This is a question that has a very simple answer as far as i am concerned. And its a big fat YES.
There are many well respected Forex traders that say the Forex markets are too volatile, and its impossible to make money consistently from day trading Forex, and you should trade the higher time frames, daily, weekly, and monthly charts, if you want to be successful.
What a load of rubbish. If you are a good trader you can trade any time frame from the 1 minute chart right up to up to the monthly.
People that say you cannot make money day trading Forex, don’t know how to trade, its as simple as that.
My preferred time frame is the 15 minute chart, but i can trade the 5 minute and the 1 minute chart very successfully. I can also trade h1, h4, and daily. I can basically trade anything, and anyone that tells you its not possible to trade the smaller time frames is just a poor trader.
Day trading Forex is what i do. I am a professional Forex day trader and i make 1000s of pips every month day trading the 15 minute time frame. Why do i trade the 15 minute time frame? because that is the most profitable time frame to trade.
Trading daily and weekly time frames? You must be crazy.
When you are trading daily and weekly time frames you have to wait so long for a set up, and your stop loss is so big, its just not worth the hassle to be honest. I take 2 to 3 high probability trades every day. I make my money, and i get on with my life. I am not going to wait for 2 weeks for a set up on the larger time frame chart, and have a 100 pip stop. Whats the point? If you are a great Forex trader, you should be able to trade any time frame.
Yes, but trading the smaller time frames is too stressful? Rubbish.
Some traders say trading the smaller time frames is too stressful. Yes it is if you do not know what you are doing, and you get into a trade and it goes 30 pips in the red. Yes i agree, that is very stressful, that is why my entries are very cleverly worked out in advance, and i enter the market with precision, so my trades go into profit very quickly, which takes the stress out of trading. A lot of my trades are over in less than 30 minutes. I get in, i take my pips, and i get out. That’s not stressful, that’s just great trading.
So yes you can make money day trading Forex, and anyone that tells you otherwise, just doesn’t know how to trade. For more information on how you can learn to day trade Forex, please consider my Forex trading course.
Stop Press. One of my students made 87 pips today off 2 trades, after just 5 weeks of training with me. Stop wasting your time with the 95%, and get into the 5%. Supercharge your trading, and change your life. 🙂