Tuesday, July 24, 2007

Day Trading the Currency Market

In my previous book review I mentioned a book that was ideal for those new to the FX Market. Now, if you are more experienced, or if you have already read Profiting with Forex, then it may be time to move on to something more advanced.

That brings us to this book, Day Trading the Currency Market by Kathy Lien. This book has some similarities with Profting with Forex, but is more in depth, longer, and covers more sophisticated topics.




One of the first topics covered is the history of the Forex market. Kathy Lien goes into detail, and discusses Bretton Woods, the Plaza Accord, and some interesting stories about George Soros.

Much of this book is on fundamental analysis, and this is evidenced by Kathy's long discussion of each Country's central banking system, how different news events, such as inflation readings or GDP growth, move the FX market, and the effects and causes of capital flows. Personally, being a technical analyst, this section was not very interesting to me, but I read it anyway, since I also try to keep an open mind. Understandably, there are many people who do look at the fundamentals, so I can't blame the author for including this section.

Luckily, once you get further into this book, the author does cover technical strategies as well. This section is covered in sufficient detail, and I found some parts interesting, such as the fading the double zeros strategy.

This books wraps up by talking about the unique characteristics of each currency. Kathy Lien does not spare any details, as this section takes up about 60 pages. I found this part interesting, and I learned some new things, however, I thought this section was too long, and got monotonous after a while.

Overall Rating: 7.5/10

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