In today forex faq, we have a question from one of our fellow readers asking me regarding the prospect of being a full time trader and do I exit my trade or avoid getting into a trade with my strategies whenever there is a major news release.
Below is the question
Hi Kelvin, Just wanna check with you whether it is really possible to make a living with forex trading even when the market is in recession.
Do you exit your trade or avoid getting into a trade when there is an imminent major news release.
I must say that this is a great question as the next economy crisis is indeed coming between 2016 to 2018.
If you have read about me on my blog, you will know that I became a full time trader in 2008 which is shortly after the Leman Brother issue that marks the start of the worldwide recession.
When everyone is having a hard time with their job, I am still making a consistent income from trading. This is because forex trading allows us to go LONG or SHORT which means that we can make money from the crisis as well.
Since then, I have never had any doubt about this career that I have got into as I know that I have a skill that can make me money for a lifetime. I am also glad to know that my son will never have to work for people ever as I will teach him how to trade as well.
Therefore if you ask me, forex trading is the best way to make a living even when there is a recession. If you have not yet master the skill, I will suggest you do it fast before the next cycle of recession kicks in.
It will be too late if you finally decide when the recession comes as you need time to learn and practice before you can trade profitably consistently.
As for your second question about the news release. If you have been following me, you will know that I am a pure technical trader and I do not even look at the news at all.
Frankly speaking, I do not avoid getting into a trade even when there is a major news release as long as the setup is 100% according to my strategy. You will never be able to tell where the market is going to move based on news as it is controlled by human sentiments.
Although some of the losing trades could be due to the news release but I have been making profits from my trading every single month for years without taking note of the news release and therefore I dun think that the news release is a major problem to my trading strategies.
If you ask me, I will suggest that you enter trades entirely based on your trading strategies and you should not even be bothered about the news.