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Peak Performance Forex Trading - How Average Traders Can Consistently Achieve Peak Performance In Forex Trading
This book comes complete with detailed, colored graphs (with moving averages of different colors) and illustrations. To get the most out of this book, download and read it on Kindle Cloud Reader, Kindle for iPad or Kindle for iPhone.More and more retail traders are looking to generate quick wealth by trading the currency market. However, why do most traders continue to struggle in their journeys of trading this volatile market?This book has been written as a sequel to the national bestseller (Singapore), "Secrets of Forex Millionaires". In this practical and candid book, you will realize…• Why the get-rich-quick hype about Forex trading causes most retail traders to know very little about successful trading• How the average person can outperform the vast majority of Forex traders by building the necessary skill-set based on the most essential principles of powerful trading strategies• What counter-productive beliefs tend to sabotage your trading performance• How you can re-condition your mind to boost your chances of reaching your financial goals through trading the Forex marketPower-packed with hundreds of pages of strategies, graphs and illustrations, "Peak Performance Forex Trading" brilliantly outlines what it takes to lift yourself from the vast majority of traders. Quite simply, it guides you through the essential elements of building your trading business through systematic and thoughtful planning.This book is a must-read for anyone who is genuinely motivated to successfully build a legitimate and sustainable business through Forex trading!
207 pages, Kindle Edition
First published March 1, 2010
7 people are currently reading
68 people want to read
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May 16, 2024
Peak Performance Forex Trading is actually the second book written by Yeo Keong Hee. His first book was entitled “Secrets of Forex Millionaires“. This book becomes a national best-seller. And he wrote this second book to give more perspective to forex traders about the difference between an average trader and a successful trader. So… Who is Yeo Keong Hee? He is one of the wealthiest trainers at Adam Khoo Learning Technologies Group. Adam Khoo is one of the top motivational training gurus in Singapore. I also have several of his books. Yeo Keong Hee is a trainer who is an expert in the forex trading field. His phenomenal achievements in trading included multiplying a USD 10,000 account into well over USD 300,000 in just one year! This is what seems to make the book so popular in Singapore.
Based on my opinion, Peak Performance Forex Trading discusses more psychology than trading systems. This book discusses more about what makes most forex traders fail in the currency market. The thing that distinguishes an average trader from a successful trader is their psychology and mindset. As you can see in my previous post about the 5 Levels of Forex Trader, you will understand that being a successful forex trader is not just finding a good trading system but having a correct mindset about trading itself.
This book contains seven chapters. Actually, there are only six chapters, because the last chapter is just a summary of all the chapters in the book. I think the most important chapters from this book are in Chapters 1 and 2. Both chapters discuss the wrong mentality of most forex traders.
Chapter 1 (The Get Rich Quick Hype in Forex Trading) of this book discusses the wrong mentality of the average forex trader. The most common one is the "holy-grail" mentality. Many people believe that there is some mysterious trading system that gives a formula or a secret for generating millions with little or no risk. Keong Hee explains how greed and fear will constantly tend to cause bad trading decisions. He also stressed the importance of cutting losses and letting profits run. In theory, this seems easy, but this thing is often overlooked by most traders.
Chapter 2 (Winning Traders Think Differently!) Discuss more about several psychological obstacles that influence the trading process at the subconscious level of the mind, like the need to be right, the impact of small numbers, the opinions of the majority, the appeal of sophistication, the excessive need for understanding, etc. Keong Hee gives several examples that we usually encounter during our trading activity every day, like what we choose between the two scenarios below.
1. A sure loss of 20%, or
2. A 5% chance of no loss at all, plus a 95% chance of a 25% loss
The scenarios mentioned above frequently mention Keong Hee to make us understand what we usually do subconsciously.
Chapter 3 (Choosing a Forex System) discusses more about forex trading systems. Personally, I think this is the most common trading system that you can find easily on the internet. Keong Hee explains several types of forex systems, starting with Trend Follower (Trend Reversal, Breakout Trends, Fibonacci, Divergence), Range Bound (Peak and Valleys, Volatility Bands, Trend Lines), and Fundamental Analysis.
Chapter 4 (The Importance of Exit Strategies) discusses different types of exit strategies, both for stopping losses and taking profits. There is a useful explanation in this chapter where Keong Hee stresses more about evaluation in relation to the stop-loss-to profit target. The width of a stop-and-take profit will influence the success rate of the trading system. There are a lot of traders who have an 80% win rate but end up losing money.
Chapter 5 (The Essence of Risk Control) discusses more about the psychology of risk. The most important knowledge we can get from this chapter is about the wrong understanding among forex traders about diversification and how to decide how many lots to trade with every entry setup.
Chapter 6 (Optimizing the Growth of Your Trading Account) discusses money management. There is a statement saying that “even a good trading strategy can lose money with bad money management“. Keong Hee explains the importance of good money management. From this chapter, we can also learn about how to measure how good a trading system is. It’s based on two important elements: the return-to ratio and the win rate.
In general, there are many things you can learn from this book. However, once again, I emphasize that this is not a book that explains about a good trading system, but rather explains more about the most important thing that successful forex traders have. It’s the correct mindset.
If you are a forex trader who still keeps losing every time and keeps switching from one system to another, I recommend you read this book. If you have already traded forex for years and haven’t found the holy grail system, then you also must read this book.
Based on my opinion, Peak Performance Forex Trading discusses more psychology than trading systems. This book discusses more about what makes most forex traders fail in the currency market. The thing that distinguishes an average trader from a successful trader is their psychology and mindset. As you can see in my previous post about the 5 Levels of Forex Trader, you will understand that being a successful forex trader is not just finding a good trading system but having a correct mindset about trading itself.
This book contains seven chapters. Actually, there are only six chapters, because the last chapter is just a summary of all the chapters in the book. I think the most important chapters from this book are in Chapters 1 and 2. Both chapters discuss the wrong mentality of most forex traders.
Chapter 1 (The Get Rich Quick Hype in Forex Trading) of this book discusses the wrong mentality of the average forex trader. The most common one is the "holy-grail" mentality. Many people believe that there is some mysterious trading system that gives a formula or a secret for generating millions with little or no risk. Keong Hee explains how greed and fear will constantly tend to cause bad trading decisions. He also stressed the importance of cutting losses and letting profits run. In theory, this seems easy, but this thing is often overlooked by most traders.
Chapter 2 (Winning Traders Think Differently!) Discuss more about several psychological obstacles that influence the trading process at the subconscious level of the mind, like the need to be right, the impact of small numbers, the opinions of the majority, the appeal of sophistication, the excessive need for understanding, etc. Keong Hee gives several examples that we usually encounter during our trading activity every day, like what we choose between the two scenarios below.
1. A sure loss of 20%, or
2. A 5% chance of no loss at all, plus a 95% chance of a 25% loss
The scenarios mentioned above frequently mention Keong Hee to make us understand what we usually do subconsciously.
Chapter 3 (Choosing a Forex System) discusses more about forex trading systems. Personally, I think this is the most common trading system that you can find easily on the internet. Keong Hee explains several types of forex systems, starting with Trend Follower (Trend Reversal, Breakout Trends, Fibonacci, Divergence), Range Bound (Peak and Valleys, Volatility Bands, Trend Lines), and Fundamental Analysis.
Chapter 4 (The Importance of Exit Strategies) discusses different types of exit strategies, both for stopping losses and taking profits. There is a useful explanation in this chapter where Keong Hee stresses more about evaluation in relation to the stop-loss-to profit target. The width of a stop-and-take profit will influence the success rate of the trading system. There are a lot of traders who have an 80% win rate but end up losing money.
Chapter 5 (The Essence of Risk Control) discusses more about the psychology of risk. The most important knowledge we can get from this chapter is about the wrong understanding among forex traders about diversification and how to decide how many lots to trade with every entry setup.
Chapter 6 (Optimizing the Growth of Your Trading Account) discusses money management. There is a statement saying that “even a good trading strategy can lose money with bad money management“. Keong Hee explains the importance of good money management. From this chapter, we can also learn about how to measure how good a trading system is. It’s based on two important elements: the return-to ratio and the win rate.
In general, there are many things you can learn from this book. However, once again, I emphasize that this is not a book that explains about a good trading system, but rather explains more about the most important thing that successful forex traders have. It’s the correct mindset.
If you are a forex trader who still keeps losing every time and keeps switching from one system to another, I recommend you read this book. If you have already traded forex for years and haven’t found the holy grail system, then you also must read this book.
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