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The market is awaiting the UK interest rate decision and NFP this week so we should expect some volatility then.

I have been asked about day trading and if it is a good way of making an income. I wont answer that question in full because I am not a day trader as such. A couple of reasons for not day trading is I cannot be bothered to spend my days in front of a computer awaiting set ups to trade. I am not interested in the stress and worry about trading for small profits. Personally I rather take positions on the basis of being swing trades but once I have been triggered in to a trade if the circumstances have changed then that swing trade can easily transform into a day trade. That is usually my extend of day trading.

The above chart shows one of my strategies and I am showing it on todays GBPUSD 5 minute chart. I havent traded with these signals today but if I had I would have been in good profit today. My suggestion is if you want to day trade then dont fill your screen with a dozen different indicators where you have no idea what is really going on, take a cool methodical approach that is mechanical and stick to it. A good strategy with absolute money management will be more rewarding than a messy screen filled with indicators.

Happy Trading.