The Foreign Exchange Landscape- The 1st Step to Mastering FX
3.2 (27 ratings)
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The Foreign Exchange Landscape- The 1st Step to Mastering FX

The FX Landscape forms a framework or context in which we trade the OTC FX markets
3.2 (27 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
2,273 students enrolled
Created by Mikesh Shah
Last updated 9/2017
Price: Free
  • 2.5 hours on-demand video
  • 2 Articles
  • 3 Supplemental Resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • Build a basic FX arbitrage model in excel, construct a hedge and obtain a broad overview of market participants, geographic context, turnover data
View Curriculum
  • Basic Excel would be helpful but not necessary

In the Foreign Exchange (FOREX) landscape course we will understand -

  • The various currency pairs and their volumes
  • The turnover and importance of core trading centers
  • Various market participants and their importance in influencing FX price action
  • Understand the basic Math required for pricing FX transactions
  • Basic principles of Technical Analysis
  • Basic principles of Fundamental Analysis
  • Basic concepts of the banking system

Rather than deep diving right into the intricacies of FX trading - spot, FX swaps, outright forwards, fundamentals, technicals, money management etc. it might be a better idea to first build on a framework or context within which we can form trading strategies. Understanding the FX Landscape will provide you with that context. By learning how the geography of trading centers, timezones, liquidity providers influence the FX spot prices understanding technical analysis and trading patterns becomes much simpler. 

In addition to the theoretical aspect of trading, by the end of this course you will also get a hands on experience on how a basic hedge is performed and how a simple arbitrage is performed. 

** This course is a precursor to "Beginner to Advanced Trader - An Investment Banking Perspective", which has been created based on the feedback from the students of multiple courses.

Thanks for taking this course and hope you enjoy it!

Who is the target audience?
  • This course is for beginners to the FOREX markets or those who wish to obtain a broader understanding of the FX markets
Compare to Other Forex Courses
Curriculum For This Course
35 Lectures
The FOREX Landscape - The First Step to Mastering FX
13 Lectures 42:32

Understand the objective of why we should first study the FX landscape before deep diving into FX trading


In this lesson we look at FX currency majors, their volumes

Trading Volumes by Currency and Currency Pair

We look at volumes by instruments - spot, outright forwards, FX swaps, options and currency swaps

Turnover by FX Instrument Types

We look at the most active trading centers to watch for the FX markets. 

Turnover by Geography

The shifts in FX market participant landscape prior to 2000 and post 2000

Market Participants - Intro

We take a look at how important Financial Institutions and Large Banks play an important role in FX price action

FX Market Participants Turnover

Financial Institutions – hedge funds, broker-dealers, central banks invest a large amount of resources to acquire information as they have much to gain or lose on exchange rate movements. Research has shown that hedge funds and commodity trading advisors appear to be the best informed amongst the financial institutions since they have strong incentives to perform.....

FX Market Participants - Financial Institutions

Construct an FX hedge that completely hedges the exposure vis a vis a hedge that saves the corporate FX dealer "embarrassment risk"

Project - FX Hedge

Corporate customers usually have treasury operations to support their business activities.

Retail traders have entered the FX markets fairly recently around the year 2000 with the advent of retail aggregators – basically internet trading platforms catered to the needs of retail investors such as FXCM and OANDA.

FX Market Participants - Corporate and Retail Investors

Algorithms generate trades rather than humans. The involvement of humans is limited to the extent of creating algorithms, tweaking parameters and performance testing. 

HFT is a subset of algorithmic trading in the sense HFT traders generate returns from high number of trades, low volumes, and small profit trades benefiting from low latency 

FX Market Participants - Algorithmic Trading

Construct a basic arbitrage model similar to the one constructed in the algo trading lecture that indicates when an arbitrage is possible

Project - Algorithmic Trading - FX Arbitrage

Learn by Gaming, FX Math, Transaction Lifecycle, Technicals, Fundamentals, Central Bank Monetary Policy.

Course coupons in the Resources section

Any issues you can write to me at

Course Coupon - The Complete Forex Course - An Investment Banking Perspective

This Bonus Lecture contains a coupon for another related course - Tradeonomics

Bonus Lecture: Tradeonomics - Course Coupon
Basic FX Math - Introduction
6 Lectures 30:50
Exchange Rates

Direct vs Indirect Rates

Bid, Ask and Bid-Ask Spreads

Computing Cross Rates

Computing Cross Rates Using Bid, Ask

Basic FX Math - Recap
Technical Analysis - Basic Principles
4 Lectures 23:05
Introduction to Technical Analysis

Technical vs Fundamental Analysis

Dow Theory

Types of Charts
Step 1 to Fundamental Analysis - Identifying Price Determinants
7 Lectures 31:26
Cash Flows of Bond Instruments

Price Determinant of Bond Price

Economic Factors that affect Bond Instruments

Price Determinants of Stock Prices

Effect of Inflation Premium on Cash Flows

The Effect of Interest Rates on Corporate Profits

Foreign Exchange Rates and Interest Rate Differentials
Central Bank's Monetary Policy - Basics of Banking and Money Supply
5 Lectures 25:14
31. Introduction to the Central Bank's Monetary Policy

32. Warehouse Banking

33. The Lending Innovation

34. Fractional Reserve Banking

Thank You
About the Instructor
Mikesh Shah
3.6 Average rating
41 Reviews
3,046 Students
3 Courses
Investment Banker, IT Consultant

I've completed a Bachelor of Computer Engineering and a MBA from Queen's University Canada. I've worked 8 years in the investment banking division and 11 years in Oracle Financial Services Software Ltd as an IT and banking consultant. During my stint at Oracle I've worked in various projects -  at the IMF in Washington, built trading systems at an investment bank in London for the algorithmic trading desk, implemented a complex core banking software system at banks such as Bank of Montreal, Wells Fargo.