Costs are not a problem as long as you overcome them... Only thing which matters is the bottom line. Some markets may have huge deal costs but exceptionally good volatility, which allows to easily pay for business expenses (costs and losses) and come out ahead.
1) Wow for someone who lauds day trading you sure have a lot of contempt for swing trading. 2) your grandmother wouldn't happen to be a chimp would she? http://wallstreetwarzone.com/the-more-you-trade-the-less-you-earn/
Not that I agree with Oilfxpro a lot, but commissions and exchange fees and the spread are major factors in limiting one's profitability. They are a major hurdle in being profitable for day traders. If you don't track those costs, I think you would be surprised what it adds up to. I've personally paid over 10k in commission/fees, and I'm nowhere near a high volume trader. The reason I know exactly how much I've paid is Crossland keeps track of it on their webpage for customers, which is something I was glad they added. Gives you a new perspective of things imo.
its funny.. its so clear who is burnt up about the fact that they can't find an edge or just wanna give up on it... They now have reasons like "you compete with market makers etc.. etc.." but obviously there are people that have clearly made money here... its totally possible but not for the week of hand or heart... i haven't done well in FX i've done well in options.. i've often times wanted to combine the two... i love OPTIONS.. i can be wrong so much more and make money.. its ok to be wrong as long as your very quick at knowing it! and with options i could be way off and still not lose money, or i could have been somewhat off and still made money.. with direction FX trading if your off about direction you lose money in a linear fashion! something i haven't mastered!
I finally found a robust day trading/scalping system , which is consistently profitable with low drawdowns. It relies on entry price going above two confirmed supports or price going below two confirmed resistance .Confirmed resistance is where on two previous supports have become resistance and price falls below or two previous resistance have become support and price goes above. It is a one minute system with stops of 12 pips and exits are reverse of entry rules. It can fail in ranging markets but is operated with another ranging system in ranging markets.
Good luck, and I mean that. I've never seen a system that over the long term didn't self destruct. I used to get emails from a broker who monitored a top list and it was interesting to see the way a system would do well for years but then blow up. He tried to keep investors in the top 5 but needed to change systems every now and then as something would go wrong with a top performer. The problem is when they go wrong you don't know if it is just a major draw down that is about turn into a super profit run or if it has failed. Systems are no different from gambling as they are attempting a low level short cut to learning the how-to of professional trading and consequently they get blind sided. There isn't a anything that makes up for learning how to trade and without real trading knowledge you won't understand why a system is failing and if it is dead or can be tweaked. This is perfect way to come back back and say day trading is a losers game when this is really a losers approach. I hope you are the first to prove me wrong and find the perfect system that can cope with a laundry list of political and economic events the world has never had to deal with before now. Oh and please let me know if you ever find how signals on a daily or weekly chart differ from a 1 min chart.
nothing beats a great sense of intution.. NOTHING marks on last weeks chart mean something different then this weeks chart so on and so on..
In a worst case scenario , our position sizing can tolerate upto 50 losing trades in a row on long trades and another 50 losers on short trades, the average profit with 70 % hit rate is 50 to 100 pips daily , and a drawdown of 20 % , and a 100 % annual return without compounding. Realistically , our expected drawdown is 3% , hit rate of around 60 % plus , and profit of 350 % with compounding . It is not just a system , context is applied with strict stops and a unique position sizing which allows for many losers when markets become irrational longer than you and I can remain solvent..This is not a short cut to learning how to trade , as knowledge of many varied systems and methods are also applied .Most systems fail , but this system is doing well trading the euro/usd when we have the euro crisis.