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Trading using community outlook

Aug 18, 2017 at 10:36
2,660 Views
16 Replies
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
forex_trader_451135
Biedrs kopš   6 ieraksti
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.
Biedrs kopš   12 ieraksti
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
Biedrs kopš   920 ieraksti
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.
Biedrs kopš   427 ieraksti
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
Biedrs kopš   30 ieraksti
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
Biedrs kopš   1 ieraksti
Apr 14, 2020 at 04:28 (labots Apr 14, 2020 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.
Biedrs kopš   25 ieraksti
Apr 25, 2020 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.
Biedrs kopš   21 ieraksti
Jun 21, 2020 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.
Biedrs kopš   6 ieraksti
Jun 23, 2020 at 09:00
it is very difficult for ordinary traders to influence the price in any way
Biedrs kopš   23 ieraksti
Jun 28, 2020 at 15:47
Sometimes I literally intuitively want to work in a different way than most traders do. Maybe it's some kind of intuition or something... But sometimes it really helps me to take money from the first step and make an effective trading session.
Biedrs kopš   39 ieraksti
Jun 29, 2020 at 08:08
An online trading community will provide you and all the other participants with a well defined structured method for trading, bartering, and selling goods and services worldwide.

These communities often provide you with an effective chatroom and forum sessions that are precisely designed to facilitate and develop an effective communication network among the members.
Oct 10, 2020 at 10:14
Jalath posted:
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.
I think it effect the price. So, trader should check trading volume before making a trade.
Biedrs kopš   39 ieraksti
Oct 23, 2020 at 05:20
An online trading community can facilitate trading with a good outlook. It will also be very helpful and informative as it is a structured method of trading.
Biedrs kopš   25 ieraksti
Nov 06, 2020 at 13:07
By keeping a check of the trading volume, I get a better understanding of the market trend.
Biedrs kopš   15 ieraksti
Nov 07, 2020 at 08:28
When more than 80% of retail traders are short you can expect at least a nice pullback once they get squeezed out. Works well as long you can identify the squeeze move. If you enter early will find find yourself in the wrong boat.
Nov 26, 2020 at 07:29
When you interact with traders and discuss your trades, you get an expert viewpoint. You become a better trader by learning what you are doing wrong.
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