The Forex market is moving on a daily basis because of the constant battle between buyers and sellers. The side who has the most of the power at the moment is the one to decide in which direction the market will move.
The market is actually the sum of all these many traders out there who are making thousands of buy and sell decisions on a second to second basis. Knowing for sure who has the upper hand at the moment can turn you into a billionaire in less then a month. Have no doubt about it.
The bad news is, however, that you can’t actually know who has the upper hand at any given time (whether it’s the bears or the bulls), since there is no system that can collect all this information and deliver it to you before the market actually makes the move.
Of course you know who is in control at the moment, because you see how the market is moving right now, but you do not know about all the buy and sell orders that are flooding the market from now on, already creating the supply and demand ratio for the next moment.
The good news is statistics! Let’s say we want to know which color most people prefer for their new car, we don’t go around asking every person on the planet which color of a car he or she prefers. Just like we cannot go around asking every trader how he or she is going to trade EURUSD in the next 10 minutes.
Instead, we can perform a survey of a few hundred people, asking them this question. Their answer is most likely reprehensive to the whole population of people which are buying cars at the moment.
This is basically what Top Traders insight is doing for you: it is a constant market survey of what traders want to buy and what traders want to sell at any moment.
As an extra, the system is using the most successful traders on e-Toro for the survey, the ones who usually are able to read the market’s direction, making the result much more reliable.
My personal suggestion is – use it!
You do not necessarily have to buy EURUSD every time you see Top Traders Insight is favoring EURUSD longs.
You can also just follow it throughout the day and see how it changes from time to time. Then you will start to understand better where the market sentiment is headed, improving your trading decisions.
Take a look at it an hour before major release, and an hour after; it will help you to evaluate the possible impact that the news has on traders, without the noise caused by panic, fear or greed.
Use it just like any tool you can use in Technical Analysis. Although valuable, it’s free and you don’t even have to be an e-Toro costumer, Just open the free demo and there it is.
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January 3rd, 2009 at 11:51 pm
Hi, all. Nice site…I really like your site ! Good job man.
January 4th, 2009 at 9:24 am
thanks
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