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Forex on Five Hours a Week: How to Make Money Trading on Your Own Time by Jeffrey Alan Brandzel, Raghee Horner

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Final Thoughts

If you haven't already noticed, I'm not one to recommend canned set-ups, and by that I mean those trading set-ups that you simply look for in a certain candle or pattern or indicator to do the same thing over and over again. Set-ups are rarely that obedient. Analysis and set-ups can never be done correctly without first considering the underlying direction of the market. This is precisely why the steps of the set-ups were explained within the market cycle and why you should be looking for them to set-up in. The idea that any set-up can be traded simply when it occurs is incorrect.

There is no way a book full of canned set-ups, and I call them canned because of their generic application to the market, can make you a successful trader. The aspect that most traders fail to examine is the application of a strategy. There is little discussion of when to use particular strategies as the emphasis is simply on recognizing them. I can tell you that a triangle can occur almost anywhere on a chart but that the triangle that you should trade must occur in a sideways market cycle. There's a big difference between finding a set-up and setting up the market cycle.

Most traders experience haphazard results exactly for this reason. The consideration of what the market is doing must dictate how to trade it. I think that traders are not necessarily to blame here; it's the educators and writers and analysts that are really at fault, because the idea of applying the right tool to the right ...

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