Forex day trading and scalping is promoted heavily online and the objective is to -keep losses small and earn a regular income. This is the dream the reality is a swift wipe out of equity for the reason that is enclosed.
Ask yourself this simple question:
There are millions of traders all over the world and there all using different Forex trading strategies, all have different aims, skill levels and are influenced by their emotions, so how do you decide what this mass of people are going to do, in a few hours or minutes?
The answer is of course, you can't! its rubbish to say you can and the facts simply do not support this view. All volatility in these short time frames is totally random, so you can't use support and resistance levels, can't get the odds in your favour and sooner or later, you are going to lose all your money.
Ok you maybe saying but I have seen the track records of Forex day trading systems sold by vendors and they show a profit. Sure they do - but check the disclaimer and risk warning and you will see there not based on real time trading, there simply a back test over historical data.
Making money in a back testing scenario is easy - but you don't get to know the closing prices when you trade for real and this is the real world.
Vendors who back test systems, can show anything and they do, to sell their systems.
If you really want to make money, forget forex scalping or day trading systems and trade longer time frames where, you can get the odds on your side.
Get the right Forex education and learn to Forex trend follow.
Look at any Forex chart and you will see trends that last for weeks, months or years and you should base your Forex strategy around catching them and turning them into profit.
So forget short term trading and get the odds on your side, by catching the big profits from the big moves and you can enjoy Forex trading success.
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