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How good/reliable are Forex eBooks?

  • Post #1
  • Quote
  • First Post: Apr 11, 2006 3:05am Apr 11, 2006 3:05am
I am interested in Forex & start to read now Forex ebooks forwarded my a friend of mine. My experience with ebooks for other markets like 'online marketing' is bad! Everybody in this particular market told me to stay away from it, because those ebooks (most of the time about 'biz opportunies') are NOT realistic and selling dreams which never can be reached!

Also Forex ebooks promising you things like that: make $500-1000 per week profit with an investment of $300 min. (recommended amount $2000)!? Although those ebooks outlining a plan of attack which looks realistic to me, still wondering if it also works out that way?

- What is your opinion here regarding Forex ebooks?
- How reliable are they?
- Anyone can suggest a reputable ebook or ebook that exactly did what they promised you (financially) from own experience?

Thanks a lot!
there are some reviews of ebooks strewn about in this forum if you search em

I will give you my two cents

.01 - Any given system, i can make a profit, while you take a loss, depending on how you use it. Example, I might breakeven or take a small profit, while you let a win turn into a loss.

.02 - Don't buy any ebooks! If you use morpheus, most of them are on there for free. BUT! if you want an excellent book on forex, one that will blow them all away, order Kathy Liens Day Trading the Currency Markets from amazon. I am reading this book right now, and it is very very good. The best books on forex are not in ebooks trust me! Look at books published by wileys. Also I would recommend Warrior Trading inside the minf of an elite currency trader by clifford bennet.

Kathys book would help with everything you need, cliffords with serious psychology and theory

Hope that helps my friend and you are long term profitable. This stuff is like becoming a doctor. You wouldn't do heart surgery on someone after reading an ebook would you? The ebooks have merit, but in my opinion, your money is better spent on reputable authors who are internationally recognized as being real traders who manages millions of dollars.

Also, if you go to robbooker.com, he has a link for his free ebooks, which are really good and you could find them posted on this forum probly. He also has a book coming out from wileys

peace
I keep a close watch on this chart of mine...
  • Post #3
  • Quote
  • Edited 4:22am Apr 11, 2006 4:14am | Edited 4:22am
oh and it response to expectation for earnings.

Listen good! It is all about money management. When you start trading, you only risk 2-5% of your account maximum on every trade. What is a reasonable expectation for gains? That is up to how much you are willing to give to this. There is nothing set in stone. Sure, those are possible gains, but you are 95% probably going to simply lose or breakeven. The reason this happens to people? money management! WHen you lose 25 percent of your account, you stop trading and reevaluate what you are doing. Some say work a real job and top up your account and demo trade.

I hope you understand, post more questions and others and myself will comment
I keep a close watch on this chart of mine...
Quoting ManInBlack
oh and it response to expectation for earnings.

Listen good! It is all about money management. When you start trading, you only risk 2-5% of your account maximum on every trade. What is a reasonable expectation for gains? That is up to how much you are willing to give to this. There is nothing set in stone. Sure, those are possible gains, but you are 95% probably going to simply lose or breakeven. The reason this happens to people? money management! WHen you lose 25 percent of your account, you stop trading and reevaluate what you are doing. Some say work a real job and top up your account and demo trade.

I hope you understand, post more questions and others and myself will comment
Thanks ManInBlack!
So basicly, you saying that when I keep the 2-5% risk rule plus try to learn from errors I make, start off with a demo account...there will be a good change to make profit when I start with a real account in the near future?
Quoting ManInBlack
there are some reviews of ebooks strewn about in this forum if you search em

I will give you my two cents

.01 - Any given system, i can make a profit, while you take a loss, depending on how you use it. Example, I might breakeven or take a small profit, while you let a win turn into a loss.

.02 - Don't buy any ebooks! If you use morpheus, most of them are on there for free. BUT! if you want an excellent book on forex, one that will blow them all away, order Kathy Liens Day Trading the Currency Markets from amazon. I am reading this book right now, and it is very very good. The best books on forex are not in ebooks trust me! Look at books published by wileys. Also I would recommend Warrior Trading inside the minf of an elite currency trader by clifford bennet.

Kathys book would help with everything you need, cliffords with serious psychology and theory

Hope that helps my friend and you are long term profitable. This stuff is like becoming a doctor. You wouldn't do heart surgery on someone after reading an ebook would you? The ebooks have merit, but in my opinion, your money is better spent on reputable authors who are internationally recognized as being real traders who manages millions of dollars.

Also, if you go to robbooker.com, he has a link for his free ebooks, which are really good and you could find them posted on this forum probly. He also has a book coming out from wileys

peace
So, you saying that by definition ebooks are not bad (especially when they are free!), but recommended books as you mentioned are better to use?
Yes my friend. You learn proper money management, discipline and give yourself time to really get good, treat your trading like a long term for life business, you can get seriously rich

good luck!
I keep a close watch on this chart of mine...
Quoting Michel Z.
Thanks ManInBlack!
So basicly, you saying that when I keep the 2-5% risk rule plus try to learn from errors I make, start off with a demo account...there will be a good change to make profit when I start with a real account in the near future?
Most probably you waste you're money and you're time.

Don't trade for money. You either like it or not. But don't trade for the result.
You gotta love it, anyhow, if you're doin' profit or looses.

// A man that better hadn't started yet.
Quoting tojoko
Most probably you waste you're money and you're time.

Don't trade for money. You either like it or not. But don't trade for the result.
You gotta love it, anyhow, if you're doin' profit or looses.

// A man that better hadn't started yet.
For a certain level you are more then right, but that's for most things in life...
Michel,

I recommend the Private Forum after reading a couple beginner books. Check out www.James16group.com. You will save yourself a ton of money if you invest wisely in your education up front. I wish someone would have given me this advise when I started.
Quoting nutmg12
Michel,

I recommend the Private Forum after reading a couple beginner books. Check out www.James16group.com. You will save yourself a ton of money if you invest wisely in your education up front. I wish someone would have given me this advise when I started.
I second that !!! I'm going on my 4th month and have enjoyed/profited from the knowledge and friendships greatly (well ok, so they are only NetQuaintences...but it sure feels like a welcome-family!)
I like Rob Booker's books. He has some for free at robbooker.com they are fun to read and have some good stuff in them esp. for the beginner.
Nolite dormiens pungere ursum. -- Latan Proverb.
Quoting accrete
Quoting nutmg12
Michel,
I recommend the Private Forum after reading a couple beginner books. Check out www.James16group.com. You will save yourself a ton of money if you invest wisely in your education up front. I wish someone would have given me this advise when I started.


I second that !!! I'm going on my 4th month and have enjoyed/profited from the knowledge and friendships greatly (well ok, so they are only NetQuaintences...but it sure feels like a welcome-family!)
Thanks accrete and nutmg12. You feel like family too!

I use REAL books. The kind you can drop on your toe.

Here are three I recommend for beginners:

1. Trading in the Zone by Mark Douglas
2. Trade Your Way to Financial Freedom by Van Tharp
3. High Probability Trading by John Marcus??? (not sure about Author's name)

And here's three MUST HAVE'S for every trader:

1. Reminicenses of a Stock Operator
2. Market Wizards
3. New Market Wizards

These six books together will give you a good foundation upon which to build.

Dial
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Quoting nutmg12
Michel,

I recommend the Private Forum after reading a couple beginner books. Check out www.James16group.com. You will save yourself a ton of money if you invest wisely in your education up front. I wish someone would have given me this advise when I started.
Thanks nutmg12!
Which 'private' forum are you referring to?
Quoting diallist


Thanks accrete and nutmg12. You feel like family too!

I use REAL books. The kind you can drop on your toe.

Here are three I recommend for beginners:

1. Trading in the Zone by Mark Douglas
2. Trade Your Way to Financial Freedom by Van Tharp
3. High Probability Trading by John Marcus??? (not sure about Author's name)

And here's three MUST HAVE'S for every trader:

1. Reminicenses of a Stock Operator
2. Market Wizards
3. New Market Wizards

These six books together will give you a good foundation upon which to build.

Dial
Thanks Dial for giving us 'great' resources!
Those book you guy recommended are good. I recommend to read at least two forex books. At last two is better since you can do some comparsion on their strategy. Trading forex is like learning how to swim. You may need to read few books to learn alittle of how to swim. After awhile, you don't bother read it. You will keep trying errors and learn how to do best out of it.
Looking for pips!!!
Marcel Link " High Probability Trading"
$39.95 copyright 2003 McGraw Hill

I great book, especially if you use TradeStation. Lots of code in it...

SMJ


Quoting Isotonic
3. High Probability Trading by John Marcus??? (not sure about Author's name)

...Marcel Link I believe...

Correction this is a very good book, but no code.

It is "Professional Stock Trading, System Design and Automation" That is also a very good book and has lots of code for TradeStation.


Quoting smjones
Marcel Link " High Probability Trading"
$39.95 copyright 2003 McGraw Hill

I great book, especially if you use TradeStation. Lots of code in it...

SMJ
Ebooks were very realiable for me, if you know where to look my friend. I would guess that 80% of them are nothing but fluff and bullshit, but the other 20% has some gold nuggets worth studying and reading over and over again.

It's one of this things where you have to use some common sense and a bit of your own discretion to not allow yourself to be mislead by scantless authors and their promises...in order to develope that, you have to read several kinds of hardcovers, ebooks, articles, forums , etc for comparison if you are to take in only the information worth your time.

It's best to have it printed out to, so you can highlight some of the most important points and take it with you on the go.

The best advice anyone can give you is to sift through a few of them on your own time, scan them, and handpick the ones the fits you and your purposes and personality.
I would be interested to know of any that are useful.
To my mind, "old" books, written by market professionals (or, it will be better to say "market veterans") are better, than new ones, created by Forex "gurus" or brokers` employees working for salary. Those books express the whole experience of people dedicated thier lifes to the markets. Such traders are well-educated, so they are able to explain complicated relations between different factors influencing the market. They write books to share their experience, not to earn the money.
Despite the age of such books, they describe fundamental basis of the markets and human psychology, so the infromation you can find that is useful and reliable.
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