Hello, I have this idea for trading the nfp once a month to make some extra euros (50would be exerlent for me)and was hopeing you could look at it and tell me where im going wrong. (if i am,i hope not but you never no)My plan is this…
open a standerd account with 100e. Wait untill aprox 1min before the realse of the NFP and place trade in the opsite direction say 10e (ive been watching i notice that it seems to go up just befor it goes down or vicaversa) As soon as i do this place a 500pip Tp. I will not be placeing a Sl because the 100e in the account is the max i will risk and from what understand a margin call will close my trade before i go over and ow the broker. Will this even work and if so how much could i make? I hope to make enouth to have the account self sustaining wile still makeing me a little profit.
Thank you any that read this.
my family and frends tell me this will never work and if it did every one would be doing it. Not one of them will/can give me a answer as to why.
Sometime I am look after news nfp has been released then making pair move randomly, often occur after price move to uptrend with large and quick pips movement, then suddenly move to down with large pips also, might this occur because many big trader have different view about the news and making them open in dfifernet option, some trader technical avoid this news an only wait and see.
You are gambling, my friend. To make money trading Forex you need to learn lot of components from technical analysis to fundamental. You can’t just trade with large lots (compared to your account size) and hope you can always win. If that was the case everyone would earn money and wouldn’t need to work. You can try and it may work for a while, but eventually your luck will run out.
You’re basically looking to trade volatile unpredictably basing your whole trade idea on some money movements that are occurring before the number is unknown. It’s just rolling a dice really. It won’t work and your family is right - if the movement is that predictable enough of a time to trade it profitably then wouldn’t everybody trade it? But if you want to know for sure just trade it on a demo account and see how it plays out in practice.
[QUOTE=“makros;738780”]Wait untill aprox 1min before the realse of the NFP and place trade in the opposite direction[/QUOTE]
How would you know which direction was the opposite direction 1min before the release? If you could foresee the direction (which you can’t), you would trade the same direction.
[QUOTE=“makros;738780”]As soon as i do this place a 500pip Tp.[/QUOTE]
For only trading the NFP, this is a massive TP, you’d be waiting days for that to pan out. As everyone has said, you are gambling, this isn’t trading. Not having a stop-loss is the worst mistake that any trader can make. Bye bye account!
[QUOTE=“makros;738780”]Will this even work and if so how much could i make?[/QUOTE]
[QUOTE=“makros;738780”]Thank you any that read this. my family and frends tell me this will never work and if it did every one would be doing it. Not one of them will/can give me a answer as to why.[/QUOTE]
It won’t work. You don’t know what the market is going to do, I don’t know what it’s going to do, no-one knows how the market is going to move. The minute that you think you do is the minute that you fail as a trader. You’re planning on trading the NFP, the most volatile news release, yet there’s no mention of you actually understanding the NFP. If you don’t know what’s going on then sit on your hands & don’t trade it.
Try it if you want, I’m just trying to save you €100.