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Here we are going to look at the facts in relation to forex day trading that are essential to learn if you do not want to lose your money. Lets look at forex day trading in more detail and how to make money from it.
You will see more adverts for forex day trading systems than any other method of trading and the headlines are enticing: “scalp 100 pips a day, make a regular income, make 100k per annum” etc
FACT: All Daily Volatility Is Random
The problem is that Forex day trading simply doesn’t work and the above headlines are simply advertising hype. These vendors making money selling systems to naive or greedy traders not trading their systems!
So why doesn’t day trading work?
Well it’s pretty obvious and common sense the time period is to short.
All volatility in daily time frames is random and support and resistance levels are meaningless – you can’t get the odds in your favour so you will lose – PERIOD
If you think about it there are millions of traders trading trillions of dollars each day and to say that you can predict what this diverse mass will do in a few hours is laughable.
If you don’t believe that day trading doesn’t work try this task – Ask any vendor selling a forex day trading course for their real time track record of profits over two years and see if you get one.
Get ready for a long search!
Of course you won’t get one because these systems are never traded by the vendor.
What you will get are testimonials (friends or made up) or a hypothetical track record of outstanding profits which is not worth the paper it’s written on.
For those of you who don’t know what a hypothetical track record is - its one that’s done in hindsight, knowing the closing prices – well that hard!
Let’s see - if I knew the prices in advance I would be a multi millionaire but we don’t know the price in advance and it’s a lot harder in the real world!
The biggest myth in currency trading is that you can make money in Forex day trading – You cant.
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