"Understanding Forex: Trading to Win" by Abe Cofnas

Discussion in 'Forex' started by hcour, May 19, 2005.

  1. hcour

    hcour Guest


    Anyone familiar w/this book? I'm more interested in learning the fundamental side of FX, as I already have my own TA style. The chapter list in pt 1 looks interesting.

  2. What's your TA style, Hcour?

    $89.00 for the book?????

    Whoa... I'll give yah MY opinion on trading FX for under $80! :D

    Actually, just reimburse me for the less than $60 hit I took on that EUR/USD short trade I kept open for 8 months... and we'll call it square.


  3. This book is worth about as much as soiled TP. Go to the library and rea da book or two about TA and you're set.
  4. hcour

    hcour Guest


    Ah, good ole ET. Where members who have absolutely nothing to contribute to the topic never let that get in the way of posting a response.


    Again, anyone w/an actual informed opinion of this specific book, especially the fundamental section, would be much appreciated.

  5. hcour

    hcour Guest

    Well, no seemed too interested in this book, despite the fact that this guy writes a regular column in Futures mag about FX. Since the book is expensive (I don't mind spending money but I do mind getting ripped off) I had decided against it until I saw that he had a money-back guarantee - "no questions asked". So I ordered it, got it a few days later, read it (130 pgs) and promptly emailed him the next day that I wished to return it. Next a.m., I get a msg on my answering machine, Abe Cofnas calling me, saying I'm the first to ask for a return, no problem, but he wants to know why. My response, an unintended review, follows. The book is divided into 3 sections, something like 1) Fundamentals (the best section), 2)TA of FX, and 3) How to Trade FX.


    I put it in the mail Sat, you should get it by mid-week. I got your phone msg. If you really want to know why I was disappointed, I'll tell you. If you get offended, remember you asked.

    The 2nd section of your book on TA is pointless. It's far too shallow for an inexperienced trader to get anything really useful out of it, except that they should do further research on the subject, and much too basic for an experienced trader. There's nothing there that can't be found in many other more comprehensive books on the subject, or even for free on the web. And worst of all, there's nothing there that is unique to FX, it's all standard TA.

    The 3rd section of the book is also useless to an experienced trader. Again, standard stuff on stops, risk/reward, scaling in/out, checklists, etc. And very little, if anything, unique to FX, though you keep saying FX is different than other markets. (Wellllll, it is and it isn't. But you never show me how.) I didn't see anything particularly useful about the unique problems/possibilities of trading a true 24 hr market.

    You should drop both those sections and expand the first one. There is some good stuff there, but not enough to justify the relatively high cost of the book. The chapter on the unique characteristics of each pair had only a few tidbits and was especially disappointing, a couple of short paragraphs each. There should have been much more info in this chapter, which should have been one of the most important. I have a free online course in PDF format from CFTI, their section on the same subject has far more information than your book.

    The chapter that promised to show one "how to follow the dollar" was the low-point. I was really looking forward to that one: Which economic indicators/reports most affect the dollar? How are they related? And which of these of other countries most affect the dollar? Which US and foreign markets have high pos/neg correlations to the dollar? And what does this chapter tell us: Watch the USDX. That's it! That's the entire chapter! C'mon... (Just providing links to other info isn't enough, I bought the book to read the info *in the book*.)

    The best chapters were the first and then especially the one on intermarket analysis, on commodites and indices and their relationship to the dollar and FX. There's some good stuff there, but once again, it doesn't go far enough. Murphy wrote a whole book on intermarket TA, and you have about 15 pgs. Like everything in the book, it seems like a brief summary, leaving me feeling like I should do much more research to really get to anything of actual depth that I can use.

    Bottom-line: Some good tidbits, but much too much of the same-old same-old for the expensive price, w/o you ultimately delivering on your promise to make that info unique to the FX market. Make the book twice as long and leave out the latter 2 sections and you may have something. A trading book as short as yours can't be all things to all people - either speak to experienced traders or to novices, because you can't help both - unless you write something genuinely comprehensive like Farley or Murphy, both half the price of your book and w/about a million-times more information on most of your same subjects.

    So I'm still looking for that really good FX-specific book.

  6. avonian


    Thanks for this very useful review!