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If you look online you will see numerous vendors selling promising you day trading and scalping success but what do you need to win? Let's find out...
The industry that surrounds forex scalping and day trading that sells systems is huge and it sounds very appealing but if you strip away the gloss the logic doesn't work. We will look at why in a moment for now lets see why the track records always make money that you see and the warning below will give you a clue...
"CFTC RULE 4.41 - Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading.
Ah so they have never actually been traded and how much use are they? Well the conclusion of the disclaimer makes it very clear.
"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".
So you have someone who claims they can make you money but hasn't actually done it themselves so why can't they make money in real time?
Quite simply because forex day trading doesn't work.
It sounds good trading small moves with tight stops for profits and it would be a good idea if the volatility that occurs in any daily trading session was not random but it is. So if you place a stop using daily levels the only way you can win is by luck and your luck won't last forever!
You can apply the best systems, technical indicators and try as hard as you like but if you cannot use the daily ranges you're going to lose sooner rather than later.
Lots of people tell you that human nature can be predicted with science in short time frames but if the markets moved to science and we could predict then there would be no market, as of course we would all know the price before hand.
So if you want to trade forex and win day trading and scalping wont help you. You need to trade longer time frames.
Swing trading is a good option. You are trading valid data, you can have stops quite close and you have plenty of action. It's easy to learn fun to do and can be very profitable.
So leave day trading to the losers and don't believe the hype it doesn't work as the logic it is based on simply doesn't add up.
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