Book Review — Forex Price Action Scalping
As you may already know scalping is, in the trading world, a strategy focused on making small profits frequently. Scalping strategies are executed using short time frame charts, typically no longer than 15-minute charts, and they are not suitable for everyone, they require great discipline, speed and effective systems. Forex Price Action Scalping is a good resource for everyone interested in learning scalping strategies and trade management. The book introduces the art of trading fast charts providing several strategies that can be used in the real world, the author also explains how to manage the trades and how to adapt the risk management to this trading style.
Title: Forex Price Action Scalping
Published: October 2011
Author: Bob Volman
- Scalpers and traders interested in trading fast charts or tick charts
- Trading systems for fast charts
- Trading management
- Price action
Forex Price Action Scalping will take you through the scalping trading style in 5 sections.
Section 1 introduces you to scalping giving you the
Section 2 is the main one, the author uses several chapters to explain specific price action setups. Every setup is shown with the support of many examples so that the reader can understand how to spot a specific pattern and how to use it to make profit.
Section 3 will teach you some strategies to limit the damage caused by trades that are not having the desired outcomes, so that you limit the damage.
Section 4 is almost an extension of Section 2, with the help of some examples the author shows you the difference between good and bad setups.
Although Section 5 is quite short, it will give you some risk management techniques. Being scalping a trading style characterized by frequent trades it is fundamental to have a robust risk management strategy. You will find some rules to manage your capital and size of your trades.
The content of this book is relevant to the topic, there are several strategies each one supported by images, examples and detailed explanation. Other than the strategies the author includes trade management and risk management techniques, which are critical for this trading style. On a negative note, all the examples and strategies are provided for the EUR/USD pair and using tick charts. The use of tick charts may cut out part of the audience as not all the trading platforms provide tick charts or can be configured for it.
Forex Price Action Scalping is very well developed, the style is a mix between formal and direct, which allows the author to keep high the reader's attention. The concepts are presented well, from the introduction to the deep details. All the strategies are supported by many examples and extensively explained, which is very important as the reader will be able to test the setups in real market conditions.
The main disadvantage of this volume is that all the setups are identified in EUR/USD tick charts and tick charts are not available in every platform. The book will provide good value if you are interested in something different or in learning strategies based on fast tick charts, however, if you are interested in scalping using M1, M5, M15 charts probably this book will not be the best choice for you.
Forex Price Action Scalping is a book where the main purpose is to teach how to scalp the market, especially EUR/USD. After an introduction to the concept of scalping the author will show to the reader several strategies based on tick charts, price action and one indicator. Critical concepts such as trade management and risk management are included as well so that the reader has the necessary tool set to start experimenting scalping strategies. Although the writing style is pretty good, traders interested in classic scalping and expecting to learn strategies for M1, M5 M15 charts may be disappointed from the reading.
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