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A straightforward guide to trading today’s dynamic Forex market
Written by Wayne McDonell, the Chief Currency Coach at FX Bootcamp, this book shows readers how to successfully trade the Forex market on their own. FX Bootcamp’s Guide to Strategic and Tactical Forex Trading skillfully explains how to combine popular technical indicators to formulate a comprehensive market strategy. Readers will then learn how to focus on using this information to create a tactical trading plan–one that will help them pull the trigger to get in and out of a trade. Along the way, McDonell takes the time to discuss the various challenges a Forex trader faces, such as greed, fear, loss, and isolation. As a Forex trader and educator of traders, Wayne McDonell knows what it takes to make it in the competitive world of Forex. And with FX Bootcamp’s Guide to Strategic and Tactical Forex Trading he shows readers how. more info
{ 25 comments… read them below or add one }
This book inspired me to follow my dream of becoming a trader
Rating:5 out of 5 stars
The hardest part of trading is to manage your “self” – facing your emotions and your doubts. This book has helped tremendously by giving me confidence and a feeling of “I can do this”!
What really did it for me was to see how the author had to learn how to be successful on his own, with all the blood sweat and tears that come with becoming great at any subject. Only a person who walked the walk can talk the talk – or in other words, only a person that knows his or her subject from actual real life experience has something practical to teach.
Wayne McDonell is laying out precise steps of how to set up a trade plan and how to execute your plan successfully. He gives you a conservative (and therefore “relatively safe”) trading method that can be repeated again and again. Some of the practical things I’ve learned include how to set up your charts with the same indicators that he is using, how to interpret what the indicators are showing, and when to pull the trigger.
By experiencing that what is taught works and most importantly, by seeing that it is repeatable, I gained a new confidence. In here lies the greatest gift of this book, it gave me the conviction that “It can be done! It really is possible to make a life out of trading – because Wayne is doing it, and he can teach me how to do it too”!
Pushed me to the top of Trading
Rating:5 out of 5 stars
I was stuck at a point in my trading. I was missing something and I did not know what it was. I was searching for it and found this book. What sold me was that this book was not a beginners book, it was a intermediate/advanced book. Wayne’s story rung true with me. He struggled and finally saw the light. It seemed too good to be true. But I ordered it anyway. This was the best Forex decision I made. THe book covered the basics but a way that made it easier to understand. I devoured the book and took many things away from it that filled in a lot of holes. My Forex Trading has taken off tremendously. I have taken the Pivot points and the moving averages and applied them to my charts and it was as if a light went off. I could see it now. With this and the trade journaling advice in the book, I was able to even show my wife how to trade in no time. She trade off the pivot points like a pro. If you are looking for a book to put you over the edge into being a successful proffessional forex trader, I can’t recommend this book enough. Seek the Knowledge first and the PIPs will come later. I just wish I found this book sooner.
Novice material that could be dangerous
Rating:1 out of 5 stars
Let me say right away –
I judge harshly any material that promotes another product. This book promotes the author’s website constantly throughout. You must pay to be a member after a trial period LOL
$100 for a measely 7 days!!! That is what the author calls TRIAL. LOL I thought you were trading because you needed money…not because you have tons of money to flush down the toilet?!
Here are the exact current details posted from the author’s website –
Trial Membership ($99 for the first 7 days. Then $299.95 for each month)
First 7 days $99. Then $299.95 each 30 days as a full Monthly Member.
Monthly Membership ($299.95 for each month)
Semi-Annual Membership ($1499.95 for 6 months)
Annual Membership ($2400.00 for 12 months)
BEWARE NOVICES !!!!!!!! Tons of people write books and create websites just to get the eager novice to depart with money!
One simple question to ask yourself -
If the author is such a great, successful trader…why would he be busy chasing down subscribers? Would you? Wouldn’t you be busy scooping up pips and not bothering with some silly website and trying to drum up business for it?
For the money he is charging per month, you could buy DVD workshops and seminars from some of the top traders out there and you get to keep those DVDs and watch them over and over at no charge.
I do agree that the general VAGUE substance of this book is generally accurate. You could learn a few things…BUT what this book will teach you is freely available online at some great Forex websites for FREEEEEEEEEEEEE !!!! Just Google search “free forex training” or try “baby pips”. You will learn FAR MORE than any beginner book will ever teach you there for free.
Also, the candlestick advice in this book is so generic and vague you could lose plenty of money. Let me quote the book -
“Dojis become a most significant reversal signal when seen after an extended rally of long-bodied candles” (by the way, the plural of doji is doji…not dojis)
This holds a tiny kernel of truth to it in that doji signals are more powerful signals after a large move in the market. THE TRUTH ENDS THERE. According to THE guru of candlesticks…Steve Nison (the man that brought candlesticks to the West and the one you should learn them from and the man this book gives no credit to as a source for further education)…according to Nison’s teachings doji are not reversal signals by themselves. Doji represent transition or confusion in the market. You cannot just assume the market will reverse. You need more confirmation. Candlestick signals by themselves are not reason enough to trade!
For a novice, simplistic, generic advice like this could wipe your account out in days.
I am not saying the author is a bad person or has bad intentions. I am merely judging the book. I do feel there are many good little tips in it…BUT the same info is available for free. Since this book does not delve into meaty, strict detail about anything…you will only scrape the surface, get excited and will be more likely to subscribe to the website. I think that is the plan behind this book. For some people…that may be a good thing. As a novice, you should research, investigate and learn as much as possible before paying one single penny to anyone! How do you know what to pay for or subscribe to when you do not understand Forex, trading or any other relative issue????
Use the internet, GOOGLE as much as possible…chat in forums, take your time and LEARN then make purchase based on intelligence not knee jerk excitement. Forex is rife with scams, hustles, fast buck programs and systems.
Great guide throu the Forex galaksy
Rating:5 out of 5 stars
This book opened my eyes and took me on the new path in trading.
Why?
It`s easy to understand, easy to use and easy to follow. Even though English is not my first language.
After reading this book I started to make trading plans, setting up my charts properly and reviewing my past trades…
Before:
I knew the basics of Forex and lose money, I was trading with no trading plan and lose money, I was chasing price and lose money, I was making revenge trades and lose money.
My trading was based on frustration and confusion.
Now:
My knowledge is dissected and on the right places; Every trade is based on trading plan, witch takes me away from price chasing, revenging and took away 80% of my bad habits.
Don`t get me wrong, this book does not work instead of me, I am the one who has to sweat, but with the help of inside knowledge I found my personal trend up.
Great Book and Great Value
Rating:5 out of 5 stars
Yes I have been very pleased with this book. It talks about the correlation between the different currencys and how the different markets (Gold, Oil, and other commodity markets) correlation with the currency markets. It helps give you the tools to create a trade plan and to become an independent thinker in your trading. It touches on the pyschology you need to have to become a succesful trader, and well as giving you the tools and techniques, you become successful.
A must read
Rating:5 out of 5 stars
As my subject states, it is a must read, perdiod.
Very concise book, right to the point, I wont talk about specific technical details, I am a newbie (1 year in forex) studied Peter`s Bain course, Frank Paul`s, Vic noble and attended several webinars in [...], it is evident for me that Mr. McDonell wrote this book from the bottom of his heart and offered everything he has to offer in a very simple yet very clear way.
I simply love this book, I consider it the foundation of my own method of trading.
Not for beginners
Rating:2 out of 5 stars
I am a newcomer to forex and the first thing i have realized is that it is a real battle zone.
Unfortunately this book did not give me a simple hunting knife.
On the other hand,if it is a sophisticated weapon i did not understand how to use it.
The charts are not clear at all!!!
I did not like at all the endless references to the author’s website and course.
knowledge = pips
Rating:5 out of 5 stars
So you want to get into trading forex ? Maybe make bucket loads of money while your at it. You think you got what it takes ?… if you are new to forex don’t kid yourself. You may be embarking on one of the toughest journeys you will ever take… but the potential rewards are there and worth it. You’ve probably heard the stats. 95% of traders never make consistant profits. You are competing in a zero sum gain challenge on a global scale where winners only win by taking from the losers. A top notch education is imperative !
If my little disclaimer here hasn’t dissuaded you and you still want to take the plunge (or improve your game) you’ll be challenged to find a better than this book. And you’ll have to look long and hard to find a better one stop shop than FX Bootcamp. (I know. I did a lot of comparison shopping as well as studying with a few other coaches/methodologies). The FXBC training and methodology is extensive and sophisticated. All the elements to become a good fx trader are in this book and then some. Technicals, fundamentals, strategy, risk management, business planning, journaling etc..
I took FXBC’s on line curriculum and live coaching. I bought this book many months later for a reference resource and for review. Because I was already familiar with FXBC methods for me the most interesting part of the book was the feeling the book gives you of the effort the author went through to eventually become a great trader. Remember the 95% failure rate? to quote the author “I was born the worlds worst trader”. I found it encouraging knowing in advance what you are up against and what kind of challenges might be coming down the pike. Especially mental ones. This really helps when the intellectual knowing becomes experiential through actual trading. (which isn’t always a pleasant experience but necessary) It helped keep me going through those inevitable rough patches that are a part of the learning of this difficult endeavor.
One criticism i have of the book is that it would have been nice to have the chart illustrations in color. Some of the technical indicators are color coded and it would be easier for reading through the examples. As for bang for your buck there is a whole lot of bang here. This book taken with FXBC’s free online training videos and you’ve got a lot more than what a lot of other books or whole online courses offer and for a pittance. This trader recommends it.
Kurt
Strategic & Tactical Forex Trading
Rating:5 out of 5 stars
This book belongs in every trader’s shelf. This book is well written & it covers all important aspects such as technical, fundamental & risk management. This book is by far the best book i ever seen on forex trading.
First on list of books I would recommend for Forex
Rating:5 out of 5 stars
I have read several books on trading, technical analysis, and Forex, but this one has probably helped me more than the others put together.
This book is a very easy read. I was able to get excited and not continually “nod off” as I was reading. The chapters are organized for a person who is limited to read short pieces at a time.
Before picking up this book, I was familiar with many of the aspects it covered, but this knowledge was like having a hammer and not knowing what to do with it. This book provided some direction for me to actually successfully use the technical analysis knowledge I already had. Also, many common mistakes and bad scenarios were mentioned. Some of these mistakes mentioned caused me to laugh because they were almost identical to ones I had made.
Most importantly, Wayne McDonnell, the author, gets into the psychology of the Forex trader. This inner aspect of trading is probably the single most important one.
I highly recommend this book to anyone who is seriously wanting to have a career in Forex. I would consider it indispensable.
Fisrt Forex Book purchased… A great place to start.
Rating:5 out of 5 stars
I’ve followed Wayne’s free material via FXbootcamp/Youtube and Fxstreet for a year. When I saw that he was releasing a book I purchased it right away. He does a great job explaining why planning is so crucial to success (taking away the emotion from entering and exiting trades). You get great technical information in an easy to understand form. There is so much info packed into this book to give a beginner (like myself) a great overview of how the currency markets work. Wayne is a witty guy and it comes across in the book (it’s a fun read).
Bottom line: Great place to start if you are interested in the Forex markets for trading or simply curious about why and how currency flows around the globe. Thanks Wayne for a great book.
I have applied what is in this book and it works.
Rating:5 out of 5 stars
As Wayne McDonell points out – trading is similar to war. You take the high ground and wait for the enemy to approach. In this case it’s the trader on the other side of the trade who is the enemy. If you are interested in forex, or already trading, you will find this book a valuable resource. It helped me become a better trader.
Writing in a clear and personally engaging style, McDonell makes sense of the fundamental and technical aspects of what moves currency pairs. He also comes equipped with an arsenal of useful charting tools that help a trader get the “feel” for the direction and speed of the market. The focus is on developing a plan for every trade: wait for price to come to you, determine when to enter, and when to take profit.
A trading style aimed at making “conservative repeatable trades” is what is really at the heart of this book. There are a half dozen or so books available on trading that are worthwhile, and I have read all of them. Some focus on strategy and others on the psychology of trading. McDonell pulls it all together and covers every aspect of trading you need to become a successful trader.
This book works well for traders at all levels of experience who are not consistently making successful trades. Some of the criticisms of the book are valid. But the faults are miniscule when compared to the tremendously useful and insightful content found in every chapter. If I could have only one book on forex trading, it would be this.
Educational and Inspirational Forex Trading Book
Rating:5 out of 5 stars
There is so much information available both in print and on the internet today and having read some of these I purchased FX Boot Camp Strategic and Tactical Forex trading.
I was pleasantly surprised how it’s clear and concise explanation of trading terminology, using simple and sometimes humorous analogies has for me put to rest some questionable trading myths.
This book also gives an introduction into the psychology of trading and has offered me an insight into the psyche of the professional trader.
The Basic chart set up gives a better understanding of how the use of Moving Averages in conjunction with other oscillators can help identify where the best entry and exit points are, which is without a doubt priceless.
One of the best parts of this book for me, and there are many, was the section covering Currency Correlation as I have often thought that surely if one currency is going one way that there must be an equal opposite to this Ying and Yang principle and this book not only confirms this but also provides detailed explanations and examples of exactly this correlation in real market terms.
Not only is this book a thoroughly enjoyable read it’s written in a no nonsense style which is easy to absorb and digest.
This book has made me a more disciplined trader and has helped me understand the importance of Risk Management and Risk Analysis
I would and have already recommended this book to other novice and seasoned traders alike.
I was losing money….. now I make money !!!
Rating:5 out of 5 stars
I was searching a strategy on the web to make money in the forex, and found Wayne’s monthly « NFP », and found out about his book. I bough it, and used is strategy and in time, made money, it was a wonderful feeling of finally making money in the forex. And all those pips were and still made because of Wayne’s book, it help me a lot. Wayne, you are able to simplify the forex world in words that I can understand and apply, thank you for that!
A view from the Pastures
Rating:5 out of 5 stars
Seven months ago I had been set out to “Pasture”. This as a result of the confluence of age and a poorly run Corporation. My situation wasn’t dire but rather glum. Daily, constant negative media can become self-fulfilling.
Thanks to a friend I was introduced to FXBootcamp Videos online then the book -The FX Bootcamp Guide to Strategic and Tactical Forex Trading.
Here was a light bulb moment!! Detailed knowledge and step by step methodology to embark on another career based on my efforts and application of a tested procedure. Wayne’s 1st hand experience was describing my own, almost verbatim. His Business Planner & Risk Manager created an excitement in me, that had died in Corporate mediocrity, that FX Trading was a viable way to not only make a living but doing it well.
The analogy to warfare creates the proper mindset to dealing with the many challenges of the Market.
Thank you Wayne & Allan.
Regards GerardC
The FX Bootcamp Guide to Strategic and Tactical Forex Trading (Wiley Trading)
A bad book on trading
Rating:1 out of 5 stars
I’m not new to investing but am a beginner learning day trading and the forex market. I’ve read several books before this one and have learned quite a bit. This book, however, glosses over important, complicated indicators like Fibonacci retracements and pivot points. My biggest beef with this book are the graphics. The charts are small, dark, unreadable and generally unlabeled. Not useful for illustrating any points. My favorite is the candlestick section where he refers to green and red bars in the chart shown — which is black and white (“in Figure 12.1 the first candle would be red.”). The content jumps around between fundamentals, psychology and technical analysis so it’s hard to follow. There are many typos and grammatical errors in this book. On one page describing stochastic oscillators, he says “The bottom line is placed at the 25 percent level. The bottom line is placed at the 75 percent level.” I think he means the TOP line is placed at the 75 percent level. These kind of mistakes confuse beginners!!
Solid No Nonsense Trading Advice
Rating:5 out of 5 stars
Wayne McDonell obviously knows his craft and much more importantly manages to convey his trading methodology in a clear and concise manner to would be successful traders like myself. Personally I found it has given structure and meaning to how I approach trading – this in turn gives more confidence to take those trades when the opportunities arise as described by Wayne in his book.
Mike Butcher ( Mallorca, Spain )
Oooh Rah!!
Rating:5 out of 5 stars
This book should send you into battle armed with both strategies & tactics for victory. Has there ever been any conflict in history where the victor was not armed with a successful plan of attack? This book lays down the ground work needed for victory. All you have to do is adapt the concepts, practice them, & step into battle. If you are learning to trade you will learn that luck has no place in this arena. Instead it takes patience & discipline to follow a trading plan. You can develop your own or follow one with proven success such as the one outlined in the book.
For me the biggest lesson I learned in the book was to stay out of the line of fire by identifying what side of the market to be on and trade with the money flow. You will read some things found in other books with the addition of specific entry & exits signals, risk control, trade journal concepts, intermarket analysis, & global money flow. With this intelligence you will greatly increase the odds of victory. Pyscologically you will learn you can’t control the market but if you can control your trading/emotions you can become a consistant & more confident trader.
If you are reading these reviews than most likely you have concluded that you need a plan to trade and the cost of a book is priceless compared to trading without a plan. In my opinion, buy it.
A practical guide to trading
Rating:5 out of 5 stars
These days one can open a trading account with their bank or with an online broker. It’s all “easy”, goes the advertising. Yet the statistical fact is that 95% of novice traders fail. The truth is – it’s very difficult to make money as a retail trader.
Still, I wanted to try and I needed to learn how. There are lots of ways to do that. Before I stumbled on this book, I read numerous other books, guides, and online resources. I was familiar with the basic terminology. I just did not know how to be profitable. “The FX Bootcamp Guide” taught me two most important things that I was completely missing before – planning and discipline.
The book describes technical indicators, attempts to teach readers inter-market analysis and central banking, talks about trading as a business, and shows how to create a general strategy. The author makes a great job of it. But to me the most important lesson was to make plans instead of waiting for signals.
If things go wrong, people tend to panic. I certainly do. But now I plan trades ahead of time and execute only when the planned conditions occur. No stress! This book convinced me to do that and taught me how. As a result my trading has greatly improved. If you feel that your trading skills could be improved, I recommend “The FX Bootcamp Guide”.
Great Book for all levels of forex trading
Rating:4 out of 5 stars
Thanks God for Wayne and FX Bootcamp. I’ve been trading Forex for about a year part time. Ive read lots of books and seen lots of webinars on Forex trading. Then I found Wayne and FX Bootcamp! After reading his book I truly understood the forex market, the correlation between the stock markets and commodities, most importantly how to be a more confident and emotionless trader. Also he has alot of great webinars that I love to watch over and over. The one thing I didnt like with the book is the black and white graphs which are kinda hard to determine which indicators are which. Other then that and well the typos its a great book worth all its money. Thank you Wayne and FX Bootcamp!
Easy to Follow Waynes Explanation
Rating:5 out of 5 stars
This book has been written in such a manner to make it easy for someone to understand the “whys” of forex trading. Wayne’s explanations just make sense. He’s not so technical that you get lost. After reading all the books on technical analysis, Strategic and Tactical Forex Trading brought it all together in a plan that made me know that I could successfully trade forex. Wayne has helped me to understand how the markets move together in a free flowing manner, that no system I have ever looked at could. After studying the material presented by Wayne, I have been able to move my trading skills forward in such a manner that I know it will one day provide me with the success I have sought after. If you have been struggling with your trading discipline, then this book is a must read to help you move to the next level. Wayne McDonell is a wonderfully colorful teacher!
Creating a solid trader
Rating:5 out of 5 stars
As a new or seasoned Forex trader you will be mesmerized by price charts, price moves, news announcement, so on and so forth. To the extent that you will sometimes run around like a chicken who has had its head chopped off. Wayne McDonell’s book is exactly what the title reads “Strategic and Tactical Forex Trading.” It will set your feet firmly back on the ground and align your new found enthusiasm for the markets with a tactical strategy.
The book covers enough of the basics so that a beginning trader isn’t swamped with a mountain of information adding to the confusion you already face of learning to trade currencies. It also doesn’t treat you like a baby and fill pages with ink talking about what a pip is. There is a structure to it that is consistent with becoming a better trader. You will learn how to keep a record of your trades, how to analyze them, how to read your performance so that you know where you are heading, and most importantly give you tools to create a solid trading plan.
The book is not perfect as no book is perfect. Wayne writes from a personal perspective so there are grammatical errors, but this isn’t a book about how to write an English 101 essay. Strategic and Tactical Forex trading will take you straight to the point of what currency trading is, and what it is not. It is practical trading not theoretical voodoo magic.
Professional FX Traders
Rating:5 out of 5 stars
This book will take you through the training and technical steps to become a professional FX trader….will cover chart analysis, fundamental aspects of the market, and setting up a FX trading firm.
If you are serious about FX then this will take you to your next level.
Complete Rubbish
Rating:1 out of 5 stars
The only reason I have given this drivel one star is because Amazon won’t allow me to give fewer stars. This is by far the worst book on FX I have ever read. It is both a) extremely superficial, giving insufficient, unsatisfactory explanations of key concepts; and b) a number of key topics are hardly covered at all; e.g. where to place stops; volatility of different currency pair; risk management (no mention of the cardinal rule against placing too large a portion of your capital on any one trade).
Essentially, the book preaches technical analysis, giving only the bare bones of this trading method, in a disjointed, disorganised manner, likely to lead the reader highly confused.
The one good piece of advice the author gives is that to be successful, one must plan for the next trade (as opposed to chasing price). This would be OK, except for the fact that the author gives virtually no guidance on what planning should be done, other than to wait for this moving average to cross some other moving average. Which takes us back to technical analysis rather than planning being a discrete part of the trader’s methodology.
Another criticism is the repeated references and analogies the author makes with Sun Tzu’s treatise on the principles of warfare. Anyone with a grain of intelligence knows that FX trading and the principles that govern war have f… all to do with each other (how many Army Generals have made fortunes from FX Trading?)
As a general observation, the book appears to be written for people with borderline IQs; i.e. it is written in an extremely simplistic, almost condescending style, all too often with the author trying to ingratiate himself with the reader.
Finally, the author uses the book to promote his website, which costs $99 to join. Even worse, the final section of the book informs the reader about the website, in which the author conveys the impression that he maintains the website to support fellow traders out of the goodness of his heart. Only when you log on to the website are you informed of the $99 fee. Call me cynical, but I suspect the author’s motives are not as altruistic as he would have one believe.
Of course, the fact of the author running a subscription website suggests he is a failed trader looking to make a buck from his book and website. As the old cliche goes: those who can do; those who can’t teach. The trouble with McDonnell is that he can’t do either very well.
Don’t waste your money.
Complete Integration of Fundamental and Technical Analysis
Rating:5 out of 5 stars
I bought FX Bootcamp Guide to Strategic and Tactical Forex Trading last year by Pre-Order and ever since I got it, it’s my top book on Forex Trading for the following reasons:
* Complete Integration of Fundamental and Tehnical Analysis
* Helped me remove my emotions in trading
* Learned to trade the news.
* Learned Intermarket Analysis and Currency Correlations
* Learned to create my own Trade Plan and Execute it.
* Learned to trade conservatively and position myself on the higher ground and most especially pull the the trigger when the opportunity presents.
* Learned Relative Strength Analysis of the currencies, and
from there Im able to trade any currency pair with the right
speed and momentum.
I read the book 3x so far, and my goal is to read it 7x over. I highly recommend this book to everyone! Thanks Wayne for writing this book.
This is by far the complete book in Forex Trading.