http://www.learncurrencytradingonline.com This video looks at the popular myth of day trading Forex for a living and scalping, regular pips for profit – why its so popular and why it doesn’t work. Forex day trading from home is promoted as an easy way to make money but currency trading is just like any other business – you have to have a plan, the right strategy and mindset to make long term profits.
The problem with any trading system which aims to trade short term i.e. scalp pips within a few hours or to only keep positions open in a day is doomed to fail – why? Because all the market volatility that occurs in the short term time frames of a few hours or less is just random noise and you can never win.
There are a huge amount of scalping and day trading systems, software and automated robots promoted online but none of them work. In fact Forex brokers also encourage trders to use scalping and day trading as a way to make money trading Forex and this is becuase, they make commission and pips on all trading signals transacted. They dont have the clients interests at heart but their own bottom line profits.
Sure day trading the Forex markets is popular and most beginners fall for the myth of easy profits to be had but its a myth – the real reality is – day traders are guaranteed to lose their trading accounts over the long term.