I've been live trading for a year now, and have yet to see some good results. I have learned alot, but obviously not enough. I just simply cant afford all of these chat rooms and signal sites that charge an arm and a leg, so I simply am trading alone... I get advice from forums such as this one, but cant seem to be consistant enough to make any withdrawals. I have a 9-5 job, and when I come back, I see some good moves that I probably would have got into, but cant because of work. Anyway, this is my query: A day like today is my frustration. Going into the US session the short term technical indicators are oversold, but when the CPI, and housing data comes out, its great news for the dollar, so I sold the euro/usd. I normally wouldnt do that, but the numbers were positive, and I've seen this before where the news simply doesnt care about the technicals, but sure enough, the euro goes up against me. So my question is this, how do you full time forex traders make money in this business? Im just so frustrated, I wish there could be someone who can trade with me live for free, or at least a reasonable price. Just thought I'd share my frustrations. Have a great day. Im off to work
Jeff

first off CPI numbers came out as expected.
Housing starts Were up a little bit.
the price DID drop right after release but Strong resistance at 2900/2910 means price you need MUCH better CPI numbers to break through it possibly.

you have to learn more about news trading if you are going to place trades on the numbers

The best bit of advice I can give you, is don't trade the news at all. We all get the headline numbers, but what of the sub indices? What about revisions of previous figures?
Trust the Technicals and leave the news trading to the gamblers.

Couldn't agree more !!

Easter & Western technicals combined will prove consistently profitable every time...
I'm NOT saying fundamentals don't have an impact, they obviously do... (...remembering the BOE rate hike to 5% not long ago, actually having an opposite to expected effect ...).. but not enough to move markets in the medium to long term, and you cannot "make a living" out of trading the news...

Get a good technical setup that you can use in multiple time-frames, and STICK with it... as said above.. leave the 30sec news spike for 30 pips to the gamblers.
Or if you insist on trading fundamentals... get a forex retailer that will let you "straddle the news"... and hope their prices aren't lagging too much...

JMO

if you have a good news feed you will get those numbers. News trading is gambling to someone trading it that doesn't know what they're doing or ignores broker issues. I don't think anyone should TRUST technicals too much.

Actually you should trust the Technicals. Often the news move is already built in to the charts. I sometimes leave a profitable trade open at major news times with a b/e or positive stop loss and a trailing stop. A lot of the time I see it shoot off in my direction and I close the trade with 2 or 3 times my originally intended target pips hehe

News boost up momentum.

the expected news is built into the charts. When the numbers come off expected we see a lot of quick movement because of the surprise.

Technicals aren't right 100% of the time if thats what you're implying.

I'm not trying to pick a fight here , but if you ignore technicals, I think you are sorely mistaken. The same as if technical traders ignore fundamentals... As for your comment about it being gambling to someone that doesn't know what they are doing... I have to disagree. I think it is always a "gamble", even if you know what you are doing...

If I may quote your site
"Forex is an industry designed to promote gambling and it lives and breathes in an environment of deception and outlandish claims. Making trades based on the results of economic reports is something that is simple to understand and impossible to beat.

News is good, the dollar goes up.

News is bad, dollar goes down. "

If I may just draw your attention again to the Nov9' 06 BOE rate hike to 5.00%.
According to your statements, "news is good, GBP (should) go up..." BUT, did it ?

NOPE... technicals, proved that, the GBP was at highs, overvalued at the time and way off MA's... and actually took quite a substantial drop, even though the numbers were good.

Now, unless you straddled that both ways, you would have lost in my opinion.

I've also seen NFP's with good numbers cause the dollar to drop initially. Essentially stopping you out if you had longed, before correcting and over time returning and rising...

Again, to quote your site..."Short Term Fundamental News Trading" predicts what will happen immediately after the official release of numbers."
For me that sums it up, and the emphasis is on short-term.

As a trader, who trades for a living, I cannot afford to have a short-term view point on the markets, and have "50/50 either way" positions open.
I may as well close up shop and just sit infront of my pc at fundamental announcements, straddle, and grab the 20-pip in 30sec spike...
Personally, not worth it for me, and I still stick to my opinion, that you can't make a long-term living just trading news... YES, you can and will be profitable, but at what expense, and just how profitable ?
I prefer a good technical signal, and a week long bull/bear run for 300-400 pips, than 20 in 20 secs.

Again, just my opinion...

Maybe this is off-topic but your sig link says don't listen to salesmen but the link is a redirect? If you support the guys book why don't you just post a direct link? Are you benefitting from people who follow the link from your sig? If so then, well... your a salesman.

Hello ? What ?...

You've quoted the wrong person...

I don't have a sig link... I think it's DoubleMeUp you meant to quote...
With the "learn from a trader not a salesman" thing... but who is just "re-selling" someone else's service...

Thanks.

Well it is my sig link and I'm pretty sure I can put about whatever I want in it. Is that okay with you guys?



can you show me where I said I ignore technicals? I bet you can't. I didn't even bother reading the rest of your post. I could read it and start a big argument but when it comes down to it... its just not worth it. Technical traders can't ignore fundamentals and fundamental traders can't ignore technicals. To say someone cannot make a living off of fundamental trading is absurd though.

Easy Tiger...

Thanks for reiterating what I said...
And I didn't specifically mean YOU, it was just a statement in general...

If you had read the rest of it you would have seen, again, I based all of it on personal opinion.
I said I couldn't make a living off it, not because I "don't know what I'm doing"... seriously, you are flogging this to newbies... how hard can it be
I also said you can and probably will be profitable...

I also did not claim that you said IGNORE technicals... so put the boxing gloves away mate...

All I was trying to say, seeing as this thread started as "Forex Advice", is that no-one can ignore technicals... not even the news trader who's ebook you are reselling... Unless you're trying to tell me he has no indicators on all those monitors posed infront of him...? (I wouldn't believe you anyway )

Anyway, that's it for me... last time I open my mouth and try to be helpful

Jeff, in the past time, I same with you.
but now, I'm totally different, because I've found the secret

Read my blog at:
sampurno.blogspot.com

maybe it's your time management.. trading is alll about timing.. if you don't have that.. you won't succed long with this.