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Having been a forex trader for 25 years it amuses me when I see writers defend day trading. They say it really can make money! - Of course they have no track record to back it up just empty words. Fact is you are guaranteed to lose in day trading for one simple reason:
All Movements in Short Time Frames Are Random
Trillions of dollars trade hands each day and million of trader’s trade, all with different objectives and opinions and to say that you can predict what they do in a few hours or a day, is ridiculous. You can’t.
Volatility takes prices anywhere in a day and support and resistance levels are meaningless, so you would have the same success rate flipping a coin.
It’s absolutely impossible to get the odds on your side – PERIOD
This is of course why you NEVER see any of the vendors selling these systems give you a real time track record – Why?
Because they don’t dare trade it!
They would rather write some enticing copy and appeal to the greed and naivety of traders and make their money selling you the system – they win you lose – period.
But I have seen a track record you may say and yes will have, but it’s NOT real.
If you check the disclaimer on it you will see there all hypothetical!
What does that mean?
It means done in hindsight knowing the closing prices!
Now who can’t do that it’s not exactly hard.
If we all knew tomorrows price today we would all be millionaires but we don’t – and neither do we know what will happen tomorrow, so there not worth the paper their written on.
Day trading is a good story but the logic doesn’t add up and the biggest lie about day trading is you can make money at it longer term.
If you could you would see a track record or the vendor would shut up and trade it himself and not need your few hundred dollars.
If you want to win
Appreciate that trading is an odds game and to trade the odds you need to trade over longer periods ,where the data is valid and you can have a chance of getting the odds on your side.
Finally
Don’t day trade, get real and trade with the odds on your side.
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