Scorpion
Quote:
Ordinary speculators (we are) can't move the price even 1 pip, because you can't simply move trillions of dollar by a couple of thousands dollar. Likewise, a few gallons of water won't certainly rise the ocean level even a bit.
When I trade stocks, i always look at the psychology of both fund managers the primary movers and speculators the secondary movers. They hold from millions to billions of dollar worth of stocks, so when they sell, the price will go down sharply.
When I trade forex, it's all about psychology of central banks and governments. And, it's nothing to look at except the monetary policy they have in place. Every decision can be made purely by looking at economic calendar.
So i suggest when you trade in forex, don't think that speculators move the market. You cannot use fundamental systems designed for stocks, because we have totally different key players here.
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........the above statements is ever so TRUE
Hi everyone,
Permit me to use this opportunity(being my first post) to commend the effort of everyone that has made this forum what it is. Excellent indeed
Talking of the psychology in trading faction into 2 parts: 1) Market Psychology and Individual Trader's Psychology. The first is great for feeling the market temperature but the second is where the real job gets done.
Without the second the first is non existence so please look not only into the first alone while making market planning but use the second which is your inner power of subconsious/belief system to enhance your first.This is why I will embrace Scorpion statement above but not disdain the FXhotdogstands view
As a trader for many years, I have learnt that Technical Analysis can enormously be enhanced by good non subjective fundamental analysis.A good trader will not try to preempt/predict the market but rather follow it religiously.
My own little pennyworth
forexprofet