Brent X. Donnelly

Brent X. Donnelly



Brent Donnelly is a senior risk-taker and FX market maker, and and has been trading foreign exchange since 1995. He is the author of The Art of Currency Trading (Wiley, 2019) and his latest book, Alpha Trader, is now available in bookstores worldwide.

Brent writes a well-known daily FX commentary called AM/FX and has experience as both a sell-side trader (HSBC, Citibank, Lehman Brothers) and as a portfolio manager at a major hedge fund in Connecticut. He trades tactical global macro. He has been quoted by The Economist, WSJ, Zerohedge, FT, CNBC and others.

Check out his substacks at and


Articles by Brent:

One Less Vulnerability

By Brent Donnelly | October 5, 2023 | 4 Comments

Yes, this is a note about oil prices. But more importantly it’s a note about all the changes in correlation and transmission to FX that have happened over the past few years.

Hagakure: The Secret Wisdom of the Samurai

By Brent Donnelly | July 28, 2023 | 5 Comments

This is the Way.

Not just for the samurai but for the trader.

Fostering Reality in an Unreal World

By Brent Donnelly | July 5, 2023 | 1 Comment

ET contributor Brent Donnelly captures the spirit and the content of our Epsilon Connect conference better than anything we could have done ourselves. Plus you get the slides from our presentations!

Trading is a lot like Poker

By Brent Donnelly | May 16, 2023 | 1 Comment

With the passing of Doyle Brunson, it’s a good day to compare poker to trading.

Dedollarization is Not a Thing

By Brent Donnelly | March 31, 2023 | 37 Comments

People like to throw around the phrase “gradually, then suddenly” as a witty rejoinder to suggest a dedollarization of the world is a nonlinear process that will unfold any day now. That only sounds smart when Hemingway says it.

There is no structural dollar depreciation or dedollarization story. Global usage of the USD is stable and changes in the value of the USD are cyclical.

Why the Yankees Sucked in August

By Brent Donnelly | September 15, 2022 | 2 Comments

“The laws of probability, so true in general, so fallacious in particular.”

That was Edward Gibbon in 1774. This is ET contributor Brent Donnelly saying the same thing but in a much more entertaining way in 2022.

Before You Fly The Nest: Advice for kids heading to college

By Brent Donnelly | August 5, 2022 | 4 Comments

ET contributor Brent Donnelly went out and asked some people he respects what advice they would give kids heading off to college. Here’s what he found.

How to Succeed as a Sell Side Trader

By Brent Donnelly | June 27, 2022 | 2 Comments

ET contributor Brent Donnelly has some advice that’s ostensibly for sell-side traders, but is actually for everyone in markets. And everyone who isn’t.

The Most Important Trading Decision

By Brent Donnelly | May 10, 2022 | 1 Comment

Trading is hard. Your odds of success are heavily influenced by the seat you choose. Retail trader or bank trader or PM, here are metrics to evaluate that seat.

Money Can Buy Happiness (in variable and diminishing quantities)

By Brent Donnelly | April 6, 2022 | 32 Comments

What does your money/happiness curve look like? Is it curved or linear? Does it flatline somewhere? If so, where?

There’s the game of trading and the metagame of life. To win the latter, you have to Know Thyself.