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I have spent hundreds of dollars in buying automated EAs in a desperate attempt to generate a passive income. Most of them are just not effective over time. It is obvious that more time was spent producing elaborate websites and videos to promote the `last expert advisor you will ever buy’, than on the actual system.

Finally I got this system, and the good news is that EA had succeeded in providing a reasonable balance of profit and risk.

Well.. I would not call it as a `Holy Grail’. But I would say it is a strong competitor for that title. It is a little aggressive and has gained pips left and right during the first few weeks. I got a little scared by the profits (honestly ) and I reduced the aggressiveness to make it generate a constant and predictable profit.

One good thing about the system is it never closes a trade basket in loss. I like it.

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It does make consistant profits over the short term

It enters and exits without you being there, so 24hr. trading is a big plus when your asleep.

It seem to trade best when the markets are in a sideway kind of movements. But look out when the market starts to trend thats when things go badly. When the makets starts trending, either up or down this EA starts buying lots as the markets moves down and selling lots as the market moves up. This Ea does not trade with the trend, it fights it all the way and sooner or later you will hit that MAXrisk(in the program it is a default $1,500). It dosen’t matter want forex pair you are trading evenually you will hit it. So you may get alot of small profits but it only takes one large uptrend or downtrend and your gains are gone!! And then you are back to square one or very near it. So since we don’t know when the next trend in whatever forex pair you trade, you you could get another $1,500 maxrisk signal soon after the first and be down agian.

I even tested the EA with larger Max risk and they were always hit some time down the road. It’s like standing in the middle of a battle field with bullets shooting past you. You don’t know when you will be struck but if you stand there long enough you will take a direct hit, it only a question of when. So in this case the target is your trading account.

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Wayne McDonell has written a great playbook for currency trading. He doesn’t waste time with the basics of what a pip is or what the majors are or any other detritus that seems obligatory litter in every currency trading book of any level of experience. He jumps in with a description of lagging and leading technical indicators, then proceeds with a narrative on how to use economic information as a sort of fundamental analysis, then lays out a process of combining the two schools into a savvy and reproducible strategy for successful currency trading. He does a fantastic job of it, too. While he points out strengths and weaknesses in indicators, he never claims one to be a silver bullet or that there is a secret sauce to being a successful currency trader. Instead, he lays the groundwork for the reader to practice on their own and fine tune this approach. If you are looking for a magic formula, go somewhere else. If you, like me, tend to make trades without much of a plan (and subsequently get torched by such poor executions), then this is the book for you. Novices can definitely learn from this book, and perhaps even seasoned veterans can pick up a thing or two.

Where the book fails, however, is where an editor (Heaven forfend, even a PROOFREADER) could have intervened. The graphs aren’t well labeled and are dark and terribly hard to follow. Spelling errors abound. But worst of all, the numbers can’t be trusted. For instance, Mr. McDonell describes the MACD as using 21, 55 and a signal of 8. Most MACD’s use 12, 26, and a signal of 9. Is this a typo? Or is Mr. McDonell using a better range for Forex than the usual defaults? Unknown. It’s never discussed. It’s one instance of several and I recommend one have Perry Kaufman’s “Trading Systems and Methods” handy.

My disgust with Wiley and Sons Publishing continues. Perhaps the prospective reader would be better off (and less annoyed) by viewing his videos on his website, http://www.FXBootcamp.com.

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Writing in a clear and personally engaging style, McDonell makes sense of the fundamental and technical aspects of what moves currency pairs. He also comes equipped with an arsenal of useful charting tools that help a trader get the “feel” for the direction and speed of the market. The focus is on developing a plan for every trade: wait for price to come to you, determine when to enter, and when to take profit.

A trading style aimed at making “conservative repeatable trades” is what is really at the heart of this book. There are a half dozen or so books available on trading that are worthwhile, and I have read all of them. Some focus on strategy and others on the psychology of trading. McDonell pulls it all together and covers every aspect of trading you need to become a successful trader.

This book works well for traders at all levels of experience who are not consistently making successful trades. Some of the criticisms of the book are valid. But the faults are miniscule when compared to the tremendously useful and insightful content found in every chapter. If I could have only one book on forex trading, it would be this.

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I found Wayne’s book really helped me trade according to MY rules, not the markets rules. This meant that when I trade, it’s become a lot of fun again. Now I am trading in one night, profit wise, what I used to trade in one month.

If you want to get a clear sense of what is in this book, have a look at his videos on FXStreet.com blogs called “2 Hour Video: Strategic & Tactical FOREX Trading”. blogs.fxstreet.com/fxbootcamp/2008/03/12/2-hour-video-strategic-tactical-forex-trading

I recommend this book to anyone who feels there is room to improve in their Forex trading, or is looking for a reliable, simple system to follow. The method outline in Wayne’s book won’t give you every pip in a market’s movements, but it will provide you with a large portion of them, in a conservative manner.

I also recommend this book to new FX Bootcampers, as it will help them come up to speed quickly, with the method Wayne teachers at FX Bootcamp.

In response to Jeff Marsick’s review (RE – Good But Poorly Edited), I agree that this book could have done with more editting. In regards to Wayne’s MACD settings of 21, 55, 8, this is in fact correct. One of the things with Wayne’s method is that he uses a slowed down MACD oscillator to guage MARKET speed (medium term price action) and a sped up Stochastics oscillator to measure PRICE momentum (short term price action). This is covered in the above mentioned webinar video at around 18 minutes into it.

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$100 for a measely 7 days!!! That is what the author calls TRIAL. LOL I thought you were trading because you needed money…not because you have tons of money to flush down the toilet?!

Here are the exact current details posted from the author’s website –

Trial Membership ($99 for the first 7 days. Then $299.95 for each month)

First 7 days $99. Then $299.95 each 30 days as a full Monthly Member.

Monthly Membership ($299.95 for each month)

Semi-Annual Membership ($1499.95 for 6 months)

Annual Membership ($2400.00 for 12 months)

BEWARE NOVICES !!!!!!!! Tons of people write books and create websites just to get the eager novice to depart with money!

One simple question to ask yourself -

If the author is such a great, successful trader…why would he be busy chasing down subscribers? Would you? Wouldn’t you be busy scooping up pips and not bothering with some silly website and trying to drum up business for it?

For the money he is charging per month, you could buy DVD workshops and seminars from some of the top traders out there and you get to keep those DVDs and watch them over and over at no charge.

I do agree that the general VAGUE substance of this book is generally accurate. You could learn a few things…BUT what this book will teach you is freely available online at some great Forex websites for FREEEEEEEEEEEEE !!!! Just Google search “free forex training” or try “baby pips”. You will learn FAR MORE than any beginner book will ever teach you there for free.

Also, the candlestick advice in this book is so generic and vague you could lose plenty of money. Let me quote the book -

“Dojis become a most significant reversal signal when seen after an extended rally of long-bodied candles” (by the way, the plural of doji is doji…not dojis)

This holds a tiny kernel of truth to it in that doji signals are more powerful signals after a large move in the market. THE TRUTH ENDS THERE. According to THE guru of candlesticks…Steve Nison (the man that brought candlesticks to the West and the one you should learn them from and the man this book gives no credit to as a source for further education)…according to Nison’s teachings doji are not reversal signals by themselves. Doji represent transition or confusion in the market. You cannot just assume the market will reverse. You need more confirmation. Candlestick signals by themselves are not reason enough to trade!

For a novice, simplistic, generic advice like this could wipe your account out in days.

I am not saying the author is a bad person or has bad intentions. I am merely judging the book. I do feel there are many good little tips in it…BUT the same info is available for free. Since this book does not delve into meaty, strict detail about anything…you will only scrape the surface, get excited and will be more likely to subscribe to the website. I think that is the plan behind this book. For some people…that may be a good thing. As a novice, you should research, investigate and learn as much as possible before paying one single penny to anyone! How do you know what to pay for or subscribe to when you do not understand Forex, trading or any other relative issue????

Use the internet, GOOGLE as much as possible…chat in forums, take your time and LEARN then make purchase based on intelligence not knee jerk excitement. Forex is rife with scams, hustles, fast buck programs and systems.