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Seeing as though we all seem to enjoy a really good old rant, here's one for you to get stuck into.

 

There are many forms of bs in this industry nearly everywhere you look. It's important to know what it looks like so you can avoid it, but also embrace the er, anti-bs. You know what I mean! Feel free to discuss the points, prove them wrong or add more to the list.

 

 

1- The Get Rich Quick Scheme.

 

Oh dear. Not a good start really if you come into the business with the attitude that you want to make loads of money. Almost a sure-fire way to lose it all. Trade to trade well, not to make money. Money is a by-product of being a good trader.

 

2- The Magic Indicator.

 

Next! Come on really? The point is that indicators are based on historical data and lag current activity. Yes there are lots to choose from in a plethora of multicoloured kaleidoscopic fantastical forms, but really at the end of it all still remains your biggest hurdle- you.

 

3- Vendor Selling Techniques.

 

This includes baiting, false guarantees, poor rehashing of outdated tools and indicators. Blah, blah, blah. If someone said to you they'll teach you the secrets of alchemy for a couple of thousand bucks, what would you think? Go figure.

 

4- The Predictor

 

We all do it at times. But some people live it. Predicting what the markets will do rather than what they might do. Seriously, do yourself a favour right now if you think it's possible to be right all the time- quit while your ahead. Because the market loves to teach these people a lesson!

 

5- Self-denial

 

Self-denial is such a pile of crap in trading. It really stinks. There was a thread a while back by Ingot on this very topic. Get a grip. If you do things you know are bad, deal with them and take ownership of your business. Otherwise you only have yourself to blame.

 

6- Blanket pseudo psychology.

 

Trader has problem. Trader talks to trading buddies, forum members, shrinks or even their broker(:doh:) for advice. Yeah well maybe you should do this, maybe you should do that. HEY WAKE UP! :helloooo: It's you. You live your life. You DO know what your problems are.

 

7- The Big Swinging Dick

 

Perhaps the stinkiest pile of bs about is the BIG SWINGING DICK. This is the guy who tells(or lets people believe) everyone just how brilliant all of their trades are. Let me tell you right now. Guys who really are trading like this generally DON'T shout about it. They don't need to. I assure you. Ask the question, "is this actually for real?".

 

 

and to all of this, all I have to say is:

 

:wtf:

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Most of the "Big Swinging Dicks" I have read about are guy's ( can a female be a Big Swinging Dick? ) who have made one really big score, usually luck, or being in the right place at the right time, and ride the legend forever.

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Trader are Insane:

 

Definition of Insanity: Doing the same thing over and over and expecting a different outcome..

 

It's Behavior, Behavior, Behavior... the rest is all B.S. :2c:

 

 

Some Other Goodies:

 

I bought the low, sold the high..

 

That move was obvious..look at my chart, I had that number right there...

 

I took 12 trades: 10 winners, 1 B/E, lost 1 pt... This is easy if you just do what I do... I'll post my chart so you can see how I DID it..

 

I've got a winning system I've worked on for 10 yrs... I was going to sell it but decided I didn't want to be called a scam artist so I won't sell it. Oh, you want to know about it.. Nah, It's too good and you might not follow it right and then you might call me a scammer...

 

I could tell you how I do it but then it wouldn't be yours.. I've already given you hints..it's so obvious..just keep staring at that chart...

Edited by roztom

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I've read a couple of your rants, 'Buy My Trading Strategy - It's Brilliant!!' and your latest post 'The 7 Shades of Trading Bullshit'. And while I agree with them in general just a few points I'd like to discuss.

 

I see you fail to mention the latest scam, the robot / EA. As one programmer on LinkedIn claims, trades 24 hours a day, made 3000 pips over 15 months without a loss, yours for only $29.99 or some ridiculous price. Buy it today and you can lie in bed pulling your pecker and become a multimillioniare, now hows that for a orgasm!!!

 

Just wondering if this is this just an oversight on your part or are you a member of the robot fan club too, a believer in the all-powerful, hallelujah, praise the lord, I've seen the light sensation.

 

Secondly, trade to trade well, now no offence but that really is some American style bullshit. If you can only win by trading ugly, then you should trade like you married a dog-faced 6itch, (yes I trade real, real ugly).

 

Your rants also seem to infer that most new traders come in to trading with the 'gonna make godzillions' mindset, but the vast majority come into the forex just to make a few extra dollars and maybe learn to trade as well, but if they do they'll be the lucky few.

 

I leave you with this question? If you had a choice between making millions while being a bad, but lucky trader (no worries, you don't have to marry a dog-faced 6itch) or make pennies while being a good trader, which would you choose.

 

If you chose the latter, your not just in self-denial you're as thick as those who the rants are aimed at.

 

Happy trading!

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I bought the low, sold the high..

 

That move was obvious..look at my chart, I had that number right there...

 

I took 12 trades: 10 winners, 1 B/E, lost 1 pt... This is easy if you just do what I do... I'll post my chart so you can see how I DID it..

 

I've got a winning system I've worked on for 10 yrs... I was going to sell it but decided I didn't want to be called a scam artist so I won't sell it. Oh, you want to know about it.. Nah, It's too good and you might not follow it right and then you might call me a scammer...

 

I could tell you how I do it but then it wouldn't be yours.. I've already given you hints..it's so obvious..just keep staring at that chart...

 

Swap you my dog-faced 6itch system, 3000 pips without loss, for your 10yr winning system Roztom, as long as it's not some robotic piece of spewtum. Also it better not be your profitable 10 wins from 12 trades :crap: system either

 

Happy trading!

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Swap you my dog-faced 6itch system, 3000 pips without loss, for your 10yr winning system Roztom, as long as it's not some robotic piece of spewtum. Also it better not be your profitable 10 wins from 12 trades :crap: system either

 

Happy trading!

 

 

Robotic Trading must work right? We don't know how exactly it's done but we know it's out there. Supposedly all Banks have a Black Box of some kind and HFT trading businesses makes billions if not trillions each year.

 

I feel that when we are trading now, we're having to trade better than these Robots, which is possibly quite an impossible feat, so instead I hear that some people spot the moves made by the big companies/robots and hop onto the back of them.

 

I have a robot but it's nothing like an HFT, I use a combination of Statistics and Genetic algorithm , neural Networks to TRY achieve what I am looking for. So far, I personally feel that great success is out there. I try to emulate Price action trading and use arbitrary stats to leverage a higher percentage or have my bot calculate and place orders much more quickly than I ever hope to. So, there is some advantages of Robots, but it's finding what you are comfortable with to make it work. Just like everyone has their own trading style, successful or not, I believe that robots is just an extension of the traders mind. Question is now though, can the trader get the bot to trade as one would do when one is completely on game and focused?

 

Best

 

James

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Trader are Insane:

 

Definition of Insanity: Doing the same thing over and over and expecting a different outcome..

 

 

Yeah this is a great one really. I know it's easy to fall into because all days are slightly different. But if you sit down and categorise your mistakes more broadly, I think that's a good start.

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I've read a couple of your rants, 'Buy My Trading Strategy - It's Brilliant!!' and your latest post 'The 7 Shades of Trading Bullshit'. And while I agree with them in general just a few points I'd like to discuss.

 

I see you fail to mention the latest scam, the robot / EA. As one programmer on LinkedIn claims, trades 24 hours a day, made 3000 pips over 15 months without a loss, yours for only $29.99 or some ridiculous price. Buy it today and you can lie in bed pulling your pecker and become a multimillioniare, now hows that for a orgasm!!!

 

Just wondering if this is this just an oversight on your part or are you a member of the robot fan club too, a believer in the all-powerful, hallelujah, praise the lord, I've seen the light sensation.

 

Secondly, trade to trade well, now no offence but that really is some American style bullshit. If you can only win by trading ugly, then you should trade like you married a dog-faced 6itch, (yes I trade real, real ugly).

 

Your rants also seem to infer that most new traders come in to trading with the 'gonna make godzillions' mindset, but the vast majority come into the forex just to make a few extra dollars and maybe learn to trade as well, but if they do they'll be the lucky few.

 

I leave you with this question? If you had a choice between making millions while being a bad, but lucky trader (no worries, you don't have to marry a dog-faced 6itch) or make pennies while being a good trader, which would you choose.

 

If you chose the latter, your not just in self-denial you're as thick as those who the rants are aimed at.

 

Happy trading!

 

Wow, thanks FredPro! I would point out that this is a bit of an assumption that I might be in the "robot fan club". I'm not really massively interested but I know some do work. Not the $29.99/month flavour though. I think this falls very nicely within the "3- Vendor Selling Techniques." category no?

 

I never said that all traders who are new, start because they want to make gazillions of $ just as I never said that all vendors bullshit. Trade what you see, not what you think.

 

Lastly,

 

I leave you with this question? If you had a choice between making millions while being a bad, but lucky trader (no worries, you don't have to marry a dog-faced 6itch) or make pennies while being a good trader, which would you choose.

 

If you chose the latter, your not just in self-denial you're as thick as those who the rants are aimed at.

 

If you had the choice to guarantee you would make millions by being lucky, you would be rich by choice. However, hoping to get lucky over being a good consistent trader does not qualify as rational.

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Negotiator

 

All well and good....most of your comments are valid...one problem though....every so often there is going to be a person who simply put...IS VERY GOOD at this profession...

 

I think you need to hope that there is at least one person of that calibre in the crowd, willing to put up with all the nasty misguided comments that come from folks who have been scammed, not to mention those who for any number of reasons, simply don't have the aptitude or education to make it in this business.

 

Otherwise, what you end up with is a group of amateurs asking each other how to do this...the blind leading the blind...

 

This should be obvious, but if not, let me make it explicit....a person who does this well, and has the ability to make money consistently....doesn't really need you (or this site)....ask youself why they might stick around and put up with all the negativity.....?

 

I would suggest that the counterpoint can be expressed as follows;.... "protect yourself" but understand that there are decent folks out there trying to help as best they can....

 

Good luck in the markets

 

Steve

Edited by steve46

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Negotiator

 

All well and good....most of your comments are valid...one problem though....every so often there is going to be a person who simply put...IS VERY GOOD at this profession...

 

I think you need to hope that there is at least one person of that calibre in the crowd, willing to put up with all the nasty misguided comments that come from folks who have been scammed, not to mention those who for any number of reasons, simply don't have the aptitude or education to make it in this business.

 

Otherwise, what you end up with is a group of amateurs asking each other how to do this...the blind leading the blind...

 

This should be obvious, but if not, let me make it explicit....a person who does this well, and has the ability to make money consistently....doesn't really need you (or this site)....ask youself why they might stick around and put up with all the negativity.....?

 

I would suggest that the counterpoint can be expressed as follows;.... "protect yourself" but understand that there are decent folks out there trying to help as best they can....

 

Good luck in the markets

 

Steve

 

Steve, I do agree. Let me be clear to all that the points I make are not necessarily things I believe as UNIVERSAL TRUTHS. They are parts of the game which in pockets(large or small) do exist.There are plenty of people who are entirely different to this.

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Wow, thanks FredPro! I would point out that this is a bit of an assumption that I might be in the "robot fan club".

 

I never made any such assumption, I simply asked a question "was it an oversight or are you a fan". I suppose the way I worded the sentence could have been a bit simpler for you. However, saying that you could take a negative view either way if you were so inclined.

 

Quote/>I never said that all traders who are new, start because they want to make gazillions of $ just as I never said that all vendors bullshit. Trade what you see, not what you think <\Quote

 

No you didn't nor did I say you did. I said you inferred this in your rant, in this case I was quoting from your previous attack on the people who either thought of doing or did purchase a forex system or education. See 'Buy My Trading Strategy - It's Brilliant!!' (Last edited by TheNegotiator; 03-16-2012 at 10:29 AM.).

 

Given that you made this statement in your rant,

Quote/>The thing that perplexes and even annoys me is that there are people who seem to think they can spend a couple of $k on a system or training then they will be set and be the next gazillionaire Paul Tudor Jones style trader.

No offense, but wtf!? I don't get it. I really don't understand what an individual thinks they are likely to get without very much effort? <\Quote

 

And as most forex noobs have at one time or another during their early forex forays not only thought, the past tense of think, about buying education, if not an actual system, have even gone so far as to read on the pro's and cons of such education on various websites, with most only declining due to the costs involved. Then I believe I was correct in my assumption that it was your 'inference', they all wanted to be 'gadzillioniare style traders', which is quite different from 'you said'.

 

As you so finely stated, 'trade what you see, not what you think'. Gotta love the Americanism again, an aphorism with a little twist.

 

Finally, the question at the end of my original email, you seem to have found it difficult to answer, perhaps I should have presented it in such a way as there was only one answer as having an 'either/or' seems to have baffled you :confused:, that was not my intention.

 

Happy trading! and may all your losses be small.

 

PS be gentle with me :haha:

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Your rants also seem to infer that most new traders come in to trading with the 'gonna make godzillions' mindset, but the vast majority come into the forex just to make a few extra dollars and maybe learn to trade as well, but if they do they'll be the lucky few.

 

Fred - this point I thought interesting, as from what I see most people go into trading - either thinking they will make gazillions OR just to make a few extra dollars, but all seem to underestimate the work involved, and usually it seems those that want to make gazillions are the ones most likely taken in by the BS....otherwise why start with $10,000 and think this will be the path the freedom and then spend $2000 of this on a system....

I figured the Neg was referring more to the BS vendors usually spout, even though it does refer to everyone.....

 

I leave you with this question? If you had a choice between making millions while being a bad, but lucky trader (no worries, you don't have to marry a dog-faced 6itch) or make pennies while being a good trader, which would you choose.

 

If you chose the latter, your not just in self-denial you're as thick as those who the rants are aimed at.

!

 

Choose lucky all the time :) that is why risk of ruin is important, you cant even have the opportunity to be lucky if you cant stay in the game. The smart ones who get lucky and big enough usually know they they got lucky and move on rather than persist and loose, the others give it back. (that old saying of old bold (or is it bald) traders....:2c:)

 

 

This should be obvious, but if not, let me make it explicit....a person who does this well, and has the ability to make money consistently....doesn't really need you (or this site)....ask youself why they might stick around and put up with all the negativity.....?

 

A...to recruit people?

 

Steve, yes there are people who can do it.....so it not just the blind leading the blind, but "a person who does this well, and has the ability to make money consistently....doesn't really need" to sell what they are doing either.

Of course it's a completely valid business model so maybe you could add to the negotiators BS - vendors who say they can trade profitably probably should also add that they sell their wares as it makes them more money to sell than trade ---- otherwise if being rational, they should either sell their ideas/system at a very inexpensive price or give it away for free, as they like to help (which does happen)..... or just up their size and not put up with the crap.....

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3- Vendor Selling Techniques.

 

This includes baiting, false guarantees, poor rehashing of outdated tools and indicators. Blah, blah, blah. If someone said to you they'll teach you the secrets of alchemy for a couple of thousand bucks, what would you think? Go figure.

 

every forum got plenty of fake identities:roll eyes:

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ALL YOU NEED TO KNOW ABOUT TRADING

 

* Price either goes up or down.

* No one knows what will happen next.

* Keep losses small and let winners run.

* POSITION SIZE = RISK / STOP LOSS.

* The reason you entered has no bearing on the outcome of your trade.

* You can control the size of your loss (skill) but you can't control the size of your win (luck).

* You need to know when to pick up your chips and cash them in.

 

Expectancy = (Probability of Win * Average Win) - (Probability of Loss * Average Loss)

 

You cannot control the probabilities of wining or losing.

 

You cannot control your average win size.

 

The only part of the equation of the equation that you can control is your average loss size.

 

PRICE ACTION

 

“Now, 2 patterns of market behavior happen on a regular basis:

 

1) the price breaks to new high's (or low's)

 

2) the price reverses from new high's (or low's)

 

They happen regardless of time frame (with the obvious limitations explained above)

 

They are phenomena that can be exploited without the fear if found out by others, that they might cease to exist.” - H. Rearden

 

1) Price will either breakout of the high, low or both of the previous bar

 

2) Price will not breakout of the previous bar.

 

You cannot reduce it any further. Anything else complicates the issue.

ENTERING A TRADE

 

You either decide to:

 

1) Wait and do not enter a trade

 

2) Trade a breakout

 

3) Trade a reversal.

 

Those are your ONLY 3 options.

 

That is all you need to know about trading.

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There is alot of talk these days of how the algo hft robots are messing with every thing but most of what they do is only for milliseconds and thats it. (most of the time). now i dont know this for sure but thats they only way they could possibly have an edge unless all the computers were working together. you could think of the robots like the replacement to the local in the pit. they are there to provide liquidity and trading for ticks not 10 handles. this is based in my opinion only and there are no facts anywhere to support any of what Im saying but it is a good observation.

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....a person who does this well, and has the ability to make money consistently....doesn't really need you (or this site)....ask youself why they might stick around and put up with all the negativity.....?

 

 

Such person might have no trading buddies to talk about their profession. I mean, it's different if you talk to your girlfriend/wife/friends of you who are not involved in trading albeit they might be interested to listen to you about your trading compared to people who are going through the same problems or experience the same success as you experience(d), even if they are not as experienced as you are.

 

In addition, it's cool if you can lend a helping hand.

 

Just two reasons that came to my mind...

 

 

PS: By the way, I enjoy your posts very much, Steve, also some of your older posts which I have read, although I'm on this forum for a short time yet.

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How about this one:

 

 

YOU SHOULD TRADE ONLY WITH MONEY THAT YOU CAN AFFORD TO LOSE

 

 

I hate this one in particular!

 

This is so stupid. This implies, that such amount of money is not REALLY important to you. What happens, if you trade with money that is not really important to you, is that you will very probably lose it. If you trade with such mindset it becomes almost a self-fulfilling prophecy.

 

At least I was there. I've started to trade with money that I can "afford to lose" and I've lost it all. Okay, it doesn't have to happen to everyone, but the likelihood of failure increases from my point of view.

 

I became profitable in my trading when I could NOT afford to lose my money anymore because I have to earn my living expenses. There might be a coincidence, of course, but I think it is more a matter of motivation.

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How about this one:

 

 

YOU SHOULD TRADE ONLY WITH MONEY THAT YOU CAN AFFORD TO LOSE

 

 

I hate this one in particular!

 

This is so stupid. This implies, that such amount of money is not REALLY important to you. What happens, if you trade with money that is not really important to you, is that you will very probably lose it. If you trade with such mindset it becomes almost a self-fulfilling prophecy.

 

At least I was there. I've started to trade with money that I can "afford to lose" and I've lost it all. Okay, it doesn't have to happen to everyone, but the likelihood of failure increases from my point of view.

 

I became profitable in my trading when I could NOT afford to lose my money anymore because I have to earn my living expenses. There might be a coincidence, of course, but I think it is more a matter of motivation.

 

 

I think that is about being able to seperate or insulate yourself from fear and also not putting yourself, family, etc at unnecessary risk.. How many people start a business and do not consider the potential of bankruptcy ? In this business you are on the line 100% with cash..you cannot get protection from bankruptcy laws or cut a deal with your clearing firm if you screw the pooch...

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I think that is about being able to seperate or insulate yourself from fear and also not putting yourself, family, etc at unnecessary risk.. How many people start a business and do not consider the potential of bankruptcy ? In this business you are on the line 100% with cash..you cannot get protection from bankruptcy laws or cut a deal with your clearing firm if you screw the pooch...

 

I am sure trading for a living psychology is different than investment psychology. If trading is your only income, then things would be much more different

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Such person might have no trading buddies to talk about their profession. I mean, it's different if you talk to your girlfriend/wife/friends of you who are not involved in trading albeit they might be interested to listen to you about your trading compared to people who are going through the same problems or experience the same success as you experience(d), even if they are not as experienced as you are.

 

In addition, it's cool if you can lend a helping hand.

 

Just two reasons that came to my mind...

 

 

PS: By the way, I enjoy your posts very much, Steve, also some of your older posts which I have read, although I'm on this forum for a short time yet.

 

Thanks for the kind words, and best of luck to you in the markets

 

and now back to my secret agenda "recruiting" unwitting amateurs (see post 12).......hahahaa

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Wouldn't this whole process of trading be much simpler if everybody would just follow my advice. Just buy stocks that go up. If they don't go up don't buy them!! And seeing as I am such a giving type of guy I will not charge you a cent for such pearls of wisdom. However if you would like to donate $29.99 to my PayPal account that would be appreciated .: :newbie:

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How about this one:

 

 

YOU SHOULD TRADE ONLY WITH MONEY THAT YOU CAN AFFORD TO LOSE

 

 

I hate this one in particular!

 

This is so stupid. This implies, that such amount of money is not REALLY important to you. What happens, if you trade with money that is not really important to you, is that you will very probably lose it. If you trade with such mindset it becomes almost a self-fulfilling prophecy.

 

At least I was there. I've started to trade with money that I can "afford to lose" and I've lost it all. Okay, it doesn't have to happen to everyone, but the likelihood of failure increases from my point of view.

 

I became profitable in my trading when I could NOT afford to lose my money anymore because I have to earn my living expenses. There might be a coincidence, of course, but I think it is more a matter of motivation.

 

I don't think you're reading between the lines. What it really is saying is to NOT trade with money you can't afford to lose. If you do, you will surely lose, and I must agree.

 

If you play with the rent money, you have psychological disadvantage. You won't follow your rules, but you will follow your emotions.

 

You can win only if you trade with money you don't need.

 

If you NEED it, you're dead before you get started because scared money NEVER wins!

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    • Date : 27th November 2020.FX Update – November 27 – Sterling in FocusGBPUSD, H1Narrow ranges have been prevailing in risk-cautious trading. The USDIndex settled around the 92.00 level, above yesterday’s 12-week low at 91.84. EURUSD remained buoyant but off from the 12-day peak seen yesterday at 1.1942. Cable also held within its Thursday range. USDJPY ebbed to a four-day low at 103.91. The Yen was concurrently steady versus the Euro and the Pound, but posted respective two- and four-day lows against the Australian and Canadian Dollars. AUDUSD ticked fractionally higher, which was still sufficient to lift the pair into 12-week high terrain above 0.7380. NZDUSD posted a new 29-month peak at 0.7030. USDCAD remained heavy but just above recent 17-day lows. Bitcoin, which performed strongly this year on the back of dollar liquidity, found a toehold, but remained over 12% down on its recent highs.US markets will reopen after yesterday’s Thanksgiving holiday, but market conditions will remain on the thin side. President Trump said that he will leave the White House if the Electoral College votes for Biden, which may be as close to formally conceding the election as he will go. A sharp focus remains on EU and UK talks, with a face-to-face round reportedly taking place in London over the weekend. There are now reports that the EU parliament might convene as late as December 28 to ratify a deal, if necessary.The spectre of a no-deal hangs over proceedings, though the consensus, as judged by the ongoing stability of the Pound, remains for a narrow deal to be reached.Always trade with strict risk management. Your capital is the single most important aspect of your trading business.Please note that times displayed based on local time zone and are from time of writing this report.Click HERE to access the full HotForex Economic calendar.Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!Click HERE to READ more Market news. Stuart Cowell Head Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • Date : 26th November 2020.Brexit endgame remains in sharp focus!The USD has remained soft in quiet conditions, while global asset markets have seen little direction. The US Thanksgiving holiday has quelled activity. Europe’s Stoxx 600 traded near flat. Most stock markets in Asia gained, though remained off recent highs. The MSCI World Index is also off its highs, but remained buoyant and on course for a record monthly increase this month. Copper posted a new near 7-year high, and while other base metal prices were also underpinned most remained off recent trend highs. Oil prices saw modest declines after recent gains, which culminated in a nine-month high yesterday.The Brexit endgame remains in sharp focus!Sterling has seen limited direction, continuing to hold gains from month-ago levels of around 1.5% to 2.5% versus the Dollar, Euro and Yen. There is still no breakthrough in down-to-the-wire negotiations between the EU and UK, and there are lots of warnings of border chaos and, from external BoE MPC member Saunders, of long-lasting economic consequences in the event of a no deal exit from the common market.European Commission president von der Leyen said “we are ready to be creative” to get a deal while repeating that “we are not ready to put into question the integrity of the single market.” An Irish government member said that a deal was “imperative” for everyone.The steadiness in the Pound, the principal conduit of financial market Brexit sentiment, reveals that investors remain unperturbed. One explanation is the real money participants are sitting on their collective hands, positioning for an expected deal but waiting on concrete developments and details, while maintaining vigilance on the possibility of there being a no deal by accident.Short-term speculative participants, meanwhile, don’t seem to have had a fruitful time in trying to play the fatiguing myriad news headlines and endless deadlines that have come and gone. The latest and supposedly final deadline, is next Tuesday — December 1 — which leaves just one month for a deal to be ratified on both sides of the Channel. We expect to a deal to materialize at the last minute, just as the withdrawal agreement was seemingly pulled out of the hat at the ultimate minute a year ago. There may even be a fudged extension.Pressure on the UK government is intense. US president-elect Biden warned London that the scope for a deal with the US would be compromised if there is a return of a hard border on Ireland — which is what could happen in a no-deal scenario (the UK government would have the choice between maintaining a free-flowing border on Ireland at the price of breaking up the border integrity of the UK, and possible protests and even violence from loyalists, or breaking the EU withdrawal agreement, which would result in a hard Irish land border).A leaked Whitehall document warns of a “perfect storm” of chaos in the event of a no-deal in the Covid-19 era. There are also pressures on the other side of the Channel to reach an accord. While French President Macron has political incentive to put up a show of fighting over fishing rights, he is not likely to carry through on his threat to veto any deal as other key EU states don’t see the UK’s position on fishing as being unreasonable. France and other nations, and the UK, also need to maintain good relations for security and many other practical reasons.As for the market impact of a deal, much will depend on how narrow the deal is. The narrower it is, the bigger the negative impact on both the UK and EU’s terms of trade positions will be on January 1, particularly the UK’s.Always trade with strict risk management. Your capital is the single most important aspect of your trading business.Please note that times displayed based on local time zone and are from time of writing this report.Click HERE to access the full HotForex Economic calendar.Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!Click HERE to READ more Market news. Andria Pichidi Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • Those who take quick and payday loans and refuse to pay them back are now hooked.   Normally, it is not a good thing to go into debt unless that is your last resort. We know that people are fond of borrowing and they seriously hate paying it back. Even when it comes to paying back what was borrowed, your creditor will become your enemy. Such is the nature of human beings.   Debtors don’t want to return money even when they eventually have means of repayment. If anyone borrows money and returns it, it means the person has a Godly spirit in him.   If people ponder the power of compound interest, they would stay away from loans. If you pay 1.33% or 1.79% interest per month on a loan, you will need to pay back roughly 16% or 20% per annum. And this will begin to compound as long as you don’t pay.   Most borrowers who are now in trouble have realized that the interest rates are eventually higher than the capitals borrowed. They realize that the creditors are using an indirect way to enslave borrowers (go and work for me, bring back the capital plus profits).   The banks themselves know that business environment is very tough and are now indirectly asking people to work with or spend the banks’ funds and bring the funds plus profits back to them. Many borrowers really have poor mentality and they don’t know the gravity of what they’re putting themselves into.   If a bank could lend out 1 billion USD per annum, it would reap a return of 150 million USD (at least on paper). Do you think they will forget about you if you owe them even a small amount?   Loans without collateral are now popular. But your collateral is your BVN – unless you don’t want to operate accounts again in the country.   I have heard people saying” Don’t pay to my Access Bank account again, but pay into my UBA bank account.” “Don’t send that cash into my GTBank account again, but send it to Zenith Bank.” It’s like postponing the evil day.   Ti iya o ba i tii je eniyan, iya nri nkan panu lowo ni (Yoruba adage). I literally means: If Suffering has not come to attack you, it means Suffering is currently busy with something. If you think you can avoid payment by abandoning the account you used to borrow money, you’re only postponing the evil day.   They cannot come for you when your debt is small, but the debt will begin to compound and compound till it would make sense for them to come for you.   BAD NEWS FOR DEBTORS CBN has given banks permission to deduct from funds a debtor has in another bank account. For example, if you borrow quick loans from FCMB and you abandon your FCMB account and you are now operating another account with First Bank, FCMB can make a request to First Bank, and the money you owed will be deducted once or gradually from your account at First Bank, without your permission.   Would you now keep money at home, so that bad boys will come to you to take their dues?   Borrowing isn’t a good thing, no matter how plausible it looks.   Profits from games of knowledge: https://www.predictmag.com/   
    • LITECOIN (LTC) SUSTAINS RECENT RALLIES, FACES RESISTANCE AT $90 HIGH Key Highlights Litecoin rallies to the high of $90 The crypto may be range-bound between $80 and $90 Litecoin (LTC) Current Statistics The current price: $89.20 Market Capitalization: $5,900,735,267 Trading Volume: $7,953,660,011 Major supply zones: $70, $80, $90 Major demand zones: $50, $30, $10 Litecoin (LTC) Price Analysis November 24, 2020 Litecoin has continued its rallies as the coin reached a high of $89.86. LTC price has been making a series of higher highs and higher lows. The upward move has been facing resistance at $90. On the upside, if buyers can push LTC above $90, the coin will rally above $100 high. However, if buyers fail to resume the upside momentum, LTC will be compelled to a sideways move for a few days. If the uptrend is resisted the coin will be range bound between $80 and $90. LTC/USD – Daily Chart Litecoin (LTC) Technical Indicators Reading LTC price broke the resistance line of the ascending channel. This indicates a further upward movement of the coin. The crypto is at level 74 of the Relative Strength Index period 14. It indicates that the coin is in the overbought region of the market. LTC/USD – 4 Hour Chart Conclusion Litecoin has made an impressive bullish run on the upside. Nevertheless, the retraced candle body on October 31 tested the 61.8% Fibonacci retracement level. It indicates that the coin will rise to a level of 1.618 Fibonacci extension level. This extension is equivalent to $70 high. Meanwhile, the price action is above the projected price level. Source: https://learn2.trade 
    • XRP/USD PULLS BACK AT RESISTANCE LEVEL OF $0.72 XRP/USD MARKET NOVEMBER 26 After the price retracement, it may resume its bullish trend and the resistance level of $0.79 and $0.88 may be reached. Below the current price, the level is found the support levels at $0.55, $0.44, and $0.39. However, the relative strength index period 14 is at 70 levels bending down to indicate a sell signal which may be a pullback. KEY LEVELS: Resistance levels: $0.72, $0.79, $0.88 Support levels: $0.61, $0.55, $0.49 XRP/USD Long-term Trend: Bullish XRPUSD is bullish in the long-term outlook; the crypto soars towards the north by the strong bullish momentum. The bulls’ momentum breaks up the resistance levels of $0.28, $0.33, and $0.36. The price has tested the resistance level of $0.79 on October 24. The price pulls back to retest the broken level of $0.61. Today, the XRP market is dominated by the bears and the daily candle is bearish. The price may increase further after the pullback. XRPUSD Daily chart, November 26 The two EMAs are located below the coin and it is trading far above 9 periods EMA and 21 periods EMA which indicate a strong bullish momentum. After the price retracement, it may resume its bullish trend and the resistance level of $0.79 and $0.88 may be reached. Below the current price, the support levels is found at $0.55, $0.44, and $0.39. However, the relative strength index period 14 is at 70 levels bending down to indicate a sell signal which may be a pullback. XRP/USD medium-term Trend: Bullish The bulls dominate the XRPUSD market. Immediately after the breakout from the consolidation zone, the bulls push the price high above the September high. It is currently pulling back at the resistance level of $0.72. The price is testing the support level of $0.55 at the time of writing this report. In case the just mentioned level does not hold, there will be a further price reduction. XRPUSD 4-Hour chart, November 26 The price has penetrated the two EMAs downside and it is trading below 9 periods EMA and 21 periods EMA. The fast-moving EMA is trying to cross the slow-moving EMA downside. The relative strength index period 14 is pointing down at 50 levels which connotes a sell signal and it may be a pullback.   Source: https://learn2.trade 
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