Yes, I think there is a serious burnout issue happening, and my interest in this game might possibly be over with.
The last few months have seen a bothersome reduction in quality from my blogs and it is really starting to reflect elsewhere. I am going to take the rest of the year off from reporting and blogging, save for maybe a product promotion or two.
To my followers,
I am sorry that I had to come to this decision, but in all reality, I do not know if I can hold up this website at the current situ. I need to take a break, and maybe next year, have a better blog.
Thank you for your support.
Thomas Howell
GoForexTrade.com
What is the deal with all of these fucking expert advisors showing up on the market? Seriously?
Yes, I do admit, I promote a few of these so called “automated trading systems” and yes, one is matter in fact a Revenue Sharing sponsor of this blog as we both know. I have checked out the Forex Detector, and I have no qualms about their software AT ALL! It is matter in fact one of the only true software systems I really like.
But in all of the grim reality here, is that these forex expert advisors are being marketed as not a crutch to current forex traders, but a system to those who want a work-at-home-business.
The problem here is, you are marketing a system that trades in a very insanely volatile market that could very well lose your money as well as gain it. And marketing these systems to those who don’t know the difference between a pip profit and drawdown is, or know any basics in forex whatsoever, is providing a great disservice to the Forex community at large, making a connotation that Forex is just an easy ATM to pull money out at our convenience. Sadly, this is not the case.
But what really turns me off, is the fact that people put full faith into certain systems, and really do not spend much time educating themselves. This is how people think forex is a scam and really puts a bad taste in our game. It is really unfair to us in the forex community, because you can make money with the right knowledge and still use an expert advisor, as long as you know how to understand it’s system.
Another problem here, is that some of these so called publisher’s are under a fake guise. A few forex products that are out there are actually using paid actors to create this bold publisher/personality, which really puts a low blow to forex as a whole. Someone who can just buy a .ex4 file from some starving college student, use some actor to push a product poses a few problems.
For One, the customer service is absolutely horrible. For someone who buys out of scriptlance, an .ex4 file, probably doesn’t know about developing one in the first place. The publisher will not know how to address problems with installation of software and any other issues that might be posed due to a lack of information.
Secondly, the installation instructions are not clear on some of these products. Therefore this comes back to the customer support line, which they do not have a clear procedure in handling installation procedures.
Thirdly, the publisher doesn’t care that the consumer is literally gambling THOUSANDS of dollars! Although the website is pasted from top to bottom with CFTC disclaimers, telling you that they are held completely harmless, and that Forex is a risk. That is not a thought that crosses in their minds.
I have messed with mql programming for a while, and from seeing different methodologies, it takes a while to come up with an overall profit strategy, with low drawdown, and high profit. It doesn’t happen overnight!
WHAT MY IDEAL EXPERT ADVISOR WOULD BE, IN A PERFECT WORLD!!!
1. An expert advisor that doesn’t push as a “WORK AT HOME BUSINESS, NO EXPERIENCE NEEDED!” Well, you can say no experience needed, but from what standpoint? I have been in the forex community for nearly 2 1/2 years now. And I know I am not the top drawer trader out there. It does help to know the terminology and how the market will reverse itself, and how to properly manage a trade through different trading scenarios.
2. An expert advisor with great instructions to properly install and operate. For the folks who publish expert advisors, You need to learn to write instructions, coming from an end user standpoint, not from what you can pull out of your ass in five minutes or less and throw it on a pdf or doc file.
3. Customer Service. Now this is a biggie! The core majority of customers will have questions to ask, either because the instructions are too complicated, or the customer base do not know what RTFM means. It is your job as a customer support professional, to help the customer and hand hold them until they are satisfied. Do not push some simple bullshit answer, because you cannot fully explain an installation procedure.
Ryan Matthieu, who runs customer support for Forex Funnel, Forex Tracer, and Forex Detector, understands this, and for those who are having installation problems, has listed a step by step instruction manual on how to properly install their software. No complex pictures, just simple english.
4. As the publisher, unless you have JV’ed with a forex savvy programmer and have a great support team that knows his programming, at least KNOW WHAT THE FUCK YOU ARE DOING!!! A lack of knowledge in your camp really makes the Forex Industry look like shit. It really does!!!
5. Yes, I know I am a prick and a perfectionist, but trust me, it helps more than hurts, especially when digesting information and telling you what is good and what is not. And on this blog article, I am not selling anything, no referral links to any product, I am just telling you straight up!
I love the money game, and I wouldn’t of said this if I didn’t give a fuck. For all of the friends, network connections that I have made and evolutionary processes that are in the works, I do this for them!
The Federal Reserve just dropped the Key interest rate a half a point from 1.5% to 1%.
The last time the key interest rate was at 1% was around 2003-2004. Markets will be mixed and I will have a full report on the movers and such in the Asian Market Report.
Today is one of those types of days where you wonder how the market is going to react. Seems like every other day is either a modest or heavy gain, or modest or heavy loss. The world markets do not have a stable set of feet on the ground.
For those who love free, open markets will little to no regulation, you are in for a shock. Alan Greenspan, your cheerleader in the USA for all things open market, kinda admitted that the Open Market philosophy was a bit flawed, and most of the time, inevitably routes down to potential disaster. I wonder what Ron Paul has to think about this.
Looks like the automobile industry is very unsettled. With talks of layoffs, plant closures, and potential automakers merging together, the automotive industry has indeed fallen on hard times, and the job losses mount.
Also the wall street firms that made this clusterfuck happen in the first place are laying people off left and right. It just seems that every company with a pulse in the economy’s heartbeat is letting go of staff, in order to preserve any level of profit margin. Thank god for being a blogger, and that I will hopefully not see myself in this situation (Knock on Wood!)
In the Asian markets, all three major markets, the Nikkei, Hang Seng, and Straights are getting the crap beaten out of them. I hope this is not a prelude to what could be a potentially another disasterous day on Wall Street.
How is that forex market reacting?
Right now, the EURUSD is stable around 1.2766 after a hard fall from 1.35 from earlier this week. Today, we should see Purchasing Manager’s reports in both Manufacturing and Services sectors, from France, Germany, and a combined European report as well. Germany will also have Import Prices from previous month.
England will release today, the Preliminary Quarterly Gross Domestic Product. This will be a heavy hitter, but a grand slam if they get an optimistic readout. Also look for the quarterly services index as well.
For those who are keeping an eye on oil, right now, the New York Mercantile Exchange is hovering around $67 dollars, and could go either way with the results of the proposed production cuts, which are being decided at a special OPEC meeting, being held all day.
Canada will release consumer price indexes, and the US, hopefully weathering the EURUSD as well as it has, the OPEC meeting, and if they really hit a home run with Existing Home Sales, then we should be ok then.
Have an awesome weekend! Think positive, and TRADE ON!!!
Tom Howell
goforextrade.com
After a gloomy day on the dow, with a 514 point drop, and the Asian stock markets taking a huge dive, there is not a drop of optimism in the market.
Every sector seems to be affected here and I am wondering when this is really going to end. I have had a couple of twitter followers ask me about stock recommendations, and for right now, since I am not huge on stocks, the best advice I could give, is just get into Forex Currency Trading.
Oil, is hovering around $67 dollars.
For those who happen to be following me on twitter, thank you again for the follows! Hopefully the posts here at GoForexTrade, can do a mixed task of informing, entertaining, and offering you more each and every day.
ENGLAND:
Retail Sales
British Banking Association Mortgage Approvals
Belgian NBB Business Climate
Monetary Policy Committee’s Sir John Gieve will speak
CANADA:
Bank of Canada will release a Monetary Policy Report - Governor Carney will speak shortly thereafter
UNITED STATES:
Unemployment Claims
Fed Member Elizabeth Duke will speak today
House Price Index from previous month
Natural Gas Storage
The markets in the US took back some in the form of 231 points, but also the dollar had gained ground as the EURUSD is currently around 1.2868. Oil also took a three dollar dive to around $69.10 in overnight trading.
The recession fear is the usual suspect now for the downwards activity of the market. Everybody is still in eggshells and the situation has not improved or rectified in the favor of the markets.
For good news, the great computer company we come to know as Apple (AAPL) has reported an awesome quarterly report, which indicates third quarter growth at 26 percent. Not to mention, Apple has profited well off of their iPod and iPhone lines, but do not forget that their computer line is slowly but surefootedly gaining their market share that they once had over 20 years ago.
So for those world markets, let’s swing our attention to Forex:
In europe, a quieter than norm indicator day, with just Italy releasing retail sales, and England’s Monetary Policy Committee releasing some minutes.
Canada’s focus today is going to be their leading index, and Retail Sales.
The US besides hogging the news with the financial hell they have been in, we will get Crude Oil inventory numbers! Now the question is, with possible OPEC cuts and today’s reading, will the $69 stand or move in a certain direction?
New Zealand will release their decision on interest rates and have a statement shortly thereafter.
Ok, so Oil rises to $75 bucks on the obvious possibility of OPEC cuts. It seems like the stock market is weathering positive news of the credit bailout and the possibility of even another stimulus package in the works, maybe even by year’s end. Leading Indicators also gave a nice boost to that positive shot too!
Wall Street reacted with a 413 point surge, resulting in the dow closing at 9265.43.
Today the only US news I know about, is the speeches of Treasury Secretary Paulson and FOMC member Stern.Hopefully some good news will come from them, and not warrant a steep drop.
Switzerland just reported for their trade balance, a surplus of 1.44 Billion, a nice positive forecast!
In England, we are wating for numbers from the Confederation of British Industries “Industrial Order Expectations.” Later on, Mervyn King, the Governor of the Bank of England, will give some words out.
Canada is on a major interest rate decision. 9:00 am EDT will be the time of the rate announcement. Expect some words afterwards.
New Zealand will count their monthly visitor arrivals, and Australia has Quarterly Consumer Price Index numbers to release.
TWITTER US!!!
Today, I have reached a huge increase in twitter followers, and I want to thank each and every one for joining our twitter list! It is awesome to have a larger reader/fan base, and hope to eventually grow it astronomically!!!
Everybody on wall street as well as main street, and for the fact everywhere else in this world is wondering where this bear market will find it’s bottom! lol heh I made a funny!
Well, tomorrow is a new day, and in the US, expect to hear from Fed men Bernanke and Kroszner. Rather they have anything good or bad to say will dictate where the markets are going to move. Of course let’s not forget issues like Opec’s crude cuts and consideration for other world markets that are interwoven with the success of our economy, as these will also shift markets in their appropriate direction.
The european market will be looking at Germany’s product prices, then England will be looking into their banking with M4 money supply, and also a look into recent public lending activities.
Canada will push out numbers on Foreign Securities Purchases and Wholesale Sales from previous month! In addition to the speeches by Kroszner and Bernanke, look for leading indices!!!!
New Zealand will have consumer price quarterlies and food prices from previous month. Later on, Annual credit card spending numbers will be released too!
Australia, Glenn Stevens will speak, and the Reserve Bank will also review recent meeting minutes. Also look for New Car Sales numbers!!!
Amazingly a good day for wall street! The markets peaked at 400 points, giving the investors some confidence that things might just work out.
Oil had a great day, as the numbers for crude oil were released, and WOW! the cup really runneth over in supplies! we went down to about $70 bucks a barrel as of market close, but the asian markets gave some love upwards to the tune of around $2.50.
Drive the price of oil down and bring the market back to a strong level of confidence where the investors wouldn’t mind to play with stocks once again!
In the US, the Philadelphia Fed, Industrial Production, Capacity Utilization Rates, Housing Indexes didn’t bode so well.
The good thing was that unemployment claims didn’t reach the forecasted threshold. Goodie!
The market is going to be quiet with the usual major newsies tomorrow.
In the asian trading session, Japan’s Bank Governor Shirakawa will get some words out.
Europe will release a Trade Balance. The United States has a few things coming the University of Michigan’s Economic Studies department. Consumer Sentiment and Inflation Expectations will be their research topic.
Building Permits and Housing Starts will be the big topic for the day. I expect this number to be down, as more and more residential development firms are sending their labor to bid on non-new development projects to keep the payroll from being an issue.
Well well well, if we couldn’t have just another fine freaking day on the street! Another day of widespread panic on the world markets, as the Retail and economic outlooks in the US market are about as bad as week old dead salmon laying on a grass marsh.
I seriously do not have any trust in the market now. Bad as week old salmon on a marsh and has more mood swings than your wife going through menopause, the uncertainty keeps on rolling. Where is the bottom? Are we yet to see a bottom to this pathetic market situation?
In the forex game (EURUSD), we are being affected from what it seems to be normal swings. a few cents and here, perfect for scalp traders who are wanting to scoop 10-20 pip trades with ease.
The dollar though as a whole is gaining ground in the world markets, only though because not only because other host currencies are having a tough time with the economy, and always concerns about inflation as well!
Remember, when you have to lower rates, inflation will eventually creep up! and if you have to raise them, you will have an increase on foreclosures god forbid if you have an adjustable rate mortgage.
Today, starting with europe, Switzerland is starting the coffee roll with Retail Sales per annum. Reported dead zero, under the .9% up forecast.
Italian Trade Balance loss at 2.12 Billion. MORE FERRARIS!!!! heh while the dollar is gaining on the ground!!! Maybe they can have a fire sale and sell me a F430 for the price of a new Mercedes 550SL!!! That will increase the trade balance FOR SURE!!!!
Switzlerand will also push some ZEW numbers in an hour from now.
Canada is rolling out Manufacturing Sales per month.
The United States is just having one hell of a time with news. lol! The state of the news is SUCKS, with a side of Horrible!
The big hitters are going to be unemployment claims, Consumer Price Index, and TIC Long Term Purchasing. Also some major contributors to the fun today will be Industrial Production, Capacity Utilization Rate, And Chuck Plosser and the Cheesesteak Gang will release the Philly Fed Index.
But don’t go away, we also have Crude Oil and Natural Gas Storage as well! And Housing Index numbers along with Fed Member Gary Stern, will probably talk shit about the market and call out some banks for screwing things up.
And to cap things off in Asia, Japan will release tertiaries in industries, and Australia will release Import Price Quarterlies. Fun.
TRADE ON! AND keep the hope alive!!!
Tom Howell
GoForexTrade.com
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Filed under: All News by Thomas Howell