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Forex Lies And Myths Revealed Are You Being Locked Out Of Successful Forex Day
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Kathleen Rutherford
Nov 11, 2009, 8:23:06 AM11/11/09
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I just made 1000 pips yesterday daytrading the forex market now let me
show you how! Does that statement sound familiar to you. It seems
these days if you go online everyone and their grand mother has an
amazing new system for daytrading forex. Before you try any system it
is important to know the 4 biggest lies about successful daytrading so
you can define what might work best for you and your particular
situation.
1. Daytrading forex is just so risky: The simple fact is the longer
you expose yourself to any market the longer the timeframe will be for
potential profit or loss.There are 3 things any market can do:
Rise, Fall or Stay in a range trading
When you daytrade then you are agreeing to expose yourself in most
cases for only hours to a market. There fore if positioned properly
you can manage risk just as well as long term speculators perhaps even
better because while the forex market is volatile and will take on all
the 3 characteristics mentioned above during any timeframe by
daytrading often there may be less of a drawback against you. Put
simply by limiting your time in the market you don't set around long
enough for bad news to get worse. The 80 - 100+ pip stops I am hearing
some guys talk about in their system just means they stay longer and
have to be willing to take $1000+ loss in order to hope for larger
gains long term. I am not saying this is good or bad it is just a
matter of taste and finance if you can't take that kind of heat then
you might want to cook in a successful daytraders kitchen. I trade a
system that allows for only 20 - 30 pip stops and exposes me for no
more than 6 hours per completed trade.
2. Forex Daytrading movements are RANDOM: Another lie is that
daytrading is so random no one can do it successfully. I don't believe
in random events at all and the forex market responds to news,
technical analysis and investor sentiment to different degrees in
different timeframes. This can on the surface seem random but let me
ask you what was the last random place you ended up at on one given
day? Probably unless you have been kidnapped lately no answer comes to
mind because there is a method and a purpose to everywhere you travel
and the same can be said for the forex market in any timeframe.
Some examples are on sick days you stay home from work, on holidays
you might sometimes travel a long distance to visit friends and family
and on weekends you might take outings or just stay in but none of
this is random. What you need is to understand how to spot the
different days and how to capitalize on them to find success in
daytrading the forex market.
3. forex Daytraders don't make money: I see some traders declaring no
one can really make money daytrading forex. There are by most accounts
2 trillion dollars plus changing hands on a daily basis in the forex
market. The fact is that in a market 2 parties make an exchange and
one of them will leave with profits. Therefore considering the daily
volume of trades on the forex market someone is making money and not
just the position traders either. Again it is really just a matter of
taste and what your definition of Risk v Reward is for you and your
financial situation.
The BIGGEST LIE in forex Daytrading
4. The holly grail forex system that works Every day: One of the
biggest out right Lies in daytrading is that you can trade a
particular currency every day and generate a profit consistently. NO
or at least not to my experience you can't and here is why. Suppose
you are part of a corporate environment and go in to visit your boss
one day. You quickly notice he has spilled coffee on his shirt and the
guy who came in before you has ticked him off and you find out someone
took his parking spot in passing conversation. However you just read a
great new book entitled " how to go in and ask for a raise and get it
everytime".
I bet if you try the suggestions in the book that day and even if you
execute it to the letter it will most likely not yield the desired
results. This is an example of the big day trading lie about a system
that you can use every day on the market to pull profits out again and
again. The point is that every day is different and with that said you
need a system comprised of various sub systems that will be used for
different days and that will call you out 70 - 80% of the time because
some days the best deffense is simply not being exposed at all.
Now that you know the biggest lies about forex daytrading. The next
step is finding out the truth and who is really making money
daytrading, Why they make money daytrading and how can you join them
in doing so? You need to focus on the picture through the eyes of a
successful daytrader and this article is just a small step in getting
you on your way.
show you how! Does that statement sound familiar to you. It seems
these days if you go online everyone and their grand mother has an
amazing new system for daytrading forex. Before you try any system it
is important to know the 4 biggest lies about successful daytrading so
you can define what might work best for you and your particular
situation.
1. Daytrading forex is just so risky: The simple fact is the longer
you expose yourself to any market the longer the timeframe will be for
potential profit or loss.There are 3 things any market can do:
Rise, Fall or Stay in a range trading
When you daytrade then you are agreeing to expose yourself in most
cases for only hours to a market. There fore if positioned properly
you can manage risk just as well as long term speculators perhaps even
better because while the forex market is volatile and will take on all
the 3 characteristics mentioned above during any timeframe by
daytrading often there may be less of a drawback against you. Put
simply by limiting your time in the market you don't set around long
enough for bad news to get worse. The 80 - 100+ pip stops I am hearing
some guys talk about in their system just means they stay longer and
have to be willing to take $1000+ loss in order to hope for larger
gains long term. I am not saying this is good or bad it is just a
matter of taste and finance if you can't take that kind of heat then
you might want to cook in a successful daytraders kitchen. I trade a
system that allows for only 20 - 30 pip stops and exposes me for no
more than 6 hours per completed trade.
2. Forex Daytrading movements are RANDOM: Another lie is that
daytrading is so random no one can do it successfully. I don't believe
in random events at all and the forex market responds to news,
technical analysis and investor sentiment to different degrees in
different timeframes. This can on the surface seem random but let me
ask you what was the last random place you ended up at on one given
day? Probably unless you have been kidnapped lately no answer comes to
mind because there is a method and a purpose to everywhere you travel
and the same can be said for the forex market in any timeframe.
Some examples are on sick days you stay home from work, on holidays
you might sometimes travel a long distance to visit friends and family
and on weekends you might take outings or just stay in but none of
this is random. What you need is to understand how to spot the
different days and how to capitalize on them to find success in
daytrading the forex market.
3. forex Daytraders don't make money: I see some traders declaring no
one can really make money daytrading forex. There are by most accounts
2 trillion dollars plus changing hands on a daily basis in the forex
market. The fact is that in a market 2 parties make an exchange and
one of them will leave with profits. Therefore considering the daily
volume of trades on the forex market someone is making money and not
just the position traders either. Again it is really just a matter of
taste and what your definition of Risk v Reward is for you and your
financial situation.
The BIGGEST LIE in forex Daytrading
4. The holly grail forex system that works Every day: One of the
biggest out right Lies in daytrading is that you can trade a
particular currency every day and generate a profit consistently. NO
or at least not to my experience you can't and here is why. Suppose
you are part of a corporate environment and go in to visit your boss
one day. You quickly notice he has spilled coffee on his shirt and the
guy who came in before you has ticked him off and you find out someone
took his parking spot in passing conversation. However you just read a
great new book entitled " how to go in and ask for a raise and get it
everytime".
I bet if you try the suggestions in the book that day and even if you
execute it to the letter it will most likely not yield the desired
results. This is an example of the big day trading lie about a system
that you can use every day on the market to pull profits out again and
again. The point is that every day is different and with that said you
need a system comprised of various sub systems that will be used for
different days and that will call you out 70 - 80% of the time because
some days the best deffense is simply not being exposed at all.
Now that you know the biggest lies about forex daytrading. The next
step is finding out the truth and who is really making money
daytrading, Why they make money daytrading and how can you join them
in doing so? You need to focus on the picture through the eyes of a
successful daytrader and this article is just a small step in getting
you on your way.
Trading Secret That Is Safe And Offers All These Advantages:
http://frxrebel.key.to/
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