New York, NY, United States (AHN) – U.S. stocks slid on the open Wednesday as worries over Europe’s debt crisis persisted.

Just after 9:30 a.m., the Dow Jones Industrial Average sank 120 points, the Standard and Poor’s 500 Index lost 11 points and the NASDAQ fell 18.

Also dragging stocks lower was a report that showed the Consumer Price Index edged down 0.1 percent in October. Analysts had expected the level to remain constant after increasing 0.3 percent in September.

While the index shows little signs of inflation, giving the Federal Reserve more leeway to further stimulate the economy if needed, the data did little to sway confidence in the market. The focus remains on Europe.

Italy’s Prime Minister-designate, Mario Monte, said he will meet with President Giorgio Napolitano Wednesday to present his cabinet. Investors view the meeting as bringing Italy a step closer toward welcoming a new government. However, Italy needs to show much more political willpower than a shift in leadership to avoid a potential default.

U.S. markets have whipsawed on fears that the eurozone sovereign debt crisis will result in defaults by Greece and Italy, and the worldwide ripple effect that would follow. Recent economic news and earnings here in the States have had little impact. Stocks are now reacting to uncertainties, not fundamentals.

Gold for December delivery was down $11 to trade at $1,762 a troy once, and oil was up $1.67 to break the $100 mark, last trading at $101.16 a barrel.

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The president of BMW Manufacturing has announced an additional $100 million investment in the company’s Greer factory, as well as a new X3 program to further streamline the company’s export operation.

View full post on Business Stories

Having been a forex trader for 25 years it amuses me when I see writers defend day trading. They say it really can make money! – Of course they have no track record to back it up just empty words. Fact is you are guaranteed to lose in day trading for one simple reason:

All Movements in Short Time Frames Are Random

Trillions of dollars trade hands each day and million of trader’s trade, all with different objectives and opinions and to say that you can predict what they do in a few hours or a day, is ridiculous. You can’t.

Volatility takes prices anywhere in a day and support and resistance levels are meaningless, so you would have the same success rate flipping a coin.

It’s absolutely impossible to get the odds on your side – PERIOD

This is of course why you NEVER see any of the vendors selling these systems give you a real time track record – Why?

Because they don’t dare trade it!

They would rather write some enticing copy and appeal to the greed and naivety of traders and make their money selling you the system – they win you lose – period.

But I have seen a track record you may say and yes will have, but it’s NOT real.

If you check the disclaimer on it you will see there all hypothetical!

What does that mean?

It means done in hindsight knowing the closing prices!

Now who can’t do that it’s not exactly hard.

If we all knew tomorrows price today we would all be millionaires but we don’t – and neither do we know what will happen tomorrow, so there not worth the paper their written on.

Day trading is a good story but the logic doesn’t add up and the biggest lie about day trading is you can make money at it longer term.

If you could you would see a track record or the vendor would shut up and trade it himself and not need your few hundred dollars.

If you want to win

Appreciate that trading is an odds game and to trade the odds you need to trade over longer periods ,where the data is valid and you can have a chance of getting the odds on your side.

Finally

Don’t day trade, get real and trade with the odds on your side.

Forex day trading and success are a total contradiction in terms – day traders don’t make money. If you want to prove this, just ask anyone selling a day trading system for a real track record – you won’t get one. Why? Let’s take a look.

The Odds

If you want to trade and win you need to be able to take calculated risks when the odds are in your favour and you cannot do this in day trading, as you have no reliable data.

Consider this:

Countless millions of traders all with different opinions trade trillions of dollars per day and to say that you can measure market movement in just a few hours or a day is ridiculous – you can’t.

Prices can and do go anywhere in a day and support and resistance levels are meaningless.

You may as well flip a coin it will be just as effective.

FACT – If you dont have relaible data you will lose over time its 100% certain – PERIOD

BUT I SEE GREAT DAY TRADING RECORDS ALL THE TIME!

Yes you do, but look at the track record and it will say:

“Hypothetical” and you will get a disclaimer.

In case you have never read one – it basically says that the track record is done knowing the closing prices!

Well that’s hard!

Let’s see if I knew tomorrow’s price in advance would I make a lot of money – of course I would. However, you don’t have the luxury of knowing the closing price when you trade though and you will lose.

Claims with No Proof to Back Them Up

I have always maintained that these hypothetical track records should be banned – There of no use at all.

Vendors use them to dupe people into buying forex day trading systems and normally throw in some outrageous headlines as well that never have any facts to back them up.

The vendor wins You Lose

The vendor’s don’t trade these systems (as they know they have no chance of winning) so they sell them to you take your money and you trade and lose.

The Myth & Reality of Forex Day Trading

The myth of making money in forex day trading is perhaps the biggest myth in currency trading – it’s actually a guaranteed way to lose and if you don’t believe me try and find someone who has made money at it.

Get ready for a long search!