Think about this!!!
With a 3 pip (tick) spread on your preferred market, with a $10K trading account, 50:1 leverage, and only trading twice a day, it calculates your trading costs at $75K a year. If you are able to trade half of a 12 pip swing--when you win you will barely get a couple of pips, and when you fail, you will lose all your variation plus at least 3 pips spread at a time.
My best suggestion is: forget it! The only people I know who are able to consistently day trade Forex are bank traders. Virtually no spreads when they trade, and they can see ALL of the orders --this means yours and mine.
The solution to profit from the market is a LONG TERM TRADES!!!
With a 3 pip (tick) spread on your preferred market, with a $10K trading account, 50:1 leverage, and only trading twice a day, it calculates your trading costs at $75K a year. If you are able to trade half of a 12 pip swing--when you win you will barely get a couple of pips, and when you fail, you will lose all your variation plus at least 3 pips spread at a time.
My best suggestion is: forget it! The only people I know who are able to consistently day trade Forex are bank traders. Virtually no spreads when they trade, and they can see ALL of the orders --this means yours and mine.
The solution to profit from the market is a LONG TERM TRADES!!!
forexflash