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Forex day trading is popular but it's one of the best ways to lose your money. Try and find a day trader with a track record of real gains (not a simulation in hindsight) and you won't find one. Why? Because:
It doesn't work.
You will see numerous e-books and forex trading systems advertised all with great copy and a track record - but check the track record disclaimer and you will see that there all done in hindsight.
Here is a standard CFTC disclaimer:
"Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. 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 show".
Well could you make a profit knowing the closing prices?
Of course you could and so could a child.
The reality though is we don't have the benefit of trading backwards when we trade forex, we have to trade not knowing the prices and that's a little more difficult.
So why doesn't forex day trading work?
Quite simply - all short term volatility is random.
Because of this, support and resistance levels are meaningless and you can never get the odds on your side.
If you think about this its common sense - you have millions of traders all trading with different viewpoints and methods and to say that you can predict what they will do in a few hours, or a day session is ridiculous.
So why are forex day trading systems so popular?
There mostly promoted by marketing companies NOT traders - it makes a good story but so to does Harry Potter but that's all it is a story.
Forex day trading appeals to lazy or naive traders, who think forex trading is simply a walk in the park - no effort required, spend a few hundred bucks and get rich!
Well forex trading is not that easy and you wouldn't expect it to be with the huge rewards that can be made.
If you want to trade successfully then you need to get the odds on your side and that means trading longer term meaningful data - not random data where you may as well flip a coin.
Trading success is based upon a logical method that takes into account the odds.
To be successful in life (not just forex trading) accept the fact that no one else will make you rich. Sure you can take advice - but never follow anyone blindly, you need to understand what you are doing and make sure you are trading the odds!
If you don't, you won't have confidence. If you don't have that, you will never make money, as you won't have the discipline to follow your method through inevitable losing periods, to achieve long term currency trading success.
So the next time you see a day trading system with a simulated track record - think twice before investing in it.
If it has a real time track record over a few years of profits by all means consider it - but if you find one let me know, I have been looking for 25 years and not found one!
If you want trade successfully forget forex day trading, trade the odds and that means using longer term data.
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