Day Trading Strategy Review

Day Trading is often not as easy as many may think. One may think that just because a Forex trading pair may go up or down, you have a 50% - 50% chance of winning correct? Wrong! The fact of the matter is the success in Forex is much lower than this, it is estimated that about 10% of Forex traders make money. So why is this the case? I want to make some brief points since I feel a good forex day trading strategy requires more than just good discipline. As you enter into a trading career, you will realize that day trading has elements that many people do not consider before they begin trading. To summarize these principals, I will just mention the most important ones here...Greed and Fear.

Greed and Fear

When we trade in our Forex Trading Room, we are not just taking a trade because the setups and indicators are pointing in a specific direction. At Fx Live Day Trading we consider many factors, most which are not even taken into consideration by other traders. A good Forex day trading strategy means looking at where the greed is, and how this translates from a charting standpoint. I always say if it was so easy to trade the news then  most traders would be rich!
So in our Trading room we calculate each day different possibilities and how they may play out. I then use statistical and deductive reasoning to determine how effective these possible trades may be.
Read The Greed

So how do we read the greed? In order to find the best possible trade setups we must find the right areas to not only place our trades, but where to place our stops. A Forex day trading strategy becomes a 'strategy' in our room when I think it can give us a 'winning edge'. After all, many can have strategies, but the question is are they winning? Sometimes I lose, and sometimes I win, but in the end slowly but surely will win!

Forex Strategy Review 3-18-2013

Here is a simple day trading strategy that I whipped up in a few minutes, to show the relevance of a trade well thought out, yet simple. We gathered +159 pips today, just on this swing trade from Friday. I was able to get 3 other trades off. +22, +18, -3

I wish you all the best in choosing your Forex Day Trading Strategy!

Regards

BT

To learn more on this day trading strategy or more see, join our twitter and facebook.