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Review:

The book is written for those forex traders who are already familiar with the basics of Forex. The author "Grace Cheng" shows you how to trade forex under the umbrella of 7 different methods of analyzing and trading currencies.

The title of the book is a bit misleading. The strategies that you see in the book are actually more like methods of analyzing the market rather than actual strategies. To be more precise the author has not fully defined the strategies. I personally believe that when you call an approach to trading forex, a strategy, then you need to clearly define the points of entry and exit, the money management methods, and also risk management implications. For example what would be your Stop Loss or Take Profit values or at least how would you calculate them.

The author mentions in the preface of the book: "The strategies I am going to share with you are suitable for trading forex market in any time frame - ranging from minutes to weeks."

I personally believe that such generalization is not practical. This is the first step to make a strategy vague and too discretionary to call it an actual strategy. That is probably why she continues a few paragraphs below with..."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."

As you can see the two remarks made by the author contradict each other or at least leave the reader on his/her own. They simply say learn these "strategies?" but then come up with your own method of trading based on them. This confirms that the title is misleading because even if we call the strategies actual strategies they are incomplete and the reader needs to complete them with his/her own research and testing.

Although I started very negative about the book I should admit the book is full of positive points. For example I like the way that the author teaches you how to use some technical indicators. She instead of piling up the indicators in a separate section explains how to use them when she needs them for one of her strategies. This method of training helps the reader to have a clear understanding of how he/she could possibly use that specific indicator. Some of the indicators that she teaches in this book are Moving Averages, MACD, and RSI.

One other positive point of the book is the consideration of fundamentals. It helps the reader to have a better understanding of what is behind the scenes of forex.

The bottom line is that if you already know the basics of forex I recommend the reading of this book to you. It helps you to see the world of trading forex from different angles. It also helps you to see trading from the point of view of a professional forex trainer. However, do not expect to find your Holy Grail here. This book is a guideline to some common methods of analyzing and trading forex.

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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 have any doubts.