More novice traders are attracted to day trading than any other time span and most start with a forex scalping system, bought from a vendor and then they lose. You can't win with forex scalping for the following reason....
If you want to win at forex trading, you need to get the odds on your side and this means isolating areas of support and resistance to key off and you can do this in long time frames but not within a day - it's a fact all daily volatility is random, so you cant trade the odds and that means you cant win.
If you think about it its pretty obvious daily volatility is random.
Think of the vast, diverse amount of people who trade forex and there are millions and millions of them. They use different forex strategies, are all unique and most are influenced by the emotions of greed and fear and you are going to have decide what this mass is going to do in hours or minutes? It's a futile exercise, doomed to faliure.
But you may say I have seen a forex scalping system and it has a track record of gains and looks really good!
Sure you have, but you need to check the small print and you will see the track record is simply a back test on data NOT real money, so it isn't really a track record, as you can't spend paper money!
You Can Win at Forex
Not by day trading or scalping - but by looking at longer time periods.
If you still want to trade short term, you can but you should look at currency swing trading. You can get the odds in your favour and trade moves, that typically last a few days to around a week.
Swing trading is easy to learn, is exciting and unlike day trading with a forex scalping system, you can win and enjoy currency trading success.
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