Last month, i went traveling to Singapore for a weeks with my family. I bought two books that time. Both of them is local books that discuss about Forex Trading. Because i was in Singapore that time, so i decide to buy some books that written by Singapore trader. Today i just finished read the book and i will write a little review and comment about it. This book becomes the national best-seller. And he wrote this second book to give more perspective to forex trader about what the difference between average trader and successful trader.
So… Who is Yeo Keong Hee? Adam Khoo is one of the top motivation training guru in Singapore. I also have several of his books.
Yeo Keong Hee is a trainer who is an expert in Forex Trading field. His phenomenal achievements in trading was multiplying a USD 10, account into well over USD , in just one year!
This is what seems to make the book so selling in Singapore. Based on my opinion, Peak Performance Forex Trading discusses more about psychology than trading system. This book discuss more about what make most of forex trader fail in currency market. The thing that distinguishes average trader and successful trader is the psychology and mindset.
As you can see in my previous about 5 Level of Forex Trader, you will understand that being a successful forex trader is not just find the good trading system, but has a correct mindset about trading itself. This book contain of 7 chapter. Actually there are only 6 chapter, because the last chapter is just the summary of all chapter in the book. I think the most important chapter from this book is in Chapter 1 and Chapter 2.
Both chapters discuss about the wrong mentality of most forex traders. Many people believe that there are some mysterious trading system that gives a formula or a secret for generating millions with little or no risk. Keong Hee explain about how greed and fear will constantly tend to cause bad trading decisions.
He also stress the importance of cut loss and let the profit run. In theory, this seems easy and this thing is often overlooked by most traders. Chapter 2 Winning Traders Think Differently!
Keong Hee give several example that we usually encounter during our trading activity every day, like what we choose between two scenarios below. The scenarios like above frequently mentioned Keong Hee to make us understand about what we usually do subconsciously. Chapter 3 Choosing Forex System discuss more about forex trading system. Personally, i think this is the common trading system that you can find easily on the internet. There is a useful explanation in this chapter, where Keong Hee stress more about evaluation in relation of stop loss to profit target.
The width of a stop and take profit will influence the success rate of the trading system. Chapter 5 The Essence of Risk Control discuss more about psychology of risk. The most important knowledge we can get from this chapter is about the wrong understanding among forex trader about diversification and how to decide how many lots to trade every entry setup appear. Keong Hee explain about the importance of good money management. From this chapter, we can also learn about how to measure how good a trading system.
In general, there are many things you can learn from this book. However, once again I emphasize that this is not a book that explain about good trading system, but explain more about the most important thing that successful forex trader have.
If you are forex trader who still keep losing every time and keep switch from one system to another system, i recommend you to read this book. Your email address will not be published. Notify me of follow-up comments by email. Notify me of new posts by email. Leave a Reply Cancel reply Your email address will not be published.More...