Become a Successful Day Trader With ForexGen

Day trading is the procedure of buying stocks, currencies or futures, and selling them on the same day. Out of the deal, a skilled day trader expects to earn a profit. Notice that the word skilled is important. Stock day trading is not for the lazy or unskilled trader.While many experience more losses than gains in day trading, there are still some more skilled stock day traders who swear by the system and continue to reap the benefits. Here are some advantages of day trading and how to become a stock day trader, as related by successful day traders. One major advantage of day trading is being able to work on your own. You are your own boss. You don’t need to consult with others before making a decision. Should you fail, you are the only one accountable for your trading losses.You do not need to know much about stock trading before you can try stock day trading. Anybody with a high speed Internet connection and a little risk capital can venture into day trading. However, if you want to trade at a profit and be successful, you need to study how trading systems work, find one that is suited to you, and work hard at mastering it. Most people who try out day trading without preparation and without a good day trading software program will lose money.In day trading you don’t want to speculate or make decisions based on your opinion of trends or your gut feelings. You should master a trading system and base your decisions upon the systems trading signals. If you use a proven system you should also be able to gain using the same system over and over again. That is if you have the discipline to follow it. The main reason so many day traders end up losing money is that they fail to follow their own trading system even when it is a very good one.

ForexGen | Dollar Bounces on Confidence

The greenback rallied across the board in the Tuesday, pushing the euro lower by over two big figures to 1.5554 – its highest level in a month and rising to 108.30 against the yen. A combination of a further retreat in oil prices and a better-than-expected reading in the Conference Board’s consumer confidence survey sparked the dollar’s gains and a rally in the US equity bourses. Traders shrugged off a disappointing Case-Schiller home price survey, which posted its steepest fall on record, down by 15.8% in May versus 15.3% a month earlier. Instead, markets lauded the better-than-forecast consumer confidence report, which bested estimates for a decline to 50 from 50.4, printing at 51.9 in July. The upbeat confidence survey marked its first increase since December and revealed a decline in 1-year consumer inflation expectations to 7.6% from the record high of 7.7% a month earlier.

ForexGen | The Nikkei 225 recovers 13,000, despite the decline in USD/JPY

Forex: The USD is weaker against most currencies as the WSJ notes that the greenback may be due for profit taking following the recent gains. Also the gains in commodities prices are weighing on the USD. The EUR is currently above $1.4700, USD/CHF is below 1.0950 and USD/JPY is below 110.50. Additionally the NZD and AUD are both higher against the USD, as AUD/USD moved above 87 cents. Although the yen is gaining against the USD and GBP, the Japanese currency is weaker against the NZD, AUD and EUR.

ForexGen | Trade Desk Thoughts: U.K. Rightmove House Prices

Release Explanation: This report gauges the costs of homes in the United Kingdom. The figure is based on surveyors' opinions on the state of the market. As an economic indicator, it measures sales of newly built and existing homes. A fall in house prices indicates a weak housing market, which generally reflects a weakening overall economy.

Trade Desk Thoughts: This report has been in decline since May and this month is no better with a reading of negative 2.3. Average asking prices for homes in the U.K. have fallen 4.8 percent from a year earlier and 2.3 percent from last month alone. Unsold homes are also hitting new highs, rising from last month’s 77 to 78 in August. This may be the lowest number of transactions since 1959. Mortgage approvals also fell to the lowest level since at least June of 1999.

Forex Technical Reaction: Although this is not a top tier release, the sterling is seeing weakness after this release while currently 10 pips above the neutral pivot point.