Currency day trading systems are big business online but novice traders keep making the same mistake and losing. Let's look at it...
The biggest mistake is to think that it works - it doesn't and here are two facts to consider.
1. Simulated Profits are Not Real Money!
The currency day trading systems that claim big profits are only presenting a simulation backwards and this is easy when you have the facts and can buy and sell in hindsight, anyone can make a profit even a child. Look at the disclaimer and you will see the words hypothetical and simulation on all the systems sold by vendors. If you find a real one tell me about it, as I have been looking for over 20 years and have yet to find one.
2. All volatility in Daily Time Frames is Random
You can see this on any currency chart and as this is so, you cannot use support and resistance levels to trade off, as they are not valid and the net result is a loss as you cannot get the odds on your side.
If you think about it the aim of day trading is impossible consider this:
Numerous millions of traders, all around the world, are trading and they all on mass make the final price. They are using different strategies, have different skill levels, aims, objectives and are to a degree, governed by the emotions of greed and fear. You are going to have to work out, what they might do in a matter of just hours, or minutes and that's just not possible.
You will hear some vendors claim prices move to some Hocus Pocus theory of science or natural order and the far out investment crowd love these theories - but if there was a scientific theory for predicting prices, there would be no market - as we would all know what would happen in advance!
How to Enjoy Currency trading Success
You need to forget currency day trading systems and think longer term. If you like short term trading, try currency swing trading, which trades moves from a few days to a week. The alternative is long term trend following which looks for trends of weeks or months in duration.
You then need to see Forex as an odds game.
Trade high odds scenarios, when the odds are on your side and don't predict simply trade the reality of price change. Sure you won't win every trade (that's impossible anyway) but if you keep your losses small and run your profits, you can make a lot of money.
So if you want to win get the right currency trading education and trade longer term and leave the currency day trading systems to the naïve or greedy traders who lose money and get a sound odds based currency trading strategy and enjoy success.
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