Traders must learn from their mistakes to be successful

A handful of technical strategies are presented: breakouts (including from sloping trend lines), breakout pullbacks, classic pullbacks, and range reversals (breakouts back inside of a range). The only technical tools used are trend

* Critical technical context is given for each setup in numerous well articulated examples, separating good trades from bad, without cherry picking.

* Setups are designed for 'all-in, all-out' trading: a bonus for all one contract traders out there.
* Plenty of helpful notes are given to describe the psychological issues of dealing with particular setups and their management.

Key improvements that weren't in the prior book, Forex Price Action Scalping:
* The key time frame is 5 minute candles as opposed to the 70 tick chart, the former of which is much more popular (a number of tick chart examples are nonetheless included).

* There are extensive examples of sloping trend line breakouts as opposed to the classic horizontal line approach.
* A consecutive day by day analysis is given

over the course of six months - something I have yet to see in any trading book.
* Volman discusses more extensive exit strategies including modifying profit taking positions, providing numerous examples thereof.Read more ›

I've read about 1/2 of the book. It does take time to absorb the material so i figure my first read will take another week or so. This book is written for those who decide not to take the shortcut of loading the chart with indicators

using someones trading system. I am guilty of this myself moving from one system to another until I just gave up for a while. I had read part of Bob's first book but following a 70 tick chart just wasn't for me. This book really goes into

the meat of what price action is. Some authors identify pure candle stick theory as true price action. I don't think so. I went through all that stuff and it doesn't work. The same can be said for automated robots. If robots really worked so

well then why hasn't some institutional firm with deep pockets just written one and sucked all the money out. Anyway as Bob explains in the book the purpose of spending the time to study price action and really study it is to fully

understand the probability of a successful trade but even more important is when NOT to take a trade. Too many traders take trades that are just wishful thinking or out of pure boredom.

Once i finish the book I'll update this review with some more analysis and possibly some trading results by applying the information. I can say that what I've learned so far has mad

Understanding Price Action is a must read for both the aspiring and professional trader who seek to obtain a deeper understanding of what is

commonly referred to as "trading from the naked chart". With hundreds of examples commented on in great detail, Volman convincingly points out that