: Day Trading the Currency Market by Kathy Lien

The currency/foreign exchange (FX) market is by far the largest financial market in the world, with trading volumes surpassing $1.9 trillion a day. Although primarily dominated by a worldwide network of interbank traders, a new era of Internet-based communication technologies has recently allowed individual investors to gain direct access to this popular—and profitable—market.

Written by Kathy Lien—chief strategist for the number one online currency broker in the world—Day Trading the Currency Market reveals a variety of technical and fundamental profit-making strategies for trading the currency/FX market, and provides a more detailed look at how this market actually works.

Filled with in-depth insight and expert advice, Day Trading the Currency Market can show you how to enter this highly competitive arena with confidence and exit with profits.


You will find some interesting and informative content in this book that can be useful in your educational path in Forex. But it is important to keep in mind that the book is written not by a trading entrepreneur but by a representative of one of the largest Forex brokers. To become a successful trader it is essential to recognize the vast difference in agenda between winning traders and brokers. The entire industry is driven by brokers and almost all material available on learning to trade is tied directly or indirectly to the broker industry whose agenda is to teach trading strategies that make the most money for THEM. Because the industry is unregulated, brokers are able to get away with many less than ethical practices. For instance, it is ironic that another reader mentions how Kathy covers the subject of the "carry trade" in detail.

Studying trading material published by brokers is like asking a casino owner how to gamble. Most of the trading "mentors" are also introducing brokers who make money when you trade. A word to the wise, is that if you intend to succeed in Forex trading consider looking to sources of information that are not tied to any broker such as other traders who have learned to master this arcane art.

Designed for both the advanced and novice trader, Day Trading the Currency Market contains something for everyone. It touches on the major FX market basics or currency characteristics that all traders—particularly day traders—need to know, and contains actionable information on which you can base some of your trading strategies. This comprehensive guide opens with a straightforward discussion of general issues, such as the emergence of the foreign exchange market, who the major players are, and significant historical milestones, but quickly delves into more detailed topics in the following sections:
* What moves the currency market—factors that impact both long- and short-term price movements
* What are the best times to trade for individual currency pairs—through an outline of major currency pair trading activity (in different time zones), you'll discover when pairs are most attractive
* Trade parameters for different market conditions—teaches you how to first profile a trading environment and then know which indicators to use for that trading environment
* Technical trading strategies—covers some of the most important trading strategies for day traders and swing traders. They run the gamut, from "Fading the Double Zeros" to the "Inside Day Breakout Play"
* Fundamental trading strategies—illustrates how to trade off commodity prices, fixed income instruments, and option volatilities; and covers intervention-based trades as well as the secret moneymaking strategies used by hedge funds
* A profile of major currency pairs—discusses the unique characteristics of each major currency pair, from what drives their price action to which economic data releases are most important.

This is an extraordinary book that is many levels above other books on currency trading. It's filled with practical tips deriving from Kathy's experiences as a trader at JPMorgan and as an analyst and educator to online traders. A must-read for novice and experienced traders alike, this book will save readers a lot of money in expensive trading lessons.

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