Day Trading Systems - Spotting Price Direction and Daily Ranges
There are numerous e-books, gurus and systems that tell you this can be done and you can make big profits with low risk but can you? Lets find out.
The Market
In any single daily trading session trillions of dollars are traded by millions of participants all with different aims and objectives.
To calculate what will happen in a few hours or a day is literally impossible.
No one can accurately predict what will happen, so while support resistance and pivot points can be drawn and used they are of no use to you in making money.
Ever seen a real time day trading track record?
I haven't and neither will you find one.
The logic day trading is based upon simply doesn't work.
Vendors of day trading systems always use hypothetical track records that make great gains but there done in hindsight knowing the prices!
Anyone can do that.
Fact is, day trading is one of the dumbest ways of trading forex.
Volatility is random
Volatility is random in a day session and day traders constantly get stopped out, as support, resistance and pivot points they feel are important give way and hand them losses.
Who pays attention to daily support and resistance apart from day traders?
Any trader who is trying to make money from forex trading knows that you need to have accurate data to get the odds in your favour and daily data is of no use.
The bulk of people trading forex pay no attention to daily levels as they know there not important.
The reality is day trading systems dont make money
So next time you see a vendor trying to sell you a system that can accurately predict daily support resistance and pivot points ask them for:
A real time long term track record to support their claims.
Odds are you simply wont get one.
Vendors selling day trading systems are not stupid enough to trade their own system!
They will leave that to you and make money selling you the system.
They win, you lose its as simple as that.
Related Tags: day trading, forex trading system, forex profits, day trading systems. forex day trading
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