FX BOOK REVIEW
JP Thanks. I make a comparison throughout the book about learning to trade and learning to drive a vehicle. This is not a perfect comparison but there are a lot of similarities between the two. I use it because I and many
people
learn about new things by association, such as using familiar analogies.
The
book is meant to give traders the
knowledge
to first get a “trader’s permit” using demo accounts and with time and dedication a “trader’s licence” once they show c o mp e t en c e with their permit.
The market will grow again at - at least - single digit rates and retail FX volume worldwide will reach US$400 billion per day in 2015
experienced traders.
FXTM Who are the traders who should read this book?
JP Definitely those who are at a new and intermediate level, but there are several chapters in the book (adding a pivot trading strategy to
62 FX TRADER MAGAZINE April - June 2013
FXTM Which kind of potential return can a disciplined trader expect on the forex, in your opinion?
JP I teach traders to aim for 50 to 100 pips per week net of losses and
JP The VT Pivot R o adm a p strategy came about as I measured the fr e q ue nc y with which the EURUSD crossed the pivot line any
given day – i.e., 80% of the time. So I asked myself what are the patterns for positioning a trade in light of this statistic. I think the book gives fairly precise guidance in terms of: whether you should trade the strategy in a given day, whether to buy/sell, and how to find an entry point that allows the trader to have strong odds of
their arsenal, understanding risk management properly, building a full trading plan, and gaining new techniques of trader psychology) that I imagine are also valuable for
transaction costs, while risking at any time 1% of their account (or 30 pips for any trade). I also believe in reinvesting gains for a period. This strategy translates to a monthly gain between 6.8% and 14%.
FXTM How did you develop the VT Pivot R o adm a p strategy? And does it give traders precise entry and exit points?
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