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Why you will lose your money if you follow to the analyst's trading recommendations
Today I came across one post from one Forex school with a subject "Where euro will go on February 16th. Video recommendations about trade the forthcoming week". It became so interesting to me and where, euro will really go on February 16th, so I could not resist, looked at this bosh, and sat down to write this post.
Everything actually is much worse, than you think.
The matter is that there are a millions of "analysts", "advisers", "experts" who daily loads a tons of garbage into the heads of harmless traders, which eventually leads to the loosing of money. And many beginners and not only traders, sacredly believe that following similar recommendations, they will be able to earn on Forex. It's not absolutely so!
All forex analytics, or rather its application in actual trading by novice traders looks like this. Imagine that you have come to the hospital to see a doctor and tell him, "Doctor, I have a problem." And he responds to you, "Follow my advice and everything will be fine! So, you should use 5 tablets of EUROxane on Monday at 15:30, 2 tablets of YENtaminphen on Tuesday at 11:00, 20mg POUNDtozole on Wednesday at 21:00 intravenously, 10 mg PROFITospan on Thursday at 17:00 intramuscularly and 3 tablets TRENDafinil on Friday before going to sleep – this is my recommendations for a week! "
How you will feel in a week? What do you think? Truly — you will be VERY bad as at most — you will die!
To what I say it all!? Exactly as in an example with hospital, the doctor did not ask you about parameters of your illness, the analysts, who sell "recommendations on trade for the coming week", do not know and cannot know parameters of your trade system — what time frames do you use, what are your expectations about the profit, what requirements for volume, what levels of stops and profit. Without having these parameters of trade system, without knowing trade strategy of the trader, any analytical councils which are presented as panacea, do not make any sense and have to be avoided by the beginning traders.
So, if someone are trying to sell you frank "crap" in the form of "put pending order to sell at a level of 30-50 pips with a stop and sit and wait for manna from heaven", bypass this analysis and trading recommendations party. Otherwise, drain the deposit will not take long.
But not everything is so bad as I described. The analytics, actually, qualitative analytics, is necessary and important. But what it can tell to us, to professionals!? It can tell us only about confirmation of the existing trend or hint at a possible reversal. For all other councils with pending orders, I would answer, "Thank you for the recommendations for a week, but leave this nonsense for yourself."
I wish all profitable and fascinating trade.
Stay with me!