FX BOOK REVIEW
start with the simple stuff : understand what
a your technical knowledge pip fundamental is, a
stop loss is, how to place a trade etc., then you build up
and layer by
layer until you can formulate strategies and, hopefully, make profitable trades. If you try to learn ever ything at once the FX market
can be overwhelming ,
that is why I advocate a simple approach in my book.
FXTM Some top traders believe that
only
p r ofes sio n a l traders have the right tools to trade news and market events,
and
that retail traders will always come too late. Do you agree with this view?
KB Of course it would be great if al l retail traders could have access to Bloomberg terminals and have access to vast amounts of data at the press of a few keys. However, retail traders are in a much better position than they were 5 + years ago. The internet and social media offer a huge amount of information for traders including economic data releases, trade ideas etc. Added to this, a lot of forex providers also offer ver y
64 FX TRADER MAGAZINE July - September 2013
at the same time, you may also look at stocks and commodities too, so you have to store a lot of information and remember plenty of details like buy and sell levels, technical suppor t and resistance, economic data, etc. The sheer weight of information means that you also learn to prioritize and disregard information that is not directly related to your trade.
FXTM What would be, in your opinion, the ideal plan that European polic ymakers should implement to save the single
KB It makes you nimble and trains your brain to think of 10 thing s at once. When you trade FX you often trade a few currencies
FXTM Do you feel that forex trading impacted your thought process and analy tical skills over the years ?
advanced char ting packages on their
platforms, which helps
the retail client play catch up with professional traders.
KB Probably ease back on austerity and make the currency bloc truly unified so that unemployed people in Spain could find jobs in Nor thern Europe. If the massive problem of unemployment, especially among st the young, is not addressed then I don’t
see a
If the massive problem of unemployment, especially amongst the young, is not addressed then I don’t see a future for the euro project
future for the euro project. Currencies are very social things – if there is wide-scale social unrest in the currency bloc that is the biggest risk to the euro’s sur vival in my view.
FXTM Since Mr.
Mario Draghi assumed the presidency of the ECB on November 1st 2011, his monthly press conference has become somewhat of a tsunami for currency traders. What is your opinion on what he has accomplished at the helm of the ECB so far ?
KB He can control the FX market with the power of his words, rather than having to take expensive action. His veiled concern at the rate of EURUSD in the February ECB meeting caused the currency cross to drop 700 pips in the following
currency idea?
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