FX Bootcamp's Guide to Strategic and Tactical FOREX Trading

This book presents a complex subject in an easy to understand and down to earth method that makes it a great learning tool and reference resource. Subject matter is comprehensive since all tools needed in the traders tool box are fully discussed.

Wayne McDonell takes apart the complexities of currency trading and simplifies it for any reader. The materials presented include Fundamental and Technical Analysis, Trader Psychology, Money Management, Currency Relationships, Futures, relevant Commodities, and Improvement strategies.

It is true that all indicators are not discussed and it is true that every possible candle pattern is not discussed and it is true that there a many other methods that are successful. However, if your goal is to become a successful trader capable of playing any position on the field then this is a must read.

I am taking the time to write this review not to promote the book however I got a fair review when I was starting out and needed to figure out what books I should read to make my time effective and the information useful. I was and still am very happy with my purchase as I gained experience and am able to compare other products purchased to subject matter covered and their practical usefulness.

Here are some of my reasons. There is no great wisdom or revelation that will knock you over to make you a complete trader. However since Forex Strategic and Tactical Trading takes a complex subject and simplifies it for new traders the concepts and methodologies have to be planned, practiced and closely observed to the letter. Traders Creed! As I gained experience, and then contemplating on the concepts discussed, the complexity of the concept was realized. Therefore by doing and practicing is a first step as you read, study, develop. A demo account is highly recommended. This is a simple example. Wayne uses the 5 closing exponential moving average (EMA) crosses the 8 open simple moving average (SMA) values to illustrate a condition change. On the first pass--- a bit of light reading--- this all seem logical and all is well. However as you do the work of traders, the once simple 5EMA X 8SMA cross takes on greater significance. The practical significance of just this simple concept will become greater as different time frames and trading styles become more real in your trading life. So the book is now to me a very practical reference guide. Again, the simplicity of the concept description was helpful to quickly grasp the global however as I did the work, gained experience, I also gained a better and more precise understanding of concept. Good reference material is always very helpful since details and thoughtfulness in Wayne's discussion are rediscovered.

The conclusion is that you may get the basics here. As you gain experience and knowledge, it becomes an excellent reference source to enable you to fully apprehend the dept of concepts. Refer to the book to further develop your full understanding as you grow to be that all around trader with an in-depth comprehension of not only the Technical and Fundamental aspects of trading but included are the different market relationships including oil, gold, futures, trader's psychology etc..

Many authors will include these subjects partially, but the question to be answered is, 'How can you realistically grow from reading a book about driving to actually driving'? Wayne provides a simple approach that will require your full attention. It is a great learning tool for the beginner. Also great reference resources after you have learned the basics and are ready to meditate on the advanced methodologies and trader psychology.

No text was provided for this review.

No text was provided for this review.