Forex Patterns and Probabilities: Trading Strategies for Trending and Range-Bound Markets By: Ed Ponsi
Implementable!
A lot of the content that we review on this site is principals based, foundation based or psychology based. While there are implantable trading strategies scattered amongst the foundation gold in many books few have as much content that you can take right out of the book and trade off of.
Have you ever been sitting there asking yourself when should I enter a trade and when should I exit a trade? A lot of texts on the subject cover these topics. This book takes it a step further and offers a glut of charts illustrating in painful detail why and when strategies work.
The book is broken up into four parts. The first part hits on what many books on the subject cover, the who’s what’s and why’s of trading. Ponsi covers what the language of trading is and how to think about trading in terms of relatable situations. The second sections consists of an almost encyclopedic list of trading strategies used for trading all types of trengind markets. The third part covers strategies that are much more condition based. These strategies play on unique market conditions and are many of the types capitalized on by hedge funds. The final session offers the obligatory trader psychology section. This is a bit different though in that it offers tips on how to emulate professional traders as opposed to the common loss aversion type stuff.
Don’t let the quantity of charts and figures scare you off from reading this book. Ponsi does a great job of taking a subject that can be very technical and explaining it in a very readable way. Ponsi offers you all of this additional content while still providing the expertise of a credentialed professional trader.
This book is for a chart reader, don’t fool yourself. If you want to stay out of the grime of the markets this text is not for you. If you want some very implementable recommendations on how to trade some common market transactions and are not afraid to get your hands dirty then this is the book for you.
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