Day trading systems are everywhere, but it is impossible to make money from them - for 2 main reasons which are outlined below.
If you think you can make money day trading, you need to think again and read the facts below.
If you are thinking of buying a day trading system ask any vendor to show you a real track record of profits and you won't get one.
The reason?
Day trading by its very nature is flawed and does not produce consistent profits over the longer term.
1. How Currencies trend
On a short term daily basis trying to guess the action in a day is similar to flipping a coin. All short term daily movements are random.
Currency markets reflect the health of the economy overall and trend longer term.
If you look at long term trend following you have reliable data to work with over a period of time but this is not so in day trading.
If you are a technical trader (and most day trading systems are) if you don't have enough reliable data you cannot attempt to put the odds in your favour.
2. Day trading breaks the fundamental rule of trading:
You have heard it many times: cut your losses and run your profits You need to have far bigger profits than losses to make profits longer term.
Sure you can cut your losses but you can't run your profits.
Generally most readers have more losing trades than winners and if you cut a winning trade in a day session how can you ever make money? You can't.
You will simply lose your equity quickly day trading.
So why do traders do it?
Because they believe vendors who make claims and produce hypothetical track records.
Check with these vendors and ask for a track record you won't get one.
They make money selling you the system and then making more money on kickbacks from brokers (remember transaction costs are higher) on day trading systems.
So broker and vendor win you lose your money that's the real story of most day traders.
If you want to make money trade longer term and also never buy a system from a vendor unless you get a real-time track record, over at least 3 years however you will wait a long time for one of those on a day trading system