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If you are a forex day trader or considering it, then you need to know the above facts, if you do they will save you a lot of money. Forex day trading is more popular than ever but how do you make profits? Let’s find out.
If you look online you will find more forex day trading courses than any other type of trading methodology and they will all lose you money here’s why:
Let’s start first of all with the vendors who sell courses
1. Why are they selling them?
To make money for themselves! They don’t normally trade their day trading systems because they know they don’t work.
If these systems could produce regular profits they would be to busy making money for themselves and not have the time to bother you for a few hundred dollars they would be to busy making money.
2. The Evidence That day trading doesn’t work
If you ask for a track record of profits from any of these vendors you won’t get one – What you will normally get is a hypothetical track record of huge gains but this is done in hindsight - KNOWING the closing prices.
If I knew tomorrow’s price today, I would be a multi millionaire but of course forex trading is a bit more difficult - you have to work out where prices are going without knowing them in advance!
These vendors use great advertising copy to dupe people but the logic of day trading simply doesn’t work. Why? Because:
3. All short term volatility is random!
Day traders will claim that it’s not - but of course it is!
Volatility can and does, take prices anywhere in a day and daily support and resistance levels are meaningless. When day traders lose, they blame the system or the indicators they use, however if volatility is random, then it is of course the logic of day trading that is at fault - NOT the indicators.
If you think that you can make money day trading go ahead and try but you will learn a very expensive lesson and lose.
I would love a day trader to prove me wrong and produce a real time track record of gains over the longer term (3 years or more), but have the feeling I will be waiting for a long time.
The belief that you can make money day trading, is one of the biggest myths of forex trading and despite the evidence it doesn’t work, traders still think they can win at it – they can’t.
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