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Do you really need to research your market if you have this with you?

LavendarRoamLavendarRoam Posts: 2
edited May 2016 in Beginners Questions
So I've been reading lately that you should study the market of the asset. Well here is this picture from my demo account. At the bottom left you have the sentiment....wouldn't that be enough to get me by? Do some people work just off that? I have and only had 1 loss so far from using it.

image

Comments

  • lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    That means absolutely nothing. If you followed that alone do yourself a favor and flip a coin because your results would be about the same over time...
  • RaidenRaiden Posts: 186 ✭✭
    I agree. The sentiment is absolute BS. They will push that crap as a viable source but remember the following;

    1. It will be the sentiment of the traders of that specific broker. That alone is a danger in itself since a lot of newbies are trying out this new form of earning a passive income and to get rich quick. The market and I do mean the REAL market does not give a shit about that.
    2. Many, many, many brokers who has that on their platform does not update the sentiment in real time. They will run an update if you are lucky once a day.

    So - the real sentiment should be not to use it.......that would be the sensible thing to do. Or you could flip a coin. LOL
  • LavendarRoamLavendarRoam Posts: 2
    Thank you
    Raiden said:

    I agree. The sentiment is absolute BS. They will push that crap as a viable source but remember the following;

    1. It will be the sentiment of the traders of that specific broker. That alone is a danger in itself since a lot of newbies are trying out this new form of earning a passive income and to get rich quick. The market and I do mean the REAL market does not give a shit about that.
    2. Many, many, many brokers who has that on their platform does not update the sentiment in real time. They will run an update if you are lucky once a day.

    So - the real sentiment should be not to use it.......that would be the sensible thing to do. Or you could flip a coin. LOL

  • RaidenRaiden Posts: 186 ✭✭
    No Problem. It's still a good question though. I think your post will help a lot of newbies.
  • The_Geek_MHThe_Geek_MH Posts: 839 mod
    Tis a good question... my response would be that if you trust any signal/sentiment given by your broker you are bound to lose. Plus, most traders end up wrong about the market anyway, so why follow what "most" of them are doing? Plus, the only way to truly understand the signals you are getting, because all indicators have an element of subjectivity, is to UNDERSTAND and KNOW the market you are following. Gold doesn't react the same way as oil, which doesn't react the same way as the SPX, which doesn't react the same way as the EUR/USD, which is a different ball game from the USD/JPY.
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