Читать книгу Kathleen Brooks on Forex - Kathleen Brooks - Страница 5

Since you opened this book then I guess you are interested in foreign exchange, have traded it and want to hone your skills and increase your chances of making a profit. I have been working, learning and trading in foreign exchange for the bulk of my career and over the years I have developed my own philosophy for understanding the largest asset market in the world. It’s not your standard approach, but I think that it will strike a chord with traders and that is why I want to share it with you in this book.

There are two main ways of analysing foreign exchange:

1 Using fundamental analysis; and

2 Using technical analysis.

Most people in the markets either look at fundamental analysis or technical analysis. But when I first started out in FX, restricting myself to looking at only one of either fundamental and technical factors didn’t seem right to me. I always felt that something was missing. These approaches were either way too complex or they were too prescriptive. I wanted something that I could grasp and that made sense to me.

That was when I decided to ditch the dogmatic strategies that pervade the FX market and forge an approach of my own. In the course of my learning about FX I found that I understood the markets best by using neither technical analysis nor fundamental analysis in isolation, but by using them together.

I believe that fundamental factors – politics, economics and even society – cause currency prices to move the way they do (and sometimes in the strangest ways), but throughout the day the smallest price movements are usually based upon technical factors. So you’ll get no fundamental or technical purist rhetoric here: my approach is to combine the two. It works for me and I hope by reading about it you’ll pick up some ideas for your own trading.

My aim in this book is to teach you my approach to trading the FX market. I assume you already have some knowledge of trading this market – I won’t go over the basics, such as giving you an intricate history of a pip, or explaining what a currency cross is. Plenty of pages (both in print and on the web) can give you this information and help you to take your first steps into trading. The website Baby Pips (www.babypips.com) is one of my favourites; it provides a great overview for the novice FX trader. Investopedia (www.investopedia.com) is another useful resource for an early introduction to the foreign exchange market.

So, rather than presenting you with another FX 101 I hope to provide a fresh way to view the FX market. This should help you with setting up and executing your trades.

I am a firm believer in learning from observation so this book is packed full of real-life examples and trading set-ups from my recent analysis of the foreign exchange market. Some things deserve a little context or explanation, but I have tried to show more than tell.

The first two parts of this book will look at fundamental and then technical analysis separately before I show you how I combine the two in part C. Part D shows you how I execute my trading strategy in the market using my tried and tested risk management techniques.