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Review:

If you are looking for a great Forex book this is "the one". For the first time I see an actual forex trader who is also an excellent instructor writing a book about trading Forex. I am not saying there are no other good trader/trainers out there. Nonetheless, this is the first time I encounter a book written by a person with these qualifications.

The book briefly explains the basics in Part 1 and then teaches several trading methods both for trending (Part 2) and non-trending (Part 3) markets. I believe these two parts of the book make the book appealing to any trader whether novice or professional. Ed Ponsi clearly explains every strategy. The entry point(s), the exit point(s), and risk management techniques are clear and easy to understand. He accompanies every strategy with some actual examples and several images. The images are the key ingredients to clarify what he is doing in order to follow the strategy. His solid rules of trading belong to a professional mechanical trader.

I strongly suggest that you back-test and forward-test his strategies before jumping to live trading. Also make sure to understand all aspects of the strategies and see if they fit your expectations and trading style.

The book level is intermediate with a blend of introductory and advanced topics. If you are not familiar with the basics of forex then I recommend referring to online sources or read a book such as "Getting Started in Currency Trading" prior to studying this book.

My favourite section of the book is Part 4 "Take Control of Your Trading Destiny". This part looks like a checklist for successful traders. You need to refer to this part every now and again to make sure you are the type of person who he claims you need to be. Not that he is teaching good manner but he is actually showing you how to become a successful trader. It takes more than a good strategy to make money in this market. You even need more than money management and risk management tools. He explains a bit of portfolio management in this part of the book. Although he keeps it very simple and basic but you will get the idea. You may then refer to more complex text or build your own portfolio management techniques in a reasonable fashion. He also helps you to refine your expectations of this market.

I recommend reading this book right after "Beat the Forex Dealer" (BFD). They are both great books but the bitterness of "BFD" could drag you away from this amazing market. While "BFD" is a must read it is a bit pessimistic. It is also not as practical as "Forex Patterns and Probabilities". These two books complement each other and help you become a trader who has set his/her expectations correctly and ready to make money in this market.

Conclusion

The majority of the books written for Forex are either useless or written by people who are not actual traders. "Forex Patterns and Probabilities" is a clear exception. While you need more than reading some books to become a good trader, ignoring such a great book does not help either. Read this book and you will see you have not wasted your money or time*.

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Risk Warning: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you if you have any doubts. Investatech Inc., its employees or the authors of this website cannot be held responsible for any losses occurred to you due to trading forex or taking advice from this website. Trade at your own discretion.