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A pioneer in currency trading shares his vast knowledge The Forex Trading Course is a matter-of-fact, hands-on guide to mastering currency trading. This book is calculated to build an aspirant trader's knowledge base in a step-by-step manner-with each major part followed by a thorough inquiry-and-answer part to ensure mastery of the material. Written in a straightforward and reachable style, The Forex Trading Course outlines a matter-of-fact way to integrate fundamental and technical analysis to identify high probability patterns and trades; and reveals how to develop a trading plot and appropriate strategies for different size trading accounts; how to control emotions and use emotional acumen to improve trading performance; and much more. Filled with in-depth insight and matter-of-fact advice, The Forex Trading Course will prepare readers for the realities of currency trading, and help them evolve and achieve success in this dynamic market. Abe Cofnas (Orlando, FL) has been the forex trading journalist for Futures magazine since 2001. He formed Learn4x.com-one of the first Web-based interactive training sites devoted to forex trading in 2001 as well.
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 The Forex Trading Course |
| Review Date: January 7, 2008 |
| Assessor: John Echternacht, |
I have bought and read most of the recent books related to Trading Forex. I would place Abe Cofnas' newly released "The Forex Trading Course: A Self-Study Guide to Becoming a Successful Currency Trader" at the top of the list of books to hold. The author covers the basics of trading: Fundamentals and Technical Analysis in a very in-depth level. But, I feel what sets this book apart from others are discussions of Advanced Strategies (e.g., Renko scalp setup and Pattern Recognition).
This book is a Must Read!
John Echternacht |
An exceptional initiation to the world of Forex trading
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| Review Date: November 25, 2008 |
| Assessor: D. Michael Elkins, Valrico, FL USA |
At the outset, let me say that I am beyond doubt at the beginner level with regard to the trading of currencies on forex, but I do feel that I cultured a lot after conception this book.
The most vital lesson that I took away is that the novice trader needs to spend a heck of a lot of time trying different strategies risking very small amounts of money before before diving in and putting noteworthy amounts at risk. Even if there is nothing incorrect with culture to trade with a practice account, the authors says that you shouldn't start with a practice account holding $50,000 or more and then trying to trade $100,000 lots using large amounts of control, even if you might be fortunate to have that much money with which to fund your initial real account.
Prior to conception this book I would have assumed that I would always be trying to earn at least 50 or more pips a trade, but this author teaches that there is nothing incorrect with simply trying to get a string of wins of only 10 pips at a time until you have a solid record of uniformity that would give explanation for going for larger income. As a novice, I will certainly take his advice to heart and would urge this book to anyone else who is not already a veteran currency trader. |
The Forex Trading Course
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| Review Date: August 31, 2008 |
| Assessor: Daniel Leon, Sunrise, Florida United States |
| This is a fantastic book. It filled in a lot of the missing info that new forex traders are missing in their everyday trading. This book has a nice mix of technical and the fundimentals that are missing in a lot of other author's books. This book should be in every new trader's library. |
So So
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| Review Date: November 28, 2007 |
| Assessor: Mark Twain, United States |
| Nothing new or fantastic here. If your just getting ongoing this book will help with the basics. The part about system development is very sparse (essentially just says use ms excel for backtesting). Overall I felt fleeced paying retail for this at B&N. |
A dip into the pool for beginners
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| Review Date: January 19, 2009 |
| Assessor: Andrew B, Huntington Beach, CA USA |
This book fills the need for an entry level FX course, so if you're just early out, it is probably a excellent choice. I've got some encounter in the securities industry, and I'm worried I find it sloppy and shallow. If you're taking a class taught by a knowledgeable professor, the book should work well to set you up for lectures. Personally I was hoping for more (I have a background in the securities industry), but I did learn from the book, and Mr. Cofnas does a pretty excellent job of pointing you to assets on the web.
More description and more detail would have been nice in a lot of places. I'm about ½ way owing to the book now, but I still haven't seen any indication that he is going to cover the differences between the different types of currency trades (spot, forward, etc...) that the major markets allow (most party traders will be trading rolling spot, so this probably doesn't matter as much for a beginner course).
The writing is pretty sloppy. This is from page 3 - the first page of the first chapter! "In game of chance the key figure..." (theme-verb disagreement). "We start in this chapter with an..." (certainly should lose the 'in' but "This chapter is..." would make Strunk and White more pleased).
The technical explanations tend to be pretty hard. In talking about the yield curve on page 23, he says "In normal times, people are keen to pay more for longer-term maturities and bonds." First of all, by normal times he should mean when the yield curve is upward (when a 10 year CD is paying a higher interest rate than a 1 year CD) though I didn't see any confirmation in the text (the yield curve has been upward more of the time for the last 100 years). So... does he mean the people issuing the bonds will pay more or the people buying them? Since companies typically issue bonds, let's guess that by people he means investors purchasing bonds -- BUT people will pay LESS for long maturities when the yield curve is "normal" (implying the securities have a higher yield which means that the consumer needs to get paid more interest to lock up his/her money for a long time -- a higher interest rate on a 10 year CD). To make what he says assess, it must be the bond-issuers (or the bank, if it is a CD) paying higher rates of interest for longer term securities. Very hard! He never mentions the time-value of money (generally one expects that $1 now is worth more that getting $1 later -- a bird in the hand is worth two in the bush). Additional, he doesn't talk at all about the various types of risk for longer terms (risk that the company will go under - favors a steeper yield curve, risk that you won't be able to invest the money later at a excellent rate - flattens the yield curve). So he's essentially saying that the yield curve is vital. Granted, this is a hard theme overall -- it probably warrants more space in the book.
His description of the influence of inflation on currency rates left me confused for a few reasons. Inflation was generally believed to be a excellent thing until about 1965 (if you owe people money, it decreases the real value of the amount you owe - those of us in debt probably wouldn't mind a small inflation - provided we have adjusted our lifestyle to lower our costs). In fact, the recent rapid inflation in home prices was pretty positive for the economy (until it was unsustainable). So if you read any texts that are older (say, Keynes) you have to remember that they had a necessarily different view of excellent and terrible (generally the better economists try not to pass value judgements). Mr. Cofnas says that inflation is the enemy of central banks, so I'm at once suspicious. Inflation is a term that describes the rate at which the currency changes value as measured against goods. A small inflation is believed to be excellent (above all in a on the rise economy) because it stimulates spending. He seems to admit this later when he notes that most central banks have inflation targets, and they are not zero. The opposite of inflation is deflation, which can be very terrible in a market economy, because it exerts pressure on people not to spend, therefore adding deflationary pressure making a real problem for the economy (this is one of the things that probably contributed to the fantastic depression in the 1930's). Mr. Cofnas states that increases in inflation in a coutry are positive for the currency. But, I'm guessing that this is only right if the underlying might of the currency ruins somewhat stable (people are coming into the currency for higher rates). Otherwise, wouldn't currency traders flock to one of the currencies that have %1,000+ inflation per year? Of course not, the currency is losing value compared to other currencies quicker than investments that can be made in the currency are gaining value.
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