Forex trading is immensely profitable and rewarding. However the risks can not be underestimated.
Many traders have been taught to listen to the news when making trades. This is not in itself a bad idea. It is even quite good.
However, there is a danger in new reporting. And that danger is that the news reporters are imperfect humans.
Many may sweeten their stories in order to improve circulation or viewership.This is common.
And to make matters worse, you have the same story from different publication slightly differing. This can be confusing.
A case in point is breaking news. Any media house worth its salt wants to be the first with to break out it out i.e. the speculated death of the Pope John Paul II
Such news even though not fully established is bound to weaken the euro vis-à-vis other currencies and a smart trader may want to make quick gains before the market fully recovers once the panic subsides which will be short lived. Now, what if the information was wrong! Most wise traders would wait or let the opportunity pass than have their fingers burnt.
The best advice therefore is for traders to read between the lines and not swallow all that they listen to. They should listen with a trained hear. This will save them from making embarrassing mistakes and may I add heavy losses. Good day
MAKE $500 A DAY TRADING FOREX! SHOW ME HOW!!
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment