Ask the Author: Peter Ralph

“Ask me a question.” Peter Ralph

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Dear Mr. Ralph, I noticed your nice review on Mr. Langer's "The Black Book of Forex Trading..." and was wondering two things: 1. I hope you are doing well and are healthy :) 2. Would you please recommend a better book for advanced traders? I myself have been at it for over 10 years using MACDs, TLs & SR zones but would love to expand my knowledge. Thank you for your time and wisdom, Andrey

Peter Ralph Hi, Andrey, When I received your email I went to my library where I have around 500 books on trading but alas I do not have anything that specifically relates to currency. My belief is that it doesn't matter what you trade, the strategies and rules are the same. Many of my fellow traders think that I'm crazy but I won't take a commodity or currency position without having a guaranteed stop in the market. When the Swiss said they had no intention of revaluing the SFR and then revalued it over the following weekend by 30% it frightened the hell out of me. I didn't have a position but I could well have, and since then I won't place a trade without a guaranteed stop. When I get hit it costs me via the premium but at least I sleep at night. I'm sure you've read the same books as me ... Sperandeo, O'Neil, Elder, Bollinger etc. and Nison's books on candlesticks also touch on currency. Sorry, I can't be of more help, but I've developed my own system which gives me a 50% win rate, but the wins are larger than the losses. Cheers, Peter P.S. I trade currencies and commodities via CFDs and only trade futures where there's arbitrage between the two.

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