This is my first post...
First, thank you all very much for the education you provide on daily basis. I am new to the game and have been a sponge trying to understand the charts, analysis, etc. that are posted in this forum.
I took a big hit yesterday (my stupidity) and would really like to make up part of it tomorrow with the NFP. While I have never traded the NFP before, I have been trying to learn about how to do it.
One strategy I saw that I want to run by the forum is the following:
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Open 2 trades (one long, one short) 5 - 10 mins before the NFP release. THe long would open 20 pips ahead of whatever the price is 5 - 10 mins before the NFP release and the short would open 20 pips lower than than the price 5 - 10 mins before) -- each having a 20 pip s/l. So a loss is inevitable on one trade, but it looks like the winning trade would profit well.
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That seems very simple, so I am missing something?
Most of you are probably pros in knowing how to make a sizable profit on the NFP. I would be most grateful for any strategies out there on how and when to enter trades to accomplish that goal.
Again, thank you all, for the education you bring to this forum and congrats to those who profited from today.