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A huge number of traders try day trading strategies but which are the best to lead you to currency trading success? Let's find out ...
The aim of any Forex day trading strategy is to make small regular profits and use tight stops, to build a long term income. Day traders think that this restricts risk and increases long term profit potential but is this logic correct?
Ask yourself a question:
Any currency price is made up of the views of millions and millions of traders, these traders all have different opinions, skills, trading systems, motivations for trading and are all influenced to their emotions. So how can you work out what this vast mass of people, will do to price in minutes or hours? - The answer is you can't and day traders always lose money long term.
It's a fact that all volatility in these short time frames is random and support and resistance levels in daily ranges are not valid so you can't use them. If volatility is random, you're going to lose no matter how well thought out your system is.
In days gone by, floor traders and professionals had an advantage, because they had news first and could win at day trading. Today the internet gives everyone up to date information, at the click of a mouse and this advantage has gone.
There are lots of vendors selling day trading systems and they all claim you can win with them but they never produce a track record of real gains to support their claims. All they do to make profitable track records is run simulations over past data, knowing the closing prices and that's easy, trading without knowing the closing prices is the hard part of Forex trading!
If you want to win at Forex trading, don't day trade, look at longer term time frames where you can get the odds on your side and win.
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