DislikedHow do traders like George Soros read the market? TopTradr, the co-hosts of our weekly trading contest, are starting a new webinar series to share the "Secrets of a TopTradr". Their goal is to create a venue where people can learn from and ask questions of experienced traders representing a variety of approaches to the markets. The subject of their first webinar is Kelly Tonkin, an experienced macro trader. Macro traders operate by looking for patterns...Ignored
The subject will be Kelly Tonkin, a macro trader and the investment manager of a $75 million fund at Penrich Capital. As a preview, here's an excerpt from a recent TopTradr interview with Kelly:
What attracted you to Forex trading specifically?
"Forex is one of the areas in which I believe economics can tell us quite a bit about likely future movements (with fixed income being another). In addition, foreign exchange markets are extremely deep so there are no concerns about liquidity problems or a sudden lack of bids/offers.
"One of our most memorable trades to date was through 2007-2008; Penrich held a short position in AUD. It took a long time for this to move our way... we found ourselves having a sizeable large long position in AUD only a couple of weeks after we had exited our long-held short position. AUD then rebounded very sharply through 2009 and we exited our position with a sizeable gain. This sharp fall and rapid switch from short to long was a strong reminder that we should never get emotional about a currency. Every currency is a good buy when it is sufficiently low and a good sell when it is sufficiently high. Falling into the trap of thinking that a particularly currency is inherently “good” and another is inherently “bad” is a sure way to lose substantial amounts of money."