FX BOOK REVIEW Simple
Fascinating and Fun
Kathleen Brooks reveals the secrets behind her successful approach to trading forex in her new book
Kathleen Brooks on Forex
At the heart of Kathleen Brooks’ trading philosophy is the principle that fundamental factors - in politics, economics and society - cause currency prices to move in the medium to long term, but throughout the day price movements are best anticipated by looking at technical factors. Building a trading plan around the two sets of indicators works for her. By reading about how she does her pre-trade market analysis (or “the homework”), forms a trading plan and puts the plan into action, readers will see how to apply this principle in practice in their own trading.
In her new book Kathleen challenges currency trading aficionados to have a look at her path in discovering FX trading, providing them with a clear introduction to the FX market, practical demonstrations of the indicators she uses, as well as examples of how she plans and executes profitable trades. The most enticing aspect of the book is the way she fuses technical and fundamental analysis. She clearly states that, in order to extract the most from the market, one has to delve deep into both of these coherent approaches. While not
62 FX TRADER MAGAZINE July - September 2013
getting into discretionary/systemic trading details she also outlines the most important aspects of risk management that every FX trader should adhere to.
In her opinion the fundamental backdrop needs to come before technical analysis, as one has to pick the correct market direction first. On the other hand the technical side provides great buy and sell signals which give a trader proper timing to enter the market. Kathleen does not entrench her reader’s mind, in fact quite the opposite - the breakdown into bits and pieces and the suggestion that every person thinks differently and sees different patterns on the charts is winning us over to support this notion. Freedom of mind is essential to every trader and Kathleen does not provide us with a holy grail, nor a finite solution – she pushes readers to work on their own to achieve a style suitable to their personality.
In this exclusive interview Kathleen Brooks tells FX Trader Magazine the reasons she decided to write this book, and gives us her thoughts regarding some fundamental FX market issues.
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