Day trading forex is an incredible money losing system as we will explain later, but you need the basics of the currency and we are going to give you some tips to follow and some mistakes to avoid in order to make long term profits.
We’re going to start with some mistakes you should avoid:
- Day trading does not work. Volatility in the short term is random. We have never seen a day trader with a long-term successful track record.
- Forecasting is not effective. The reality is that prices change. A prediction is like a horoscope. Nobody knows the future.
- Markets do not follow a scientific formula. It’s a game of chance. You have to know and trade the odds if you want to make money here.
- Stay away if you can’t afford to lose. Trading on the Forex market is risky.
- You need to know how Forex day trading works and follow the forex trading system strictly.
- Journalists are usually wrong about major changes in the market.
- The theory of buying low and selling high does not work. Stay away from predicting highs and lows if you want to succeed.
- A simple forex trading system is better than a complex one.
Never be a day trader because volatility is random in the short term. The reality of the market is that prices change. Be prepared to lose. Do not believe journalists and many so-called experts. The following does not work: high buy and sell. Never renegotiate. This is a common mistake made by many new traders.