April 26th, 2010 
kk 
Product Description
Written by Kathy Lien—chief strategist for the number one online currency broker in the world—Day Trading the Currency Market reveals a variety of technical and fundamental profit-making strategies for trading the currency market, and provides a detailed look at how this market actually works. It contains actionable information and strategies, which can help you enter this highly competitive arena with confidence and exit with profits.
Day Trading the Currency Market: Technical and Fundamental Strategies To Profit from Market Swings
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I have had the pleasure of seeing Kathy Lien speak twice at Forex seminars. She is very intelligent and has a wonderful personality. You will find some interesting and informative content in this book that can be useful in your educational path in Forex. But it is important to keep in mind that the book is written not by a trading entrepreneur but by a representative of one of the largest Forex brokers. To become a successful trader it is essential to recognize the vast difference in agenda between winning traders and brokers. The entire industry is driven by brokers and almost all material available on learning to trade is tied directly or indirectly to the broker industry whose agenda is to teach trading strategies that make the most money for THEM. Because the industry is unregulated, brokers are able to get away with many less than ethical practices. For instance, it is ironic that another reader mentions how Kathy covers the subject of the “carry trade” in detail. The last time I spoke with FXCM I discovered to my shock that they had adopted the policy of charging a negative interest regardless of which direction one was trading which I believe should be criminal. But there is no regulating agency to prevent them from doing that. Neither the CFTC nor the NFA actually regulate the activity of Forex brokers. Some other brokers, refuse to publish their interest rates or display them in their trading platforms so they can change them behind the scenes every day according to what benefits them the most. You may notice that others have a negative interest that is twice as much as their positive interest. All of this is part of the overall objective to keep the majority of traders focused on day trading which makes the most money for brokers. Studying trading material published by brokers is like asking a casino owner how to gamble. Most of the trading “mentors” are also introducing brokers who make money when you trade. A word to the wise, is that if you intend to succeed in Forex trading consider looking to sources of information that are not tied to any broker such as other traders who have learned to master this arcane art.
Rating: 3 / 5
This work presents a fairly complete overview of the forex market, its major participants, currency pairs and how those pairs are influenced and behave. In fact, there was more information about the forex market in general than I was anticipating.
I had purchased the book, believing it was mostly geared towards strategies and techniques for trading the market on an intraday basis. There is one chapter, wherein Kathy gives some very good and reliable techniques for trading intraday, which are essentially built around the 4 Week Rule of trading (a very reliable way of identifying new highs/lows and entering the market when a new trend–or existing trend–is breaking out, along with derivatives of that rule. Anyone who is unfamiliar with the rule can learn the particulars by doing an internet search or purchasing a book such as John Murphy’s, Technical Analysis of the Financial Markets.
The small amount of material devoted to actual trading is the only reason I didn’t give it more stars, but for someone new to forex trading in general, it would be worthy of more stars and a further look.
Rating: 3 / 5
This book will be a worthwhile addition to the trader’s library. After reading Ms. Lien’s very thorough presentation there should be few unanswered questions about how the currency market works and how to find profitable trading opportunities. The breadth of currency market information is well beyond what I was expecting. Many of my questions were answered, including some that I didn’t know to ask. My knowledge of this activity has increased significantly as a result.
Although written for traders, readers interested in the general subject will find it provides a good overview of what the currency market is all about.
Rating: 5 / 5
I am a bit disappointed from the fact that part of this book is just reprint from previously published FXCM course, but overall it’s a good reference for people that are in the beginning of their trading career. Kathy also describes several technical strategies for specific situations, but they do not constitute complete trading system. If you know what carry trade, CPI or PPI is, then you probably already know what this book is trying to explain.
Rating: 3 / 5
Purchased this book, along with Boris Scholossberg’s book, “Technical Analysis of the Currency Market” (both authors are with FXCM).
As an intermediate trader I found both books good for the beginner, especially in conveying the big picture for news trading. Helpful, but not enough to inspire competence and confidence.
As for actual trading techniques I found the book lacking. Mr. Schlossberg’s book was more useful in that regard, but still by no means exhaustive, covering only a small number of indicators and techniques.
There’s no doubt this book has value to the beginning trader, but I personally think it is important that newbies go online to review sites [...] to get recommendations from other traders for the fastest, and best possible forex education.
Rating: 3 / 5