Isaac Iselobhor
Private, 1st Class
- Messages
- 494
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.
Market Sentiment Trading which is a part of Comprehensive News Trading, is not enough to make one a professional forex trader. The mood of the market can change with a statement from one Central Bank Head some hours ago and the market will turn 180 degrees to the opposite direction with a statement from another Central Bank Head a few moments later.
The solution is a Comprehensive News Trading- involving: Comprehensive Market Sentiment (CMS); Data Impact Assessment (DIA) and Purposeful Market Direction (PMD).
The German Business Climate + other EURO ZONE data will be released on Monday, 27th October, 2014. I shall post my live trade here.I shall try as much as possible to do so within five minutes of release.
I must enter my live trade first and due to internet connectivity challenge we still have in my country, in spite of the 4G-LTE, I have to subscribe to two internet network providers to enable me get the report from News Wire Service for Audio and the normal calender incase
of internet failure.
I may not have the luxury of time to give details of the trade initially, except : I am Short or Long EURJPY @ the price-90%. If you see a certain percentage after the order, it means the % Chance of the trade to work.
The Rating is: CMS=30%; DIA=30%; PMD=30% and my KNOWLEDGE+ CONVICTION+ CONFIDENCE= 10% making the total 100%. This is how I determine the trade to take or not. See you on Monday.
Market Sentiment Trading which is a part of Comprehensive News Trading, is not enough to make one a professional forex trader. The mood of the market can change with a statement from one Central Bank Head some hours ago and the market will turn 180 degrees to the opposite direction with a statement from another Central Bank Head a few moments later.
The solution is a Comprehensive News Trading- involving: Comprehensive Market Sentiment (CMS); Data Impact Assessment (DIA) and Purposeful Market Direction (PMD).
The German Business Climate + other EURO ZONE data will be released on Monday, 27th October, 2014. I shall post my live trade here.I shall try as much as possible to do so within five minutes of release.
I must enter my live trade first and due to internet connectivity challenge we still have in my country, in spite of the 4G-LTE, I have to subscribe to two internet network providers to enable me get the report from News Wire Service for Audio and the normal calender incase
of internet failure.
I may not have the luxury of time to give details of the trade initially, except : I am Short or Long EURJPY @ the price-90%. If you see a certain percentage after the order, it means the % Chance of the trade to work.
The Rating is: CMS=30%; DIA=30%; PMD=30% and my KNOWLEDGE+ CONVICTION+ CONFIDENCE= 10% making the total 100%. This is how I determine the trade to take or not. See you on Monday.