How to Day Trade Forex for Profit

To day trade Forex for a profit, you will need to have established a consistent practice of returning gains from day trading Forex.

To day trade Forex in two hours or less, you have the below in place:

1. Trading Plan – know every aspect of how and when you analyse the charts and start day trading Forex. You have a plan for when you quit for the day, say after three consecutive losses

2. Know which currencies to trade – you are familiar with a small handful of Forex currencies. You know the currency pair's historical patterns, resistance and support zones and current trend direction, and you have checked economic news announcements

3. Strategies – you have two or three backtested strategies for day trading Forex applicable for different market conditions. For instance, a strategy for trend trading, countertrend trading, range trading, price action or pullbacks

4. Risk Management – You know exactly how much you will risk on every trade, and you will assess potential loss before you assess potential profit

5. Emotional Management – you are detached from the outcome of your trades. You do not react emotionally to wins or losses, and you have mastered impulse control. At no time do you revenge trade or attempt to win back losses.