Day Trading the Currency Market by Kathy Lien
Day Trading the Currency Market describes the Forex trading in general, touching almost every aspect of it, but not deepening too far in any of these aspects. Kathy Lien is the experienced trader, Forex consultant and writer and she does her best at introducing the basic principles of trading, analysis and money management to the beginner traders. This book can be useful to some experienced traders that would want to organize their practical knowledge and maybe learn something that they could have missed earlier. Day Trading the Currency Market also offers some useful explanations regarding the various connections between currency market and other financial markets, their influence on each other. The details about each currency and currency pair are also presented to the reader, allowing him to produce a better fundamental analysis decisions in his trading.
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Knowing the interest rates associated with various Forex traded currencies is important not only to the
long-term currency traders, but also toshort-term traders, as even theshort-term trends are often determined by the interest rates difference. You can find the most current interest rates of the 20 world central banks in the interest rate table.
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Boris:
I have been among the few having actually seen Kathy Lien address the audience at the Forex seminars, twice. Her personality is enigmatic and she is a very knowledgeable person. If you plan to invest in Forex then this book will provide you with many valuable tips and has content you can learn a lot from. One must note that this book has actually been authored by successful Forex broker and not an independent entrepreneur. If you want to be a good trader you must start by understanding the differences in the functioning of successful traders and brokers. The trading industry is almost completely driven by the brokers and therefore most of the content available on successful trading is, by one way or the other, stemming from the brokers who make the most money because they only teach the strategies which are the most beneficial for them. Trading being an industry which lacks a regulating body enables brokers get away with almost anything. Pointing out one such point, my last outing as a speaker for FXCM helped me discover that they were following a practice of charging negative interest with no respect to the direction of one’s trade which, in my opinion, should be illegal. Kathy discuses “carry trade” explicitly. But there is no stopping them due to the absence of any sort of regulation of their actions as even the CFTC and the NFA can actually any exercise sort of control over the brokers. Most brokers do not record their interest rates nor tell the market thereby enabling them to do whatever manipulation they wish to in accordance to their personal interests. Other brokers have a great difference between their negative and positive interest rates, with the negative rate being almost double in extreme cases. The whole plot revolves around the main aim to keep day trading more popular which profits the brokers the most. Asking a broker for a lesson in trading is like taking gambling tips from the owner of a casino. Nowadays even the successful traders are introducing brokers who gain when the average trader trades. The wise man should know that the only way to go about Forex trading in a profitable way is to look at sources which give you the statistics which is not related to any broker whatsoever.
17 November 2010, 8:42 amBen:
This book will make a great addition to your collection if you are a trader. Kathy Lien presents her text in such a way that the reader will be left with hardly any question after reading. She goes a step further and explains the currency market mechanism in such a way that answers all your questions and even some questions you didn’t even realize the existence of. I have understood a great deal more than what I knew about the Forex before.
17 November 2010, 8:43 amThough the target audience is the trader, any reader will be able to interpret what the author has to say and understand the nuances of the currency market effectively.
forexer:
Kathy Lien was once a part of the Forex trading team at JP Morgan and she has masterfully begun her book by writing a great introduction to day trading in the forex market. Despite the critical acclaim the book has managed to receive, the book lacks detail. It does not teach the reader how to go about his decision making. It just briefly touches the Macroeconomic considerations and the case studies only deal with the best-case scenarios. The importance of statistics and stochastics has not been elaborated on.
If you are a new entrant into the forex market then you will find this a very simple book to read and will understand a lot about the working of the forex markets.
17 November 2010, 8:43 amPeregrine:
Learning while being in the forex trading market can be very expensive, especially in the first year. When I attended a speech by the author in Houston, after about a year and a half of being a trader, I was impressed.
17 November 2010, 8:43 amWhen I came across the book I wanted to buy and read it plainly because she had left a mark on me and I felt I could learn a great deal from the book and improve my trade tactics.
It was more like an initiation manual for the newcomer even though it was pleasant to read. It should, in my opinion, be treated as one of the first books a trader will need before getting into forex trading. It will definitely help the newcomer in pointing out the initial direction he should move in but the finer points of trading will have to come by some other means.