Need a Broker?
Please visit my sponsor website (new window opens)

The prophets of the FOREX

Greif I’m tired of “it’s going up, it’s going down” prophets of the forex. The forex is like the Bible, you can make it say pretty much anything you want. Here’s an example.

Last night Germany’s credit rating was dropped, yesterday the EUR dropped a long way against the dollar as someone spoke about QE, only spoke about it mind. The markets are jittery, then Cyprus announced that they were going to meet in their parliament to decide if they can take the bailout or not. So to me the EUR buying frenzy has to stop. Buying EUR at the moment is like buying coal and pretending it’s solid gold. But guess what. Apparently if you draw lines on charts it makes things happen. With religious fervour I see on Stock Twits “I pity the shorts”. Why? Yesterday I shorted EURUSD and made over 300 pips. Don’t pity me buddy this is not a competition.

Whilst there is technical analysis that is valid relying on that is, well, plain stupid in my opinion, for example, yesterday there was an Earthquake warning in Japan, if that had happened and caused major damage that would have damaged the JPY economy. No amount of  drawing lines on charts will fix that.

All I’m saying is how about we don’t go round going “Stupid bears, or silly bulls”. There’s no need to be right about everything, the truth is, all forex traders misjudge the markets. That’s life.

Don’t post your SL TP etc no one is interested. You’ll probably change them when the trade goes against you anyway.

How about just constructive news and ideas? Hmm? Just for one day, go on.

Leave a Reply