m willing to eat a 100 pip stop.
Buy the book anyway. There are useful and important nuggets and the book is worth the money. Just don’t expect trade set-ups that you haven’t heard about a hundred times before.
Emanuel Buckley (verified owner) –
The book was full of information. But like the other reviewer said, it was information most average trader already knows. I know that Ed means well and he must of put a lot of effort to write his book, which is not that bad, but I just wish someone would write a book on how they became successful at forex trading in todays market without having a Phd or being a guru. The closest I’ve got so far was a book by J.J. Glenellis “Survive and Prosper in the Great Depression of 2009-2012”. It’s not perfect, but it’s the best for the average trader. I’m starting to get the feeling that every forex (and stock) book was written by a person that could not make a lot of money trading so they wrote a book. Where is the guy or girl that makes $1,000,000.00 every year? Show us how you do it and write a book.
Sariyah Hoffman (verified owner) –
This might be the best book written on fx trading and maybe one of the best trading books period. The book changed the way I look at this market; it made me understand why so many traders fail and how to avoid their mistakes. In summary it presents a very logical, reasoned approach covering a broad variety of strategies and tactics, offering clear explanations and workable methods, a very nice job indeed. I haven’t seen anything else quite like it.
Avi Martin (verified owner) –
Wouldnt it be great to have a successful, professional trader sit down with you personally and take you through how they trade and why?
That’s exactly what the Ed Ponsi Forex Playbook does.
After 4 years of various Forex training and purchasing many of the greatest, non-functioning EAs in the world, I found Mr. Ponsi’s book is worth more than all of my training and purchases.
His unique conversational style explains the most difficult areas for me in an easy to understand (and retain) way. From the US Dollar index, through COT and into specific trading ideas, his explanations are refreshingly clear.
The book holds nothing back and really seems to be like listening to someone really explain things to me.
If you have purchased his first book (which if you haven’t, you should), this book takes you to the next step.
If you haven’t yet read the first book, no worries – you can start with this one – you will be impressed.
In the somewhat confusing world of Forex training, this book is a gem.
Really.
Get it.
Now.
Riggs Huffman (verified owner) –
I have read a lot of forex books and followed a lot of analysts and I think Ed Ponsi consistently gives the best and clearest explanations. So in general, I think this book is great, and highly recommend it. Specifically my favorite sections were the Commitment of Traders report and how to use it, useful insights on intervention, and a detailed explanation of what is really happening with interest and exchange rates on a carry trade. I have never seen these things explained this clearly and in this much detail anywhere else.
Even when some of the topics seem daunting, the author writes with a genuine confidence that anyone can understand them, and the book is actually pleasant to read, very motivating, and very positive. Ed Ponsi comes off as a successful guy who really enjoys what he is doing.
Although this book does go over the basics in the beginning, if you are new to trading I would consider getting the author’s earlier book “Forex Patterns and Probabilities” first. It gives more specific, numerical trading strategies, some of which are referenced and expanded on in this book.
If you want a solid foundation in forex education, start with Ed Ponsi.
Steven Dudley (verified owner) –
I SO enjoyed this book, it is a pity it had to come to an end! Once again, Mr Ponsi has delivered an exceptional book. I have read his previous book, ‘Forex Patterns and Probabilities’ which I have reviewed as, at the time, the best Forex book I have read. Well, this one is even better! This book is not as direct in explaining specific trading systems (which Mr Ponsi explains in his first book), but it elaborates on the FXEd technique and ties in Technical trading with Fundamentals. I never really understood Fundamentals until now. I am by no means an expert now that I have read this book, but I am miles ahead of where I was before I started this book! Information on COT, OECD reports, Interest Rate Futures and the like increased my awareness and knowledge of how this complex market is traded by the professionals. It is obvious that Mr Ponsi knows what he is talking about!
Understanding the fundamentals gives you a HUGE advantage when trading currencies. I would recommend this book to anyone without hesistation if they are serious about trading the Forex market. I am still a novice in this huge market and have read many, many books on the subject. What I really enjoy about Mr Ponsi’s books is that he is clear, concise and to the point when explaining things. He doesn’t ramble on for pages about something which could be summed up in a few lines. He breaks it down into manageable bits that all link together to create the overall big picture. What REALLY got me excited was the carry trade. This is how hedge funds make their huge returns….just incredible!
I know I will read this book over and over again, before I really integrate all the information in it into my trading, but I have already managed to apply what I have learned to my trading and feel a lot more confident and knowledgeable than before I read this book. Well worth the price! Don’t DEPRIVE yourself of this gem of a book! I would have to confess that I am now a genuine follower of everything Ponsi!
Isabel Herman (verified owner) –
This book is very different than his first book in my view and not what I was expecting. This book focuses more from the fundamental side of things vs a technical viewpoint which actually is really needed. Most of the books I’ve seen or read have always been focused heavily on the technical side of things. This is the first book I think that has throughly explained the power and peril of a ‘Carry Trade’ and looks at it in all different angles which too me was awesome!! Also the explanation of how to use COT reports were invaluable to me as well. All and all not a bad read…i’ve learned a few things that made it worthwhile.
Juelz Pitts (verified owner) –
for three years i have been attending classes, webinars and seminars, as well as reading a number of books on forex trading. never before have i experienced a writer like ed who cuts through the meat for you and enters you into a world of the professional trader. the concepts are so wide that the average person like myself can become confused when trying to put it all together. ed has a way of explaining these plays in a layperson’s vocabulary and interupts for you and reads between the lines so that you can cut your learning curve in half. this to me is a tremndous application. ed dedicates this to beginners and intermediate traders.
Theodora Adams (verified owner) –
This book explains the real reasons behind the moves in the Forex market. If you have some basic trading experience and can follow rules, this book will make you rich. Ed Ponsi references his other book several times and it’s great too. They’re both Wiley books and written by a guy who knows how to explain things.
Adelyn Jaramillo (verified owner) –
I could not recommend this book highly enough for any forex trader looking for some insightful, well written and informative forex commentary. Unlike your average forex author, Ed explores, in detail many alternative and lucrative, often overlooked avenues for the retail forex trader to exploit some of the methods and tactics employed by major traders and Hedge Funds. Not only are they clearly and concisely explained but Ed does so in a way that is easy to understand and follow, with many excellent examples.
I have been following Ed Ponsi for some time and have consistently found him to be insightful and unbiased. Ed has a knack for being able to relate to the average retail trader and guide them through the daunting minefield that is Forex.
If you are like me and value succinct, well informed commentary on how to improve your strike rate and broaden your forex skill set, this book is a must. With detailed sections on the carry trade, the COT report and how to make sense of the numbers as well as a VERY TIMELY chapter in intervention. BOJ Intervention 15th September. Thanks to Ed, I nailed it.
This book will be a valuable resource for any trader who is looking to hone their competitive edge with strategies and comment that are simple and effective, without all the usual Forex BS.
Bring on the next book!!!
Kensley Blevins (verified owner) –
Early in 2005, I signed up for an online, beginning forex course. One of the instructors was Ed Ponsi. I saved all of the forum posts from that course. Of the four assigned instructors, Ed’s responses were the clearest and most useful. Here is a brief example:
“Traders will typically start their analysis with a long-term chart such as a daily or weekly chart. This is done to determine the major trend or theme in the market. The Daily chart is like a roadmap, it sends you in the right direction. The shorter-term chart is like a signpost, it tells you exactly where to enter.”
When the course was over, I was still unsure about how I should organize and use all of that knowledge. I wrote to Ed, who kindly recommended a book. Although it may have been the most useful at the time, it included so much fluff that I found it difficult to extract much actionable information.
Finally, in 2007 Ed published his first book, “Forex Patterns and Probabilities”, probably due to his own frustration with recommending anything. It was the book I needed immediately after the basic course. It was precise in describing several proven strategies to becoming a successful trader. After that, I was very interested to read this second offering, “The Ed Ponsi Forex Playbook” to see how his trading philosophy had evolved.
Although this new book focuses on just one of the strategies described in his earlier book, it was interesting to see how it had been expanded, and how Ed had evolved to focusing on very long term trading, combining market and economic fundamentals with technical indicators.
For a trader like me who has been severely hammered by short term strategies, this was a welcome confirmation that the direction my trading has taken me has brought me back to Ed Ponsi and to mainly long term looks.
Matilda Shepard (verified owner) –
You will NOT find ANY forex strategy that you can backtest, all the trade “setups” described in the book consist of extremely subjective (and sometimes dangerous) fundamental ideas.
For example the author claims he uses the COT report to go long or short when he sees a huge imbalance between the the large speculators and the small speculators. Then he fades the net position of the large (non-commercial) speculators and bets on the net position of the small speculators. To “prove” his point he shows you plenty of (cherry-picked) charts where the market went in the direction of the net position of the small speculators.
Sure, sure, but what this genius is not telling you is that the market could move 1000 or 2000 pips AGAINST your position BEFORE actually going in the expected direction (if at all!), because it is impossible to know in advance how far this “imbalance” could go (2 to 1, 3 to 1, 4 to 1, 5 to 1, 6 to 1, etc…)!!
It is like the RSI, this technical indicator can stay in the overbought or oversold zone long enough to empty your trading account, BEFORE the price actually reverses its direction.
This trading idea alone could bankrupt you faster than you can say “margin call”!
Here is another trade “setup” from another chapter, he says that it “pays” to listen to reports from the Federal Reserve Bank and other central banks in the world, looking for “clues” and “hints”. Wow, is that a fantastic trade setup or what! Gosh, why didn’t I think of that?
The whole book is like that, there is not a single trading idea with specific entry/exit points. Sorry but I do no trade with subjective ideas, I learned (the hard way) that a trader needs solid, fully backtested strategies with specific entry/exit point to make it in this business, in the long run. That’s the only way to trade, all the rest is totally irrelevant.
Nala Salazar (verified owner) –
This book is Ok. I would have given it more stars if it wasnt for Ed’s mentioning using 100:1 leverage. Most people who will be reading this book are probably new to trading. I would recommend this book BUT i would caution the reader to not use such high leverage as Ed speaks of in this book. Leverage is a double edge sword. You see, the forex market is a random beasts and can easily move against you 50 – 100 pips before going in your chosen direction. Now if you are highly leveraged when this happens it could devastate your account. It could also devastate you emotionally because you may feel that you did something wrong when in fact that is far from the truth because the 50-100 pip move was purely random! For example, last week while the EUR/USD was trading in the 1.3300 handle the ECB statement caused the EUR to dip to 1.3200 handle before recovering and at the time of this writing the EUR/USD is now trading at 1.3600 handle. If you are not new to FX trading you may find some good information that can help with your fundamental analysis.
My last word, stay away from high leverage and your trading career will be long and successful!
Hudson Webster (verified owner) –
I found this book very interesting and informative. As a beginner to the world of Forex, it provided me with a start in this area and with ideas and strategies which I could further research on.
Mila Munoz (verified owner) –
The best book by Ed……ever !!!!
Hadleigh Hardy (verified owner) –
Just love this book and everything I can learn from it.
Brody George (verified owner) –
It doesn’t get any better than Ed Ponsi.