The Authority’ on Price Action Trading. In 2016, Nial won the The day trade forex Dollar Trader Competition.
Hopefully this article gives you some insight into why day trading is typically a highway to disaster for most traders. The reality of a day-trader is a guy who got 2 hours of sleep last night because he was trying to trade the overnight session, now he’s up at 6am trying to day-trade the next session. Top down approach As a trading educator, it makes me HATE day-trading even more when I think about all the trading websites out there promoting it and how a lot of them are geared towards beginner traders, not to mention how heavily day-trading and scalping are discussed in almost every public trading discussion forum on the internet. Another reason why I hate day-trading is that there’s definitely a financial incentive for brokers to get people to trade more frequently. It’s very simple, more trades equals more money from spreads or commissions and that equals more money for the broker. So, there’s an underlying bias by many brokers and the greater Forex industry to get traders hooked on trading as frequently as possible. Stop-hunters love day-traders Day traders naturally have stop losses closer to the market price since they are typically trading intra-day charts and trying to get quick gains with tight stops.