Today we are going to talk about Forex Trading books, so let's start! Hello everyone, welcome back to my channel. This is Federico Sellitti, forex trader since 2007 and Udemy instructor since 2017. Today I'm going to talk about Forex Trading Books, well, just one book. This is a new series that I have launched on my YouTube channel and today I'm going to review a Forex Trading Book. I think that many traders, many people expect me to start with a classic like "The New Market Wizards" or "Trading in the Zone", but there will be time for those books. Today I want to start with a book that is not super popular like the ones that I have mentioned, and I'm going to review "Price Action Breakdown", I have the book here, "Price Action Breakdown" by Laurentiu Damir... sorry for the pronunciation, I think I got it wrong, but you know the book I'm talking about. I will also place the link in the description and I want to start with the book on Amazon.com.You can find also the link in the description to amazon.com, so you can check all the statistics, all the info for the book. It's not like a huge book, but you can see that the price is $28 more or less, that I think it is a bit expensive, considering that the book is about 100 pages, it is about 105 pages, so it's not like a cheap book. $28 for like 100 pages, I think it is pretty expensive, but I think that the concepts that the author expresses are valid, so probably the book is worth $28.Also, you can see the reviews here. There are 222 reviews for a total of out of 5. So it's a very good book. Also, one problem that you usually have when you want to buy a new book is that it is quite easy to understand the topic.This book is called "Price Action Breakdown", so, of course, it is about price action, but sometimes you don't know if it is for beginners or if it is for experts.
Sometimes you buy a book with the expectations to start from the very beginning, but the book is not easy to understand and it starts with advanced concepts or sometimes it is just the opposite. I like the book because it starts with a paragraph that is "who is this book for". So it immediately explains who this book is for and I'm going to read just one sentence of the book, so you can understand if this book is for you or if it is not for you. The author says: "If you are at the very beginning with respect to trading, I suggest you do some online searching and acquire basic knowledge of the market or markets you want to start trading. Familiarize yourself with your trading platform and then come back to reading this book.". So the book is not for beginners. It will not tell you how to place an order on the market, it will not talk about leverage, it will not talk about pips, it will not talk about risk management and you will not find like basic elements of price action and technical analysis like support and resistance or trend lines.
You will find more advanced concepts. So, if you are a beginner, if you are just starting trading or if you are just starting with technical analysis, probably this book is not for you. But is it so advanced? No, in my opinion it is not for super expert people because it expresses concepts that you can easily understand if you have a basic knowledge of Forex Market, so if you are a trader with experience, even like 6 months and you are quite familiar with basic terms of Forex Market and with basic concepts of technical analysis, this book is for you. And also I want to mention the points and the concepts that I like in this book and also the other things that I didn't like in the book. First of all, I liked the concepts that the author expresses in the book. There some interesting concepts like the "fair value area" or the "control price". The fair value area is the equivalent, more or less, of a congestion phase on the market, so the author approaches the market in a very logical way to try to understand where demand and supply are addressed, so you will find this kind of concept of balance between supply and demand or balance in terms of fight between buyers and sellers, that is something that I like a lot and I try to express even in my courses on Udemy.
I try to express this in terms of candlesticks, if you had the chance to take my course about candlestick patterns, and I try to do the same with my Swing trading course, if you had the chance to have a look at it. And probably, this book is not very similar to my swing trading course, but it tries to express other concepts but in a very similar way compared to my swing trading course, but it really treats kind of different arguments, but the logic behind it is kind of similar. that's why I really like this book because it expresses concepts in a very logical way. So you will not find something like "we have this setup so we need to buy" or "we have this setup so you need to sell", you will not find something like this. Everything is approached in a very rationale way and it will give you something to think about for each market scenario, not something that you just need to apply without even understanding what you are doing on the market.
So this is one of the reasons why I really like this book, but I have to say that there is something that I don't like in this book. Even if the author tries to approach the market in a very rational way, there are just a few examples of entry points in the market and almost nothing about stop loss and take profit and I think that this is an important limitation of the book, because it is quite easy to understand the concepts that he tries to explain, but, at one point, it feels like it doesn't really have a realistic approach, because the concept is quite clear, but it is not very clear when and where to enter on the market and where to place your stop loss and take profit.
So the concepts that you will find in the book are valid, but you need to do extra work to try to analyze the market by yourself with a more practical approach, so try to study the best stop loss and the best take profit for this kind of technique that he uses to analyze the market. So this is an important limitation for the book, the lack of entry and exit points, even if, by the end of the book, he tries to give some information about entry points, but it really misses an important part of trading, that is exit points, so stop loss and take profit. It doesn't really go deep into it and I think that for this reason I can't really give a very very high score for this book, I think that if I had to give a rate, I would give 7 out of 10 for this book, just because it misses a very important part of trading. But having said that, "Price Action Breakdown" by Laurentiu Damir, I'm really sorry for the pronunciation. That was the book for today and I with you a great trading career and I will see you in the next video.
Thank you very much for watching. .
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