ADV: Forex Hacking

Filed Under (Journal) by Casey on 11-03-2010

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This has long been sitting in my folder and have yet to do anything about this. So I thought I would start…

Jakob Dupont wrote to me a few weeks ago asking me if I could do a review on his ebook which he is about to release. This was also about the same time that Prime Kain affair got the best of my attention. Anyway… if you are not sure who Jakob is… he is the owner of TradeProfits.net. I have him on my blogroll since ages.

He was releasing his ebook just before the Chinese New Year week and I told him that it would try to do a review before the launch date. But my apologies as I myself have been swamp not only with work but also with my family holiday affair (CNY is a big thing to us Chinese)

I think now, would be a good time to start writing about it. He say he wanted my honest review. I will try but before I continue… Just want to apologies to Jakob in advance if in any way this might hurt… :) I don’t think it will so hope you still keep me in your blog roll.

Jakob came up with an ebook call Forex Hacking. Now don’t be confuse with Forex Hacked which is a Forex EA in collaboration with Masyuk EA. A martingale EA which you can not find the latest version but probably be able to find the older version.

Anyway… let’s get back to the topic at hand Forex Hacking…

I had to read the ebook three time to really get a good grasp about what I wanted to write about. First time was my first impression read. Second time was my second impression read while the third time was well…. just to remind me what I read a couple of weeks back… :)

Note: He forwarded a final draft copy to me. So things might have change since then… so my opinion below is on that final draft copy.

First Read Impression
I have been reading a lot of books and ebooks about forex trading since before EA was ever born. I read so many technical and fundamental material that I felt that most of the reading material seems to be echoing the same thing over and over again.

So when I first read his book. It was nothing new.

You have your normal blah blah about all the various strategies, all the what is this and what is that. I mean it was not like I have not read it all before.

The chapter that caught my eye was “The Joy of Risk Free Trading” in Chapter 6, now I thought it would be interest. But unfortunately, to me it was nothing new.

My first impression was, ‘Nothing new’. Nothing to make me say…  “Hmmm… that is a good idea. I should try to apply this… ”

On top of that, there does not seem to be any graph or pictures to illustrate some of these strategies but I guess it was because I was given the draft. Content is what is important not pictures and graph.

Now that was ME reading it. I could be a marketing bull$hitter and say all these nice things just to make a sale via my site but unfortunately I can’t. Because his book is mostly about manual trading. And being ME. I have kind of moved away from all these technicality of manual trading that makes me say… “Sighhh…. so what’s new”.

However… after I started to read the second time. I realize that this ebook is not meant for ME. Or people who have read gazillion books or ebooks about forex trading.

I realize his style was to help educate and reinforce some strategies for both beginner and advance traders.

Since I am neither a beginner nor an advance MANUAL trader… this ebook does not suit me.

But Jakob did ask me for a honest and have a ‘no bias’ look at his book… So as a token of my appreciation for his support to my site. I believe I need to read the second time round and look at his ebook in a more ‘content’ sense.

Second Read impression
On my second read, I thought it would be nice to read it as a beginner and reaffirm what I had read ages ago..

Other than the normal introduction to the ebook, it starts of with getting your pencil and paper ready before trading. Yes, a trading log is important. In manual trading, a trading log is a must. Much like having your mt4 stats or myfxbook for automatic trading to analyze how your robot is performing.

Having a manual entry log is a must if you want to be successful as a manual trader. This was what has always been echoed at the end of most forex books. But to Jakob’s approach it differently, he starts of by saying get a pen and paper. And of course explain in detail why each entry is important.

In the next chapter, he talks about what a beginner should expect through his own personal experiences. Most traders have different experiences of how they begin. Here he will describe what you might expect as a beginner and probably one might be able to relate to him on certain aspect.

I thing I kind of notice that the information that he is sharing is not exactly smooth. Ever chapter seems to be unrelated to one another. For instances, after he talks about going through the experiences of being a beginner, he then went off to share about his thoughts about Fundamental News.

Then again, I don’t think his ebook is a guide of that sort where he explains from A to Z about forex. I found that each chapter seems to have a point and I believe should be read independently. Each chapters talks about different aspect of trading from trading log, fundamental news, trend trading, trading fakeouts, trading retracements… and a whole loads more chapter. Each with it’s points and elaborations.

My thoughts
Content wise, it seems to be power pack. Concisely written to eleborate a point while sharing his own personal experiences of what is and what isn’t in each topic.

His final draft to me is not filled with picture and big fonts just to make up the pages… and it’s about 106 pages in total. Probably more pages on the final copy. So from my point of view it is 106 pages of readable contents and experiences.

He could probably put some graphs to illustrate his points. But for some reason I do not think he needs fancy graph. Now probably at times when I read it I have already a clear picture of what he is talking about.

If you are like me, who have read a number of forex trading books from the book stall, then you will have the same first impression as I would when you read his book.

And if you are also like me focusing on only automatic trading, then it does not do much for you. Having said that, some technical forex trading knowledge will do no harm when you trade automatically. As a owner of a robot, you want to know what they the robot is doing and with some technical knowledge you know what it does.

If you want to pursue deeper into automatic trading, with technical know how and some programming skills… who knows. But the point here is some technical knowledge would be good.

And if you are a beginner and believe that manual forex trading will far out perform automatic trading robots, then well… I can’t really say for sure. But you will probably find his ebook interesting because he does not assume that you are a dumb-dumb newbie forex trader. He assume that you are smart enough to know what forex is all about already and would have probably read a few forex books for beginner and his book is basically a text, guiding you to know and understand the first thing about trading through his eyes.

It’s not the strategy ebook, even though he does mention it. I think the analogy to use is that his ebook is like Sun Tzu’s Art of War. You read the philosophy behind it and then use these thoughts and wisdom to apply it to your daily trading.

Yeah I think that is probably how I would sum his book up and what I think his book is meant to be. And the price is $47 (at the time of writing). Reasonable price I believe….

Sogo ahead check his site out at www.ForexHacking.com. His site is not some fancy BS claims. Just a simple introduction of what you are getting…

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If you think my review is worth it… here is my affiliate link… :)
http://5e29c22slkt42o1dqjrru5i8o9.hop.clickbank.net/

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