Forex Day Trading - Want to Try It? Then Get Ready to Lose

By: Kelly Price

One of the biggest myths in forex is that day traders make money longer term - they don't and if you don't believe me then consider these two facts:

Fact 1 - No Valid Data to Work With

Trillions of dollars are traded daily by millions of different participants and to believe that you can work out where prices may go in a day is laughable.

The data is to short in time span and support and resistance levels are meaningless and cannot be traded.

Volatility is random in short time spans, prices can and do go anywhere and day traders lose over time.

Fact 2 the Evidence

You may not believe the above is true and to be fair, there is a lot of information on the net about how you can scalp profits each day, make a monthly income and predict daily support and resistance with scientific accuracy - but this is just hyped advertising copy and there is nothing to back it up.

Of course, you do get a hypothetical track record (done in hindsight knowing the closing prices) well my 12 year old daughter could make a profit! The problem is you need to trade going forward and you don't have the luxury of knowing the closing prices.

Ask this question of any vendor selling a forex day trading system:

Can I see your track record of real profits over 2 years or more?

See if you get one and let me know if you do - won't hold my breath though.

Fact is the vendors tell a good story and appeal to the greed of buyers and make a guaranteed profit selling them the system and the forex trader who trades it makes a guaranteed loss.

I have been a trader for 25 years and NEVER known a day trader win longer term and am suprised people buy courses and systems without looking for a track record.

Vnedors offer you in many instances your money back if the course doesnt work for you but that's not much consolation when your trading capital gets wiped out!

Avoid day trading and look at longer time spans - forex trading is an odds game and to trade the odds you must have data that can put the odds in your favor and forex day trading wont do that - period.

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