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Forex Day Trading – Trading Support and Resistance for Profits
To win at day trading it is important to predict where prices are likely to go within the day and this means looking at support and resistance.
Let’s take a closer look at the importance of support and resistance in forex day trading.
This is the challenge:
The challenge for any day trader is to accurately predict the range when faced by:
Trillions of dollars traded each day, by millions of participants which include:
Central banks, large and small managed funds, hedgers and individual speculators.
They all have different investment objectives.
Some want to make money and some simply want to hedge their risk.
How many of these pay attention to daily movements and ranges within the day?
Only a very small minority.
With such a vast and diverse trading base, support and resistance calculated within the day is bound to be a fruitless exercise.
It’s a fact you cannot accurately predict volatility within such a small time frame and the vast majority of participants are not bothered about day trading levels.
This means you are using meaningless data that has no validity.
Day traders lose all the time and never make money longer term.
Ever seen a day trader with a real time track record over the long term?
Maybe there is one, but I have never seen it.
There are some day traders who say you need to be patient and wait for the right opportunity, but if the data is based upon an illogical way of trading it doesn’t matter how long you wait.
Day trading is still the equivalent to flipping a coin.
The problem with day trading is volatility takes them out all the time.
Support and resistance levels don’t hold as they should and day traders are stopped out with a huge number of losses.
These losses are small and that’s a good thing in trading, but because the stops are so close they have little chance of making money.
Can profits to so can they cover the losses?
Of course we all know that if you keep losses small and run profits we can become a winner over time.
Well running profits is alien to day traders and they don’t get many!
They simply want to get a profit (any size) scalp the market and get out.
So you have a scenario where they cant and don’t win.
Using support and resistance in daily timescales to make money is a contradiction in terms when it comes to day trading.
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