I am not a forex expert or anything. But I think its best you do some reading and learn Forex as oppose to trying to take the easy way out by following what others are doing. You are bound to lose your shirt doing this... Which is why there is a statistics going around that says only 10% or so of traders actually make money in Forex.
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Originally Posted by patrick_fx
Hello everyone,
I once heard someone said that always go with the herd (or majority). Is that a good idea? Here is what I thought. When lots of people agree to do the same thing at the same time, they unknowingly move the market. Am I right?
So, I don’t know if there is a place where I can find the information about which direction people think the market is going to go. Below is the Bloomberg weekly poll I’ve found from other forum. It’s kind of a bit out of date (about 3 to 4 days old).
BUY SELL HOLD
Euro 31 16 5
Yen 27 18 7
British pound 24 21 6
Swiss franc 24 19 8
Australian dollar 28 18 5
Canadian dollar 25 15 11
Euro versus yen 25 20 7
If anyone knows of such a page, please let me know. I think I should stick with the herd. What do you think?
Please share your thought, thanks :-)
Patrick
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