Thread: Myfxbook community outlook

Results 1 to 5 of 5

  1. 10-12-2015, #1
    Anabelinapam
    Guest

    Default

    This chart shows the positions Myfxbook members have on EURUSD. As you can see, the majority is nearly always wrong: They hold long positions when market is falling, and switch to short when it rises.
    It makes sense though: the industrial forex players who make the most money arent on myfxbook - the money flows from small myfxbookers to the big players, which explains the graph above...
    Of course profit-taking and long-term trading must affect this, but it still seems to give pretty good advice.

    Has anyone tried simply betting against the community preference, no matter what the price does?
    Reply With Quote Reply With Quote
  2. 10-13-2015, #2
    Alfredokivy
    Join Date Dec 2014
    Posts 0

    Default

    Interesting that no one has said anything about this. It is indeed a topic that some people have thought about it before, but to my knowledge no one has ever done it. I think it's something that would be quite difficult to backtest, but has some merit and would out perform most traders on this forum. I believe Oanda and FF also have metrics to show net positions of traders, it would be interesting to see maybe a system that just uses a tally between the three to trade. I may consider doing this in a trade journal if you don't
    Reply With Quote Reply With Quote
  3. 10-13-2015, #3
    ahonepewafafo
    Join Date Jun 2014
    Location Burma
    Posts 4

    Default Myfxbook community outlook

    Yeah, that strategy is pretty hard to write in ea code and backtest it.

    I'm afraid I don't have time for manual trading now, but I will definitely use this counter-the-masses method in my next manual trade experiment.

    If you decide to see if this is profitable, please post your results here!
    Reply With Quote Reply With Quote
  4. 10-13-2015, #4
    asayowonarufu
    Join Date Jul 2014
    Posts 0

    Default

    Hi... The chart seems to show that the retail crowd is contrary to the trend, but......

    Doesn't closing a previous sell position result in a buy? And with this aspect alone, there is quite a bit of profit taking at 1.1 and 1.05.

    Unless myfxbook specifically focuses on open positions, in this case could be that the crowd is wrong.
    Reply With Quote Reply With Quote
  5. 10-14-2015, #5
    atojihadahaca
    Join Date Jun 2014
    Location Ireland
    Posts 0

    Default

    The red and green areas are the total value of lots traded at the moment. It seems that majority of myfxbook use very short-term counter-trend strategy and so they fail in (even slightly) trending market...
    Reply With Quote Reply With Quote
« Previous Thread | Next Thread »

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts

Forum Rules