Learning to Day Trade - Don't Make the Same Mistakes That Others Do

By John Templeton

I understand the idea of learning how to day trade the forex market may scare off a lot of people. I think most new traders are really afraid to make the same mistakes that a lot of veteran traders make. Yet, they still are fascinated with the idea of making money from the comfort of their own home.

But they think that only the real "experts" can make money day trading the forex market. It's not meant for the average Joe and Jane.

This is just simply not the case. There is no age, education, or intellectual limit that has to be met to learn how to successfully day trade the forex market. You'd be stunned to know that there are many successful day traders who never even completed high school. So, relax and stop thinking that you need a Masters degree from an Ivy League college to be able to do this.

Day trading really boils down to having a strong grasp of technical analysis. There is no way to get around this. It's a prerequisite of day trading. Now, according to what you may have heard, technical analysis does not mean putting a stochastic indicator on your chart, and buying when it's below 20 and selling when it's above 80. I am afraid you are going to have to dig a little deeper than that.

Stochastic or any other lagging indicator isn't going to get it done. Indicators like this are the exact opposite of "technical analysis".