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Forex day trading is very popular and is probably the route most new forex traders try and the appeal is obvious - trading with low risk and building steady long term gains but how do you win...
The industry in short term trading us huge and there are numerous courses to train you and teach you the basics and they all have tremendous track records with low drawdown and huge long term gains. There is a problem though and it lies in this warning you will see:
"CFTC RULE 4.41 - Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading.
And
Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown".
Of course, there is a huge difference between knowing what happened and not and anyone even a kid can become a millionaire on paper.
In real time it's all a lot harder
Within a day trying to predict, to predict what a vast number of traders will do, in a time period of minutes or hours is impossible as the price can go anywhere.
To make money you need data that is reliable - it's as simple as that.
You need to be able to work out the probability of a price going in a specific direction on your forex chart and its plainly obvious you don't have decent data to work with and you cannot get an edge or the odds in your favor.
The odds are not in your favor and this means you are destined to lose.
Alas forex day trading is a good theory (if it worked) but it doesn't add up in practice and if you are not convinced, try and find an audited track record of a day trader over a few years - you wont find one, you will find day traders with simulations - but that's not hard crisp dollars, you can spend them. Don't trade short term, trade longer term and get yourself the right forex education, get the odds on your side and enjoy currency trading success.
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