Should You Day Trade Forex?
Many new traders identify the Forex market as an excellent opportunity. And as they research the best way to profit, a lot think day trading the Forex market is the best way to go. They have just started down a long, difficult path that rarely leads to success.
The truth is, the truth many brokers or trading strategy providers don’t want you to know, is day trading is very difficult, time consuming and stressful. And while it can be a profitable way to trade (IF you can learn how, have a lot of time and the patience of a Tibetan monk)… it just does not feel “worth it” after all is said and done.
At least that is my experience.
You see, when you sit for hours in front of the charts doing battle with the markets, you expect a lot. Due to the high stress of trading real money in live markets on the lower time frames, you want to be compensated for the huge effort put into trading. And some days you are not compensated at all… but rather LOSE money.
The emotional side of day trading is very hard to take, especially for new traders. And even if you can figure out how to be consistently profitable day trading, it can consume your life. And I don’t think most people get involved with Forex trading because they want to dedicate every waking hour to watching the charts and stressing through ever decision and action taken.
But profiting in the Forex market can be a lot easier than day trading.
I prefer to trade off the Daily charts and only spend 5–10 minutes a day trading Forex. Trading ends up being done with better setups, is less time consuming, is less stressful and can still be .
Most people who eventually become profitable over the long term have made the switch from day trading to longer time frame trading. This was my experience as well. I thought trading off the lower time frames was the way to go and I would learn faster and profit more because there were more trading setups.
I was wrong.
Only when I started trading off the Daily time frames did trading start to make sense. The profits I made seemed “worth it” because there was so little effort put into trading. I could start to see my accounts grow… and knew Forex trading was something I could do for life and improve my financial future.
You’ve probably heard this a hundred times, but Forex success is a Marathon Race, not a Sprint. In order to be around for the long term, you need to pace yourself. For me, that means trading the Daily charts and avoiding the temptation to get caught up in day trading the Forex market.
I know it seems to be counter-intuitive, but trading off the higher time frames actually is a shortcut to success.
If you want to know what it is like to trade off the Daily charts, the fastest way is to use a Forex signals service like Forex Investing Live. Trade calls are available once a day, and it only takes about 5-10 minutes to place and manage the trades. We are confident that once you see how easy and profitable End Of Day Forex trading can be, you’ll put away any notion of day trading the Forex market.
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