| I just made 1000 pips yesterday daytrading the forex | | | | weekends you might take outings or just stay in but |
| market now let me show you how! Does that | | | | none of this is random. What you need is to |
| statement sound familiar to you. It seems these days if | | | | understand how to spot the different days and how to |
| you go online everyone and their grand mother has an | | | | capitalize on them to find success in daytrading the |
| amazing new system for daytrading forex. Before you | | | | forex market. |
| try any system it is important to know the 4 biggest | | | | 3. forex Daytraders don't make money: I see some |
| lies about successful daytrading so you can define | | | | traders declaring no one can really make money |
| what might workbest for you and your particular | | | | daytrading forex. There are by most accounts 2 trillion |
| situation. | | | | dollars plus changing hands on a daily basis in the forex |
| 1. Daytrading forex is just so risky: The simple fact is | | | | market. The fact is that in a market 2 parties make an |
| the longer you expose yourself to any market the | | | | exchange and one of them will leave with profits. |
| longer the timeframe will be for potential profit or | | | | Therefore considering the daily volume of trades on |
| loss.There are 3 things any market can do: | | | | the forex market someone is making money and not |
| Rise, Fall or Stay in a range trading | | | | just the position traders either. Again it is really just a |
| When you daytrade then you are agreeing to expose | | | | matter of taste and what your definition of Risk v |
| yourself in most cases for only hours to a market. | | | | Reward is for you and your financial situation. |
| There fore if positioned properly you can manage risk | | | | The BIGGEST LIE in forex Daytrading |
| just aswell as long term speculators perhaps even | | | | 4. The holly grail forex system that works Every day: |
| better because while the forex market is volatile and | | | | One of the biggest out right Lies in daytrading is that |
| will take on all the 3 characteristics mentioned above | | | | you can trade a particular currency every day and |
| during any timeframe by daytrading often there may | | | | generate a profit consistently. NO or at least not to my |
| be less of a drawback against you. Put simply by | | | | experience you can't and here is why. Suppose you |
| limiting your time in the market you don't set around | | | | are part of a corporate environment and go in to visit |
| long enough for bad news to get worse. The 80 - | | | | your boss one day. You quickly notice he has spilled |
| 100+ pip stops I am hearing some guys talk about in | | | | coffee on his shirt and the guy who came in before |
| their system just means they stay longer and have to | | | | you has ticked him off and you find out someone took |
| be willing to take $1000+ loss in order to hope for | | | | his parking spot in passing conversation. However you |
| larger gains long term. I am not saying this is good or | | | | just read a great new book entitled " how to go in and |
| bad it is just a matter of taste and finance if you can't | | | | ask for a raise and get it everytime". |
| take that kind of heat then you might want to cook in | | | | I bet if you try the suggestions in the book that day |
| a successful daytraders kitchen. I trade a system that | | | | and even if you execute it to the letter it will most likely |
| allows for only 20 - 30 pip stops and exposes me for | | | | not yield the desired results. This is an example of the |
| no more than 6 hours per completed trade. | | | | big day trading lie about a system that you can use |
| 2. Forex Daytrading movements are RANDOM: | | | | every day on the market to pull profits out again and |
| Another lie is that daytrading is so random no one can | | | | again. The point is that every day is different and with |
| do it successfully. I don't believe in random events at all | | | | that said you need a system comprised of various sub |
| and the forex market responds to news, technical | | | | systems that will be used for different days and that |
| analysis and investor sentiment to different degrees in | | | | will call you out 70 - 80% of the time because some |
| different timeframes. This can on the surface seem | | | | days the best deffense is simply not being exposed at |
| random but let me ask you what was the last random | | | | all. |
| place you ended up at on one given day? Probably | | | | Now that you know the biggest lies about forex |
| unless you have been kidnapped lately no answer | | | | daytrading. The next step is finding out the truth and |
| comes to mind because there is a method and a | | | | who is really making money daytrading, Why they |
| purpose to everywhere you travel and the same can | | | | make money daytrading and how can you join them in |
| be said for the forex market in any timeframe. | | | | doing so? You need to focus on the picture through |
| Some examples are on sick days you stay home | | | | the eyes of a successful daytrader and this article is |
| from work, on holidays you might sometimes travel a | | | | just a small step in getting you on your way. |
| long distance to visit friends and family and on | | | | |