Comments on: Forex Patterns & Probabilities: Trading Strategies for Trending & Range-Bound Markets

By: Richard Reed Jr.

Richard Reed Jr. — Sat, 30 Jan 2010 20:24:53 +0000

Ed Ponsi said at the begining of his book that he had read dozens of trading books and each had a kernel of truth surrounded by filler. He also said that if he wrote a book, it wouldn't be like that. Unfortunately he goofed. He wrote a book exactly like that. There are a few steller nuggets of wisdom, but they aren't worth the price of the book.

Currency Trading for Dummies is a far superior introduction to forex than Ed Ponsi's book. Ed Ponsi focuses on technical analysis (just barely) while the dummy book actually introduces you to both fundamental and technical analysys as well as money management. A much better start at becoming what Ed Ponsi calls a "triple threat trader".

Plus the dummy book has suggested reading at the end for further study, while Ed Ponsi only mentions one other book in the middle of one chapter. Suggested reading, bibliographies, and end notes are very important indicators on how serious the author is about his or her subject.

Ed Ponsi sounds like a nice guy, and a knowledgable guy at that. I think that is why there are so many positive reviews. But Ed Ponsi's book just doesn't cut the mustard. Rating: 2 / 5

By: Books are a GOOD thing!

Books are a GOOD thing! — Sat, 30 Jan 2010 17:31:34 +0000

The information in Ed's book is actually fairly good. However, I learned most of it – often in better detail and made clearer – on freely available websites. I did pick up a few additional ideas, which is always beneficial. If he had charged $30 for this book, it still would have been overpriced, but at least reasonable. But, at $50+ you are NOT getting what you pay for. For the price, you should be getting a lot of new information in ways you never considered. This is just a series of low-level discussions with a lot of graphs. He also sells videos for $300 (which I've not seen), but I bet they aren't anything better than you get for free elsewhere.

Conclusion: Save your cash for your trading and do a quick Google search on forex and take advantage of all the free information.
Rating: 3 / 5

By: esanchez81

esanchez81 — Sat, 30 Jan 2010 16:37:13 +0000

great book but i think it's a little too expensive. it's a big help to anyone wanting to better their trading skills.
Rating: 4 / 5

By: Jeremy Deaton

Jeremy Deaton — Sat, 30 Jan 2010 16:18:30 +0000

I applied the authors strategies and I lost money. I went back to my old ways and made money. If your way is not broken then why try something else?
Rating: 3 / 5

By: ForexGuy

ForexGuy — Sat, 30 Jan 2010 14:40:32 +0000

Another forex book with NO statistical evidence that these patterns are profitable. I could write 1000's of books like that.

If a trading book does not back up its claims with some serious backtests then it goes directly to my "refund section", no matter how clever the patterns look at first glance.
Rating: 1 / 5