Summary and Info
First of all I would like to preface my review by giving you a little background about my experience with Larry Pesavento and his work. I have been a long time enthusiast of Fibonacci, Elliott Wave, Gann, and other unconventional methods of market technical analysis. I also am the founder of a trader membership organization called Probability Of Success and have been exposed to numerous trading experts, authors, and educational organizations. Recently, Larry gave a 2.5 hour presentation to our membership about utilizing the strategies discussed in this and other books he's written. His partner recommended to me that I read this book rather than his most recent work since this is where it all began. Otherwise, I normally would not buy a book with such a low rating. I have also been studying his weekly newsletter that implements these strategies on actual trades.
So having read the book and being acquainted with Larry and his organization and strategies, I have the following to say:
The techniques in the book are solid and do work in real world applications. Larry Pesavento has a genuine interest in helping people become successful. He's not just out to make a buck. This is very uncommon in the trading world. Larry is as sharp as a tack and really knows what he's talking about. He is a practical and disciplined trader and person. I don't get the impression that he would trade or teach any technique that he couldn't prove to himself would work consistently and successfully.
This is a HUGE Con for this book that I suspect is the reason why it has such low reviews. This book says that it was edited by someone, but I can tell you that by all appearances it wasn't. There are figures missing from charts and pages. There are figures in places where they don't belong. There are figures where other figures should be. All in all, if I didn't have the benefit of Larry and his partner Shelli to help me with understanding this book, I would have never finished it. Or, I would have certainly given it a poor review and assumed that what it was teaching was not worthwhile for my trading.
I will say what I tell our members. If you read this book, be prepared to have to work at it since there are many errors. You may be better off with the Trade What You See book which is Larry's more recent work. Trade What You See was also highly recommended by some of our members who have been working with Larry's techniques for some time. If you feel like you're up to the challenge and still want to read the Fibonacci Ratios book, I will say that Larry's methodology is definitely worthwhile pursuing and adding to your existing methods of technical analysis. It is a good compliment to any trading strategy or a replacement since these techniques do in fact lead the market as opposed to traditional technical analysis which trails price action. If you have read this book, don't let it discourage you as to the viability of this approach. Get the more recent book before you decide. You can also go to our member website and view the video of Larry's presentation to help you understand the material in the book. It would be a shame to let your experience of this book deter you from learning from one of the most brilliant minds in this field. He is a rarity in the world and the world of trading. I encourage you to explore his work further.