Be Your Own Signal Provider – Check out Bogdan’s Weekly Events
Hello great ape! Share your food with me.
Sure, take this stone thru your skull… *Smack*
A while ago we were all apes! We ate what we could find and keep. An ape sharing its food with a total stranger is an unlikely scenario. Sharing with family Yes, but sharing with other apes… not really. Do we still have “ape” in us or have things changed 180 degrees and now sharing is something that we enjoy and do on a day to day basis?
Today we share?
Things are almost the same as they were a few hundreds of thousands of years ago except that people are more polite than apes. Probably if you would ask another human for some food, he wouldn’t hit you with a stone in the head but the harsh reality is that very few people help others without wanting something in return. And this gets us to signal providers and why you should be your own signal provider. Didn’t you start trading because you wanted to be independent? No fixed hours, no boss, no specific location to work from. Well, you can’t be independent if you depend on someone. If all your income is directly related to the performance of another guy, he can disappear (or stop giving you signals, or start asking for more money, etc.) and you’ll be left hanging. So what I suggest is that you learn some basic stuff and start acting as your own signal provider… with a little help of course. I will offer you this help but I will not give you trading signals. Let me explain: at the beginning of each week I will post on our forum one or two of the most important events scheduled for the week ahead. These can include financial or economic indicators, press conferences, Central Bank meeting minutes, interest rates, public speeches of major players on the financial scene or any other stuff that may be important.
The data that comes out has a certain impact on the currency of the country that releases it (for example if the United States release the Non Farm Payrolls, the US Dollar will be affected). This impact is known (to some extent). Let’s remain in the NFP zone for an example: this indicator shows the number of new jobs created during the previous month, excluding the farm sector and it is considered the most important American employment data. Based on statistics, analysts forecast a certain number of jobs; if more jobs are posted, that’s a positive thing for the greenback because it means that economy is thriving. Businesses have increased activity and they hire more people who in turn will spend the money they earn and this fuels the retail sales sector. Also, people might want to buy long lasting goods if they have a well paid job. If they buy stuff – whether it’s a refrigerator, a car or a pair of socks – the sector that produces that good will have increased activity… and if they have increased activity, maybe they will have to hire more people. Then new jobs are created, more people will have a salary… spend money… you get the picture. Ok that’s the idea behind the NFP, but there are countless other indicators like that (well, not that important) and each week I will tell you which ones I consider to be the most important and what is the predicted impact in case the actual value is lower or higher than analysts’ forecast. It’s not a signal, it’s a “heads up” about something that might happen. Deciding the actual trade will be your job. You will be your own signal provider.
Furthermore, it would be cool if we could transform this thread into something we could all benefit from. If you have something to add, do it. If you think I am wrong about something, tell me why. If you want to share your insight about other events, please do. We must all learn to be our own signal providers and this thread below is a step in that direction. See you there.
Bogdan’s Top Events of the Week – The Forum Thread!