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Trading using community outlook
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highntightjeanz

Member Since Aug 17, 2017  2 posts highntightjeanz Aug 18 2017 at 10:36
If the majority of traders that are represented in Myfxbook's community/outlook are trading in one direction, is that a good indicator that price will move that way? I'm looking to find out what the best way to utilize this data is.

Username12

Member Since Aug 11, 2017  6 posts Username12 Aug 20 2017 at 07:04
Most of the traders in the community outlook are martingale. They open trades in the opposite direction of the trend and wait for price to return. It is best to trade in the opposite direction as the majority are doing. However, the outlook is NOT a timing tool. Wait for a trend to resume movement that is opposite the outlook data. I use the sentiment data available on dailyfx.com.

PinUpGal

Member Since Aug 21, 2017  12 posts PinUpGal Aug 21 2017 at 11:47
Even the traders on MyFXBook community is a tiny subset of the money flowing in the FX system so is not reflective of real market sentiment

AniLorak

Member Since Apr 18, 2017  864 posts AniLorak Oct 22 2017 at 14:23
No, it’s not working like that! We all are the retail trader, only 3-5% in the whole market! So, it’s not easy to manipulate the market.

TiffanyK

Member Since Feb 12, 2016  427 posts Tiffany (TiffanyK) Oct 26 2017 at 15:22
If you see a lot of traders going one way of the market - this does not mean the price will go the same direction. Also this may be a Market Abuse that can mislead you to lose. Be careful.

Accept the loss as experience
Costarican96

Member Since Aug 23, 2016  30 posts Paul Martin (Costarican96) Oct 27 2017 at 09:32
I have designed a trading system using community outlook as a reverse indicator. I have been live trading it for a month after four months on a demo account. If you use this community outlook as an indicator you are certainly on the right path but it is important to remember it requires discipline and tight stops

https://www.myfxbook.com/members/Costarican96/pvm-myoutlook/2161736
https://www.myfxbook.com/members/Costarican96/pvmfx-live/2267351

OBsayMkMoney

Member Since Sep 23, 2019  1 posts OBsayMkMoney Apr 14 at 04:28 (edited Apr 14 at 04:37 )
It is in fact possible to use it. I personally wait until it is above 93 percent going in a direction. I have alerts set. I then look to my charts and if it is a long sentiment I look for support about 50 to 100 pips or so below the current area. I have found that when more than 93 percent of folks are going in a direction the market rips in the opposite direction before then going in the direction of the consensus. This is done to stop out those folks and make the banks money. You can also wait for the rip, then ride it back in the right direction.

Jalath

Member Since Aug 16, 2019  17 posts Jalath Apr 25 at 13:23
Just because many people are trading in one direction does not necessarily mean that they are right,. Maybe they are all headed in that direction because they are copying each other. Some are going to read this reply and then head the other direction. So what is what. That is all uo to you.Go in the direction you want to go.

Beallador

Member Since Aug 20, 2019  12 posts Beallador Jun 21 at 14:26
You know, the point is that there are traders who trade against the trend and there are traders who trade against the trend. And both formats can be called working and efficient.
The other question is that most of the traders from these two groups use different methods of market analysis, choose different timeframes and even differently insure themselves in the market.

Marton64536t

Member Since Feb 26, 2020  5 posts Marton64536t Jun 23 at 09:00
it is very difficult for ordinary traders to influence the price in any way

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