I used to be a news trader. But after seeing how the market has reacted to news and how brokers reacted to profits made on news, I decided to stop it altogether and trade "conventionally".
I now scalp and do day trades. It is less profitable than news trading, but it is far more safer and broker friendly too. Thus, I can pick up any reputable broker and be assured of my profits. No more squabbling with the brokers over execution problems, no more problem with slippage, no more worries over negated trades.
However, I find my current trading far more time consuming than news trading. I used to spend only a few minutes when trading news. But now, I spend almost my full awake time up to 10 hours a day monitoring the charts.
This is indeed hard work.
In a nutshell, the decision to switch is easy and simple for me:
Day Trade and work hard for the money, or News Trade and worry if I can withdraw the money.
Take your pick... I picked the former.
My news trading friends have been complaining how unsuccessful they are as of late. They complain that news do not react properly; they needed help making money.. etc.. So I presented my "reformed" trading to them.
At first they were listening intently. I showed them simple trading systems like 5min Phil Nell scalping, multi time frame, daily MA crossovers etc.. After realizing they need to spend so much time and effort, WTF, no sooner will they complain "I dont have time to monitor the charts" and lost interest.
Sigh...
Traders need to adopt to the market.
I now scalp and do day trades. It is less profitable than news trading, but it is far more safer and broker friendly too. Thus, I can pick up any reputable broker and be assured of my profits. No more squabbling with the brokers over execution problems, no more problem with slippage, no more worries over negated trades.
However, I find my current trading far more time consuming than news trading. I used to spend only a few minutes when trading news. But now, I spend almost my full awake time up to 10 hours a day monitoring the charts.
This is indeed hard work.
In a nutshell, the decision to switch is easy and simple for me:
Day Trade and work hard for the money, or News Trade and worry if I can withdraw the money.
Take your pick... I picked the former.
My news trading friends have been complaining how unsuccessful they are as of late. They complain that news do not react properly; they needed help making money.. etc.. So I presented my "reformed" trading to them.
At first they were listening intently. I showed them simple trading systems like 5min Phil Nell scalping, multi time frame, daily MA crossovers etc.. After realizing they need to spend so much time and effort, WTF, no sooner will they complain "I dont have time to monitor the charts" and lost interest.
Sigh...
Traders need to adopt to the market.