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:

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.

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Dedollarization is Not a Thing

By Brent Donnelly | March 31, 2023 | 31 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.

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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.

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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.

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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.

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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.

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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.

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Winner’s Tilt

By Brent Donnelly | March 31, 2022 | 9 Comments

The most damaging stories and narratives are not those that others tell us, but those that we tell ourselves.

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By Brent Donnelly | February 17, 2022 | 3 Comments

in the spirit of the question we are always asking ourselves at Epsilon Theory – WHY AM I READING THIS NOW? – Brent asks a slightly different question about announcements of senior management departures. DOES WHAT I’M READING NOW MATTER?

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That Funny Feeling

By Brent Donnelly | January 10, 2022 | 36 Comments

The AI censors at YouTube banned a video by ET contributor Brent Donnelly for all the wrong reasons.

Meanwhile, the AI censors at Twitter won’t ban an impersonator for any reason.

Kinda gives you that funny feeling that we’re being played. Again.

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