Day Trading - Why You Will Never Succeed
- Date: 2007-07-28 - Word Count: 421
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It constantly amazes me when I see people write about day trading and how you can make regular profits and beat the market. Try it and the market will beat you and take your equity. The reason you can't win is:
All short term volatility is random.
This means that support and resistance levels in daily time frames are meaningless and you can't use them to get the odds on your side.
If you see a day trading system advertised ask this simple question:
Can I see your real time track record of profits over 3 years?
I will tell you now you wont get one - you may get a hypothetical one (but that's done knowing the closing prices!) so it's worthless.
If there is no real time track record why would you buy any system?
Would you take driving lessons off someone who had never passed their driving test? Of course you wouldn't but in forex trading when people buy day trading systems that's exactly what they do!
It's obvious that if these guys could really make money, they would keep quite and would be making themselves millions and not bother you for a few hundred dollars.
More novice traders pick day trading than any other method despite the fact that their GUARANTEED to lose.
The reason they do this is greed and they believe what their told, by so called gurus and mentors or who have never traded in their lives.
These vendors rely on hyped advertising copy to sell their systems - They win the client losses, pure and simple.
A Better Way to Trade
Is to forget day trading and either swing trade (look for trades lasting around a week) or follow long term trends that can last months or years.
Both will give you data where support and resistance levels can be traded with the odds on your side and the one you choose is a matter of personal preference.
Trading is an odds game, nothing more.
That doesn't mean you can't win you can and traders can and do make a lot of money if they trade with the odds on their side and that means avoiding day trading.
People buy day trading systems and believe the hype that achieving currency trading success is easy but they soon get a reality check, when they lose all their money.
Don't fall into the trap of trying to day trade!
In conclusion, avoid day trading pick a method where you can get the odds on your side and do your homework.
All short term volatility is random.
This means that support and resistance levels in daily time frames are meaningless and you can't use them to get the odds on your side.
If you see a day trading system advertised ask this simple question:
Can I see your real time track record of profits over 3 years?
I will tell you now you wont get one - you may get a hypothetical one (but that's done knowing the closing prices!) so it's worthless.
If there is no real time track record why would you buy any system?
Would you take driving lessons off someone who had never passed their driving test? Of course you wouldn't but in forex trading when people buy day trading systems that's exactly what they do!
It's obvious that if these guys could really make money, they would keep quite and would be making themselves millions and not bother you for a few hundred dollars.
More novice traders pick day trading than any other method despite the fact that their GUARANTEED to lose.
The reason they do this is greed and they believe what their told, by so called gurus and mentors or who have never traded in their lives.
These vendors rely on hyped advertising copy to sell their systems - They win the client losses, pure and simple.
A Better Way to Trade
Is to forget day trading and either swing trade (look for trades lasting around a week) or follow long term trends that can last months or years.
Both will give you data where support and resistance levels can be traded with the odds on your side and the one you choose is a matter of personal preference.
Trading is an odds game, nothing more.
That doesn't mean you can't win you can and traders can and do make a lot of money if they trade with the odds on their side and that means avoiding day trading.
People buy day trading systems and believe the hype that achieving currency trading success is easy but they soon get a reality check, when they lose all their money.
Don't fall into the trap of trying to day trade!
In conclusion, avoid day trading pick a method where you can get the odds on your side and do your homework.
Related Tags: day trading, forex, currency trading success, forex day trading system, currency day trading system
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