Learning How To Day Trade Forex

I know of many traders who would like to get into day trading forex, but are a little uncertain as to where to start. They think only the "real experts" know how to do it and its something that most of the trading public will never understand. Well, that is just not the case.

Just about any trader can learn the principles of day trading.

trading in the buffIf you are talking about the stock market, that is something completely different, with their day trading rules and policies, people have certain restrictions.

But don't worry, as this is not a big deal in forex. Forex traders have the freedom to take as many trades as they would like during the day without breaking any rules.

So, now that we've got that out of the way, lets talk about how you would go about learning how to day trade forex.

Well, let's begin with the obvious. If day trading forex sounds like something you'd be interested in, then you better start learning about technical anlysis. You will have to learn how to read a chart.

You won't find too many fundamental day traders trading the market, as they are mostly known as long term traders.

So, if you want to learn how to best use technical analysis, you'd best learn what just about every successful trader does. These traders can just look at a basic chart and tell you exactly where the price is going to go.

I know reading something like that gives you the impression that the successful traders are psychic. I can say with great confidence they are not.

Many people also believe that traders that make a lot of money are just a lot brighter than the traders who are losing money. I can assure you that is nowhere near correct.

As a matter of fact, I've met some incredible day traders who would need instructions on putting on a hat.

I think you would be shocked to learn how many great traders never even bothered to finish high school.

So how did they become successes? It's real simple. They understood the concept of price action.

The traders who are having a hard time making any money are the ones who are so used to letting indicators make their trading decisions for them. They somehow think that the indicators know better.

Once you realize all the information that you are blocking with those indicators and how to  become a forex scalper, you can start the process of learning to day trade successfully.

After you can eliminate all your indicators, then you can begin to look at the market in a more pure form, and everything else just starts to make sense.

 

 

   Back to top     |      Print this page   |     Bookmark this page