Forex day trading and success are a total contradiction in terms – day traders don’t make money. If you want to prove this, just ask anyone selling a day trading system for a real track record – you won’t get one. Why? Let’s take a look.
If you want to trade and win you need to be able to take calculated risks when the odds are in your favour and you cannot do this in day trading, as you have no reliable data.
Countless millions of traders all with different opinions trade trillions of dollars per day and to say that you can measure market movement in just a few hours or a day is ridiculous – you can’t.
Prices can and do go anywhere in a day and support and resistance levels are meaningless.
You may as well flip a coin it will be just as effective.
FACT - If you dont have relaible data you will lose over time its 100% certain - PERIOD
BUT I SEE GREAT DAY TRADING RECORDS ALL THE TIME!
Yes you do, but look at the track record and it will say:
“Hypothetical” and you will get a disclaimer.
In case you have never read one - it basically says that the track record is done knowing the closing prices!
Well that’s hard!
Let’s see if I knew tomorrow’s price in advance would I make a lot of money – of course I would. However, you don’t have the luxury of knowing the closing price when you trade though and you will lose.
Claims with No Proof to Back Them Up
I have always maintained that these hypothetical track records should be banned - There of no use at all.
Vendors use them to dupe people into buying forex day trading systems and normally throw in some outrageous headlines as well that never have any facts to back them up.
The vendor wins You Lose
The vendor’s don’t trade these systems (as they know they have no chance of winning) so they sell them to you take your money and you trade and lose.
The Myth & Reality of Forex Day Trading
The myth of making money in forex day trading is perhaps the biggest myth in currency trading – it’s actually a guaranteed way to lose and if you don’t believe me try and find someone who has made money at it.
Get ready for a long search!
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