Educate yourself first
In the following post, I would like to inform you on the specifics of making money with the trading system called Forex Market Sentiment. Firstly, it should be pointed out that the presented technology is not automated at all. The whole process of earning lies on your shoulders, so if you’re an amateur in the Forex trading industry move ahead and find an automated, easily managed product. The given system requires from its customer specific financial and trading knowledge, experience, so you should be trained enough in order to engage yourself with Forex Market Sentiment. Briefly, you’ve got to put some effort into the process, but it may be worth it. It all would depend on you and your careful sentimental analyses on financial markets.
Strategy for skilled traders
On the home page of the system it somehow doesn’t say much about money expenses. It is said that you are to pay once a fee, comprising 97$. That is all about the costs mentioned, nothing about profit or how much should one invest to make decent money. Let’s take a closer look to the charts they display as to know their profitability.
Basically, we see the main statistics
here, although not newly updated. It almost doubles the non profitable accounts of their users. So what does it mean exactly? It clearly shows us the whole picture about customers who are not skilled enough to make their own prediction on the financial market. This is a very good choice for customers-hunters who want to take control in their hands and compete with other forex traders by selling, buying and in its turn making money. I cannot describe the technology as dangerous one as you and only you will be blamed for the decisions made.
I hope you know it yourself that contrarian trading is one of the hardest and troublesome way of earning a substantical amount of money. You will have to dive deep into financial marketing and trading strategies before you may start the work with Forex Market Sentiment. As it is indeed a very sentiment by its nature product, that should be controlled and monitored all the time during trading. The graphs that the given stratery presents are quite number-complicated. The chart displays sentiment indicators which show the percentage, or raw data, of how many trades or traders have taken a particular position of currency pairs. For example, assume there are 100 traders trading a currency pair; if 60 of them are long and 40 are short, then 60% of traders are long on the currency pair.
Speaking about myFxBook of the Forex Market Sentiment, it should be noted, that the data is not verified and not updated since 2012. We may assume that technology ceased its progress and works with the considerable lower results that it used to. Although the statictics is plausible without any huge numbers and false promises.
To conclude, I would describe the trading with Forex Market Sentiment as a quite overwhelming one. You need to adhere to the psychology of other traders and foresee their thoughts on the market. If you are up to testing yourself as a trader, take a shot and try to trace the signals yourself and look for the best ways to enter against an aetreme market sentiment. It takes a while to comprehend how the system works itself and it takes too much effort from your side to earn some decent money.