Best Day Trading System
Author: DayTrading Templates
People interested in Futures day trading system are those with no prior training or familiarity in short-term trading and are regrettably being sold a bill of goods. Futures trading is carelessly being called as the Holy Grail in late night infomercials, and testimonials from uncommon trades of a a small number of lucky people are shown. Testimonials consist of: "I made $800 this morning before going to work," or "I cleared $3,000 my first week, part time." These are all rubbish. Most selling a day trading course.
A two-step process is being utilized by these infomercials to oblige people to acquire a pricey, dubious product. It is usually a software with arrows lighting up as red or green. When all four arrows become green, you then enter your position. Looks uncomplicated? The infomercials do not point out that this bit of software costs around $3,000. The TV bit just requests you to a free seminar crammed with pleased, energized people. At the seminar, they load your head full of dreams and make the price tag seem like a fraction of your first month's income. You feel like you are really missing out if you don't join the group and get in line to buy.
There is some merit to the software's all four arrows lighting green since it specifies that the price leaning is all in a single way over diverse time-frames. However, it is a horrible day trading system if you blindly follow it. You cannot rightly call yourself a trader if this is your method. You are like a monkey pressing buttons. You have to reflect on this. If this software could really make cash like they claim (virtually on autopilot), no way will they sell it. By keeping the software to themselves and trading big positions, the software's proponents would certainly get wealthier.
I'm not saying that day trading Futures cannot be beaten. Contrary to that, I profitably trade the EUR/USD intraday. You can possibly do the same but you have to shun procuring an costly day trading system. It is suggested that you steer clear of mechanical day trading systems. What is needed is a basic trader training by way of technical analysis, an idea of a solid approach and an experience watching the markets to get a feel for them.
It's probably most excellent to focus on one pair, the EUR/USD, which is what I do. Sometimes, if it really starts moving, I will cross check other currencies to try and figure out what is happening, but I don't trade them. Watching one pair at normal hours will enable you to develop a feel for the trading. Further, you can also determine when circumstances are extraordinary.
Continuation and reversal are the only two ways to day trade. Continuation includes breakouts and trends, while Reversal concentrates on trading ranges at the edges, betting against a breakout. The hours you use on trading should dictate what style best suits you. If you desire to trade during the most dynamic hours, you may want to look for breakouts and try to ride trends. If you are working the quieter hours then fading the edge of the range is a higher-probability setup. Victory in trading for both ways comes from making use of appropriate risk versus reward analysis. This means setting your stops and profit targets in the right places. A serious day trading system is mandatory.
What I do is trade the market-hours EUR/USD market. This is realistic for me since I live on the central of USA. No other markets are open while I am watching the market during the Euro trading period. And I am on the lookout for trading ranges, particularly double-tops and double-bottoms at previous support and resistance levels. I usually get off 5 excellent long trades per week and win 3 of them, with a win of about 3 times my average loss. This is an excellent procedure. That's a positive number and it's a good one. Small scalp profits are added bonuses
Now, if I wanted to play breakouts and trend continuations, I would only trade during the New York Stock Exchange phase, which is between 8:30 am and 3:15 noon CST. Those sort of trade have the best odds of working out for this pair during this time.
Having a procedure is the most important part of any day trading system. You should follow it, be excellent at it and make it work for you. However, if you do not abide by your trading ideals, you would be more contented using a software and pressing buttons when all the lights turn green. This way, your losses will most likely be smaller.
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