| Brand: | |||
| Average Rating |
|
Millions of Americans are this very moment facing the most frightening economic conditions since the Great Depression. However, a small but growing number are living worry-free, having learned a skill that will keep themselves and their families not only living in comfort, but prospering like never before! That skill is Trading Foreign Currencies. Once the private playground of the super-rich, trading currencies is now open to anyone with a little knowledge and at least $200 to open a trading account. With this book, author and long time forex trader J.J. Jeff Glenellis explains everything you need to know to immediately begin prospering as a forex trader. From finding a broker and setting up your first set of charts, to learning how to easily spot certain Trade Set Ups that instantly become profitable, you’ll learn enough in this informative and entertaining book to instantly begin earning extra money each week as a Forex Trader. more info
{ 18 comments… read them below or add one }
A good Manual with simple strategies
Rating:4 out of 5 stars
Good Morning
This book could be a good starting point for people aiming to trade in the forex markets and are looking for advise from some one who claims to be a full time trader. It is explained in a very simplistic manner and straight to the point in most of the cases. It covers 5 strategies and in only one of them shows the results during a month in a half of trading such strategy. Other than his results, It is the psicology behind trading during such period that is very important, because back testing a system can be a little complicated from the mathematical point of view and trying to get objetive conclusions it is too. But it is easy to follow back testing because there is no strees at all involved during loosing periods, nor the real life to deal with, while trading that we the “normal and functional” human beings have to live trough. So the author share with the lector such moments and give us good thougts to continue trading.
Also he talks about turning $1000 usd into $1,000,000 usd in less than 32 months with good money management. I think this aproach is partially the correct one for traders, because aims to create equity rather than creating monthly or daily cash flow from a very skinny account, which most traders had tried once at least once (me included). If you focus first to protect your account and make it grow enough then you will probably enjoy the benefits of becoming a full time trader. But this is a bussines and because of that you should not take money from it during the first years until the bussines has grown enough to pay you back.
What I dissagree a little bit is his money management rules for his plan, because only consider winning trades, which as he said there are three things that may happen while in a position and two of them are good and one is bad. One can win, the other may break even and the third may loose, but with intelligent money management you could avoid loosing your entire equity in your account. As Warren Buffet says: “If you want to finish in first place in a race, first make sure you finish the race”
None of its methods suits for me and not because they are bad at all, but I took part of one that is trading break out range for the GBB / GPY and adapted for the GBP / USD for break out during Australia and Asia Session, because fits better my biological clock here in America, and in back testing (the easy part) seems to give nice profits with a steady manner (200 to 300 pips per month), but as Glenellis says in this book. “No one wins all the time…. Not even me…”
If you are curious and want to know about this system, don’t hesitate to send me an email to:[...] I will be glad to show it, so feed back can make it better.
Best regards
Alejandro Reyes Buitron
The Very Best Forex Training Available
Rating:5 out of 5 stars
I had read several books on the subject before seeing Jeff Glenellis’ book. And I had spent the better part of a year trying to trade Foreign Currency Exchange (Forex) unsuccessully. There are many successful traders using any number of trading methods, and many of them offer books about it. But none ever offered to TEACH me their methods (even some to whom I paid significant sums of money) the way Jeff G does in his book.
I bought this book in an earlier revision, about a year ago (before it was available thru Amazon). So I have already become proftable using what he teaches in it. Jeff G presents several very concise trading methods in easy-to-follow language. He is also the only one I ever saw present an actual profit progression from compounding, where he has actually worked the plan and compounded a small initial startup into a significant sum of money.
But more important than any method, he teaches a great deal on how to properly manage the money in your trading account, to protect your capital. If you start with $5000 in your forex broker account, yet you wipe it all away in a few losses, you lose. But with a good method, the right money management of your trading capital, some consistent work and a little old-fashioned discipline, you can start with as little as $200, and compound it all the way to $1M in less than three years — while drawing out an ever-increasing income every week along the way.
Further, many people “bait” you with an intial book, but once you buy it, then they start to bombard you with more stuff they have to sell, that has the “deluxe” or “really great” information. And once you buy that, they then proceed to offer you the “super-secret” stuff, and so on. Or they “bait” you with the inexpensive book, and then want to sell you thousands of dollars worth of “mentoring” (that turns out to be from people who don’t even do what they’re teaching). Jeff G has done none of that. Since I bought his book originally he has NEVER offered to sell me ANYTHING else extra. All the goods are in the one book.
And as to “mentoring”, for those who are interested, there is a one-time membership fee (of less than $100) to join his on-going service. Anyone can talk to him personally in the members-only room on most trading days. He actually does what he is teaching, does it most every day, and any member who wishes may join him there.
And even then, he has never asked for even one penny for anything else extra.
For those who wish to learn to trade the Forex successfully, I’ve never seen anything better at any price.
Excellent Resource
Rating:5 out of 5 stars
Mr. Glenellis has written an excellent resource that I have added to my Forex library. It is an easy to read book that provides tools to profitably earn a consistent income. I’ve utilized several of his strategies successfully in a demo account and will soon use them live. What is so good is that he provides guidelines to follow but then leaves it up to the reader as to how to make these strategies uniquely successful.
I heartily recommend this book to any serious Forex trader.
Title should be: “Lose and Suffer in the Great Depression…”
Rating:1 out of 5 stars
I was completely unimpressed. One thing that irritates me to no end is when some wise guy creates a chart of how much money you will make earning 10 pips per day, 20 pips per day, or ? per day. In this book, it’s a chart that shows your road to riches if you earn 5% per day, like he purportedly did. I’ve earned 5% per day, and I’ve even earned a lot more on occasion. However, all it takes is one loss to knock you out of the spreadsheet. ONE LOSS! Imagine how devastating a string of losses would be to the bottom line! While these people tell you that there will be losses, they fail to factor that into their little tables. (Note: If you have a system that produces wins 60% of the time, and where the stop-loss is equal to the profit target, right away you would see that you would have to actually be able to gross at least 8.33% of your equity per day, to end up with 5% net profit. But, when do you stop trying to bag that 5% profit? When you have a 20% drawdown? I wish I had some recommendations to give readers of this review, but if I had a system that would consistently “win” 60% of the time, I wouldn’t have bought this book to begin with!!!
Also, this book is a retread. Oh, sure, there are plenty of subsequent editions of books out there, but he just took the old book, and added his “updates” in italicized notes, rather than re-writing anything. I got a laugh at how he states that a particular system no longer works! Why waste peoples’ time trying to explain how one “might” make it work!! For the money, it was really disappointed that he couldn’t re-write, or completely eliminate, the parts that should be scrapped.
My recommendation is that you save your money and pass on this book. At least check out the reviews for this item on forexpeacearmy.com before you decide to toss your money to the wind.
Survive And Prosper In The Great Depression Of 2009-2012
Rating:5 out of 5 stars
Survive And Prosper In The Great Depression Of 2009-2012: A Step-By-Step Guide To Amassing A Fortune Trading Foreign Currencies
Great Book
Amateurish, Untested and Risky
Rating:1 out of 5 stars
I bought the online version of this guy’s book last year, and joined his so-called “Trade Call List”. I paid $97 for this and all it ended up doing for me was make me lose $300 trading currencies.
His strategies are absurd and his suggestions are amateurish at best. Not only will you NOT get rich following what’s written down in this book, but you will most likely lose every penny you spend trying to implement his advice.
The strategies range from being vague and complicated and highly-discretionary, to being outright wrong and having no chance of ever working. The impression I got after more research was that he borrows bits and pieces of tactics from different places, information that has been around for a long time and puts them together as “his” strategy, without ever giving the complete picture. He always leaves out some important information that makes long-term success elusive.
As an example, the strategy involving the GBP/JPY breakout. This doesn’t appear to work in the long term. If you trade it the way he suggests, trading every single breakout every single night, you might make some gains, but you will more likely end up giving back all or most of these gains, especially if you use a 1:1 reward-to-risk ratio.
I say this because this is what happened to me. This is how I lost $300 trading currencies. The only way this might work is if you use a 2:1 reward-risk ratio, using 100 pips as your profit target, and 50 pips as your stoploss, and move your stoploss to breakeven after you gained 50 pips. If the market was willing to give you that on a consistent basis, this strategy might work.
But, even then, you have to be prepared for some severe drawdown months, especially in the summer(low-volume) months from June to August. The months I tried it in were July and August of last year, and I just kept having loss after loss after loss. The few wins I had were not enough to make up for the losses, and I ended up blowing through my entire account.
Another way it might work is if you were somehow able to predict how far your winners would go, and then “let these winners run”, as the saying goes.
Jeff said nothing about the risky summer months in advance. He only mentioned it after the fact, to subscribers of his “trade call” list. He also said nothing about the risk of drawdowns.
I have since read that it is better not to trade breakouts alone, in and of themselves. You should only trade breakouts which have a bias to them, bias meaning a pre-existing trend, and this trend should be of a certain strength. Not all trends are created equal. Not only that, but the channel that you are trading the breakout from has to be a certain size and a certain shape- the smaller and more narrow it is the better.
He says nothing about this in his book. I had to discover it on my own, after losing $300 following his advice.
After being on his list for awhile, I have discovered that he tries out different strategies in a haphazard fashion, all of which are highly untested, and all of which seem to lose money in the long-term. I haven’t made a dime following any of his recommendations.
The only good thing I can say is that I have gotten a few good ideas here and there from his book and list, ideas which were only mildly interesting and only somewhat helpful.
As far as making a million dollars in four years following his advice, it hasn’t happened to me and I doubt it will happen to you. This is what’s known as “hype”. My advice would be to take his book with a huge grain of salt.
At the very least, practice the strategies on a demo account for at least 3 months, before committing real money to them. Be certain that you ended the 3 months in profit. And, even then, be sure not to over-leverage yourself. From my experience I would suggest that you prepare for the worst-case scenario, and make sure that worst-case scenario would only wipe out a quarter(one-fourth) of your account. Even less than a quarter would be preferable.
The worst-case scenario, in my opinion, is losing 4 times in a row, 4 consecutive losses. You should make sure that losing 4 times in a row will only wipe out a quarter(one-fourth) of your total account balance. If you then lose again on the fifth try, reduce your trading size to one-half of what it was. Then try 10 more times. If you lose 10 more times in a row, stop trading for the month. Either try a new strategy or wait until another month and try again.
I think the following items are worth looking at:
The London Rush System.
My advice with this is to trade the first one that breaks out, when more than one is giving a signal. Use a 100-pip profit target and a 50-pip stoploss. Move your stoploss to breakeven when you’ve gained 50 pips. Make sure to use the included MT4 indicators and template. Also, I would stay away from a currency whose spread is more than 15 pips. I’ve been making a consistent 400 pips a month with this so far. MIG is the best MT4 broker to use with this because they carry all of the GBP-crosses, and they let you use their MT4 demo for free.
Forex Deal Butler
This one is really expensive, but it seems to be really good for daytrading. However, I have not yet tested it myself.
Solomon FX
They have tons of strategies which are apparently well-tested.
You can find these items by looking them up on Google or Clickbank.
A must read for any new Forex trader
Rating:5 out of 5 stars
About 3 years ago I purchased an e-book from Jeff, and never looked back. His ideas turned me into a successful trader. If you have any desire to get involved in forex trading you must read his book and pay attention to his money management ideas.
I could write several paragraphs describing how I feel about his writings. Do yourself a favor and read it.
Good luck with your trading HH
A very good place to start (or stop at ) for trading FOREX
Rating:5 out of 5 stars
Having used a multitude of EA’s, signals, systems, PDF’s over several years this is a very good place to start learning the basics of FOREX. FOREX is not a $ a second thing, it (like most things for most people) needs you to learn to crawl before you walk, You could start here and stay here and make a million in 4 years if you so desired, maybe quicker.
Now the hardest thing is choosing a broker (try Oanda MIGFX Alpari or IBFX for really small accounts). remember a real money account (even with $50 in it) is better than a “demo” account and won’t cost you your life savings. Take it easy, MONEY MANAGEMENT ABOVE ALL !!!!!!!!!!!
Not so great on the follow-up
Rating:1 out of 5 stars
I read this book over the 2010 New Year weekend and was very excited about the concepts it presented. I have been trading Forex for about a year and felt that the things Jeff presented really made sense.
On Jan 5th I joined his Trade group that is supposed to provide emails regularly to help in the members trading. He mentions this in the back of the book, which is what lead me to the website to join. I paid $149 – I never heard anything from him…..
So, I figured the transaction hadn’t gone through. So on the 10th I joined again. This time I got a form letter saying my email was activated.
As part of this group you can join a daily conference call in the “Trade Room” that is supposed to talk live about possible trades going on and then the group that is online (suggested to be many in this group) would make the trades together. It was stated in the advertising material that this group operated from 6AM to noon eastern time. Being on the west coast I got up at 3:00 AM to take part in this discussion. I did this for many days. I finally found some action on the discussion at about 6:30 AM (west coast time). And there were no more than 10 people as part of the group. I got on at least 5 times and found the same thing. They never talked about anything I could figure out. No specific trades were every executed while I was listening to the group. It was only two people talking about a EA and how it was working for them – this went on for days.
I have yet to receive an email advising of a possible trade, it is now January 29th. I wrote to Jeff twice now asking for him to either send back my money or explain to me how the system works so I can better use it. The only response I have received is the same form letter saying my email account has now been activated.
I want my $149 returned, but I can’t get through to the guy at all. PLEASE do yourself a favor and stay away from this situation, he is a rip-off artist who doesn’t seem to have an interest in those who want to “learn” from him. He talks a great story of encouragement, but his actions do not follow his talk, he hasn’t done anything he said he would and it has been 24 days since I first made contact with him and his organization.
MY next step is to complain through Amazon and the publisher. I want to try to protect others from being ripped-off.
Good beginner’s book – worth it for the money management concepts
Rating:4 out of 5 stars
The book is a quick and easy read and a beginning trader should benefit most from the money management and proposed account growth chapter. The book highlights some trading systems which are mainly scalping techniques which are methodologies a beginner should be careful with as it is quite easy to get burnt. And very quickly! The other systems, being moving average crossovers and breakouts, are less than failsafe which is main reason the reader should place emphasis on money management and risk tolerance.
From reading it one could be led to believe that the FX market is easy to get into (true) and can provide easy profits (remember that when someone makes money, someone else loses it.) While it has grown tremendously and is highly liquid, it should be approached with caution so as not to be the ones losing to the banks. The lack of a centralized clearing house for FX transactions and the wide variety of brokerage houses makes this a potential mine field, and if a beginning trader believes that they can go in with $500 to make a mint, they will quickly realize the impact of leverage!
To the beginning trader, remember that it is you, the retail trader, who is going against the banks…
I still think the book is worthwhile, but only when combined with other education that references solid trading techniques as opposed to “systems” which rely on bouncing balls or color-changing lines exclusively.
Survive & Prosper in the Great Depression of 2009-2012
Rating:5 out of 5 stars
Concise, very informative, and easy read book for both experienced and inexperienced traders alike. Recommended.
Reader`s Review: Survive and Prosper in The Great Depression of 2009-2012. By J.J.Glenellis.
Rating:5 out of 5 stars
Great book to read for Forex Traders of any level.Clearly written and easy to understand.It greatly helps the Trader Reader
to understand the Forex Market,and How it function and what to expect from it.Also and most importantly the qualities Traders need to develop in order to have a change to succeed.I would recommend it to any Trader looking to develop a successful and profitable approach
to trading the Forex Markets.Its value for more than what it costs.DA.UK.
thorough and specific
Rating:5 out of 5 stars
I enjoyed reading the book and the author seems to be very sincere about trying his best to help any would-be currency trader. I haven’t yet tried his systems, but I’m convinced if you follow his advice faithfully you can make some money.
SAVE YOUR MONEY!!!!!!!
Rating:1 out of 5 stars
The only good thing about this book is the discussion on preserving capital. J.J. Glenellis talks about joining his trade room for $149.00, save your money, this is a total scam. I sent numerous emails trying to contact some one and never once received an email in responce. If this guy doesn’t have the morals to live up to what he is selling then I really question everything he has written in the book.
Good bargain
Rating:5 out of 5 stars
I am on ongoing search for good FX books and I got to admit that Mr. Glenellis guide stands out.
It provides glimpse of what really is important when trading: plan, system and discipline. Although the author spares us technicalities of FX and the usual stuff in FX introductory books (history of FX, detailed FX markets structure etc.), he provides the base that an inspiring FX trader can use for building his success.
I fully recommend it to beginners and intermediate FX traders.
This is a decent book and a great intro
Rating:3 out of 5 stars
Although I had educated myself a lot on the principles of forex and knew a lot about it forex in general, I knew almost nothing about the actual software use, moving averages, indications, oscillators, etc… I must say this was a great intro to that world. Don’t buy this book expecting to teach you about Forex, what it is, and all the theories behind it. Buy this book if you already know that stuff and now want to delve into the online software world of forex.
Even still, this book is a mere, albeit great, starting point. Sure, I suppose you can stop here and use his method and I hope it makes you money. But after reading this book, I then took out every book at the library on candlestick charting and technical analysis and I still don’t feel fully comfortable to start using real money. However, after learning ALL that information from the library, I must admit, I still have his moving averages on my charts as a nice cross check to my other methods.
My only major complaint is that the author states that if you follow his detailed plan you can make a million bucks. He gives all the necessary warnings and thats fine, but what isn’t fine is that he spills the beans by admitting that he himself has NOT even come close to making that million yet as of the publishing date. It would be like starting a company, making a few bucks in profit, and then considering yourself an expert enough to write a book. To some degree, he’s right because he (if you believe him) has made money, but is he right enough if he hasn’t even accomplished the goal of the entire book?
Thats for you to decide. Moving averages are nothing new, but don’t approach this book as novel and a unique way to make millions in forex, look at this book as your first step towards hundreds of thousands of pages of research on forex trading.
An absolute must
Rating:5 out of 5 stars
After so far reading a handful of books on the subject this has to be the `icing on the cake’. Although I do need to mention it is not for the total novice but more so those who have a more intermediate knowledge on the subject, however I believe it an a must read for all serious traders. Definitely no fluff here, this is real getting down to business and rolling the sleeves up material. Jeff’s trading techniques are a gold mine as long as they are adhered to. An arsenal of trading strategies which could well serve as the cornerstone of any serious trader. With good reviews already to back it up the title of the book clinched the deal for me. I for one am glad I did : )
Great Intro in the Forex World
Rating:5 out of 5 stars
This was the first book I read about Trading in the Forex Market, and it was great, infact, I am on the road to becoming a fulltime investor (very slowly) and using alot of Jeff’s advice and methods for trading – this book is a MUST HAVE for every Forex investor. Great book and really great value!