Cfd Research

[Aamir]

I was wondering if anyone has used a CFD report service. I have come across FAt Prophets
Fat Prophets - Trading Report who provide a daily report.

I was wondering if anyone has used this or whether they would be able to recommend any other company providing similar reaserach reports.

Unlike Galvan and and other advisory brokers it appears that Fat Prophets only provide the research and do not place any trades for you.

I would be grateful for any advice people may have.

 

[cherusker]

I too am curious about FP. Anybody with experience out there?

 

[bedsit]

Hi cherusker,
They called me and said how good they are. I checked their website (Fat Prophets - UK) and performance up to 31 Aug 2009. Personally I was not impressed and decided not to go for it.
Hope this helps.

 

[cherusker]

Hi cherusker,
They called me and said how good they are. I checked their website (Fat Prophets - UK) and performance up to 31 Aug 2009. Personally I was not impressed and decided not to go for it.
Hope this helps.

Hi - thanks for replying! I have now signed up with them and will see how it goes. I noticed a bit late that they are very heavy on mining and Australian shares, but hey, we'll see. May I ask if you use another source for investment/trading recommendations?

 

[bedsit]

Trying not to sound big-headed, if I stick to my analysis (technical analysis) often get better results than listening to various analysts. Usually it's either too late or they are wrong alltogether. I heard somewhere that some traders do opposite of what analyst recomend. I guess it would be worth learning about technical analysis more (if your style is more towards speculating as opposed to investing)

 

[cherusker]

I am in fact very interested in TA and have already read up a lot about it. And yet I feel I am far away from making good decisions. Mostly because it takes me a LOT of time to analyse and execute. At the moment I don't have that time, so I thought it might make sense to pay for advice. But I know, I too would love to be working off my own bat. I know that the advice often cited here is to read through the forums and put the pieces together as you go along. But that is exactly the kind of thing I find very time intensive. How did you get up and running?

 

[bedsit]

I’m still trying to figure out best way. I do spread betting mainly FX (because of the small spread – I do day trading). Also it’s very liquid market and you have a lot of movement. At the same time it is difficult for even big players to play tricks that you can see on shares like false breakout etc – FX market is massive. If you are beginner try with small bets at the beginning and control your losses all the time (keep them small). Also it’s worth exploring this website – although I just used it for last couple of days, there is lot of useful staff here – only problem need some time (there are some members who just want to be heard and by doing that, add clutter so you need to search for good staff)
If you go into search and type in FX strategies, day trading (or whatever you are interested in) after some time you can find some really good threads. You mentioned lack of time for research, but I think there is no other way – if you are serious about it (and I think it’s financially damaging if you see trading as a hobby) you should try to find some time for learning the best way.
Before I was looking for some easy way – recommendation service, courses etc. After some time doing that I realized I need to spent time and effort to get some results. You should first use opportunity to get much of knowledge from free sources, maybe buy some good books and go to free seminars (some of them I found more, some less useful). Important thing to be patient, disciplined and risk aware (before any trade you should know how much you are willing to lose if it doesn’t go your way). Success should come along eventually, but realistically doesn’t happen overnight.

 

[cherusker]

Thank you for your extensive answer - much appreciated!

 

[bedsit]

I’m glad if you find it useful. If you don’t mind let me know if you have any use from Fatprophets (I don’t use any advisory services, but to my mind if something consistently works it’s good to use it).

Just remembered about FX – spreads are low on major pairs like EURUSD, GBPUSD etc. Also if you want to trade FX you should be aware of daily range: some pairs are more volatile some less and check margin requirements. Important thing about FX is that you have to be aware of major announcement from different countries (like economic reports, important decision makers appearances in media etc) Usually regular schedule is published in better trading sites under economic calendar. My preference is to get out of the trade before any major announcements as sometimes (more often than not) price goes crazy (doesn’t care about technical analysis)

 

[cherusker]

Good points. I will report back on my experience with FP.

 

[Aamir]

cherusker

I was wndering if you had anything to report on your experience with FP.

 

[cherusker]

cherusker

I was wndering if you had anything to report on your experience with FP.

Well, I've been subscribed to their service since the beginning of September. The results so far have been very poor. Most trades go wrong and those few that go right don't outweigh the losses. I am no longer trading their recommendations, but simply following them on a test basis to see how my account would fare if I was to place live trades (not well at all!). That is probably the strategy more experienced traders would recommend anyway, whatever system you choose to trade or recommendations you choose to follow. Always forward test. A lesson I learned rather painfully: I am also signed up to LSTrader and oh MY did that go wrong... Always, always, always forward test. Yes, sir!