Don't get caught up in the Brexit poll madness
Just another quick warning on waiting for the polls
If it wasn't for the ICM poll delay we'd have had nothing to talk about since 11.30 this morning.
I'm still seeing a lot of repeat comments so here's a couple of points to remember.
- There is no real set schedule for poll releases
- The majority of polls are commissioned by our wonderful press. It's to fit their agenda of selling papers and getting page hits. The Guardian couldn't have asked for better press than entire markets hanging on the hook for this poll today. They've even been detailing the market moves surrounding the poll it on their live update page
- The opinion polls aren't the be all and end all of the Brexit vote
- Social media is good for watching for poll (and any other) news but it's bad for rumour starting and people jumping on old news thinking it's new
- Do not make a trading strategy out of theses polls. They are dangerous and can blow you up just as easily as make you profit
We had the exact same thing over the Scottish referendum and the general election. Is it right that these can have such an impact on markets? Why are markets really so stupid to get so heavily involved with them?
The answer is irrelevant to our trading. The polls come and the market moves. That's the one certainty we've got. As traders if we know how the game works we know how to acclimatise to it. If you're trading the pound right now then you should most certainly know what you're getting yourself into. There are no excuses if you lose money because a poll blew you up.
There are plenty of other currencies you can trade and plenty that have less exposure to the vote and the pound will still be here after the vote.
Trading is about being in control, and there's only one person responsible for that...you.
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