The reason is the data is unreliable and volatility is random and support and resistance within a few days is meaningless.
If you think about the above its obvious why:
Millions of traders trade trillions of dollars and to try and predict what this huge mass of opinion will do in such a short time span is impossible.
But I have seen forex trading systems with great track records of gains...
Sure you have but there not real, there done KNOWING the closing prices!
You never see one audited which has traded real dollars over a long period of time, what you normally get is one of these - here is the CFTC disclaimer:
"CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN".
So put the above on and you can make up anything you want with past data.
Vendors of course do and rely on the greedy naïve investor (or both) to spend a few hundred bucks and think he is on the way to seven figure income. Of course they get a reality check of a thumping great loss.
Forex scalping and day trading systems that make huge claims that never stand up in real time trading.
If you want to lose go ahead and join the day traders - if you want to win you will understand you need to trade the odds over the longer term.
UNDERSTAND THIS
Forex trading is hard enough with reliable data and you would expect it to be, with the rewards on offer -but it's a fact that anyone can learn to trade and anyone can enjoy currency trading success.
All you need to do is get the right forex education, trade with discipline and this anyone can achieve.
If you are serious about making money, forex trading offers you life changing profits for those traders willing to learn the right way and approach forex trading with the right mindset to succeed.
