Its random therefore daily support and resistance levels and any other technical tools you use are useless.
This should be pretty obvious to anyone you have countless millions of people trading trillions of dollars each day and to say you can measure this mass of opinions in under a day is laughable.
You can’t the data is simply not valid in short time frames.
The Proof
You may still be convinced by the e-book or system on the net you have seen that promises you “90% success", “regular profits each month" or trading tops and bottoms with scientific accuracy. Well if you believe them get the proof ask for it:
“Can I please have a real time track record over a 3 year period of your gains?"
You won’t get one and if you do let me know!
Of course you will get a hypothetical track record. In case you haven’t guessed what that is – it’s a track record designed in hindsight knowing the closing prices!
The problem of course is we can all do this but to make money we have to trade without knowing the closing price which is a lot harder.
So Why Are These Systems So Popular?
Clever advertising – it’s a good story (would be even better if it were true) and most are sold by people who have never traded in their lives and make money selling you the system.
Now this is a good way to make money they get guaranteed income and you trade it and get a guaranteed loss.
Day trading success over the longer term is a contradiction in terms and is really a simple way to lose all your money and do it quickly.
If you are considering day trading think twice and do some investigation for yourself – learn about standard deviation of price volatility and you will see why forex day trading will wipe you out.
Of course you can always ask for that elusive real time track record of the VENDORS success - but trust me it is very elusive and you are likely to spend a long time looking for it!
