Who wouldn't be interested in a forex trading strategy that requires no interpretation or judgment? That is the claim made by Avi Frister in his ebook "Forex Trading Machine."
Curious, I obtained a copy and absorbed the 180 pages within a couple of hours. To be fair, the really interesting stuff begins on page 91, halfway through the book. That is not to say the first 90 pages are filler, not at all. For anyone not well acquainted with the Forex market there is excellent information presenting forex basics in a simple easy to understand style.
For me, having traded the forex for a couple of years now and always curious about different forex trading strategies, the value of this book was found in the last of the 3 strategies Avi Frister explains using price as the signal to enter and exit trades.
The first two strategies certainly seem good. However, they did not particularly suit my style of trading. The first one for example requires a fairly large stop loss, beyond what my equity would allow so I didn't give further consideration to it.
The second strategy seems solid. It uses a maximum stop loss of 20 pips and it works particularly well with the GBP-USD and USD-CHF pairs due to their volatility. I tried it a few times with mixed results, certainly not long enough to give it a fair appraisal.
It was the third strategy that caught my eye, named "Flip & Go" by Avi Frister. It focuses on the EUR-USD pair and provides a sound strategy for milking part of the daily 80 or so pip movement of this pair.
I have been using it for the last couple of months and I am pleased with the results. I hesitate to give figures as trading the forex is such an individual area and it is unfair to raise hopes or suggest others will get the same results. Some may get better results, others may not do very well. More on that in a moment. Let's just say I am pleasantly surprised at the consistency of profitable trades and the overall pip gain each month.
Now to address the point raised on why individuals may have such varying results. Avi Frister stresses that the strategies he details in "Forex Trading Machine" are purely mechanical and require no interpretation or judgment. When you read and analyze his strategies he is quite right.
But here is the problem. Probably a relatively small number of persons will have the discipline or have the determination to develop the discipline, to follow the strategies without emotion and without allowing interpretation and judgment to creep in.
After a forex trader has been trading a while, just put any chart in front of him and immediately the eyes start seeing all kinds of trends, patterns, support, resistance lines, candle patterns, etc. Trying to neutralize all these signals that pop out of any chart and just stick to the trading rules outlined in "Forex Trading Machine" will be the greatest challenge.
You may be able to see the exact kind of setup explained in this ebook but if your eyes are observing what appear to be contrary signals, will you have the discipline to suppress your interpretation and just stick to the mechanical, price driven, trading criteria outlined in this book? Therein lies the make or break factor of this ebook.
In conclusion, this definitely is a forex trading manual of a different kind. As to whether it will make substantial profits for any particular forex trader will depend on their mental discipline and attitude.
Title: Forex Trading MachineAuthor: Avi Frister
Format: Digital - PDF
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