What do these three Forex experts have in common? Not much. That’s what makes it so interesting when you can corral these guys and ask them about juicy topics like the outlook for USD/JPY, the G-20 and the emotion of trading.
This week, I had the pleasure of moderating a panel with Jamie Coleman from FXLive, Shaun Downey from iTraders and Boris Schlossberg from GFT. We picked a controversial topic – Forex Sentiment & Volume – two pieces of the puzzle that keep Forex traders searching for tips and tricks to the secret sauce. It started out with an interesting poll that really highlighted the entire issue. Before the webinar, we polled our experts on their outlook for the USD/JPY – long, short or hold. We also polled the hundreds of webinar attendees with the same question. Then, we looked at what the Currensee social trading network was doing on that pair at that time. The results?
Everyone had different opinions. The experts said long, the audience said short and the Currensee network was long but those who were short were actually winning on their trades. So what’s a trader to do? The experts had a great debate on the merits of sentiment and the wisdom of the crowds. They agreed that how wise the crowd is depends a lot on which crowd you’re talking about.
We then moved on and talked about volume and asked the traders how they look at volume. We’ll post a clip from this discussion later on, but for now it should suffice to say there were some differing opinions on the value – or even the existence – of this measurement in Forex markets.
We even covered the price of gold, a question Boris hates, and the G-20, the one place where everyone pretty much agreed that the dollar will remain the world reserve currency for some period of time (phew). We had very interactive Q&A, including an interesting question on Forex collaboration. A trader asked the panelists about whether they collaborate on trades and if it works. Boris quickly jumped in and discussed his approach with trading partner, Kathy Lien. He talked about how they make all of their trade decisions together and stick by the decisions they make – good, bad or ugly. He shared the power of working together to come up with smart trading ideas and how Forex trading is changing with access to new information and tools. We couldn’t have ended the session on a higher note.
Another Currensee Expert Panel is in the works for November. If you have questions you’d like ask, topics you’d like us to consider or panelists you think would be great to add, please submit a comment here and let us know. Have a listen to the experts. I hope you learn a few new things, I certainly did.
Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.
Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results. Investor returns may vary from Trade Leader returns based on slippage, fees, broker spreads, volatility or other market conditions.