While most books on trading deal with general concepts and shy away from specifics, Forex Patterns and Probabilities provides you with real-world strategies and a rare sense of clarity about the specific mechanics of currency trading. Leading trading educator Ed Ponsi will explain the driving forces in the currency markets and will provide strategies to enter, exit, and manage successful trades. Dozens of chart examples and explanations will guide you each step of the way and allow the reader to “look over the shoulder” of a professional trader hard at work at his craft.
This book provides traders with step-by-step methodologies that are based on real market tendencies. The strategies in this book are presented clearly and in detail, so that anyone who wishes to can learn how to trade like a professional. It is written in a style that is easy to understand, so that the reader can quickly learn and use the techniques provided.
User Ratings and Reviews
3 Stars Solid knowledge but poorly applied
Many of the other reviews have described the ‘meat’ of this book. I will not waste time repeating it.
Simply put -
Mr. Ponsi provides excellent information. However, they are very big moves and definitely not for beginners. True, you could use micro lots so the risk/reward is on a level you could digest…but you will be wasting days and/or weeks of time waiting for this ‘perfection’ to actually happen…and in ANY kind of trading…nothing (even when everything is perfect) is guaranteed!
Ed is trying to create the highest probability trades that could go in your favor. Definitely a smart thing to do! In my opinion, and by the opinions of MANY other leading traders/authors, time and resources are being wasted.
Let’s work with a real world example and real world numbers.
Posit - with Ed’s system you might get 4-6 trades a month.
Consequence - Out of those trades zero to all of them could fail.
Result - You risk sitting for a whole month only to gain nothing or risk large loses.
Conclusion - Time and resources are being wasted.
A HUGE NO! NO! among pro traders and myself included. I can easily have done numerous high probability trades within the time that were low risk and high reward. I do that every day from Monday to Thursday.
Again, I think Ed’s material is an excellent read for knowledge and to learn…but definitely not for a solid trading system. Just wait till you hit days or weeks of ranging/box markets and see what happens!
5 Stars Great beginner book
I am new to Forex. Ed Ponsi has made this an easy to understand topic and also made it easy to start trading. My first trade (in a practice account) netted $3500 dollars while risking $7000. Truly an easy to read book that let’s you look over the shoulder of a professional trader. I have never reviewed a book but felt compelled after reading this one.
5 Stars Excellent! Best Forex Book By A Mile
I’m going to throw away all of my old trading books, all of them put together can’t match this one. Not just the best fx book, maybe the best trading book, period. Many of the techniques apply to stocks too. I’m getting fantastic results on the Swiss franc using one of the trending techniques. Ponsi’s strategies make sense, it is very easy to learn his styles of trading, which shift along with changing market conditions. Much better than anything else out there.
5 Stars Made A HUGE Difference In My Trading
This book made a huge difference in my trading. I struggled for several years before finding this book, didn’t know what I was doing wrong until now. I started using FXEd Trend last year, it was just so-so at first but then this year I’ve been knocking it out of the park with that strategy. I sent the author an email and he was very responsive, I was pleased to learn that we even placed some of the same trades! I can’t believe how clear and simple he makes it, gives you step by step instructions. I never thought I would make money trading but it really can be simple, if you have a good plan and the discipline to follow it. If you are a trader and you haven’t read this book yet then make it your top priority.
2 Stars Book for beginner
Book providing an overview of the forex market and some simple strategies. A book for beginners. If you have read other similar books, give this one a skip.
