FX BOOK REVIEW
on how and when to enter a trade as well as where to place the target and stop loss orders. It is setup in such a way that the reader is able to read one of the strategies and then start trading it immediately.
FXTM: How would you define your trading style? CW: I would define my trading style as very relaxed and quite simple. For me it’s all about knowing which direction I will be trading the currency pair before I even begin to look at specific entry points. I really feel this is important and that is why the strategies in this book are set in the context of “trend trading” - identifying the trend and trading in the direction. So many traders fail because they have too much going on in their mind when they are looking at a chart. They are thinking about entry points and strategies while juggling whether or not they will be going long or short. If I can’t decide whether I am going long or short within the first 5 seconds of looking at a chart then I pass on that currency pair. In other words, the direction should be obvious. Once that is determined, I get more specific.
FXTM: Where did you learn your entry and exit techniques? CW: I guess you could say that I learned the techniques through personal experience as well as general exposure to other traders. In this book I break down 4 different trend trading concepts. Trend lines, channels, Fibonacci retracements and symmetrical triangles. Although none of these concepts are original, I believe that the way that I approach them is. Unfortunately, a lot of these concepts have taken the back seat to fancy indicators which are considered more advanced. This is why a lot of traders find it difficult not to over complicate things. I like and use these concepts because they are based on the visual movement of the price action.
FXTM: Which one of the techniques described in the book do you use more often? CW: It is very difficult to say. I kind of go in phases where I seem to favour one over the others. It is rare to look at a chart of mine and not see a trend line, though.
50 FX TRADER MAGAZINE April - June 2012
FXTM: Do you implement some of these techniques together, in a confluent way? CW: Trend lines and symmetrical triangles naturally go hand-in-hand. This is because a symmetrical triangle is actually formed when two trend lines come together. So yes, these two techniques almost always end up merging. It is very natural for all four of the techniques in this book to come together, though. That is because they are all trend based and will generally be indicating the same message.
FXTM: What are your trading results using these techniques? CW: Very Good!
FXTM: What would you suggest to traders in order to use the 4 keys successfully? CW: The most important thing is to not over complicate them. I did my best to write this book in a very informal and personal way. A lot of things in this book are just common sense. Choose one of the keys, read the chapter and then spend some time on the strategies. Once that is done, go through some charts and start identifying historic setups. It is important to get a feel for them.
FXTM: In your opinion, what makes a successful trader? CW: Thick skin and a willingness to ask yourself tough questions. Before a trader can analyze a chart successfully, he must be able to analyze himself. It sounds a bit abstract, but I believe it is true.
FXTM: Is there any other advice you would like to give our readers about trading techniques or about Forex trading generally? CW: Losing trades are inevitable and winning trades are always possible. This is a little saying that I remind myself of all of the time. It helps to give perspective.
To benefit from FX Trader Magazine readers’ special discount on Christopher Weaver’s book, click here
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102