If you’ve decided to day trade Forex, you might want to look into purchasing one of the numerous day trading Forex systems available on the internet. Day trading allows you to buy and sell during the same business day, and the internet now lets almost anyone participate in a field once dominated by professional investors, financial firms and world governments. Forex day traders in the United States will also be interested to know that New York is the second biggest Forex market–with London being the largest–and their peak hours of operation are between 8am and noon (EST).
So why day trade Forex? This is a question asked by many potential investors, and the answers should provide an optimistic view of the opportunities available for those willing to brave the foreign exchange market. A few reasons include:
- Nobody can control the FX market for an extended period of time. This is due to around $3.8 trillion a day being traded. This means big opportunities for even the most humble Forex day trader.
- Forex is also the world’s largest market. If you’re going to risk your money, why not do it on the biggest stage possible?
- Whether the market is going up or coming down, you can still make a profit.
- When you compare the start-up costs of day trading futures or stocks, getting started on the Forex is much cheaper.
- Speculating on Forex allows you to take control of your own money and put it to work for you.
- The traditional stock market has a dizzying number of stocks to choose from. With Forex, you only have to concern yourself with about eight major currencies and a few dozen smaller ones. This allows you to stay more focused.
- Since it’s a worldwide market, Forex trading is taking place 24 hours a day on Monday through Friday. When one nation’s market closes, another nation’s market opens. There’s no need to wait for an opening bell.
- Free demo accounts are available which allow you to day trade Forex without risking actual money. When you have a feel for the market, then you can day trade for real.
- Is doesn’t matter where you live in the world: If you have an internet connection, you can enjoy the thrill of day trading on the Forex.
- When you day trade Forex, you’re the boss. You can work as much, or as little, as you want.
- Stocks offer 1:1 or 2:1 leverage, while Futures offer 15:1. The Forex blows them all away with an impressive 100:1 leverage.
- The Forex often responds well to technical analysis, thus increasing your chances of being able to recognize market trends and capitalize on them.
- The foreign exchange (also known as Forex or FX) is known as the most liquid market in the world. Whether you’re opening or closing, you can be confident of finding a fair price.
Day Trading Forex Systems
Now that you’ve read about some of the benefits of trading on the Forex, let’s take a look at a few of the leading day trading Forex systems. There are many systems to choose from, and you might be wise to make a thorough search before handing over your money. In some cases, you can also find free day trading Forex systems.
- The Day Trade Forex System – This day trading Forex system costs $99 and is available for a risk-free trial offer. Available in PDF format, the Day Trade Forex system will teach you the following:
- How to trade in your spare time.
- How to begin a Forex day trading business with no prior experience.
- How to trade whether the market is rising or falling.
- How to take advantage of breaking news which might affect the market.
- How to utilize the same tools used by professional Forex day traders.
- How to use the free demo before moving on to live day trading.
- How to take advantage of price swings.
- How to manage risk.
- How to use stop losses to your advantage.
- How to recognize the best times to get in and get out of an investment.
- How to use the various time charts to maximize your investment potential.
The ultimate goal of this system is to keep losses to a minimum while still making small to medium profits. Just remember that a risk always exists when trading on the foreign exchange market, so your success may vary.
- Forex Trading Machine (http://forex-trading-machine.com/) – This day trading Forex system was created by Avi Frister, a full-time trader with over 11 years of experience. He claims to have experimented with over 150 different systems during this time, with his product taking elements of all the best. This system relies entirely on the price of the currency pair and a time element to achieve success.
The Forex Trading Machine is a 180-page course which emphasizes three distinct strategies. They are:
- Forex Cash Cow Strategy – At the conclusion of each trading day, you’ll check to see if the first condition of the system has been met. It’s estimated that this step will take only 10 seconds. If the first condition has been met, the Forex day trader makes three types of orders with their broker the following day (limit order, stop loss order, and profit objective). After that, all you have to do is wait for the results.
- Forex Runner – To implement this strategy, you’ll only need the price of the currency pair. This strategy isn’t supposed to take more than an hour to learn, and many users are doing live trading with a day. To use, you’ll first need to choose your timeframe. Next, choose the currency pair or pairs you wish to trade. After applying the Forex Runner rules to identify a trade, you’ll enter a buy or sell order, plus a stop loss order and profit objective order.
- Forex Flip & Go – Each currency pair has specific characteristics, and this particular strategy will help you to identify them. This should lead to high probability and low risk trades.
- 5EMAs Forex System – One of the best known of the day trading Forex systems, 5EMAs is based on the method of predicting market movements and correctly managing money. With the proper exit strategy, users can expect monthly returns between 30% and 55%. Using this system, you’ll also gain the following benefits:
- More freedom for those who don’t have all day to sit in front of a computer and day trade Forex.
- Rules for the system are easy to follow.
- Learn how to maximize your profits from price swings.
- Over 160 pages cover all aspects of Forex day trading.
- Predicts market moves sooner than other systems.
- This system can also be used for swing-trading or scalping.
The 5EMAs Forex System is available for $97. In addition, you’ll also receive three bonus items which will help you increase your profits on the foreign exchange market.
- ForexCourse – This currency trading video course will cover all aspects of being a Forex day trader. Created by Peter Bain, this system offers the following products for $495:
- Over 6 hours of live instruction
- A Forex trading course on DVD or CD ROM.
- Daily reviews and analysis
- Discounts for newsletters, books, and live seminars.
- Daily Pivot data for the major currency pairs.
- Detailed workbook.
- Follow-up membership program.
Once you receive the above course, you’ll learn the following:
- How to make use of the Pivot system used by floor traders.
- How to follow daily steps to achieve success.
- How to avoid “dumb money.”
- How to identify signals which promise almost guaranteed profits.How to properly use stop loss strategies.
- How to identify false buy/sell signals.
- How to use chart patterns to increase your profits.
- How to trade the Forex with up to 70% accuracy.
- And much more.