Washington, D.C., United States (AHN) – Millions of users hooked to the virtual world on Wednesday got a taste of incumbent U.S. President Barack Obama’s upcoming campaign for 2012 presidential elections as he was hosted by Facebook CEO Mark Zuckerberg live on the White House’s Facebook page.

Calling the ongoing economic recovery fragile, President Obama cautioned, “We could slip back into a recession,” in the absence of a serious plan to handle the deficit.

“The Republican budget put forward is fairly radical, but I would not call it courageous,” said Obama.

With Zuckerberg wearing a jacket and tie instead of his customary hoodie, President Obama told his audience at Facebook’s headquarters, “My name is Barack Obama and I’m the first guy to get Mark Zuckerberg to wear a jacket and tie.”

There was a thunderous applause as Obama called for “high-skilled immigrants” to stay, saying, “They are job generators. We don’t want them starting an Intel in China or France. We want them starting companies here.”

“Our education system has to do a better job of math and science education for women, blacks and Hispanics,” he said, adding, “I want people to think of the next big Internet breakthrough as the next moon launch.”

Obama used his oratory skills and tuned his answers for the technology-savvy youngsters asking them not to “get frustrated and cynical about our democracy.”

“If you don’t give the system a push, it’s just not going to change and you’re going to be the ones who suffer the consequences,” Obama warned the young Americans.

Without announcing the events at the Facebook and an earlier one in Virginia, as official campaign calls, Obama stayed focussed on the election subjects of economy and deficit reduction talks. He’s also scheduled to appear Thursday at a town-hall meeting in Reno, Nevada.

Although Democrat Obama and Republican Congress agree on need for significant fiscal reforms, Obama’s deficit reduction plan, is diametrically opposite to proposals floated by congressional Republicans. The former has vowed to keep Medicare and Medicaid alive and healthy while the opposition is striving to dilute these health-care programs.

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Day traders look to use hourly charts within the day so they can trade with limited risk and get out with a profit.

When doing this they use a variety of technical indicators such as pivot points to help them.

Let’s see how intra day charts can be used to help make profits in forex day trading.

The answer is you cannot make profits consistently trading using intra day charts!

This is obvious to most people except day traders.

The Proof

The reason is obvious, but many novice traders fall for the hyped sales copy of vendors selling these forex day trading systems.

However, if you ask them for their real time track record you won’t get one.

Of course, you will get a hypothetical track record done in hindsight.

These show wonderful profits, but as the track record has been constructed in hindsight knowing the closing prices it’s not exactly hard to make money!

If I knew tomorrow’s closing price today I would be a multi millionaire but of course forex trading is not like that.

The reason why intra day charts are useless and day trading logic is flawed:

1. Consider this everyday trillions of dollars are traded by countless millions of traders all with different investment objectives and styles.

To think that this mass can be predicted in the time period of a few hours is laughable.

2. Most of these traders pay no attention to day or intra day levels the only people who do are day traders and their a tiny losing majority.

As these levels are not considered important, volatility can and does take prices anywhere.

3. It’s a fact that volatility within in any day is random.

It doesn’t matter what indicators you use, day traders are working with meaningless data.

4. Day traders who use intra day charts think that they can restrict risk, but of course they actually create it.

Their stop levels get triggered the majority of the time, as volatility stops them out.

When their lucky enough to get a winner, they don’t run the position and are grateful to get out with any profit they can.

So not only do day traders use meaningless data, they also break the fundamental rule of investing:

Cut your losses and run your profits to cover them.

Day traders to be fair do keep losses small ( and they have a lot of them ) but of course they can’t run profits to cover them.

What is the end result?

A wipe out of account equity.

If you want to lose your money quickly, their really is no better way then trading with intra day charts.

So why do so many people fall for day trading systems?

They tend to be greedy investors who think forex trading is easy, or novice traders who don’t know any better.

Day trading systems are sold by vendors who rely on attractive sales copy.

They tend to fall into two groups failed brokers or marketing people who have never traded.

Of course their not stupid enough to trade the systems they sell themselves – That’s why you never get a real time track record

They simply make money from selling the system and leave buyers to lose money.

They win, day traders lose, it really is that simple.

Why are support and resistance levels crucial when participating in the Forex day trading market?

Simply put, they represent key, strategic price points at which traders processed orders involving millions or even billions of dollars. No wonder price at times has a hard time getting past a previous high or low. Those levels are being fiercely defended by traders who have large amounts of money at stake and who do not want to see price break those levels.

For this reason anyone who engages in Forex day trading should learn how to trade support and resistance. The following checklist provides crucial guidelines:

1. Support and resistance levels are much more significant on the higher time frames. Pay particular attention to price highs and lows on the daily chart as this time frame is commonly used by big traders.

2. A price high or low has more significance when it has a number of candles either side of it which are lower (in the case of a price high) or higher (in the case of a price low).

3. Before you consider Forex day trading at a support or resistance level, see if there are more factors that would indicate this is a key price level.

For example, does a trendline intersect at the same point? Does the support or resistance line match up with a Fibonacci level, either a retracement or an extension? Does the support or resistance level coincide with a pivot point if you are in the practice (and it’s a wise one) of calculating pivot levels when Forex day trading?

4. Has a key support resistance level been broken? Then look to see if price will come back to test that level. Remember, resistance once broken can become support in the future and support once broken can become resistance in the future.

These Forex day trading scenarios can present excellent trading opportunities as you put an entry order in at the key level and wait for price to come back and pull you in. Within a short time your dealing spread is covered and you are in profit.

5. The market spends most of its time in trading ranges or consolidation channels. You need to accept that this is a characteristic of Forex day trading and adjust your mindset accordingly. Identify the high and low of the trading channel and manage your trades accordingly.

6. After identifying a trading channel or range and you see a trading opportunity, set your entry level at the base of the channel if you are going long or at the top of the channel if you are going short.

Don’t chase after price once it breaks out of the channel (although many who engage in Forex day trading do so). You will not get the optimal entry point. Waiting for price to take you in either at the top or bottom of the channel means you can have a smaller stop and your price target is closer.

7. Pay particular attention to the previous day’s high and low. Price will often hesitate and retrace at these levels. If you are a Forex day trading scalper, you can often grab a nice pull back of 10 pips or more at these strategic levels.

Note: Although there are various ways to calculate the previous 24 hour period depending on where you live, using GMT as a standard is often beneficial. Midnight GMT is a time when the market is generally very quiet and unlikely to make new highs or lows.

Succeed Or Fail?

It is unlikely you will succeed at Forex day trading if you fail to understand or take into consideration support and resistance. This indicator is that crucial! Yes there may be fancy indicators out there with all the bells and whistles, but this simple indicator, marking where price reached a high or low during previous trading sessions, can be one of the most powerful and effective Forex day trading tools available.

Be sure you spend sufficient time studying it, examining your charts, marking off the key levels each time you begin a new Forex day trading session.

Article written by Michael A. Jones

BY.-  http://www.ProfitableStockMarket.com

A beginner usually feels very attracted to the stock market while for example discovering a penny stock that\’s being reported in CNBC or the news program and watching it rise steady fast and make new highs from $1 to $7 in just 2 months.

While learning about this successful news story he\’s saying to himself \”Oh boy if I was one of those lucky guys who bought that cheap stock back when it was priced at $10 I easily would have tripled my money by now… That means my 10 grand would transformed in to a whooping 70 K! hassle free … I would have been able to grab one of those big HUMMERs on the spot and probably pick up a nice Rolex by the way!\”

The stock market news constantly reports of hot small cap stocks that are breaking out and making tremendous gains on the same day or doubling in price in just a few hours. Back in the bull market of the late 90\’s you could easily see a good number of hot stocks sprouting out every week.

Those years surely made it look like every body could easily take LONG SHOTS and make a shiny pile of gold every day in the stock market. But today\’s market is a different story. A totally different animal.

Some say that the stock market has gotten more realistic. Fantasy land is over and GAMBLING YOUR WAY TO RICHES is not an option anymore. You might get lucky a few times, but your constant loses can wipe you out sooner or later.

The fact that the bull market period has ended for now doesn\’t mean that you can\’t make a great deal of money in today\’s market. A lot folks from many walks of life keep making excellent profits on a daily basis, pocketing hundreds & thousands of dollars by trading penny stocks online.

Success in penny stock trading starts by applying a wiser and REALISTIC methodology for choosing hot penny stocks as well as for getting in and out of them with profits in mind.

You need to look at the stock market more realistically. You got to learn that you can benefit when stocks go up and also when they FALL down.

You got to WORK SMARTER and get more selective about the hot stock trading opportunities that you choose. You need to embrace the nature of day trading and be fully prepared to take advantage of stocks that are poised for a BIG RISE on the same day.

The bottom line is you have to PREPARE YOUR SELF to be successful, just like you would do it in other areas of your life in order to achieve success.