Long term you won't make money if you try forex day trading, as you can never get the odds in your favor however more traders try day trading than perhaps any other method. Let's look at why it can never work - yet still remains so popular.
Day trading doesn't work simply because all short term volatility is random and prices can and do go anywhere in a day session. If you try and use support and resistance you are going to lose - because volatility is random and these levels are of no use whatsoever - this should be obvious to anyone - but forex day traders don't see it.
You have millions of traders trading trillions of dollars and to say you can measure what this huge mass of people are going to do in a short period of time is absolute nonsense.
So why is day trading so popular?
Quite simply it's a good story and appeals to greedy and naive investors who are duped by marketing companies selling day trading systems, with track records that show amazing profits but they all have a problem - none of them have track records that are real, they are all simulated knowing the closing prices!
How hard is that?
Anyone would be a millionaire if they knew tomorrows price today - but forex trading is a bit more difficult.
When you see a track record of amazing gains look at the small print and you will normally see a disclaimer like this standard CFTC one
"cftc rule 4.41 - 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 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".
Put the above disclaimer on a track record and a vendor can say anything they want and of course they do. These track records never lose in hindsight but of course in the brutal world of real trading they get destroyed.
Day traders think that within a day they reduce risk - but of course there is no point in have a small risk to your stop if you have a high probability of it being hit!
Day traders get lots of small losses that simply eat into and destroy their equity.
If their lucky enough to get a profit, they take it quickly which of course breaks the fundamental rule of trading - run your profits, to cover your inevitable losses.
Day traders lose and wonder why but the reason is obvious - they simply can't get the odds in their favor - PERIOD
The Way To Win
If you want to win at forex trading you must get the odds in your favor and this means using reliable data. If you like the excitement of it try forex swing trading, if you are more patient try long term trend following.
Both the above will allow you to trade the odds and enjoy currency trading success so try these methods and do not try forex day trading.
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