Quote:
Originally Posted by 4silverstrea
I have another question for you FX..what do you think about the strategy of buying on the news? This guy was offering free conference calls..and he suggested that buying on the news has made him more money than before..BUT..he was charging $150 to be part of the group. My question is, why do I have to pay this dude ANYTHING?
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Let me be honest about this News trading phenomena and my 2 cents worth on this.
Traders come in different shades and it all depends on which colour suits you best.
There are scalpers ( in and out of positions within seconds to minutes), Daytraders ( can be few minutes to hours), swing traders ( upto 2-4days) and long term investors ( who hold on for few days to months).
News trading does have merit but only in the right hands. I would like to say that less than 1% of the people can really trade news as it is dependent on lot of factors.
Consider this as jumping into shark infested waters with a bleeding wound.
You need to have the best news provider which costs a lot, then you need a very reliable broker who allows you to position ahead of the news and lastly news spikes are like nothing everything you have ever seen. You can easily obliterate your account in one or a series of trades.
You live by the sword and you die by the sword type of trading is not for the fainthearted. If you are the "blood, guts and glory" kinda person, go for it.
Just dont tell me I didnt warn you.
Fortunately there are some very simple and easy ways to learn trading and its all free. All it takes time and discipline.
But my advise, RUN and RUN as fast as you can in the other direction.
There is no fast and easy money. I am sure he wont take any responsibility if you lose money on his calls.