If you are considering forex scalping or day trading, then you need to reconsider your options - it doesn't work and all the systems you see fail in real time. If you wondering why read the disclaimer below and you will see:
"CFTC RULE 4.41 - Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown".
They simply haven't been traded - there put together from past data in imaginary trades. Well that's no indication of profits and if you're like me you would want to know a system has made real money.
So why haven't the vendors traded them?
After all they want you to trust something they claim will make big money (and show track record even though it's not real) and you would think, they would have the confidence to trade what they promote. The reason they don't is they don't have the confidence they will work and rely on selling systems to make money.
In fact forex day trading systems are based on logic that is totally flawed.
Sit back and think about this:
How many traders are trading currencies? Countless millions - all with different views, skills and aims and you are going to have to figure out what this diverse mass may or may not do, in a matter of hours - can you do it?
Try and see and you will fail because all the volatility in short time spans within a day is random. If you have random data, where prices can go anywhere and no technical tools work how can you make money?
You can't
Day trading is a good story but so to is James Bond - but a story is a story and reality is reality and the reality of day trading is, the odds are against you and you will lose in time. If you are still not convinced, try and find a long term track record of day trading profits over 2 years, supported by broker statements. Let me know when you find one of these, as I have been searching for 26 years and not found one yet!
Avoid forex day trading systems and trade longer term where you can get the odds on your side and win.
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