TradeProfits

Review of Forex Confidant

Posted on 24. Mar, 2009 by admin in Review

A new Ebook, Forex Confidant, was released not long ago. I bought it, read it, and here is the review. Actually I was searching the internet for a review before I bought it, but as always, it is simply impossible to find an objective evaluation, because people are in constant search of affiliate commission. Do a search on Google for Forex Confidant, and the only thing you will get is hubpages, squidoo pages, etc. all of them which endorse the product, obviously without any idea of the actual content.

The first time I read about Forex Confidant, was over at ForexFactory. One guy was flaming Tom Strigano’s ebook, saying that it was the typical useless ebook, with the same information as all the other ebooks. However, Tom joined the thread, defended his book, and all this sudden, people seemed to change their mind :) Check out the thread here: Forex Confidant is garbage.

Forex Confidant is a well written ebook, with a total of 138 pages, for the price of $97 (including a few videos). The product is sold through ClickBank, which will give you the possibility to get a refund within 8 weeks. Although the sales page for Forex Confidant is the typical one-mile-pain-in-the-ass-long website, which I often associate with scammers, this is not the case. Here goes:

The book starts off with a short introduction about Tom Strigano. He claims to be an ex-bank dealer, positioned as Chief Dealer, who started his career at Deutsche Bank. He starts off by explaining why EA’s and automated trading do not and never will work. Furthermore, he tells us a bit about his trading style, which is solely based on technical analysis. So if you are looking for fundamental lessons, this is not the place.

After the introduction, he start out by explaining the basics of the bid and offer spread, how to calculate profit and loss, followed by a few pages with information about the different pairs. After the first section, he continues to explain the basics of bar charts and how to interpret them, as this is the types of charts which will be used throughout the rest of the book. There is no detailed explanation about this, but enough to get you through the book. Actually, if you don’t know what a bar chart is, and how to read it, I don’t think this book is for you. You might want to spend some time on investopedia, or a similar site, to learn the basics of forex trading before you jump into buying this ebook. Anyway, the bar chart is explained, and concluded with the following: “Japanese candle sticks is a total scam and a total waste of time”. The next two pages is about gaps, and what to be aware of, when they occur.

Next off, is the chapter about golden rules. These ar lined up in the next few pages of the book, and include all the ones you have heard before, like “don’t trade with scared money”, “cut you losses and let your profits run”, follow the trend”, etc. I have heard most of these rules a hundred times before, but there were also some new and interesting ones among. One rule, which I have often thought about, but never really read about before, it to not trade paper money, as this will give the individual trader a wrong impression of the market, and his ability to trade it. Another rule which is mentioned is that stop losses should be not be set right below or above support or resistance levels, due to the aspect of “stop loss hunting”, which is an often used tactic by bank and hedge fund traders. This thought is also outlined in Grace Chengs book, 7 Winning Strategies for Trading Forex.

The next chapter is about money management. This is an interesting read, with many details aout the risk/reward aspect, and an exciting story about a huge draw down from back when he was working as a chief dealer. He also explains the money management system which he uses, and outlines how this can help preserving your capital.

The following chapter is about support and resistance levels. This is easily read, and well explained. There are a lot of chart pictures, to help the reader understand the point. In my opponiun, this part is a little too much. Too many examples, for something which is fairly easy to understand. Furthermore, this is one subject which is discussed heavely, online. You can probably find all the explanations you need about this subjet on investopedia, or a similar page.

Next chapter is about price projection with Fibonacci numbers and trend lines. First he goes into the basics of using Fibonacci numbers in forex trading, and next off, he explains a special technique, using Fibonacci numbers. A method which he claims, is used by large banks, but little known to the individual trader. Although this can seem a little complex at first, it does make sense, and it is well explained with examples and detailed chart examples.

The next and last trading method discussed in the book is called Confidential Codex Timing Stretegies. This is, in my opponoun the most interesting part of the book. This is a long chapter, and just as the rest of the book, this does take some time and effort, to read and understand. This is a technique based on Ganns forecasting method. According to Tim, this method has been backtested for a period of six years, showing profitable results, and Tim has used this method in the banking arena for more than nine years. This is definitely an interesting method, which furthermore, should be easy to apply to your daily trading. The rest of the book, is about putting it all together. There is a lot of different examples on trades, and calculations to help the reader understand how Tim is applying his techniques into real life.

I will definitely have to read the entire book once more, in order to comprehend all the details. There are a lot of calculations and small details which will require you to be alert when reading through this book. If you are completely new to forex trading, I don’t recommend you to start out with Forex Confidant. It does require you to have some basic knowledge about forex trading, in order to comprehend the information provided throughout the book. I found most of the information to be interesting. At times, the content can be confusing. Furthermore, I would have enjoyed a better structure. There is a lot of jumping from one subject to another, and back again. Does the methods which are explained in the book work? I don’t know. I have just finished reading the book. The suggested Fibonacci technique does not suit my trading style, and I don’t think I will apply this into my trading.Nonetheless, this is something I will be aware of, when considering to enter or exit a trade. However, the last part (codex) seems interesting, and I am looking to try this on a demo account. The part about money management is definitely valuable information, and there are aspects from this which I will apply to my own trading as well.

Overall, I find Forex Confident to be a good ebook. It is certainly better than many of the other ebooks out there. Although Forex Confidant is rather expensive, it does come with an 8 week refund policy, so if you should change your mind, simply send an email to ClickBank, asking for a refund. If you have any question for me, about Forex Confidant, fell free to drop a comment. Any questions for Tom, then I am sure you can catch him, over at Forex Factory :) If you are thinking about buying Forex Confidant, why not support this blog, and buy it here.

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

Tags: ebook, Forex Confidant, Review