Forex trading as a part time job

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Another reason why day trading is so hard is simply because the price doesn t always move far enough in one direction to generate a decent sized profit.

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You can see that there was initially a couple of false breakouts, but it s the candles that actually close above (or below) this pennant that I was most interested in, and although I missed the first one as it occurred in the overnight session, I did manage to get in on the action the second time around after one of the 9 hour candles closed above this pennant at .

Either way, this was a good example of a profitable breakout trade and demonstrates that you don t necessarily need to use lots of technical indicators. Sometimes sitting on the sidelines and waiting patiently for a breakout to occur using nothing more than price action and trendlines can be just as profitable.

The point is that it is definitely possible to make money from forex day trading, but it is a skill that few traders are able to master because you have so many factors working against you.

To verify this for yourself, you only have to apply the average true range indicator to a daily chart of any of the main forex pairs, and see how it falls during December every single year.

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Another simple way of looking at forex is to think of it as a business with its ups and downs. If you can do that, then half the battle is won. When things can too personal or important for a person, then the line between business and oneself is broken and separate entities no longer exist.

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