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javier pazthe forex trading manual, manual, trading manualfx trader, forex, Forex trading books, book, trading book

FXTM

Can you tell us about your experience as a trader and senior analyst on the forex?

JP

My experience in Forex dates back to 1999 as I began to work for BankBoston as a currency analyst, writing daily institutional reports about Latin American currencies from a fundamental perspective. Around 2001, a friend and I developed trading strategies using a combination of fundamental analysis and statistical forecasts. 

We used statistics to forecast macroeconomic data and in turn their impact on price action. In 2005, I became head of institutional sales for Interbank FX (IBFX), where I recruited and assisted money managers and introducing brokers. This experience helped me develop software for money managers, interact with these high stakes traders, and conduct trade forensics as needed. Since I left IBFX to pursue industry research goals, I got back into more active trading and developed a pivot based trading strategy for EURUSD. I also realized that having a trading strategy by itself was not enough, and that traders (myself included) needed to learn or re-learn some basics in terms of trading plans, trader psychology, and how to quantify risk. I trade the EURUSD during the Asian session – in other words during my evenings in the United States – and work during the day as a senior analyst for Aite Group, a Boston-based research firm where I am their expert on retail trading coverage.

FXTM

Why did you decide to write a book about forex trading? and what makes “The Forex Trading Manual” different from other educational books on currency trading?

JP

Two reasons for writing the book and I think these reasons do make the book different than what is available out there. First, I believe that dedicated individuals who learn the correct principles can get to the money making part of Forex quicker and can make of it an enjoyable experience. I believe brokers in general (and particularly agency brokers) are not doing enough to teach new traders about right-sizing their trading. As a result, many can blow the bulk of their investable assets within a few short months, and then some of these people go on to learn important lessons when they have less capital to play with. So, I believe the Forex industry needs to read about proper risk manager, using a robust/credible trading plan, no matter what the ultimate strategy may be.

Second, I wrote this for my teenage kids and in a way they could capture these important lessons without having had a lot of financial education.

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