Day Trade Forex for a Living - The Myth and Reality.
I welcome this video today was all about Bay trading Forex for a living you'll see this statement all over the neck you'll see it from system sellers course sellers they also see some brokers the fact is though it is not possible to day trade for a living and it's actually not possible really today trade for a profit.
And the myth has become very very popular but the facts show you cannot make money day trading long term now the reason that the myth has become so big is because obviously forex brokers one to day trade I've been a broker any broker once a day trader you make commission out of them.
And if your market maker and you also end up with all their money on your book marketing companies have also come in and started to promote this myth because you know forex trading is so big they want to give people that dream that they can make easy money and they sell the message but the message has got no basis in fact you can do it.
And you know it's normally based around the idea that yeah you can judge what Forex prices will do with some sort of scientific accuracy within minutes or hours now I've often said this if you look at the way prices move you obviously can see this cannot be true prices don't move to science anyway if they did we'd all know the you know the price in advance there be no market you know prices move on uncertainty not certainty also.
If you look at the very very short periods in forex trading of minutes and hours there's a huge amount of transactions going on and these are around your like random transactions you know not everyone is trading for extra profit I've actually stressed this in other videos you might have a big corporation repatriating profits for example or someone doing a big property transaction you know people have to move money for trade in the global economy.
And there's no science in this you know you can't judge when you know how many people are gonna be buying you know zees or how many corporations are bringing back profits and what the amounts are so the volatility is very random it can only be made to look orderly going backwards but it's certainly not going forwards the forex industry is one that's now been promoted more as a kind of exciting game than a serious investment.
And you know you've got the people in there your brokers and your system sellers are you wanting you have people to believe in is easy money and you know just just plucking money out in the forex market every day making profits.
And it simply isn't true you want to make money trading Forex I need to trade long term day trading Forex for a living is just one the biggest myths out there and you know it's one of those phrases actually noise me when I see it you know forex trading is a serious game it's a long-term game you can make money but you won't make money scalping the market day trading the market in very short time periods spend a lot of effort at it and you'll lose money so do all the professional traders do look longer term and trade the big trends for profit where the levels of support and resistance in longer time frames are more valid you can trade with the odds on your side and we better probability so thank you for watching me again and have a good day and I'll speak to you soon take care