About Currency Day Trading

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Only engage in currency day trading after years of training and experience working with software programs and other currency day traders. Pick a day for currency day trading that has a significant economic event with tips from a financial consultant in this free video on currency trading and investing.

Part of the Video Series: Currency Trading Guide
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Video Transcript

I'm Roger Groh and we're here today to talk about currency day trading. First rule of thumb is, don't do it, save your money. You're competing against pros here, this is not stock or bond trading. Save your money in a savings account, checking account, buy your wife a gift, save your money. If after that warning you're still interested, then spend a year or two, a long time, in training programs or on software programs where you practice and learn and listen to other people who have done it. But don't think that you can jump into this game and make money day 1. You're not going to, you're going to get your clock cleaned. It is the most sophisticated market in the world, be very careful. OK with that as warning, if I were going to pick a day when any one day and say why would I pick one day over another, well I would theme that around an economic event that was scheduled to occur on that date. So it might be the amount of debt that that country was going to issue over the next year according to their central bank. It might be their actual current account deficit or gain during any day. I mean you can lookup on websites the specific days and hours that this data is released and then theme your trades to that. Once you've identified the event that you want and a great one for me was when the United States announced, when president elect Obama announced that he was going to develop a very large capital improvement program that would kick into effect in the last half of next year, well that meant that the US dollar was going to issue a whole bunch more debt than they've had today which means that the US dollar would weaken against other currencies that didn't have that problem. And from my point of view, that was a wonderful moment to short the dollar against other currencies where they're bringing in more cash than they're spending. This was Franc, the Euro, Yen as examples. So that's how you currency day trade, I'm Roger Groh.

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