Day Trading the Currency Market by Kathy Lien is the ideal handbook for those interested in the fastest growing trading market, namely the forex market. The forex market sees trading worth one trillion dollars everyday, and it is only natural for thousands of people to try and earn a piece of the large profits generated through currency trading. For a novice the best place to start is by reading Day Trading The Currency market, since it explains the basics of forex trading, characteristics of currencies that help to explain their price movements and details how the market works. The information provided helps to devise a profitable course of action and the strategies explained are the result of the author’s own experience as a successful trader, strategist, writer and consultant. Kathy Lien also provides insights into effective money management, explains the currency market mechanism, the entry points and how to exit after making profits. Particularly enlightening is the history of the currency market, the winning currency pairs, the best trade timings and managing trading in diverse market conditions. The phenomenal appeal and success of the book can be gauged from the fact that it has been translated into five languages, making it universally appealing and applicable and explains its best seller status.
The writer’s expertise is evident in her writing style that impresses readers and is convincing enough to have them take a step into the forex market. She sets out in the first chapter to compare the forex market to other trade markets and how technical analysis is the best method to devise moves and predict price patterns. In the second chapter she elaborates on global events that had a bearing on forex trading, the Bretton Woods Standard, Smithsonian Agreement, Plaza Standard and the Asian Crisis. Next, she discusses factors affecting currency rates in the short term and long term, followed by the best trading timings, volatility of currencies, the correlation between pairs and the trade parameters that hold good for different types of market conditions.
indicators are educative and enlightening for those who have not been long in the trading arena.
Day Trading the Currency Market is not meant for new entrants alone, and holds information for seasoned traders as well. Some of the focal points of the book include:
- Factors affecting short term and long term currency price movements
- The best times to trade
- Market conditions and which trading parameters to use
- Strategies to adopt for technical and fundamental trading
- Major currency pairs and reasons for their price variations
- Ways to trade the news and make money
- How to time the turning point in markets
- Ways of catching momentum shifts
Kathy Lien has offered all her experiences and learning in this handbook for forex trading and the strategies formulated and discussed have brought profits to all those who have tried them.
