Forex Day Trading - Will Lose Money for you Quickly!
FOREX day trading is big business and there are plenty of FOREX day trading systems tip sheets and guru's who will promise you they can make you rich.
The problem is odds are you won't make money and ask anyone selling to you to show you a real time track record chances is are you won't get one!
FOREX day trading sounds good in theory but doesn't work in practice. Here's why.
Currency movements tend to reflect the underlying economic climate and interest rate outlook of the countries currency and they trade long term. Short term movements within a day are random and are the same as flipping a coin.
Even if you think you can day trade FOREX, consider one of the fundamental laws of trading:
Run your profits and cut your loses
Well in day trading, a short trading session is all you have to make money in before you close your position.
You will never be able to run your profits long enough and make enough money to cover your inevitable losses.
When you add transaction costs to losses and subtract them from profits, FOREX day trading will soon empty your account of money and leave you with losses.
It would seem fairly obvious that FOREX day trading on the whole stacks the odds against you, but investors still buy day trading courses and systems through greed and ignorance.
So why is day trading so popular?
Simply people think it restricts risk, but on the flip side it restricts profit as well - and you need to take risk to make a profit - there is no free lunch.
If you can't run profits enough to cover your losses you will lose pre and simple.
Day traders think they are restricting risk but really they are creating it and stacking the odds firmly against them.
Many people who sell the concept of FOREX day trading are also linked to brokers, who pay commission to them on each transation and there is no better commission earner than someone trading every day.
Fact is, if you want to make money in FOREX Don't day trade - Do what the pro's do, catch the bigger profits from the longer term moves.
Have a day trading system on my computer, says its 91% accurate and will cost me just $99.00!
Wonder if I should buy it?
On second thoughts, Let's give it the benefit of the doubt and ask for the real time track record.
Wonder if I will get one?
Related Tags: day trading, forex trading system, forex, currency trading success, forex day trading
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