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Thread: Forex Day Trading Mistakes That Will See You Lose

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    Default Forex Day Trading Mistakes That Will See You Lose

    Here we are going to look at forex day trading mistakes and the key one which causes day traders to lose their equity quickly - it's easy to avoid so let's take a look at it.

    The biggest mistake you can of course make is to even attempt day trading despite all the claims you see online the fact is the odds are against you making money as the logic it is based upon is just plain stupid.

    Before we start lets get rid of all the scalping and forex day trading systems that claim to make money - they don't. Check the track record of profits and then look for the following disclaimer (or similar) and you will find it. Here it is take a read and then you will see why these systems need to be treated with extreme caution because the track record is not real:

    "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".

    Now you know how they make such big gains they do it in hindsight and that really is not to hard trading real time is:

    So why is it a mistake to try forex day trading?

    Let me ask you a very simple question:

    Several million people all around the world are hedging and speculating in a currency, they all have different systems. Methods, outlooks and are governed to varying degrees by emotion so how can you tell what this vast amount of different people will do in a few hours?

    Of course you can't many people think day trading is governed by some mystical higher force and tell you there is a scientific theory don't believe it. People make a market and are unpredictable.

    In day trading you will find you simply can't get the odds on your side, as all daily volatility is random and if you can't get the odds on your side you're going to lose long term pure and simple.

    So the next time your tempted to want to try day trading with the enticing copy you see look for the small print and you will see the words "simulated" and "in hindsight"

    If you want to trust your money to day trading then you are making the key day trading mistake which if you have read this article is obvious - even thinking about day trading is a mistake!
    By kelly Price
    forextradinweekly.com

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    I see, for me trade is not only system but also your psycology role in it.
    how good your system are, still need good psycology

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    without psycology there's no system,take the oil for example.

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    There is a book written by Kathy Lien (dailyfx.com analyst) named "Day Trading the Currency Market".
    I haven't read it but she is a very successful trader.
    There are specialists who at least say that there can be such thing as day trading.

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    Yes, 90% of trader loose money, and 75% of a trading plan depend to a psycological effect

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    Everybody says that 90% loose and 5 are break even and 5% make money.
    I was wondering where this statistics is actually from?

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    Quote Originally Posted by dennny View Post
    Everybody says that 90% loose and 5 are break even and 5% make money.
    I was wondering where this statistics is actually from?
    Yeah I have been wondering the same, I mean those people who loose money tends to stay put in the mask of anonymity until they actually start to make bucks at which time they admit that they losed a great deal at the begining. How can one work out their numerical quantity when they are not reported?

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