Trader Profile: Wayne McDonell

02/19/2009 12:01 am EST

Focus: FOREX

Tim Bourquin

Co-Founder, The Traders Expo and The Futures & Forex Expo

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Wayne McDonell specializes in online currency trading and recently authored a book on the subject, called The FX Bootcamp Guide to Strategic and Tactical Forex Trading. Here, we discuss which currency pairs he watches when trading around big economic announcements such as the non-farm payrolls report. He also discusses futures trading and how he trades the ten-year T-notes and stock indices using the futures market. We then talk about how a trader can prepare to trade for a living, and how he manages his risk by increasing or decreasing his position size based on the total dollar amount in his trading account. Finally, we talk about why traders should create a three-year business plan for their trading and how this can help traders of all experience levels to remain disciplined, even in highly volatile markets.