Beat the Odds in Forex Trading: How to Identify and Profit from High Percentage Market Patterns

by Igor Toshchakov

Book Overview

"Beat the Odds in Forex Trading provides traders with tremendous value by disseminating the trading methods and philosophy of one of the most remarkable Forex success stories since Soros."
--Alexander De Khtyar, President, Forex International Investments, Inc.

Add certainty and systematization into Forex trading with this practical approach. Author and industry professional Igor Toshchakov shows how recurring market patterns--which...

• Format: Hardcover
• Language: English
• ISBN: 0471933317
• ISBN13: 9780471933311
• Release Date: August 2006
• Publisher: Wiley
• Length: 224 Pages
• Weight: 0.75 lbs.
• Dimensions: 0.8" x 6.3" x 9.0"

Customer Reviews

Maybe best forex charting book yet!!

Let me do the usual qualifier and state that I have read every book on trading- let alone on the fx spot market. One thing you have to consider about some of the bad reviews so far is that it takes a difficult amount of time to become a "profitable" trader. I could only imagine if I read this book during my first year of trading- I would most likely think it was a very elementary trading book. Igor's book is mainly for a "chartist" type of trader. This is much different from some indicator heavy mechanical trading system. When I first started trading I thought I could find the "holy grail" through some complicated marriage of many indicators plus some Elliot wave or Gann etc.. As I grew as a trader, paid dues in losses, I realized that trading with just price action alone is the quickest and most profitable(KISS). This involves only candlesticks, chart patterns, coupled with support/resistance. Everything else lags price. The more complicated you try to make trading- the harder it is. Most good forex traders are aware of certain intraday patterns that develop during the asian-european-new york trading sessions. After looking at charts for enough years you can trade these patterns unlike anything else in any other market. Igor is the first author to detail these patterns and show them on paper! He even tells you to ignore the first breakout in a horizontal range pattern during the asian session! That advice alone is worth more money than any non-trader will ever know!

Excellent!

It is most refreshing to find a book that discloses the less than glamorous side of Forex trading. The percentage of people who consistently win is very small but this is the case with all businesses, not just trading. The information discussed in this book is precisely the kind of information that makes the difference between those seeking fast wealth who then drop out a few months later, and those who persevere and are able to stack the odds in their favor. Forex trading is indeed a matter of learning to beat the odds by trading based on a combination of factors that add up to high percentage odds which create consistent wins over time. Igor has earned my respect as one of the few legitimate traders who is not in the business to be a broker's employee selling glamour to the masses who have no intention of undergoing the discipline and work it takes to become a successful trader. Thanks!

A light at the end if the tunnel

Being exposed to Forex for a little more than 13 years now, I have to honestly say that having read numerous volumes on the subject this book stands out both by it's simplicity and complexity combined. It is a well known fact that a majority of really great things are simple. Here is where this book comes in. Even though it might lool a bit comlex after reading it carefully and grasping the idea, or better put, the strategy that Igor describes you will get the sense of safe heaven. Forex markets are driven both internally and externally by such an abundance of information that it is difficult and sometimes very tiresome to make sense of it all. This book gives a clear cut picture of what needs to be done at a a very specific points in time. It doesn't just give you the tools to trade but also, and that's extremelly important, teaches you the right attitude to forex. It gives the trader the peace of mind with clear cut money management and trading techniques to be applied when the market presents it's opportunities. This strategy can be used by both seasones traders as well as novices. You can work and still manage 20 to 40 min a day to do your analyses and enter the orders for the trades. Or you can watch the market constantly and identify and react to the situations that present itself. I highly recomend this book as a unique approach to trading and consistently making money with a very limited stress that most people experience in this bussiness. For a person with an opened mind this could be a breakthrough that they need to develop their own profitable trading routine.

Hands-on trading guide

I view this book as the best possible instruction manual and survival guide in a cold and merciless trading world. Igor presents you with a practical hands-on walk through the world and practices of trader's battleground. You will find the needed body armor (money and risk management) allowing you to take a direct hit and actually teaching you how many direct hits you can possibly take. But of course you would want victory, not just survival, so this book will also teach you how to build a battle plan, starting with exit strategy. Like a sharpshooter, learning to master breath control, you will gain knowledge of timing issues. And finally and most importantly Igor provides you with topographical map of FOREX terrain and behavior patterns of its inhabitants. This essential and hard learned knowledge comes only through experience most needed to identify trading opportunities and to setup a proper ambush. And if that's not enough, you will also have his large set of trading templates - many possible waylay scenarios including entry traps end seize points. This book demystifies one of the most intricate lines of work bringing in logic and structure and making it less dicey.

Try it...

"Beat the odds..." seems to be an updated and edited version of Igrok's previous book `Rules of Engagement" which I also got from his site about a couple years ago. At that time I paid for the book $300, but still have no regrets though. The book was worth its price then and definitely worth its price now when it finally became available to a larger trading audience. I bought a copy of his book for the price of $300 largely out of pure curiosity because right before then I came across a bunch of trading strategies called "Igrok's trading templates" offered for sale on the internet by some Russian intellectual pirates. Sellers actually claimed that those templates were "secretly developed by US government funded financial institute" and that "the rate of success of applying those strategies in real trading exceeds 80% in average". So, becoming intrigued, I decided to take some risk and ordered the book directly from the author's website. To my surprise I wasn't disappointed with what I got in return for my money. To make a long story short I think that the book, no doubt, is written by a top-notch professional trader with about 13 or so years of practical FX trading experience with outstanding skills and incredible trading results. I saw his track record. It's quite impressive. The author was (still is?) actually managing multi-million USD funds in the wholesale interbank currency market making hefty living out of his performance-based job. He is not a fake and is unlike lots of others so called "trading instructors", "market analysts" and "trading advisors" often good only for collecting commissions and subscription fees from their customers or proudly sitting on monthly paychecks in numerous dealing companies and still being completely unable to steal a few bucks from the market. I have to admit though that the book is not so easy read for the beginners. In my opinion the author has skipped on lots of trading related basic stuff probably assuming that everyone reading his book knows enough about the market. With me it was not the case. I had to come back to some technical textbooks first in order to better understand Igrok's concepts. Nonetheless I recommend this book to any individual FX trader. Sure, it is not an ultimate cure for someone's stupidity or lack of experience, but to some it might offer a great deal of relief. Whatever works for Igrok himself might work for someone else.