Friday - trading the news release thingy

Wah lau....high impact news release trading, but for the 2 releases this evening I managed to get "whacked" by both. CAD Employment Claim plus Unemployment rate for Canada at 7pm followed by the mother of all news release Non-farm Employment report from US at 830pm.

The lessons learnt were that whatever personal's view doesn't really matter and that the market is always right and has it's own way to deal with over where it wants to go. For me....can only guess at best and hope my guess is right. For the set-up, it is to enter the market just a minute or two before the release plus set the SL tight enough for the widening of spread by the dealers/brokers during the release and still left enough for some wild swings but not too wide that will caused bigger losses! If the spike goes against you....then it is wiser to take the "hit" than to fight it. For this high impact release....the run can be more than 50 pips in less than a min. So...no point to have wide SL.

Btw it is any body's guess which way the market spikes? For the rest...of the forex traders, we can only hope for the best and hope our guess and set-up was "right".

The other good thing was that I closed all other orders and trades before the release to lock in and focus on my trading plan! I also tips from a few different top-guns traders, still "failed" and take a 25% hit for my fund. May have to do another top-up this coming week or left with not much bullets for another good fight! For forex....traders must be able to take "hits" then be cool enough to profit from it.