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My first impression of Bob's new book was “wow what an intense read" just like the first book it will require several complete readings to absorb all the information. It's like the first book on steroids. I think most people would be better served reading and understanding all the information in the first book before moving on to the second. The concepts and the first book are very basic and straightforward. The concepts and the second book require much more subjectivity, this will make it more difficult to learn. The book however is loaded with tons of great information and a year's worth of charts which alone is worth the price of the book.
I really feel this book was meant to be a companion to the first book. However, since price action is universal, I think it was modified to a five-minute chart to appeal to a larger audience. This is in no way faulting the book or Bob. If anything, it's allowing his work to reach out and help more traders. I think applying the additional learning material from this book to the concepts already used on the 70-tick chart will increase the when rate of the scalper. Also, I think it may be better served being used on say a 512-tick chart instead of a five-minute chart. But that's just my opinion.
This book is not as complete of a trading methodology as the first one, therefore I do feel you should read and understand Forex price action scalping first. Then once you're getting decent results and wanting to improve upon them take on the task of the second book. One thing I would like to note is he does a much better job at describing buying and selling pressures in this book which is very important. Also, I like the way this book mirrors more of my trade management of exiting based on fading buying and selling pressure versus a hard-fast target.
In closing my final comments is Forex price action scalping is still my number one must-read book. This new book understanding price action is now moved to number two must-read book where it's taking over the spot from Mark Douglas's book trading in the zone.
I LIKE THIS BOOK IT VARY EASY READ AND COMPLETE
GOOD BOOK BY A REAL TRADER
GOOD READ FOR MARKET ANALYSIS ONLY
WILL WORK GOOD IN A WIDE RANGING MARKET ONLY
ANYTHING ABOUT PSYCHOLOGY AND TRADING IS WORTH READING
I LIKE THIS ONE BUT HE DOES NOT SEEM TO TRADE HIS PLAN
Forex forums – I have visited many forms over my tenure of learning how to trade. I really have very little good to say about them. Probably the largest would be Forexfactory, while this form is a good source for news events (although I found them quite slow lately) their forum has lots of stuff to have to sift through. If you were to post a question you are most likely going to get 1000 wrong answers and 1 Half Way correct. Meaning there are very few profitable traders to visit their forums and the ones that are drowned out by the hundreds of wannabes. The smaller forums or ones that are more specific to what you're searching for would probably be a better choice. Big Mike's form is not bad but he wants to pay money just to be a member of a community forum. My forum is where I can be found because I don't allow riffraff there. So instead of going to places like Forex factory and expecting to get good advice, search for an individual trader that uses a method similar to what your question revolves around. Most won't mind at answering a simple question in an email.
Windows surface pro 3 For my home trading I have a standard desktop computer that can support two monitors. However, since I am a home-based trader and I have a life, more than 75% of my trading is done on a laptop. I've had several over the years. At the beginning of my fiscal year I was using an Acer P3. However I found the lack of a touchpad sometimes irritating. So I started my search for a replacement. I actually went to the store to purchase a Yoga tablet but started playing with the Microsoft Surface Pro 3 that they had just gotten in. I was not sure about using the Surface pin, but since it could be purchased with a keyboard and touchpad I decided the pen would be an extra that I probably would not use. I have since found the Surface pin to be a delight. It's highly accurate and makes order entry fast and easy on the touchscreen. If you plan on trading over Wi-Fi while being on the go, the Windows service Pro three is a must-have.
Your videos and website have inspired me to pick up scalping again - Jacob
I found your website and I love it. I like how you write about things, about people trying to steal your cash. To trust only yourself. --Darek
You have helped me in the past and I appreciate it a lot. Finally making some steady money, --Mark
ME remote trading from the cabin
Forex Secrets by Tim LuCarelli I thoroughly enjoyed reading this book and have no problem and adding it to my must read category. It is very informative, and very thorough. It truly is a very different approach to Forex scalping. I have tested this method on my live trading account and it works very well when I don't have any scalping setups on my 70 tick chart. I always switch to this and look for some valid entries. This is one of only two methods out of the hundreds that I've tested that have a positive expectancy while this method is a little bit more complicated in its design it is quite profitable. The first two chapters give you the background information you need. The third chapter on money management is probably one of the most important chapters to understand. The next few chapters that you set with the advanced knowledge that you need. Then I chapter 9 you move into the technical aspects of trading. Unlike most trading books the last few chapters of the book package everything very well in an easy-to-understand format. This methodology can be adapted very easy with meta-trader 4 or ninja trader.
Al Brooks books –
I have read our Brooks books and find they contain a lot of information that is informative to price action trading. They are little bit hard to read, as he seems to go on and on. I do find that they contain his honest interpretation on how to trade. I think are well worth reading. When you have some idle time. By his own admission he does not run is webpage so I'm not sure about the information presented there.
Technical analysis by Brian Shannon If you're looking for a book to learn about technical analysis this is the one book you would need to read. Brian's book is very clear, well-written, and easy to understand. I like the way he explains using indicators as more of a guide and a trading system. There are plenty of charts to help you understand the messages he's trying to convey to you. After reading this book and understanding what you are being taught you'll know all you need to know about technical analysis. The book does resemble a textbook which is part of the appeal of the book. The first section will learn about market cycles. The second section you'll learn about how and when to buy. The third section gets a little more advanced for the beginner but it's still easy to understand. And the fourth section is where he brings everything together in a nice easy to understand package. The book is well worth reading. And although it's a little bit more pricier than other books it's a much better value for your hard-earned trading dollars.
The market wizard books by Jack Schwager I find interesting that this book series is touted over and over and over as a must read book. I read the first one several years ago and even read the update. Although some of the stories are interesting I find no value in these books for the retail trader. If you want to book to read in your idle time then give it a try. But if you're looking for tips and information on how to improve your trading you not find it here. An example would be I don't think that putting a monitor in my bathroom as one of the wizards has is going to improve my trading. This leads me to believe that the majority of people that tout these books as a must-read for your average trader have never actually read the books themselves are just repeating what other people have said. Maybe instead of putting the monitor next to the stall I should put a copy of the book. Since it will probably make good reading there. Trading successful is not about mimicking other people. Especially those trading accounts for larger than the average retail trader. You cannot trade the way they do because you don't have the money to manage the way they do.
Forex Price Action Scalping by Bob Volman When I first started reading Bob Volman's book Forex price action scalping I was quite surprised. The first thing I noticed right off the bat was that the book was written by a real trader, not just someone who writes books for a living. I found the book very well written and easy to read. The first section of the book covers basic scalping and was well worth the price of the book alone. Section 2 is all about entry setups Bob goes into detail and explaining his setups backed up by plenty of charts, so you can start to visualize the information he's trying to pass along to you. The next section is on trade management and the second most important section of the book. However, section 4 is all about unfavorable conditions and is the most important section of the book you must learn when to set on your hands. The last section is about proper account management which is also very important to understand how to keep from overtrading your account. Overall, I found this one of the best written books about currency trading and should be on every trader’s desktop.