Trading For Living

[iMusingKiMi]

Hi All,

How much from you like to trade live news?
Let's say NFP or FOMC?

Regards,
FxAgio Team

Before this kind of big event news, you will usually see very low volatile or volume in the market. Once it announce, you will see it starts to move fast and a lot of people fighting there. I would prefer to trade the next day because only by that time we can clearly see the direction of the market.

 

[NicholasM]

Before this kind of big event news, you will usually see very low volatile or volume in the market. Once it announce, you will see it starts to move fast and a lot of people fighting there. I would prefer to trade the next day because only by that time we can clearly see the direction of the market.

I think when trading live news, it is important to be proactive if you are to make gains after the event. Otherwise, you should stay on the sidelines as you point out. Trading economic news requires understanding of the instruments likely to be affected, and close monitoring of the analyst opinions leading to the event. Additionally, any interrelated economic news that may be able to give you a signal as to what might happen in the next economic news event.

 

[iMusingKiMi]

I think when trading live news, it is important to be proactive if you are to make gains after the event. Otherwise, you should stay on the sidelines as you point out. Trading economic news requires understanding of the instruments likely to be affected, and close monitoring of the analyst opinions leading to the event. Additionally, any interrelated economic news that may be able to give you a signal as to what might happen in the next economic news event.

Yes, I agree. You must understand the news impact on the instrument and future news that might effect as well. A lot of trader claimed they are news trader, but actually to me they are speculation trader. For instance on yesterday Janet Yellen speech on the congress meeting, trader that doesn't understand in the early announcement thought it is good news for the dollar because of interest rates hike. But if you understand the whole speech, it is decline for the dollar. The interest rate won't increase for at least 2 FOMC meeting, and the only good news is some improvement on employment. But still, there are too many American unemployed and underemployed, and the wage growth is slugging. All those impact is not good for the dollars, but speculative trader will trade on the dollar when the announcement kick in.

 

[NicholasM]

Hi All,

How much from you like to trade live news?
Let's say NFP or FOMC?

Regards,
FxAgio Team

Trading news can be very rewarding at times, but if you get it wrong, then you will suffer a massive loss because the movement in price is usually very huge. In my opinion, I wouldn't advise any one trade news for living. It is a dangerous game all together. If you are going to trade for living, then better find a strategy and rely on technical analysis.

 

[downtrend]

Once a person gets going in Forex market then he can opt this business as his main business. It is a great work to do from home and you can do it under 30 minutes per day if you trade on longer time frames.

 

[EURUSD]

Once a person gets going in Forex market then he can opt this business as his main business. It is a great work to do from home and you can do it under 30 minutes per day if you trade on longer time frames.

I don't think if it is easy to make forex as main business for you because the condition of market which is not always same with our expectation and it is weird if you're using forex as your main business but you only spent 30 minutes daily in the business. Why do you make it as your main business if you could spend only 30 minutes daily. If you want to use trading for living so you should become full-time traders, not only spending 30 minutes daily. If you did that so it's better to become part-time traders and you can use your time to do another thing.

 

[iMusingKiMi]

I don't think if it is easy to make forex as main business for you because the condition of market which is not always same with our expectation and it is weird if you're using forex as your main business but you only spent 30 minutes daily in the business. Why do you make it as your main business if you could spend only 30 minutes daily. If you want to use trading for living so you should become full-time traders, not only spending 30 minutes daily. If you did that so it's better to become part-time traders and you can use your time to do another thing.

Yeah, definitely agree this. It is difficult to have a good result even if you stay in front of the PC that makes your eye bleed for 8 hours. A lot of people though that trading UK time at 8 am - 5pm is good, but those time is the most peak with all the news around. You are difficult to find an easy entry during this hours. 30 mins trading, so called guru might profitable, but I can assure it doesn't work.

 

[NicholasM]

I don't think if it is easy to make forex as main business for you because the condition of market which is not always same with our expectation and it is weird if you're using forex as your main business but you only spent 30 minutes daily in the business. Why do you make it as your main business if you could spend only 30 minutes daily. If you want to use trading for living so you should become full-time traders, not only spending 30 minutes daily. If you did that so it's better to become part-time traders and you can use your time to do another thing.

I have a friend whose business is to trade the FTSE 100 daily. we left college together. I went into investment banking, whereas he started day-trading right away. We used to trade part-time in college, but after competing.. he went full time. Right now he is richer than me. I don't know what to say sometimes I tell him it's luck but he says it is ambition. Nonetheless, I will never risk day-trading full time unless I had some $10+ million sitting somewhere as my wealth security. But all in all, it is proven that it is possible.

 

[Kokomaster]

It's possible to depend on forex and earn a good living from this means. Forex is a business where we can earn so much more and anyone who is hoping to become a successful trader really ought to learn. Making a living is our dream in forex and those who can be successful are those that will work very hard to learn.

 

[iMusingKiMi]

I have a friend whose business is to trade the FTSE 100 daily. we left college together. I went into investment banking, whereas he started day-trading right away. We used to trade part-time in college, but after competing.. he went full time. Right now he is richer than me. I don't know what to say sometimes I tell him it's luck but he says it is ambition. Nonetheless, I will never risk day-trading full time unless I had some $10+ million sitting somewhere as my wealth security. But all in all, it is proven that it is possible.

Yeah, trading indices is much much more profitable rather than trading only currencies, especially they have more transparency of price than those currencies. I trade FTSE, DAX, DJIA and Nasdaq as well. It works well and more reference for confirmation on setup. Therefore, I seldom have big losses even if the price against me but will have big profit when it go in my favor and 80% of the time setup is good.