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For the news trading system I use its very important that I get the mood and the feel of the market for both trading and for the actual numbers, then I can make the right choice for my trades. I'm no expert yet but I usually look at all of the forums and my newswire to get this "feel". If its not strong enough I don't make any trades. I mean sort of anticipation wise. So far I have kept away from news trading since last friday GDP and I feel that waiting all week for this friday is best as everyone seems to be waiting for the jobs number. I will place my trades before the data and hope for a big big move!
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Many traders straddle the market a few seconds before the numbers are released and hope to be taken on the big ride but with the radar shows lately you can be whipsawed both ways before you can blink! However, I find it interesting that you place your trade before the data comes out. How long before the time? Stop loss? Stop and reverse if your initial entry was in the wrong direction, etc? Do you mind sharing some of what you do and how you do it? Maybe you can share some ideas this Friday? Of course there are no guarantees - I'm just curious to hear what you do because that's when the big moves happen but those radar shows have given me such bad whiplash at times that I'm a bit shy of trading news now!
Regards.