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FOREX Day Trading A Great Way To Wipe Out Your Equity Quickly
There is no better way to wipe out your equity quickly than FOREX day trading.
I read all the time about how great FOREX day trading is, but never seen anyone able to give me a real time long term track record. The reason of course is: FOREX day trading is based upon logic that is simply ridiculous and dooms it to failure. So why do day traders lose? Consider this: Day traders think they can predict movements in short time frames, but all short term moves are random and volatility can (and does) take prices anywhere. If all the moves in a day are random you have no chance of making money as support and resistance points are meaningless. Trillions of dollars are traded daily by millions of participants and to try and predict where prices will go in short time frames is laughable. Support and resistance levels are NOT valid Day traders try and work off support and resistance levels and continually get stopped out as volatility can and does take prices anywhere. So you have a high probability of being stopped out and day traders pile up a huge number of small losses. Occasionally they get a winning trade (more by luck than judgement) but of course they snatch any profit they can get as running profits is totally alien to day traders. The result is a wipe out of equity and it normally happens quickly. What about all the day trading systems promising gains? Most of these are sold by people who have never traded and rely on enticing copy to sell their systems, or failed brokers looking to appeal to the greed and ignorance of buyers. These day trading systems NEVER come with real time track records they come with hypothetical track records. If you dont know a hypothetical track record is one those us done in hindsight knowing the closing prices! Well thats hard; my seven year old daughter could do that. The fact is day trading is simply a great way to lose money quickly and it is surprising how many traders fall into the trap of trying to win at it Dont make the same mistake, unless you want to lose your account equity quickly.
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