Forex Day Trading on Steroids
November 11, 2009
Currency trading is back in the CNBC Million Dollar portfolio Challenge although they started the Forex trading allocation a full week after the equity portion of the annual trading contest had begun. The contest creators automatically allocate 10% of each contestant’s portfolio to currency trading but naturally the percentage of currencies in the total portfolio will change over time. Every day most likely as the trading contestants tend to gravitate around the most volatile markets, which means that daily swings can be huge.
Although the prize money is certainly attractive most people just do not have the time to enter a big time trading contest like the Million Dollar Challenge. The competition is intense and you can expect that all the traders ahead of you in the rankings are putting in one more hour every day than you are. Whether that is true or not doesn’t matter because just the possibility of another trader working harder than you is enough to get another shot of adreniline pumping through your veins and put another hour of sleep into your growing sleep deficit column. Wouldn’t it be great to have the best trading software without the headaches?
You are not going to win the contest (especially since you never entered) but you can benefit directly from it. The contestants must function effectively under intense pressure. And they have to do it everyday for weeks at a time. The only way that a person can do that and be effective at the same time is to have a simple, easy to use trading system or method. It is very likely different for each person but the basic rule applies. There is just no time to step through a complicated process. W D Gann was able to master the market’s complexity but only after he reduced it to the atom level.