Latest Articles

Forex Mini Account - Am I Eligible?
If you were just learning about Forex Markets a good idea for you would be what is called the Forex mini account. The mini account is also great for those who want to start off with a fairly low investment. A mini account can be opened with only...

Online FOREX Trading – To Be A Success Don't Pay Attention To The News!
Can studying the news help you make profits in online FOREX trading? The answer for most traders is a no. In fact, paying attention to the news in online FOREX Trading will lose money. Why? Read on and let’s find out. How and why prices move In...

Why Not Forex Trading System?
The foreign exchange markets are all about Forex trading systems. If you are interesting in expanding your investments and learning more about how you can make money in the foreign markets, Forex is what you should be looking to understand and learn...

Day Trading Forex Currency, Hype, Lies and TANSTAAFL

Day trading Forex currency is all about making big money. Some investors have found it quite easy to make a large amount of money by day trading the Forex currency markets as they change hour by hour. But, you see that "some" in the previous sentence? What that means is that a lot of people don't make a dime and even lose a lot of money.

Usually a Forex trading system course is hyped as an easy way to make a bundle. Get your Forex trading secret and your Forex trading tool and you're golden - day trading Forex currency for vast riches. Lies. What you tend to find is that there isn't any Forex trading secret, it's the same old tired stuff repeated over and over on sales page after sales page, generally by so-called "experts" who aren't. And that so-called Forex trading tool or software? Another lame canned system that promises but won't deliver.

And now, what's TANSTAAFL? Online and offline this is the antidote to the big con. There Ain't No Such Thing As A Free Lunch. Fast, easy, no work, instant riches. Doesn't exist. Absolutely anything that is worth your attention is going to cost you effort, time and probably money. Anything else is a pack of lies, hype or deceptive sales yap.

You will probably not make much money day trading Forex currency. In fact, you will probably lose money. Unless you are really smart about how you do it and who you listen to. Sorry, but that's the real truth. There is no secret, no magic tool, no perfect Forex day trading strategy.

What you're going to find are a bunch of Forex trading systems, courses, techniques and tools that purport to tell you just what to do and when and how to do it. If you buy into one of these things - a ready-made off-the-shelf turnkey Forex trading system course, you're going the wrong way. This is just the same old tired search for a magic, easy, thought-free and work-free solution that lies behind every successful scam. If it were that easy, we'd all be rich already, wouldn't we? If there really were a genuine Forex trading secret, tool or strategy that would make you rich, do you

actually think anyone would be stupid enough to sell it? Think about it when you see one of those hyped sales pitches claiming it's easy and quick and the money will be rolling in.

In the Forex currency market, despite all the nonsense about leverage, timing and signals - if you test it out, you'll find most signals are little better than random noise and that trying to time the market will usually end up with you experiencing consistently bad timing. Canned, simplistic approaches to a complex market just don't work.

How about technical analysis like you'll find in many a Forex trading tool? It's been said (though not by the "wizards" selling technical analysis systems with some spiffy name) that of all the major markets, Forex is the least amenable to technical analysis.

Even the basic wisdom of "buy low, sell high" needs to be seen within a special context when you start working at day trading Forex currency.

If this seems overly discouraging overall, you need to remember the sheer amount of hype and outright lies that are prevalent in this area. You need to be prepared to be coldly realistic. You absolutely have to think of Forex as a serious, complex real business. One that requires close attention and serious study. You need to be careful getting into it, careful whose advice you take, and careful about learning as much as you can from a real expert.

Certainly it's possible to make money. But, your chances of making money by day trading Forex currency will be vastly increased if you are wide awake when you get into it. Stop dreaming about fast easy money with no work or effort. Get to learning the realities so you can develop your own Forex trading strategies, ones that work for you. It will take time and effort, but then, maybe Forex trading will truly be your road to financial freedom.

Copyright (c) 2006 Richard Keir

Richard is a researcher, writer, programmer and marketer and he's tired of all the hype. Discover the realities of day trading Forex currency now.


Written By: Richard Keir




Globe and Mail

FOREX-US dollar slips, but strong trend remains intact
Reuters
NEW YORK, Feb 8 (Reuters) - The US dollar drifted lower on Monday as a modest recovery in overseas stock markets and commodities ...
WORLD FOREX: Euro Weakens As Negative Bets Hit Record HighsWall Street Journal
WORLD FOREX: Euro Down As G-7 Fails To Produce Greece Debt PlanMarketWatch
Forex Daily AnalysisForex Hound
Trading Room -Reuters -Reuters
all 1,727 news articles »

FXstreet.com The Forex Market

Forex: US Dollar mixed as EUR/USD hovers around 1.3650
CountingPips
By CountingPips.com The US Dollar has been mixed in forex trading as movements against most of the major currencies have been muted with little economic ...
Forex: Dollar and Yen showing strength on economic uncertaintyFXstreet.com The Forex Market
Forex: EUR/USD pulls back to 1.3670NASDAQ
Daily Forex Outlook - Market Quiet, Still WeakEasy-Forex
Forex Hound -NASDAQ -NASDAQ
all 57 news articles »

Forex Strategy Outlook: US Dollar Likely to Move Sharply Against Euro
Daily FX
Forex options markets volatility forecasts continue to trend higher, pointing to major moves in the US Dollar and other major currencies through the coming ...

and more »

Financial Times

WORLD FOREX: Euro Sinks; Dollar, Yen Gain On Debt Concerns
Wall Street Journal
The dollar was at Y89.38, up from Y88.94, while the euro was at Y122.14, down from Y122.20. The UK pound was at $1.5631, down from $1.5750. ...
Dollar will doom, Gold will boom: Jim SinclairCommodity Online
WORLD FOREX: Euro Losses Accelerate Amid Debt WorriesWall Street Journal
WORLD FOREX:Euro Sinks Further;Markets Broadly Sell Off RiskWall Street Journal

all 956 news articles »

BBC News (blog)


Reuters South Africa

FOREX-Euro leaps after Swiss central bank seen buying
Reuters
It climbed against the dollar as it jumped against the franc, after hitting $1.3669 in earlier Asian trade, its lowest since late May 2009. ...
Forex trends: buck's gaining ground vs European majors, but is sliding vs yenEcommerce Journal
FOREX-Dollar rallies on risk aversion before payrollsNinemsn
Ldn FX: Euro Retains Heavy Tone; Dlr Boosted By Risk AversionMarket News International
ABS CBN News -Daily FX -MarketWatch
all 154 news articles »

FXstreet.com The Forex Market

US Dollar Forecast Remains Aggressively Bullish on Forex Options
Daily FX
Forex Futures and Options markets show that large speculators continue to bet on and hedge against further US Dollar strength—giving us a strong bullish ...
Forex: Dollar consolidates gains ahead of NFP reportNASDAQ
FOREX: US Dollar, Japanese Yen surge today on risk aversion.CountingPips
Forex: Dollar and Yen rally further on concerns about economic recoveryFXstreet.com The Forex Market
Forexyard -NASDAQ
all 205 news articles »

WORLD FOREX: Dollar Rallies On New Optimism For Jobs Growth
Wall Street Journal
NEW YORK (Dow Jones)--The dollar rallied Wednesday as stronger economic data boosted confidence that the key US ...

and more »

RTT News


WORLD FOREX: Dollar Higher Vs. Euro On Sovereign Debt Jitters
Wall Street Journal
The dollar was at Y90.26 from Y89.97, while the euro was at Y126.40 from Y126.17. The UK pound was at $1.6243 from $1.6160. The dollar was at CHF1.0512 from ...
FOREX-Dollar hits 6-1/2-month high vs euro; yen gainsReuters
WORLD FOREX:Dollar Gains After FOMC Fuels Bets On Higher RatesWall Street Journal
WORLD FOREX: Dollar Pares Gains Vs Yen After Weaker US DataWall Street Journal
Wall Street Journal -Wall Street Journal -Wall Street Journal
all 890 news articles »

Sign up for PayPal and start accepting credit card payments instantly.