'The worst is behind but the US is still in a healing mode' - Wayne McDonell

W. McDonell

• Position: Chief Currency Coach at FX Bootcamp. See bio
• Educational videos: Strategic & Tactical FOREX Trading: Watch Part 1 and Part 2
• Wayne's book: The FX Bootcamp Guide to Strategic and Tactical Forex Trading

In honor of the 50th Anniversary of "Trade Non-Farm Payrolls LIVE" webinar presented by FX Bootcamp, FXstreet.com developed this audio interview with Wayne McDonell, who has been presenting all the NFP webinars since the first edition in June 2007!

You said adrenaline?

"There is in the FX Market a dynamic duel that you really have to know: you have to be a hardcore technician and a quantitative analyst, all put together, both fundamentally and technically rounded as a trader".

Wayne is fascinated by Forex because of this "intellectual challenge" but also because of the hard task of "managing and maintaining composure of your emotions [...], one of the most difficult challenges there is." And then he adds: "throw a lot of money on top of it... it's filled to the fire!!!"

Volatility first

About trading the news, Wayne says that "there is nothing more powerful that NFP because it's a report card for the health of the US economy that is gonna directly affect the value of the US dollar and Central banks have more US dollars tucked away in their vaults then that they care to admit."

Wayne trades all the economic events the same way as long as there's high volatily. "If we don't have the volatility, we've got nothing to play with" as the market does not move much. "The only time I don't trade is when I have no idea what's going on. [...] I just never never want to chase price."

The massive arrival of retail traders has been the most relevant change in the NFP these last years. The NFP are "still risky, but not as wild and crazy" as they used to be as "there are more players and more opinions and more money going on the line."

What is your prognostic, Doctor?

For the labor market, the worst has already passed us by... "But we still have quite a way to go before we get to normality as for a healthy expanding US economy... it's not just jobs."  Wayne concludes that the US is now "in a healing mode".

When asked what the "King Currency" of 2010 will be, Wayne says it's all relative: "the dollar is not strong now, it's less bad than the Euro and than the Sterling". He believes the Gold could probably be the "King", as people are buying Gold to get out of the USD and the Euro. 

Listen to the interview below and learn how Wayne got into FOREX, the most memorable NFP, his strategies to trade the news, his outlook for the EUR/USD and more view on fundamentals!

  Special thanks to GFT, our sponsor on this monthly event.

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