This is why so many people are lured into day trading as it is often seen as the holy grail of trading, the one that can make you rich overnight.
It is no surprise then that in recent times the internet and even TV has become swamped with people toting their latest day trade system and how it can make you rich overnight, I wonder then how many of these vendors would run for the hills if someone were to ask them for actual proof of income from using the system? I'll bet it would be a lot! Dealing in foreign currency, stocks and shares or any such market is akin to gambling.
You are basically gambling on whether the prices go up or down, ofcourse this is a rather educated gamble.
To do this you will need to watch the market trend to get a feel for it.
The longer you watch the market trend for the more accurate your predictions will be.
The problem is in the forex market time is money and waiting too long can mean missing great opportunities.
There are many people out there who will tell you that you can predict market trends after watching the market for just a few hours, personally I think this is more akin to a leap of faith than actual research.
The trader even when armed with the very best day trade system will make wins and make losses what is important is to make more wins than losses as there is no way that you will make enough profit in a day (unless you are very lucky) to stay afloat very long.
There are many software packages and a whole bunch of day trade systems out there to help you along the way, it is nigh on impossible for a machine to predict exactly what is going to happen in a short space of time.
The best advice I can give you if you want a solid day trade system is to get an online trading account that comes with software to make your life easier and then use a demo account to ensure your profitability until you are entirely comfortable to start playing for real with your own hard earned money.
There are many books out there on forex trading both on and off-line and I would suggest that you read as much about day trading as you can if you are new to this exciting career.
It is no surprise then that in recent times the internet and even TV has become swamped with people toting their latest day trade system and how it can make you rich overnight, I wonder then how many of these vendors would run for the hills if someone were to ask them for actual proof of income from using the system? I'll bet it would be a lot! Dealing in foreign currency, stocks and shares or any such market is akin to gambling.
You are basically gambling on whether the prices go up or down, ofcourse this is a rather educated gamble.
To do this you will need to watch the market trend to get a feel for it.
The longer you watch the market trend for the more accurate your predictions will be.
The problem is in the forex market time is money and waiting too long can mean missing great opportunities.
There are many people out there who will tell you that you can predict market trends after watching the market for just a few hours, personally I think this is more akin to a leap of faith than actual research.
The trader even when armed with the very best day trade system will make wins and make losses what is important is to make more wins than losses as there is no way that you will make enough profit in a day (unless you are very lucky) to stay afloat very long.
There are many software packages and a whole bunch of day trade systems out there to help you along the way, it is nigh on impossible for a machine to predict exactly what is going to happen in a short space of time.
The best advice I can give you if you want a solid day trade system is to get an online trading account that comes with software to make your life easier and then use a demo account to ensure your profitability until you are entirely comfortable to start playing for real with your own hard earned money.
There are many books out there on forex trading both on and off-line and I would suggest that you read as much about day trading as you can if you are new to this exciting career.
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