Why signals on the whole are a waste of time.

The thing about trading is that people have different methods and ideas.

Signals are interesting, basically you are planning to risk your money on someones ideas of what to trade. Personally I think traders should work out their own trades or give the money to someone else to trade.

This morning I had charts from two different places that went against each other. One was “oh look a falling wedge EURUSD lets buy” the other was “Down we come, lets sell”.

My feelings are that it is better to actually know how to trade and this takes years, but we live in a shortcut society where people think you can just buy an “off the shelf, instant coffee solution”.

The truth about trading is that unless you have spent ages staring at charts and testing theories you will not learn how to trade. The number of trading friends I have who are indicator junkies is huge!

So how do you learn to trade? You need to spend time with other traders who are trading live. That’s what I like about pro-act traders, is being able to watch trading going on looking for trades and evaluating them.

Ok – so on to today. EURUSD is very interesting, I hate trading it, but it has broken support and his heading back down to around 1.27690 or so I think, especially with news that France is thinking about Syria, also we had no US traders yesterday as they were on holidays and there was bearish EUR news today already, but my main reason is simply the technicals where it has bounced from the top at around 1.3341.

I will be flat for news @ 10:00 and may buy GBPUSD on good news.

09:30 UK GBP PMI Construction (Aug) 2 56.9 57.0
10:00 EMU EUR Producer Price Index (MoM) (Jul) 1 0.1% 0.0%
10:00 EMU EUR Producer Price Index (YoY) (Jul) 2 0.1% 0.3%

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