The question in the headline might seem funny to some. What else is the trader involved in when opening the platform, if not analysis of the situation?!
It isn't as simple as it might seem. Terms 'analysis' and 'analytics', how similar they might sound, have their own shades of meaning in the trading slang. As a rule, analysis means technical analysis using a variety of indicators and geometric figures. On the other hand, analytics means fundamental analysis based on consideration of macroeconomic, financial, political news...
Analytics (fundamental analysis) is traditionally believed to be the lot of long-term traders and investors. In short-term and medium-term trading, however, global factors, of course, do have an impact on the movement of market instruments but, as a rule, quite unexpected which means they cannot be treated as elements reinforcing the trading system. But I am deeply convinced that any normal trader (even a scalper) looks every day at least at the economic calendar and, in this way or another, takes global factors into account when making trading decisions.
This is probably why every broker offers analytics of fundamental figures on their website. Market Leader has monitored analytical sections of different brokers' websites to find out that only FOREX MMCIS group approaches this segment of its operations seriously and thoroughly. The company has gone much farther than the rest. To start with, any person can read all data for each specialist from the company's analyst team which, you will agree, is very important because here you read specific opinions of specific people rather than somebody's impersonal reviews.
But this only the beginning. The Analytics tab of the company's website quite differs from similar sections of other DCs' websites. Let's have a more careful look.
Fundamental analysis. Apart from traditional daily and weekly reviews of news and the economic calendar, the section includes analysis of the stock market and, quite interestingly, analysis of the dynamics of basic interest rates. This is among the most important figures monitored by probably every trader. But I have never seen a DC monitoring its dynamics and publishing analytics on a consistent basis.
Technical analysis. This is an interesting section any trader, particularly the beginner, needs. Technical analysis of major currency pairs and currency futures is done every day using eleven (11) popular analysis tools. Sliding channels, wave analysis, trend analysis, Ichimoku clouds. Such analysis from professionals is a great find for traders, especially beginners! Analysis is given separately for each technical tool which allows taking opinions of FOREX MMCIS group experts into account within a wide variety of trading systems that use certain technical elements from the covered list.
Analysis of commodities markets. This is a very wanted section that includes analysis of the oil, metal, grain markets - all strategically important positions having significant impact on other markets.
Additional information is not directly related to analytics but extremely useful. Current interest rates in leading countries, hours of trading sessions at global exchanges, the calendar of holidays of different countries, CB meetings - all the information that any trader should be aware of.
I couldn't help it and contacted the representative of the Analytics Team to clarify a couple of issues I was interested in.
ML: How seriously does your Team approach technical analysis? Because daily analysis for a large number of such different technical tools requires a high level of professionalism.
FOREX MMCIS group: Of course, when hiring people, we try to check our future employee as much as we can to see if they have the expertise and skills to work as an analyst. In addition, you will agree that analysis of how accurate daily forecasts are during their first month of work helps to easily determine the employee's professionalism and decide whether the company will continue working with them.
ML: Does the company monitor the likelihood of your forecasts being right? If yes, what are the results?
FOREX MMCIS group: The accepted accuracy of analytical forecasts is at least 50-70% depending on the term. I would like to remind you, however, that the trader should never blindly trust forecasts. On the contrary, he or she should always analyze the current situation in the market.
To summarize, I can say (absolutely sincerely) that I was pleasantly surprised at the FOREX MMCIS group's approach to analytics. They are way more serious that many other brokers. Of course, any experienced trader has their own attitude to such information and reviews. But I think this is in many cases caused, to put it mildly, by a light-headed attitude to this important issue which other dealing centers frequently demonstrate. Acquaintance with FOREX MMCIS group's approach might change what many traders think of this analysis segment. I can say with confidence that FOREX MMCIS group's analysts do their best to make traders' lives easier. At any rate, I decided to look at the FOREX MMCIS group's website more often and check my opinions against those of this company's analysts. Who knows, this might become a mandatory element of my trading system with time.
