Comprehensive News Trading, The Only Way Forward

[Isaac Iselobhor]

I have just completed my forex research initiative which lasted for about five years. I therefore make bold to say that the only way to be a successful professional forex trader is to acquire enough knowledge. The number one most important thing in forex trading. Forget about Risk Management, which is the last on the scale of preference. If you do not have the right knowledge,any good risk management method you employ will only help you to delay the rate at which you wipe out the entire forex account you may have.There would be no forex business if there were no fundamentals---- the driving force in the forex market. In view of the fact that only 5% of forex traders are successful goes to show the relevance of knowledge in order to have adequate Conviction of the method you use and the Confidence to stand by your trading method. In my subsequent posts, I shall endeavour to highlight other areas that make a successful trader and possibly post my live trades here if it is legal to do so.
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[Pharaoh]

Go ahead and share the live trades.

Since most people aren't willing to hold off for 5 years before placing a live trade, I'll have to disagree with your assertion about risk management being last on the scale of preference. Sometimes someone needs to take some losses to wake them up to the need to get more knowledge. Better to lose 10% of the account before coming to this realization than to get wiped out. Additionally, even the most knowledgeable fundamental trader in the world will get that call from Mr. Margin sooner or later if proper risk management isn't employed.

 

[Isaac Iselobhor]

Hi Sergeant Major, you got me wrong. What I mean is that the first on the scale of preference for every prospective trader is knowledge, conviction and confidence. Without all these, no matter your high degree of acumen in adopting Risk Management approach to trading, you must continuously blow up the
account in no distant time. If I tell you how much money I have lost in these five years of trying to find a way of trading professionally, it will be difficult for you to believe. I came back to forex peace army because my subscription into the live trade room in 2008, inspired me to do this research coupled with the resources and materials available on FPA website. Our room moderators-- Henry liu, Sir Pipalot, Majester Pips, Cracy Cat etc, did their best for us but their best was not enough for me because I could not grow the account. So I decided to go into this research for myself and myself only and to share some of my findings with others. Happily enough, all of them, the FPA former moderators are doing fine in their respective fields of forex education and signal service. The knowledge I have now is more than 1000% of what I had in 2008. I wish there was still a Live Trade Room in FPA where I can tell others how I am trading each report. We shall continue to interact one way or the other. And let me quickly add here that I used Live Accounts for my research work and I do not use mini lot or just one standard lot. My aim is clear.

 

[Isaac Iselobhor]

Dear Sergeant Major,

You got me wrong entirely. I do not mean one cannot blow out account, what I mean is that, one must lay emphasis on acquiring the knowledge to trade as the number priority. I have lost several thousands of dollars in my quest to become a successful trader. Right from when I joined the FPA in 2008 and I participated in the Live Trade Room moderated by the likes of : Henry Liu, Majester Pip, Pipsalot and Cracy Cat, I had always believed that insufficient knowledge of trading techniques is the main factor of our inability to grow our accounts. In fact, I was inspired my Forex Peace Army core values of helping traders gain from the forex market. I decided to go into this research work to broaden my knowledge. I am not a recruit at all. In fact I wanted to re-join the FPA Community by January 2015. I was further encouraged to come back earlier after the series of emails I received from the Administrator. I am further convinced that the present FPA is the the FPA of OLD, the Vision as shared with us by The Inspirational Guru-FELIX. So, I am back for good.

 

[Isaac Iselobhor]

We are going to have some data released tomorrow in Euro-zone, precisely the German IFO Business Climate, Current Assessment and Expectations. We shall also see the release of EU Money Supply at the same time.

I shall post my live trade, if any, at most, within five minutes of the release due to some challenges we still have in my country regarding internet connectivity.
I had to subscribe to two internet providers to cope with getting feeds from News Wire and the other to power my live trading platform. At times, one will just freeze.

As soon as I place my trade, the next minute or two should be enough for posting it. I may not have the luxury of time to give details, but I can quickly
indicate my position either Short or Long ,eg. EURJPY @ the price. If you see a certain percentage after the above details, it represents the level of chance
the trade has to succeed.

This is derived from: Comprehensive Market Sentiments (CMS)= 30%; Data Impact Assessment(DIA)=30%; Purposeful Market Direction (PMD)=30% and my
Knowledge + Conviction + Confidence = 10%.

Unfortunately for now, I will not be able to give details. I just hope my efforts will be complementary to all these forex professionals who have been working day and night to make everybody in the FPA Community benefit. See you tomorrow.

 

[fxstrategist]

I agree with Isaac. It doesnt matter how careful you are with your risk or leverage. What really matters is being consistent, being right. You have to be accurate, if you are accurate you can trade with any leverage you want as long as you are not risking all your capital in one trade, of course.

 

[Isaac Iselobhor]

Hi, Fxstrategist,

You just hit the nail at the head.

Thanks

 

[Isaac Iselobhor]

The German data could not get enough percentage for me to enter a trade. I am looking forward to some data for tomorrow.
See you people then.

 

[Isaac Iselobhor]

I just feel like bringing to your knowledge, the calendar of economic events for possible trade in the course of the period from the 28th October till 31st October 2014.

Tuesday 28th October, 2014:

1.30 PM US Core Durable Goods Orders m/m
3.00 PM US CB Consumer Confidence

Wednesday 29th October,2014:

1.00AM NZ ANZ Business Confidence
7.00PM US FOMC Statement and Federal Funds Rate
9.00PM NZ RBNZ Rate Statement

Thursday 30th October, 2014:

1.30PM US Advance GDP Reading
2.00PM US FED Chair Yellen Speaks

Friday 31st October, 2014:

1.30AM AU PPI Q/Q
Tentative JN BOJ Press Conference
11.00AM EU CPI Flash Estimate y/y
1.30PM CA GDP m/m

This will present you with the insight of what and when I am likely to post my live trades.

 

[Isaac Iselobhor]

We are expecting the Core Durable Goods Orders report from the US this afternoon. The expectation is 0.5
while the Durable Goods Orders is expected to come as 0.6.

In about three hours ten minutes, I will be able to determine what happens next. I shall keep my fingers crossed till then.