Grounded financial education, from first principles to advanced market structure.
Central banks influence short-term financial conditions, but the route from a policy decision to an exchange rate runs through expectations, credit and international capital markets.
Investment losses are asymmetric in percentage terms.
Diversification is about the relationships among investments, not just the number of lines in an account statement.
Economic data can move prices because they alter beliefs about future growth, inflation and policy.
Before attempting a forex strategy, learn what is being purchased, how currency pairs are quoted, who provides prices, and which contractual obligations attach to the account.
Fundamental analysis considers the economic and policy conditions that might shape demand for currencies.
Inflation affects currencies through purchasing power, interest rates and perceptions of macroeconomic stability.
Collateral is not your maximum loss. A worked example separates exposure, margin, equity and a position's sensitivity to price changes.
