Should You Pursue a Career in Forex Day Trading?

One of the riskiest methods of investment is day trading. Even riskier than day trading stocks on an exchange like NASDAQ or NYSE is Forex day trading. However, for the investor who likes to live on the edge for the potential of big profits, this can be a viable career. This is certainly not something to enter into lightly. On the foreign exchange market, there can be big gains and big losses. You need a multifaceted approach when it comes to currency trading.

The first thing you should do before Forex trading online, or anywhere else for that matter, is educate yourself on the market. Study the currencies you want to trade and look for trends that might sway the market one way or another. A good way to do this is to watch international news, study finance reports, read the Wall Street Journal, investigate online and subscribe to Forex related magazines. The goal of Forex trading online is just like any other investment. Buy low, sell high.

This four word mantra sounds simple enough – buy low, sell high. But how do you know what to buy and when to buy it? You can look for past trends to give an indication, but experts caution previous patterns do not guarantee the same kind of future performance. You need both practical smarts and technical knowledge in order to be a successful day trader. It's not for everyone, but might be for you if you are willing to stay on top of the market and make snap decisions.

Forex day trading is a short-term type of investing. As the name suggests, you are buying and selling from day to day, even moment to moment. The FX market is highly liquid and changes rapidly. And, unlike the other markets, it is open 24 hours a day for constant trading. Some traders rely on automated software to trade for them. Some software programs let the operator set different trading criteria and only executes buy and sell orders when they meet the specific criteria. These types of programs can keep you from staying up all night watching the market fluctuate, which is enough to drive an investor crazy. You might also want to use a day trading Forex broker if you don't have adequate experience.

 

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A Brief Guide to Trading the EUR/USD EUR Chapter 7: Conclusion
If you have noticed, our discussion about Forex trading is mainly focused on the US Dollar. Actually Forex trading is all about the US dollar. The central banks around the world hold trillion of US Dollars. Most international trading is also conducted in US dollars...


FOREX-Euro lifted by factory data, Greek debt hopes - Reuters

Bloomberg
FOREX-Euro lifted by factory data, Greek debt hopes
Reuters
Traders said it extended gains after pushing through stop loss orders at $1.3080 and $1.3125, though offers around $1.3150 may limit its rise. "We had the euro zone PMI just slightly better than expected and the UK PMI also stronger than expected and .
A Brief Guide to Trading the EUR/USD EUR Chapter 3: Reasons for trading in ForexFX Empire
A Beginners Guide to Forex Trading and the US DollarMarketWatch (press release)
Forex Trading: Euro LowerDaily Markets
Forex Pros
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WORLD FOREX: Market On Intervention Watch As Yen Stays Strong - Wall Street Journal (India)

Wall Street Journal
WORLD FOREX: Market On Intervention Watch As Yen Stays Strong
Wall Street Journal (India)
By Alexander Martin Of DOW JONES NEWSWIRES TOKYO (Dow Jones)--The yen continued to tread carefully against the dollar during Asian trading Wednesday amid caution over whether Tokyo might intervene in the market to weaken the strong Japanese currency.
A Market Review and Opinion Report For the Week Ending January 29th, 2012Inside Futures

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Forex Trading: GBPUSD Consolidates, Then Surges To Highest Level Since Nov 2011 - Daily Markets

Forex Trading: GBPUSD Consolidates, Then Surges To Highest Level Since Nov 2011
Daily Markets
The GBPUSD has been contained on the topside over the last 2 to 2 1/2 months of trading. Yesterday a play was made to extend higher but failed. Today, the move has pushed above the 1.5778 level after consolidating in a narrow range for much of the .

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Forex: EUR/USD falls to 1.3132 in the European session - Forexrazor

Forex: EUR/USD falls to 1.3132 in the European session
Forexrazor
High-Risk Warning Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in forex, futures, .

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Forex Trading: EURJPY Finds Some Upside Resistance Against 38.2% Retracement - Daily Markets

Forex Trading: EURJPY Finds Some Upside Resistance Against 38.2% Retracement
Daily Markets
Like a lot of pair, the EURJPY has reversed some of the declines from yesterday. The price has moved above channel resistance and moved to the 38.2% of the move down from the January 26th high to the low today (at 100.363 see chart above).

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Forex Impact Reveals Gap Trading Strategy That Has Been Proven To Be Right 89.1% Of The Time Over The Past 9 Years
Forex Impact explains their tested gap trading strategy that takes advantage of the resulting gap in currencies between the time the market closes and opens every week.Austin, TX. (PRWEB) January 30, 2012 Forex Impact has been researching, and testing a gap trading strategy for the past 9 years, that has been proven to be 89.1% accurate. This means, 9 out of every 10 trades are profitable. This ...


Understanding the Principles of MetaTrader 4 Charting With Vantage FX UK - MarketWatch (press release)

Understanding the Principles of MetaTrader 4 Charting With Vantage FX UK
MarketWatch (press release)
LONDON, February 1, 2012 /PRNewswire via COMTEX/ -- At Vantage FX UK ( http://www.vantagefx.co.uk/ ), traders can take advantage of the innovative MetaTrader 4 platform. Integrated into the award-winning system is Meta Charts, a powerful charting .

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Five Ways to Sharpen Your Forex Trading with Vantage FX UK
LONDON, January 23, 2012 /PRNewswire/ --Vantage FX UK ( http://www.vantagefx.co.uk/ ) is committed to providing traders with the information and trading tools they need to become successful in the markets. ...


A Brief Guide to Trading the EUR/USD EUR Chapter 3: Reasons for trading in Forex
When compared to trading in other financial instruments such as equities, trading in Forex has some distinct advantages. They include:..


Forex Impact Reveals Gap Trading Strategy That Has Been Proven To Be Right . - San Francisco Chronicle (press release)

Forex Impact Reveals Gap Trading Strategy That Has Been Proven To Be Right .
San Francisco Chronicle (press release)
Forex Impact has been researching, and testing a gap trading strategy for the past 9 years, that has been proven to be 89.1% accurate. This means, 9 out of every 10 trades are profitable. This method of Forex trading is known as "Gap Trading", .

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Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.

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