I try my best to strike a balance, and offer as much insight as I can to both longer term “investor types” as well those “short-term traders” looking for a little more action in their day-to-day.
I’m often confronted with “frustrated short-term traders” dissatisfied that suggestion of a “stronger Yen” or “weaker dollar” on any given day – did not provide the desired “instantaneous result” of being made a millionaire overnight. Over leveraged and grossly under funded these short-term traders are quickly taken out, as the industry’s own marketing strategies are fundamentally built upon this “promise” of instant riches.
You can’t day trade Forex.
No matter what you think, and no matter how many “bells and whistles” you’ve got on your charts, no matter how many “small wins” or perhaps even with a few “larger wins” the inherent volatility on smaller time frames will reduce your account to zero – long before you’ll ever set up shop on the beautiful Caribbean ocean , bikini clad babes and tequilla in hand.
You must learn the fundamentals, as you’ve no conviction in your trading otherwise.
A quick “spike” here or “dip” there and you freak out / stop out with absolutely no conviction behind the trade – because in reality – you really have no idea at all as to “what the trade is even about” anyway. Without a fundamental reason for taking a trade you will never have conviction, and without conviction – you’re just a tiny fish getting smashed around in the surf.
I pop in and out of trades on smaller time frames all the time – only in that I’ve already got the larger time frames and the fundamentals “behind the trade” to begin with. This takes time and a considerable amount of learning but is absolutely key if one hopes to survive.