4 Myths About Forex Day Trading

Myth 1nnForex Day traders can not make a living day trading.nn This is completely FALSE! Many (not all) can learn to be a successful forex day trader. All you need is a solid set of rules, a plan, and discipline. The methods I teach are rock solid and proved to be successful over the long term without taking on huge risk I’ve made my living from forex day trading The forex markets intra day for over 3 years! Following my business plan, rules, and discipline – anyone can take a $5000 trading account and build it up. Like I did. nn I started with just $15,000 in 2006 and built that up to $100,000 by 2009 and constantly make $500 to $1,500 per day. This was my goal. I never wanted to build it up to millions. I make more than I can spend and I’m happy.n n nMyth 2nn Forex Day Traders are required to watch the market all day long.nnThis is false, but it could be true for some. If you day trade all day long you are probably doing something wrong. Lets be honest, the goal of day trading (at least for most) is to live a good life with plenty of time, right? I really do not want to spend 8 hours a day, 5 days a week staring at charts! That is stressful and I am just not interested in all that! In the forex markets I follow just two of the major currency pairs. I make from 2 –6 trades on average per day. Trades last from 2 minutes (losers) to about 30 minutes+ for the large winning ones. I trade a maximum of four hours a day. This is rare. Normally I am done in about 2 hours max. Giving me valuable time away from the screen at a time during the trading day. Stressful? It’s about as lazy method of making money as I can think of. n n Trading all day will lead to burn out and unhappiness. I love trading 1 or 2 hours making my 30-40 pips and calling it a day.nnMyth 3nn90% of day traders lose all their money – the other 10 % go bankrupt.nnDon’t buy into this myth! I wonder who comes up with these stats. It’s true, a lot of people do lose their money day trading forex. Why is that? Well for most, its lack of discipline! A lot of people have spent thousand upon thousands of dollars to buy a “system” or trading software. They may have purchased a great system – but if they don’t have the discipline to follow through, they won’t make it. A smart trader can take money from the markets over time. Not every single day. NO trader does this. But over time, most days I maske my 30-40 pips. nnSuccessful traders come out ahead. The market will allow you to make as much money as you want! I personally know a lot of day traders around the world. We’ve been day trading for many years. Day trading is a business. Period. Just like any other business – if you do not have a plan you are probably going to fail. The same holds true in trading.. You must have a plan, trading capital, and discipline. You also need a good method with good rules. Forex Day Trader is also a business. Remember the traders that do lose their money are missing a plan and discipline! nnMyth 4nnForex Day Trading is Stressful.nnMaybe without a plan it is. Once you have a rock solid plan, trading is fun! Do we win every single trade? Of course not! If anyone tells you they do – RUN FOR THE HILLS! We have a defined set of rules that tells us exactly what to do when a position goes against us. The discipline tells us that we will get all our loss back, usually the very next trade. Trading should never be stressful to you. If it is, you probably need to take a break or reconsider day trading for a living. Stress comes from trying to make too much money, too fast, from an area you do not know enough about.nn I trade a maximum of four hours a day. Quite often 1-2 hours and consistently make about $600 per day. Sometimes more. Sometimes less. I aim for a good gain every day rather than trying to make a killing every so often. When I lose I often lose less than $200. When I win I often make $300+. I win a lot more than I lose. Is that stressful?nnn I realize you have a lot of choices out there for your trading education. You should do your due-diligence on any trading course you are considering. Ask questions and look at the facts. Whatever you do, remember that it doesn’t matter if you purchase my methods or someone else’s. If you can’t follow rules and keep disciplined – you are doomed! Before you spend a dime on education, find out if the seller is a trader or simply a “wannabe” selling information. nnSource: http://www.blogofdaytrader.comnnMake A Consistent $100 - $1,200 Day Trading Forex in 1-4 hours per day:nnForget complicated systems. You certainly do not need expensive seminars. Keep away from “robots” aka “black box trading systems.nIt’s quite easy to make a few pips here and thee Using my methods each day.