It is common knowledge that analytics is a vital source of fresh information and trading tips. However, as it happens, traders have to rely mainly on their own hand-made analysis which is a blend of a gut feeling, experience, and random knowledge. Amazingly, even this mishmash can bear fruit. An alternative option to individual analysis is materials available on forex-related web portals, websites of brokers, and trading forums. Unfortunately, this is a dubious alternative. In fact, 90% of the content comprises either superficial reasoning from the same beginners like you who tend to make wrong guesses, or bombastic analysis for the sake of impressing others that looks like a professional text whereas authors do not care about plausibility and clarity of their “tips”.
Oddly enough, this is not the worst case. Sad to say, analytics from brokerage firms has gained ill fame. The thing is that posting wrong forecasts on their websites, brokers deliberately confuse traders. Alas, this is the common situation. They do this way to make speculators trade against the market that is in the opposite direction to the actual price move. In other words, brokers induce traders to make losses.
Nevertheless, you should not neglect such an efficient tool like analytics. The 90% of junk analytics was mentioned above. So, the remaining 10% is that quality market analysis to benefit from.
You may wonder where you can look up this 10% of quality and easy-to-understand analytics. First, you should not trust forums and websites of small brokers, and even trading-related websites which are visited by fewer than 50,000 users per day. Second, a large broker publishes regular forecasts and market reviews which are provided on a daily basis by a team of at least 10 analysts. The information on these analysts is available on other web resources apart from that broker.
If you are lucky enough to come across such a broker with reliable analytics, let’s discuss the second point, i.e. clarity. Quality analytics is not only a review based on fundamental or technical analysis, but also a material which can be digested by a beginner who has a vague idea of Bollinger bands and Japanese candlesticks. Analytics is a hard nut to crack and does not require sophisticated words to express ideas.
A good example of the right analytics is the analytical unit with InstaForex, one of the internationally recognized brokers. The company has been providing its clients with quality analytics for 13 years. The broker cooperates with savvy traders and forex experts.
Nowadays, 25 analysts from all over the world post daily reviews on the broker’s website. Each of them is a trading practitioner with vast experience. Thus, their original analytics is a mirror of their own trading efficiency. Another weighty argument is that none of InstaForex analysts is known as a person in need. As for the simplicity of narration, anyone will easily understand 18 out of 25 analysts. When it comes to the other 7 analysts, you are sure to grasp their point half a year later on condition of active trading. So, you will appreciate their analytics in full a bit later.
In fact, this is not the gist. Anyone would agree that the great value of analytics is that it works well right now. Here is the experiment for you. Choose several InstaForex analysts and follow their recommendations for a few days in a row. Try to trade according to tips of one of them for the first three days. The next three days, follow advice of another. Eventually, test the third analyst for another three days. Once the experiment is over, reckon the number of profitable and losing days as well as the overall gains and losses. Then, you can judge which of the analysts brought you the highest profit. Anyway, we are sure that your total balance will be positive.
To sum it up, the essential thing is to tell the difference between quality and junk analytics. It does not make sense to give it up if you have had bitter experience. Anyone can disguise oneself as an analyst and write a couple of phrases. So, make sure you trust professionals working for large brokers who care about earnings of their clients and their own fine reputation. This is the only source where you can find the right analytics for the right income.