I’M talking about FXCM’s SSI indicator. If you aren’t skilled at technical analysis, or you are a budding trader, this one indicator can really help you get in the right direction for the day.
Essentially, as one of the world’s largest brokers, they have an “unfair” advantage that they make available to the informed public. Their systems analyse the percentage of retail longs and shorts, and collate that information. They then use that as a basis for identifying the likely direction of major currency pairs. HOW?
They assume retail traders as a group are chumps, and that when they buy, it’s time to sell…
…and vice versa. You get the idea – the crowd is usually wrong. So, by going counter to them, they take the money of uninformed traders. (Hopefully, anyone reading this blog is informed or will be by the time they finish with us!)
The Good News: Now, you can get this from the DailyFX Plus website. You will, however, need to have a live account (no real minimum needed other than the usual requirements) for access. Last time I checked, however, they were giving out passes for limited periods.
How to read and analyse that information? They crunch it for you on a daily basis. Follow it for about a week and you will get the hang of it. Nothing is ever 100% correct, but on my observations, this has done pretty well.
With best wishes for your trading,
Private Fund Trader/Head Trader Consultant
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