I’ve been searching for the opinion of someone for this. I just viewed an advertising today on instagram of this page Armentex and i entered just for curiosity because I saw that they have an active contest to win 50$.
Apart from the contest thing, I checked it out and the concept seems very interesting, is like a votation system and it says that the objective of this is “discover trends on the forex market based on the theory of Wisdom of the Crowd”.
I’ve never seen something like that and the concept is interesting, but what do you think? Could this actually work? Or just another b**sit?
Lol its BS. Firstly, you can get this information from brokers. They give you the number of their traders who are buying or selling a particular pair. A lot of traders from on this forum would have seen this information and know that it is not reliable. In fact price normally moves against the ‘wisdom of the crowd’.
Getting the opinion of amateurs, gives you an amateur result. That’s me putting it nicely. Secondly it shows just how much this person doesnt know about what moves the market. It’s not the number of people who move it but the capital behind each person. All these people with 500 pound account guessing that EU is a buy means nothing against one person who wants to sell with a million quid.
Dont get sucked into this crap. It’s just another scam. Nothing beats education and knowledge. Know why you are doing something for yourself not because the crowd say it’s right.
Hi @CapriV6, Welcome, @tradeforex077 post correctly sums up most experienced traders thoughts on Crowd Wisdom / Market ‘Sentimentish’ strategies… And TF077 is spot on… the market will trade against this sort of price movement…
Also, as TF077 explained more eloquently in the above post, retail Forex positions are a mere “piss in the ocean” in the OTC Markets…
On a similar note that maybe of interest to you, I composed a short experiment on trading against “Crowd Wisdom” or Market Sentiment. This technique is known as Contrarian Trading… doing the opposite of the herd… Many “gun” traders use this strategy with profitable results. (See Below)
The jury is still out with me on this style of trading. I didn’t get consistent enough results, but I’m pretty sure with solid research and practice it would have similar potential to any other strategy or system of trading in the long run…
Another idea is to use the Ideas feature on Tradeview’s excellent platform quality information to see what good and bad traders ideas about price direction across pretty much all Forex/Metals/Indices pairs.
Well @tradeforex077 that’s right, I’ve already seen somethings like that for example in IQOption, but what I wanna mean is that I dindn’t see any site focused only on that, with all of that tools centered only in “crowd trading”. I mean for example they have a special votation results where you can see the result “weighted”, for what I could understood is like the best user with the better historical results count more on the result.
Maybe you’re right and this concept doesn’t work good. I’m already an “experienced” trader getting consistent results, but I wanted to discuss this concept with you guyz because I saw it innovative.
I found very interesting your post, I never heard about that SSI contrarian strategy! As I replied to our buddy above, the thing that I found more interesting was that “weighted results”, but of course this idea of wisdom of the crowd isn’t good at all.
I just found it interesting and wanted to open a discussion with traders with more experience on this field, so thank you so much for your reply!
Sometimes brokers do hold such contests for performance. And it can really be interesting and profitable, a lot depends on your knowledge, of course, but in principle you can try - in the end, nothing prevents.
