Forex Day Trading and the Road to Financial Freedom and a Regular Second Income

Forex day trading seen as the road to financial freedom by many traders and the appeal is obvious take small risks and build a fantastic second income. If you are a day trader not making as much as you think you can or a novice trader looking to start read this article...

Fact is day trading and forex scalping will lead you to financial ruin should you decide to base your forex trading system on them. The reason will become clearer if you ponder the problem below and it's a hard one and one day traders cannot solve no matter how clever they think they are.

Think of how many traders all around the world and how different they are, in terms of their makeup, in terms of strategies they use, education they have and the degree to which they are all influenced by their emotions.

Your task (should you wish to accept it!) is to guess or predict what they are going to do in a matter of minutes or hours - is it possible?

No!

In days gone by the floor traders made money day trading and had an advantage over the bulk of retail forex investors, as he had the news ahead of the crowd and could react quickly - but today we all have the information in a split second, in all corners of the world and the edge has gone and you don't hear of this now as we live in a world of electronic currency trading.

Daily movement of price is random and as you cannot use support and resistance in these periods, you can apply technical analysis and tools that work in longer time frames cannot by there very nature work on random data - you may as well toss a coin.

You can be lucky for a while - but at the end of the day the market will sooner or later take your money.

What about all the forex day trading and scalping systems that have great track records?

Well take a read of the following snippets that normally accompany these stellar track records and it will make you think and see them differently

"CFTC RULE 4.41 - Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading.

And the following will also be seen

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".

Would you trade a system which had that written on it?
Rather you than me.

The day trading myth is you make profits but the reality is different. Forex day trading is the road to ruin not financial fredome

So get the right forex education and get a forex trading strategy, based on data that can put the odds in your favor and this will allow you to get on the road to financial freedom.

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Reuters - Government steps to shore up the banking system and unfreeze credit markets showed some signs of progress on Thursday, but grim news from major economies reinforced fears of recession and hammered global markets.

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Trading Forex

Trading foreign exchange is exciting and potentially very profitable, but there are also significant risk factors. It is crucially important that you fully understand the implications of margin trading and the particular pitfalls and opportunities that foreign exchange trading offers. On these pages, we offer you a brief introduction to the Forex markets as well as their participants and some strategies that you can apply. However, if you are ever in doubt about any aspect of a trade, you can always discuss the matter in-depth with one of our dealers. They are available 24 hours a day on the Saxo Bank online trading system, SaxoTrader.

The benchmark of its service is efficient execution, concise analysis and expertise - all achieved whilst maintaining an attractive and competitive cost structure. Today, Saxo Bank offers one of Europe's premier all-round services for trading in derivative products and foreign exchange. We count amongst our employees numerous dealers and analysts, each of whom has many years experience and a wide and varied knowledge of the markets - gained both in our home countries and in international financial centres. When trading foreign exchange, futures and other derivative products, we offer 24-hour service, extensive daily analysis, individual access to our Research & Analysis department for specific queries, and immediate execution of trades through our international network of banks and brokers. All at a price considerably lower than that which most companies and private investors normally have access to.

The combination of our strong emphasis on customer service, our strategy and trading recommendations, our strategic and individual hedging programmes, along with the availability to our clients of the latest news and information builds a strong case for trading an individual account through Saxo Bank.

Terms of trading are agreed individually depending on the volume of your transactions, but are generally much lower in cost when compared to banks and brokers. Your margin deposit can be cash or government securities, bank guarantees etc. Large corporate or institutional clients may be offered trading facilities on the strength of their balance sheet. The minimum deposit accepted for an individual trading account depends on the account type. Trade confirmations and real-time account overview are built into SaxoTrader, while further account information can be produced in accordance with your specific requirements.

Reuters - JPMorgan Chase & Co has become the largest U.S. bank by assets, surpassing long-time leader Citigroup Inc .

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