Top 100 FX Blog to follow

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Top 100 Forex Blogs To Follow In 2013

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Inside Bar (2 bar setup) Strategy

Trading the Inside Bar Strategy in Forex

Inside Bar Forex Trading Entry

Inside bars are one of my favorite price action setups to trade with; they are a high-probability trading strategy that usually provides traders with a good risk reward ratio since they typically require smaller stop losses than other setups. I like to trade inside bars on the daily chart time frame in strong trending markets, as I have found over the years that inside bars are best in trending markets as breakout plays in the direction of the trend. Let’s discuss some facts about inside bar trading and go over some examples of how to trade them.

What is an inside bar?

An inside bar is a bar or series of bars which is/are completely contained within the range of the preceding bar, i.e., it has a higher low and lower high than the bar immediately before it (some traders use a more lenient definition of inside bars to include equal bars). On a smaller time frame a daily chart inside bar will look like a triangle.

Note in the daily chart example below we have two “coiling” inside bars (smaller and smaller inside bars) that are within the range of the preceding bar which we call the “mother bar”. The example below shows inside bars that led to a breakout play in an up-trending market.

What does an inside bar mean?

The inside bar forex trading strategy is a ‘flashing light’, a major signal to the trader that reversal or continuation is about to occur.

An inside bar indicates a time of indecision or consolidation. Inside bars typically occur as a market consolidates after making a large directional move, they can also occur at turning points in a market and at key decision points like major support/resistance levels.

They often provide a low-risk place to enter a trade or a logical exit point. Note in the image below we see an example of an inside bar that formed as a continuation signal and then one that formed as a turning point signal. While they can be used in both scenarios, inside bars as continuation signals are more reliable and easier for beginning traders to learn. Turning-point inside bar signals are better left for more advanced forex price action traders.

The best time use the inside bar signal

The most logical time to use an inside bar is when a strong trend is in progress or the market has clearly been moving in one direction and then decides to pause for a short time. If we play the break out, our stop loss can be defined by placing it below the half way point of the mother candle, or for the more conservative trader, below the mother bar itself. This would mean that the market must break a 3 bar low to take us out of the trade.

Inside bars can be used when trading a trend on the 240 minute charts or the daily Forex charts, but I personally prefer to trade inside bars on the daily charts and I recommend all beginning traders should stick to the daily charts until they have fully mastered and found consistent success with the inside bar setup on that time frame.

Note on the daily AUDUSD chart below, we can see two inside bar setups that occurred with the recent near-term market momentum. As they broke out they both led to large directional moves and provided for an excellent risk reward ratio.

Here’s a cool video on trading the inside bar strategy:

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http://www.learntotradethemarket.com/forex-trading-strategies/inside-bar-forex-strateg


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Reversal Inside Bar with High Volume and on top

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http://www.forexcrunch.com/the-inside-bar-breakout-trading-strategy/

The Inside Bar Breakout Trading Strategy

BASICS & INDUSTRY, FOREX BASICS | WRITTEN BY GUEST | CREATED: AUG 5, 2013 07:15 GMT; LAST MODIFIED: JAN 2, 2014 08:17 GMT

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Introduction: The underlying concept of Inside Bar Breakout Trading Strategy is based on the process of accumulation and distribution which is also known as consolidation at key support and resistance areas respectively by big players and then the breakout thereof.

This article comprehensively deals with the various aspects of trading breakouts of Inside Bars from a daily chart perspective. Hence wherever we mention of an “Inside Bar” in this article, it essentially means an “Inside Day”.

It is one of the simplest but an outstanding strategy if traded with proper guidelines.

Guest post by Anatasius from  www.dnbforexpriceaction.com

Meaning

An inside bar is said to have formed when entire bar’s price action range i.e.: Open, Low, high and close takes place within the high and low of the previous bar/day. To put it in more simple words, we say, an inside bar is in place when the highest price is lower than the preceding bar’s high, and the lowest price is higher than the preceding day’s low. The Inside Bar Breakout Strategy gets the distinction mainly due to the simplicity of application and huge reward it offers compared to the amount of risk undertaken.

Anatomy of an Inside Bar

For the better understanding of an Inside Bar, its structure and its precedence, you can see the illustration below.

As we can understand from the illustration below, the high and low of bar B; an “Inside Bar” is contained within the high and low of bar A, a “Preceding Bar”, respectively.

Illustration 1: Anatomy of an Inside Bar

 Why Inside bars occur

Inside bars occur in the following circumstances

A. Reversal

Key resistance area: At a point of strong resistance, big time sellers start building short positions and the buyers start covering their longs. This activity of exchange of hands takes place in a small range of price area which leads to a remote activity resulting in an inside bar. Such key resistance or support area can be a big round number, a fib level, a trend line or a confluence area.

In the below illustration as we can notice, after a prolonged up move price goes for a retest at a key resistance area and forms an Inside Day. The breakout downside leads to steep reversal.

Illustration 2: Inside Bar at a key resistance area resulting in strong reversal.

Key support area :  It is exactly the vice versa of the above noted activity and in this case at a strong support area big time buyers start building long positions whereas the sellers start covering their shorts. Such an action of exchange of hands in a remote range leads to an inside bar.

As one can notice in the illustration below, An Inside Day occurs at a key support area. Once the high of that Inside Day is taken out price rallies with heavy momentum.

Illustration 3: Inside Bar at a key support area resulting in strong reversal.

Breakout area

An area of key resistance or support gets broken only when there are a large numbers of players willing to bid above or offer below such key areas respectively. Hence, before a strong breakout, there is a period of remote activity or consolidation wherein the sellers/buyers respectively build their positions for an upcoming breakout. It is common to have Inside Days in those consolidation areas before a strong breakout of key resistance or support.

In the illustration below multiple Inside Days show the process of accumulation before the price breaks the key resistance area.

Illustration 4: Inside Bars forming at a breakout area and then the price breaking the Key resistance with momentum.

C. Consolidation after a strong move in a single direction:

When the price makes a substantial move in a single direction, it halts and starts consolidating to facilitate the below noted parties, before it makes next round of movement in the same direction.

1. The parties who are in the right direction and want to cover their positions with profit
2. The parties who are in the wrong direction and want to cover their loss.
3. The parties who want to add to their profitable positions.
4. The parties who have missed the initial move and now want to open fresh positions.

When so many parties get involved in exchange of hands at a key price level, it naturally leads to a huge consolidation represented by Inside Days. More than quite often, you will notice an Inside day after a strong initial rally or decline in the price. This type of Inside day will fall under this category.

Illustration 5: After initial rally, price starts consolidating and forms an Inside bar. Again the price makes second round of rally and forms an Inside bar indicating accumulation before next leg of up move.

D.    Ranging markets

When the big time players take no interest in the market, the liquidity dries up and the price stops making any substantial moves leaving the market in a small range. We call this as a “period of indecision” as both the buyers and the sellers with large orders refuses to particitipate in the marketplace. Whenever the institutional traders stay away from market activity, price has nowhere to go but to trade in a narrow range. This period of indecision may last for long depending on various factors. As a consequence, price is reflected through multiple Inside Bars.

Illustration 6. Market goes in to a range and we get multiple Inside Bars within very short span of time. A trader needs to exercise enough caution against such Inside Bars

Finding Reliable Inside Bar

The success, efficiency and the effectiveness of trading the Inside Bars largely depends on spotting the highly reliable Inside Bars. It is important to note that all Inside Bars cannot be traded profitably.

To ensure that we trade only reliable Inside Bars, following guidelines are of utmost importance.

a. Time frame :

Rule: Trade Inside Bars only on a daily Time frame

Trading the daily time frame has its own distinctions as noted below.

1. Reliable
2. Affordable risk
3. Optimal frequency of formation of Inside bars
4. Helps to avoid overtrading
5. Needs less trade monitoring and screen time.

b. Trend:

Rule: Trade Inside bars only in the direction of the trend

We are aware that big money is always with the trend. Hence as a thumb rule, we avoid trading Inside Bars against an ongoing trend. To mitigate the risk to the possible extent as well as to magnify our gains, we always trade in the direction of the trend. For example if the major daily trend is long, we trade Inside Bars only on the long side and avoid opening shorts. It is a proven fact that most of the large drawdown in trading accounts are due to counter trend trades. It is pertinent to note that all profitable traders are always in sync with the thought process of big players in the market. Trend always signifies the opted direction of institutional traders.

Period:

Rule: Always ignore the Inside Bars formed during low liquidity period

Inside bar formed during a low liquidity period must be ignored. Examples are Christmas holidays, all US Bank holidays and other holidays when big ticket players remain absent from the market. During these periods, due to non presence of big time players, the range shrinks and the chart will start printing Inside Bars. Since these Inside Bars are formed as a result of low liquidity and not due to a process of accumulation and distribution i.e.: exchange of hands between big time players, one should abstain from trading such Inside Bars.

Trading the Inside Bars

Before trading any strategy, we need to answer the following questions.

1.Where do we get in to the trade?

2. Where do we get out of the trade in case it does not workout? And

3. What is the risk associated with the entry in comparison to the potential return?

a. Entry: We make entry on the breakout of an Inside bar, in the direction of trend baring cases of reversals. Just to understand, In case the overall trend is up, we go long with the breakout on the upper side.

In this context, it is very important to note that we make the entry with the momentum as most of the breakouts without momentum end up with false breakouts. Momentum here refers to a strong/sharp and steep move in the direction of the breakout. For ascertaining the momentum, one can scale down to next lower timeframes like 4 hour, 2 hour or 1 hour charts respectively.

b. Stop: We place the stops in a sensible way so as to make it neither too big nor too small. Under this strategy we always place the stops on either side of the Inside Bar depending on which side of the market we are trading. I.e.: When we go long, we place the stops just below the bottom of the Inside Bar and vice Versa for short entries. The biggest distinction of the Inside Bar Breakout strategy remains the “Stop”. Since this strategy offers smallest logical/sensible stops one could imagine, it is not exaggerating if we say it is one of the simplest yet greatest strategies found in the market.

c. Risk-Reward: Barring other ancillary objectives, every trader’s basic objective remains reducing the risk and increasing the gains to the maximum possible extent. Inside Bar Breakout Strategy offers very low risk (Almost nil!) entries and extraordinary returns on trades. A Risk is to Return of 1:5 and 1:10 are quite common under this strategy. Just to give you an idea, because of the incredible risk reward ratio this strategy has to offer, one can wipe out 10 consecutive losses in a single trade. That says all about the power of trading this strategy.

Illustration 7: After initial rally in the price an Inside Day is formed. When the price breaks high of the Inside day the long entry is taken placing the stop just below the low of the Inside Day.

Illustration 7A:  A reward of 2000 pips for a risk of 70 pips comes to Risk reward ratio of almost 1:30!

Multiple Inside Bars

As we know, at a place of key resistance and support areas, big time players start an activity of accumulation or distribution respectively. From a daily chart perspective, Some times this activity lasts for multiple days and the price keeps on making lower range every following day. This phenomenon is popularly called as “Multiple Inside Days”.

As we are aware, longer the consolidation, longer will be the movement after the breakout. Hence Multiple Inside Days offer a great trading opportunity as the breakout from the range leads to heavy movement in the price after the breakout in a particular direction.

Sometimes trading Multiple Inside Days can be tricky as the probabilities are more in this scenario compared to a single Inside Bar breakout. If we understand the underlying psychology under the formation and breakout of Multiple Inside Days, we can trade the same with high degree of success. The most authentic and reliable way of trading Multiple Inside Bars is to trade the breakout of the initial Inside Bar (The first Inside Day in the series). Of course with momentum!  As far as stops are concerned, we place it on the opposite side, either just below or above the first Inside day, depending on the direction of the trade.

Illustration 8: In an ongoing downtrend, price consolidates for more than a week and then forms 3 consecutive inside days. Bar No 1, 2 and 3 respectively are consecutive Inside days. As per our rule, we always trade with the trend and a short order is placed just below the low of the first Inside day being bar no.1 in this case. It is pertinent to note that the breakout downside takes place with momentum.

Breakout Traps

Understanding the breakout traps becomes highly essential to trade this strategy effectively. A breakout trap essentially means, the price breaks out in one direction and lot of traders jump in to the trade in the direction of the breakout. Then the price comes back and breaks out in the other direction with momentum and continues its move in the same direction. In this case all the traders who entered their positions on the first breakout are trapped in the bad trade. To overcome such kind of traps we follow certain rules and they are.

1. We do not trade against the trend.
2. We avoid trading longs in a strong resistance area and shorts in a strong resistance area.
3. We avoid trading the breakouts against the trend as such breakouts are prone to trap. Alternatively we wait for the retest of the breakout of key areas to ensure that we are not stuck in the bad trade.

Illustration 9: The chart depicts a key support area.

Illustration 9A: The chart shows a process of breakout trap.

So as you can see the Inside bar breakout strategy can be very powerful when used in the correct context. Inside bars form all the time, but by following some simple rules we can really start to filter out those high risk trades and avoid being caught in breakout traps.

I live and breathe price action every day, and the Inside bar breakout is just scratching the surface when it comes to indicator free trading. This is just one of the price action trading techniques I use in the markets.

I hope this article has been an eye opening on how simple price action based strategies like the Inside bar can actually be molded into powerful trading systems. It’s all about waiting for the better setup and not trying to trade every single inside bar that forms and with such high risk/reward potential of these breakouts, you can afford to lose a few trades and remain ahead in the long run.

Risk Reward and Position Sizing

Risk Reward and Money Management in Forex Trading

This could possibly be the most important Forex trading article you ever read.That might sound like a bold statement, but it’s really not too bold when you consider the fact that proper money management is the most important ingredient to successful Forex trading.

Money management in Forex trading is the term given to describe the various aspects of managing your risk and reward on every trade you make. If you don’t fully understand the implications of money management as well as how to actually implement money management techniques, you have a very slim chance of becoming a consistently profitable trader.

I am going to explain the most important aspects of money management in this article; risk / reward, position sizing, and fixed dollar risk vs. percentage risk. So, grab a cup of your favorite beverage and follow along as I help you understand some of the most critical concepts to a profitable Forex trading career…

Risk : Reward

Risk reward is the most important aspect to managing your money in the markets. However, many traders do not completely grasp how to fully take advantage of the power of risk reward. Every trader in the market wants to maximize their rewards and minimize their risks. This is the basic building block to becoming a consistently profitable trader. The proper knowledge and implementation ofrisk reward gives traders a practical framework to do this.

Many traders do not take full advantage of the power of risk reward because they don’t have the patience to consistently execute a large enough series of trades in order to realize what risk reward can actually do. Risk reward does not mean simply calculating the risk and reward on a trade, it means understanding that by achieving 2 to 3 times risk or more on all your winning trades, you should be able to make money over a series of trades even if you lose the majority of the time. When we combine the consistent execution of a risk / reward of 1:2 or larger with a high-probability trading edge like price action, we have the recipe for a very potent Forex trading strategy.

Let’s take a look at the 4hr chart of Gold to see how to calculate risk / reward on a pin bar setup. We can see in the chart below there was an obvious pin bar that formed from support in an up-trending market, so the price action signal was solid. Next, we calculate the risk; in this case our stop loss is placed just below the low of the pin bar, so we would then calculate how many lots we can trade given the stop loss distance. We are going to assume a hypothetical risk of $100 for this example. We can see this setup has so far grossed a reward of 3 times risk, which would be $300.

Now, with a reward of 3 times risk, how many trades can we lose out of a series of 25 and STILL make money? The answer is 18 trades or 72%. That’s right; you can lose 72% of your trades with a risk / reward of 1:3 or better and STILL make money…..over a series of trades.

Here is the math real quick:

18 losing trades at $100 risk = -$1800, 7 winning trades with a 3 R (risk) reward = $2100. So, after 25 trades you would have made$300, but you also would have had to endure 18 losing trades…and the trick is that you never know when the losers are coming. You might get 18 losers in a row before the 7 winners pop up, that is unlikely, but it IS possible.

So, risk / reward essentially all boils down to this main point; you have to have the fortitude to set and forget your trades over a large enough series of executions to realize the full power of risk / reward. Now, obviously if you are using a high-probability trading method like price action strategies, you aren’t likely to lose 72% of the time. So, just imagine what you can do if you properly and consistently implement risk reward with an effective trading strategy like price action.

Unfortunately, most traders are either too emotionally undisciplined to implement risk reward correctly, or they don’t know how to. Meddling in your trades by moving stops further from entry or not taking logical 2 or 3 R profits as they present themselves are two big mistakes traders make. They also tend to take profits of 1R or smaller, this only means you have to win a much higher percentage of your trades to make money over the long-run. Remember, trading is a marathon, not a sprint, and the WAY YOU WIN the marathon is through consistent implementation of risk reward combined with the mastery of a truly effective trading strategy.

Position Sizing

Position sizing is the term given to the process of adjusting the number of lots you trade to meet your pre-determined risk amount and stop loss distance. That is a bit of a loaded sentence for the newbie’s. So, let’s break it down piece by piece. This is how you calculate your position size on every trade you make:

1) First you need to decide how much money in dollars (or whatever your national currency is) you are COMFORTABLE WITH LOSING on the trade setup. This is not something you should take lightly. You need to genuinely be OK with losing on any ONE trade, because as we discussed in the previous section, you could indeed lose on ANY trade; you never know which trade will be a winner and which will be a loser.

2) Find the most logical place to put your stop loss. If you are trading a pin bar setup this will usually be just above / below the high / low of the tail of the pin bar. Similarly, the other setups I teach generally have “ideal” places to put your stop loss. The basic idea is to place your stop loss at a level that will nullify the setup if it gets hit, or on the other side of an obvious support or resistance area; this is logical stop placement. What you should NEVER DO, is place your stop too close to your entry at an arbitrary position just because you want to trade a higher lot size, this is GREED, and it will come back to bite you much harder than you can possibly imagine.

3) Next, you need to enter the number of lots or mini-lots that will give you the $ risk you want with the stop loss distance you have decided is the most logical. One mini-lot is typically about $1 per pip, so if your pre-defined risk amount is $100 and your stop loss distance 50 pips, you will trade 2 mini-lots; $2 per pip x 50 pip stop loss = $100 risked.

The three steps above describe how to properly use position sizing. The biggest point to remember is that you NEVER adjust your stop loss to meet your desired position size; instead you ALWAYS adjust your position size to meet your pre-defined risk and logical stop loss placement. This is VERY IMPORTANT, read it again.

The next important aspect of position sizing that you need to understand, is that it allows you to trade the same $ amount of risk on any trade. For example, just because you have to have a wider stop on a trade doesn’t mean you need to risk more money on it, and just because you can have a smaller stop on a trade does not mean you will risk less money it. You adjust your position size to meet your pre-determined risk amount, no matter how big or small your stop loss is. Many beginning traders get confused by this and think they are risking more with a bigger stop or less with a smaller stop; this is not necessarily the case.

Let’s take a look at the current daily chart of the EURUSD below. We can see two different price action trading setups; a pin bar setup and an inside-pin bar setup. These setups required different stop loss distances, but as we can see in the chart below we still would risk the exact same amount on both trades, thanks to position sizing:

The fixed dollar risk model VS The percent risk model

Fixed dollar risk model = A trader predetermines how much money they are comfortable with potentially losing per trade and risks that same amount on every trade until they decide to change their risk.

Fixed percent risk model = A trader picks a percentage of their account to risk per trade (usually 2 or 3%) and sticks with that risk percentage.

In a previous article that I wrote about money management titled “Forex Trading Money Management – An Eye Opening Article”, I argued that using a fixed dollar amount of risk is superior to the percent of account risk model. The primary argument I make about this topic is that although the % R method will grow an account relatively quickly when a trader hits a series of winners, it actually slows account growth after a trader hits a series of losers, and makes it very difficult to bring the account back up to where it previously stood. This is because with the % R risk model you trade fewer lots as your account value decreases, while this can be good to limit losses, it also essentially puts you in a rut that is very hard to get out of. What is needed is mastery of one’s trading strategy combined with a fixed dollar risk you are comfortable with losing on any given trade, and when you combine these factors with consistent execution of risk / reward, you have an excellent chance at making money over a series of trades.

The % R  model essentially induces a trader to ‘lose slowly’ because what tends to happen is that traders begin to think “Since my position size is decreasing on every trade it’s OK if I trade more often”…and whilst they may not specifically think that sentence…it is often what happens. I personally believe the % R model makes traders lazy…it makes them take setups that they otherwise wouldn’t…because they are now risking less money per trade they don’t value that money as much…it’s human nature.

Also, the %R model really serves no real world purpose in professional trading as the account size is arbitrary; meaning the account size does not reflect the true risk profile of each person, nor does it represent their entire net worth. The account size is actually a ‘margin account’ and you only need to deposit enough in an account to cover the margin on positions…so you could have the rest of your trading money in a savings account or in a mutual fund or even precious metals…many professional traders do not keep all of their potential risk capital in their trading account.

The fixed $ risk model makes sense for professional traders who want to derive a real income from their trading; it’s how I trade and it’s how many others I know trade. Pro traders actually withdrawal their profits from their trading account each month, their account then goes back to its “baseline” level.

Example of Fixed $ Risk Vs. % Risk

Let’s take a look at a hypothetical example of 25 trades. We are comparing the fixed $ risk model to a 2% account risk model. Note: We have chosen the 2% risk because it’s a very popular percent risk amount amongst newbie traders and on many other Forex education sites. The fixed $ risk was set at $100 per trade in this example just to show how a trader who is confident in his or her trading skills and trades like a sniper would be able to build his or her account faster than someone settling on a 2% per trade risk. In reality, the fixed $ risk will vary between traders and it’s up to the trader to determine what they are truly OK with losing per trade. For me, if I was trading a small $2,000 account, I would personally be comfortable risking about $100 per trade, so this is what our example below reflects.

It’s quite obvious upon analyzing this series of random trades that the fixed $ model is superior. Sure you will draw your account down a bit quicker when you hit a series of losers with the fixed $ model, but the flip side is that you also build your account much quicker when you hit a series of winners (and recover from draw downs a lot faster). The key is that if you’re really trading like a sniper and you’ve mastered your trading strategy…you’re unlikely to have a lot of losing trades in a row, so the fixed $ risk model will be more beneficial to you.

In the example image below, we are looking at the fixed $ risk model versus the % risk model:

Now this example is a bit extreme, if you are trading with price action trading strategies and have truly mastered them, you shouldn’t be losing 68% of the time; your winning percentage is likely to average close to 50%. You can imagine how much better the results would be with a 50% winning percentage. If you won 50% of the time over 25 trades while risking $100 on a $2,000 account, you would have $4,500. If you won 50% of the time over 25 trades while risking 2% of $2,000, you would have only about $3,300.

Many professional traders use the fixed dollar risk method because they know that they have mastered their forex trading strategy, they don’t over-trade, and they don’t over-leverage, so they can safely risk a set amount they are comfortable with losing on any trade.

People who trade the %R model are more likely to over-trade and think that because their dollar risk per trade is decreasing with each loser it’s OK to trade more trades (and thus they lose more trades because they are taking lower-probability trades)…and then over time this over-trading puts them much further behind a fixed $ trader who is probably more cautious and sniper- like.

Conclusion

To succeed at trading the Forex markets, you need to not only thoroughly understand risk reward, position sizing, and risk amount per trade, you also need to consistently execute each of these aspects of money management in combination with a highly effective yet simple to understand trading strategy like price action. To learn more about price action trading and the money management principles discussed in this article, check out my Forex trading course.

http://www.learntotradethemarket.com/forex-articles/risk-reward-and-money-management-in-forex-trading

Stop Loss - Chris Capre

"Every system I've seen that doesn't use stops fails. All it takes is one central bank intervention, or news announcement to take out their position and never come back. Sometimes the market can go for years against these trades, so it seems ridiculous to build up months or years of profits, to lose it all for one trade.

Every system like these eventually fail, and end up killing the entire acct, so I'd avoid this as much as possible." 

- Chris Capre

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3	Ajith, K.	UOB Kay Hian	Resources & Infrastructure
4	Koh, Wendy ⁺	Citi Investment Research & Analysis	Real Estate
5	Chong, Wee Lee	BofA Merrill Lynch Global Research	Industrials

• * Currently inactive
• ⁺ Currently inactive

Derivatives & Convertibles: Top Firm

Equity Sector	Winner	Ranking	Previous
Convertibles: Research	Barclays	1	1
Convertibles: Research	Exane Derivatives	2	2
Convertibles: Research	Morgan Stanley	3	3
Convertibles: Sales	Morgan Stanley	1	1
Convertibles: Sales	Exane Derivatives	2	4
Convertibles: Sales	Barclays	3	2
Convertibles: Trading/Execution	Deutsche Bank	1	2
Convertibles: Trading/Execution	Barclays	2	1
Convertibles: Trading/Execution	Morgan Stanley	3	5
Derivatives: Research	Bank of America Securities - Merrill Lynch	1	1
Derivatives: Research	Morgan Stanley	2	6
Derivatives: Research	J.P.Morgan Cazenove	3	8
Derivatives: Sales	Bank of America Securities - Merrill Lynch	1	3
Derivatives: Sales	UBS	2	8
Derivatives: Sales	Société Générale	3	6
Derivatives: Trading/Execution	UBS	1	4
Derivatives: Trading/Execution	Deutsche Bank	2	5
Derivatives: Trading/Execution	Bank of America Securities - Merrill Lynch	3	2
Leading Pan-European Brokerage Firm - Derivatives & Convertibles (Based on Commissions Paid) by Key FMs	Barclays	1	1
Leading Pan-European Brokerage Firm - Derivatives & Convertibles (Based on Commissions Paid) by Key FMs - Per Capita	Barclays	1	1

Economics & Strategy: Top Analyst

Equity Sector	Winner	Ranking	Previous
Equity Technical Analysis & Charting	Achim Matzke, Commerzbank Corporates & Markets	1	2
Equity Technical Analysis & Charting	Jean-Christophe Dourret, Oddo Securities	2	11
Equity Technical Analysis & Charting	Petra von Kerssenbrock, Commerzbank Corporates & Markets	3	5
Global Economics	Stephen King, HSBC	1	1
Global Economics	Willem Buiter, Citi	2	7
Global Economics	Karen Ward, HSBC	3	2
Global Strategy	Dylan Grice, Société Générale	1	1
Global Strategy	Albert Edwards, Société Générale	2	2
Global Strategy	Andrew Garthwaite, Credit Suisse Securities	3	3
Index Analysis	Achim Matzke, Commerzbank Corporates & Markets	1	1
Index Analysis	John Carson, Société Générale	2	2
Index Analysis	Petra von Kerssenbrock, Commerzbank Corporates & Markets	3	5
Multi Asset Research	Alain Bokobza, Société Générale	1	1
Multi Asset Research	Fredrik Nerbrand, HSBC	2	8
Multi Asset Research	John Bilton, Bank of America Securities - Merrill Lynch	3	0
Pan-European Economics & Macro	Stéphane Déo, UBS	1	1
Pan-European Economics & Macro	Elga Bartsch, Morgan Stanley	2	5
Pan-European Economics & Macro	Janet Henry, HSBC	3	3
Pan-European Equity Market Strategy	Mislav Matejka, J.P.Morgan Cazenove	1	3
Pan-European Equity Market Strategy	Jonathan Stubbs, Citi	2	4
Pan-European Equity Market Strategy	Christopher Potts, CA Cheuvreux	3	1
Quantitative/Database Analysis	Andrew Lapthorne, Société Générale	1	1
Quantitative/Database Analysis	Inigo Fraser-Jenkins, Nomura Securities	2	3
Quantitative/Database Analysis	Marco Dion, J.P.Morgan Cazenove	3	2
Valuations & Accounting	Sarah Deans, Citi	1	3
Valuations & Accounting	Peter Elwin, J.P.Morgan Cazenove	2	1
Valuations & Accounting	Ken Lee, Barclays	3	2

Economics & Strategy: Top Firm

Equity Sector	Winner	Ranking	Previous
Equity Technical Analysis & Charting	UBS	1	1
Equity Technical Analysis & Charting	Commerzbank Corporates & Markets	2	2
Equity Technical Analysis & Charting	Redburn	3	3
Global Economics	HSBC	1	1
Global Economics	UBS	2	3
Global Economics	Société Générale	3	2
Global Strategy	Société Générale	1	1
Global Strategy	Credit Suisse Securities	2	2
Global Strategy	Morgan Stanley	3	4
Index Analysis	Société Générale	1	1
Index Analysis	Commerzbank Corporates & Markets	2	2
Index Analysis	HSBC	3	5
Multi Asset Research	Société Générale	1	1
Multi Asset Research	HSBC	2	7
Multi Asset Research	UBS	3	2
Pan-European Economics & Macro	UBS	1	1
Pan-European Economics & Macro	Morgan Stanley	2	3
Pan-European Economics & Macro	Deutsche Bank	3	10
Pan-European Equity Market Strategy	J.P.Morgan Cazenove	1	4
Pan-European Equity Market Strategy	Citi	2	1
Pan-European Equity Market Strategy	Morgan Stanley	3	2
Quantitative/Database Analysis	Société Générale	1	1
Quantitative/Database Analysis	Citi	2	3
Quantitative/Database Analysis	J.P.Morgan Cazenove	3	4
Valuations & Accounting	Citi	1	3
Valuations & Accounting	J.P.Morgan Cazenove	2	1
Valuations & Accounting	Barclays	3	2

Economics & Strategy: Top Salesperson

Equity Sector	Winner	Ranking	Previous
Equity Technical Analysis & Charting	Michael Riesner, UBS	1	0
Equity Technical Analysis & Charting	Jason Perl, UBS	2	1
Equity Technical Analysis & Charting	Marc Mueller, UBS	3	0
Global Economics	Verity Hunt, Absolute Strategy Research	1	1
Global Economics	Paul Jackson, Société Générale	2	2
Global Economics	Ida Troussieux, Société Générale	3	0
Global Strategy	Paul Jackson, Société Générale	1	1
Global Strategy	Ida Troussieux, Société Générale	2	0
Global Strategy	Verity Hunt, Absolute Strategy Research	3	2
Index Analysis	Michael Scholz, WestLB	1	3
Index Analysis	Patrick Reilly, Nomura Securities	2	0
Index Analysis	Guido Schnitker, UBS	3	0
Multi Asset Research	Ruary Neill, UBS	1	2
Multi Asset Research	Stuart Ferguson, HSBC	2	0
Multi Asset Research	Paul Jackson, Société Générale	3	1
Pan-European Economics & Macro	Paul Jackson, Société Générale	1	2
Pan-European Economics & Macro	Beth McCann, Absolute Strategy Research	2	9
Pan-European Economics & Macro	Verity Hunt, Absolute Strategy Research	3	1
Pan-European Equity Market Strategy	Paul Jackson, Société Générale	1	1
Pan-European Equity Market Strategy	Ian Conway, Mirabaud Securities	2	6
Pan-European Equity Market Strategy	Ruary Neill, UBS	3	3
Quantitative/Database Analysis	Ronny Feiereisen, J.P.Morgan Cazenove	1	5
Quantitative/Database Analysis	Paul Jackson, Société Générale	2	4
Quantitative/Database Analysis	Michael Benjamin, Sanford C. Bernstein	3	0
Valuations & Accounting	Barry Hawke, Credit Suisse Securities	1	0
Valuations & Accounting	Thomas Mott, Credit Suisse Securities	2	0
Valuations & Accounting	Siebert Kruger, Credit Suisse Securities	3	0
Valuations & Accounting	Brian G. Rall, Credit Suisse Securities	3	0

Emerging Emea: Top Analyst

Equity Sector	Winner	Ranking	Previous
Central/Eastern Europe	Andrzej Knigawka, ING Financial Markets	1	3
Central/Eastern Europe	Mark Robinson, Wood & Company	2	2
Central/Eastern Europe	Florin Ilie, ING Financial Markets	3	6
Emerging EMEA: Chemicals/Industrials	Shriharsha Pappu, HSBC	1	2
Emerging EMEA: Chemicals/Industrials	Hassan Ahmed, Alembic Global Advisors	2	1
Emerging EMEA: Chemicals/Industrials	Alexander Paraschiy, Concorde Capital	3	32
Emerging EMEA: Consumer	Brady Martin, Citi	1	7
Emerging EMEA: Consumer	Paul Steegers, Bank of America Securities - Merrill Lynch	2	9
Emerging EMEA: Consumer	Milena Olszewska-Miszuris, ING Financial Markets	3	34
Emerging EMEA: Equity Sales	Amr Aboushaban, Bank of America Securities - Merrill Lynch	1	2
Emerging EMEA: Equity Sales	Frederik Michaelsen, HSBC	2	9
Emerging EMEA: Equity Sales	Maija Plaude-Lasmane, Credit Suisse Securities	3	7
Emerging EMEA: Financials	Magdalena Stoklosa, Morgan Stanley	1	2
Emerging EMEA: Financials	Andrzej Nowaczek, ING Financial Markets	2	6
Emerging EMEA: Financials	Aybek Islamov, HSBC	3	8
Emerging EMEA: Metals & Mining	Dmitry Kolomytsyn, Morgan Stanley	1	7
Emerging EMEA: Metals & Mining	Vladimir Zhukov, HSBC	2	19
Emerging EMEA: Metals & Mining	Roman Topolyuk, Concorde Capital	3	27
Emerging EMEA: Oil & Gas	Robert Rethy, Wood & Company	1	5
Emerging EMEA: Oil & Gas	Karen Kostanian, Bank of America Securities - Merrill Lynch	2	9
Emerging EMEA: Oil & Gas	Anisa Redman, HSBC	3	1
Emerging EMEA: Telecommunications	Herve Drouet, HSBC	1	1
Emerging EMEA: Telecommunications	Haim Israel, Bank of America Securities - Merrill Lynch	2	5
Emerging EMEA: Telecommunications	Mariya Kahn, Bank of America Securities - Merrill Lynch	3	57
Emerging EMEA: Trading & Execution	Laszlo Kozma, ING Financial Markets	1	0
Emerging EMEA: Trading & Execution	Rostyslav Shmanenko, Concorde Capital	2	4
Emerging EMEA: Trading & Execution	Alex W. Ford, Morgan Stanley	3	5
Frontier Markets (Inc. Kazakhstan and Kyrgyzstan)	Dominic Lewenz, Visor Capital	1	1
Frontier Markets (Inc. Kazakhstan and Kyrgyzstan)	Jean-Christophe Lermusiaux, Visor Capital	2	2
Frontier Markets (Inc. Kazakhstan and Kyrgyzstan)	Alexander Paraschiy, Concorde Capital	3	0
GEM Economics & Macro	Simon Quijano-Evans, ING Financial Markets	1	45
GEM Economics & Macro	Reinhard Cluse, UBS	2	4
GEM Economics & Macro	Gyorgy Kovacs, UBS	3	9
GEM Strategy	Jonathan Garner, Morgan Stanley	1	1
GEM Strategy	John Lomax, HSBC	2	3
GEM Strategy	Adrian Mowat, J.P.Morgan Cazenove	3	61
Middle East & North Africa	Hassan Ahmed, Alembic Global Advisors	1	1
Middle East & North Africa	Shriharsha Pappu, HSBC	2	2
Middle East & North Africa	Raj Sinha, HSBC	3	13
Russia: Banks & Other Financials	Andrew Keeley, Troika Dialog	1	2
Russia: Banks & Other Financials	David Nangle, Renaissance Capital	2	1
Russia: Banks & Other Financials	Mikhail Shlemov, VTB Capital	3	22
Russia: Consumer/Retail	Maria Kolbina, VTB Capital	1	2
Russia: Consumer/Retail	Victoria Petrova, Credit Suisse Securities	2	10
Russia: Consumer/Retail	Mikhail Krasnoperov, Troika Dialog	3	4
Russia: Country Research	Alexey Zabotkin, VTB Capital	1	1
Russia: Country Research	Aleksandra Evtifyeva, VTB Capital	2	4
Russia: Country Research	Mikhail Ganelin, Troika Dialog	3	0
Russia: Economics & Macro	Evgeny Gavrilenkov, Troika Dialog	1	1
Russia: Economics & Macro	Alexey Moiseev, VTB Capital	2	2
Russia: Economics & Macro	Aleksandra Evtifyeva, VTB Capital	3	7
Russia: Equity Sales	Glenn Coltart, VTB Capital	1	1
Russia: Equity Sales	Mark Van Loon, Troika Dialog	2	13
Russia: Equity Sales	Ivan Tchebeskov, VTB Capital	3	0
Russia: Equity Strategy	Alexey Zabotkin, VTB Capital	1	2
Russia: Equity Strategy	Kingsmill Bond, Citi	2	1
Russia: Equity Strategy	Chris Weafer, Troika Dialog	3	8
Russia: Metals & Mining	Mikhail Stiskin, Troika Dialog	1	1
Russia: Metals & Mining	Dmitry Kolomytsyn, Morgan Stanley	2	7
Russia: Metals & Mining	Irina Lapshina, Troika Dialog	3	14
Russia: Metals & Mining	Wiktor Bielski, VTB Capital	3	3
Russia: Oil & Gas	Oleg Maximov, Troika Dialog	1	1
Russia: Oil & Gas	Alex Fak, Troika Dialog	2	3
Russia: Oil & Gas	Dmitry Loukashov, VTB Capital	3	0
Russia: Telecommunications	Victor Klimovich, VTB Capital	1	1
Russia: Telecommunications	Mikhail Galkin, VTB Capital	2	0
Russia: Telecommunications	Anna Lepetukhina, Troika Dialog	3	2
Russia: Trading & Execution	Michael Capone, VTB Capital	1	2
Russia: Trading & Execution	Farhan M. Kazmi, Credit Suisse Securities	2	12
Russia: Trading & Execution	Timur Nasardinov, Troika Dialog	3	8
Russia: Utilities	Igor Kuzmin, Morgan Stanley	1	6
Russia: Utilities	Tatyana Lukina, Goldman Sachs	2	1
Russia: Utilities	Mikhail Rasstrigin, VTB Capital	3	13
Turkey: Country Research	Hasan S. Colakoglu, TEB Investment	1	2
Turkey: Country Research	Cenk Orcan, HSBC	2	4
Turkey: Country Research	Fazil Zobu, TEB Investment	3	3
Ukraine: Country Research	Alexander Paraschiy, Concorde Capital	1	60
Ukraine: Country Research	Tamara Levchenko, Dragon Capital	2	28
Ukraine: Country Research	Yegor Samusenko, Concorde Capital	3	3