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Saturday, October 31, 2009

Forex Day Trading: Avoid It

By Jason Myers

The very popular time frame to deal in in Forex is within a day and traders attempt to scalp small regular earnings which turn into a huge earning over time. Let's look at Forex day trading in more detail.

There are millions and millions of traders, all trading with different techniques, different systems and most influenced by their emotions and the challenge of day trading is - to work out what they will do in a matter of hours or even minutes - sounds difficult doesn't it?

It's not hard it's impossible! In days gone by prior to the internet, the day trader could win and there were a select number of dealers, who had price and news prior to everyone else and could scalp a fast profit but today this benefit has not been available. The world wide web gives everyone the same price data and news at the same time and the amount of chances for scalpers has gone. A quick research of price instability, makes it clear why day traders do not win: All short term volatility is random so, you cannot key off support and resistance stages, which signifies that you can't trade with the odds on your side and that results to losses.

If you want to win at Forex and still trade immediately, try Forex swing dealing which trades overbought or oversold or if your closely controlled trader, get and hold the long term trends.

There are a lot of day trading programs out there on the internet, all promising they earn money but not any of them, offers a real audited track record of gains. All they posses are back tested simulations or create statements you're assumed to consider with no outside check. If you do find an audited performance tell me, I have been searching for 20 years and not found any one!

Avoid day trading and Forex scalping at all times or you will lose your money quickly. - 23212

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