While day trading forex has a certain allure and I understand that because I have day traded the forex market, it also requires extreme nimbleness and carries more risk in my view than day trading stocks. The advantage of day trading Forex is that you can do it with very little money since Forex does not have the day trading rules associated with it as day trading stocks. You can trade with as little as a few hundred dollars, moving in and out of positions quickly as a day trader. The reason that this is attractive for some traders is that they may only have a limited amount of time to trade each day and they want to focus during that time on short term plays - getting in and out of a trade with a profit.
The risk in this idea is that you get into a Forex trade that you think is going to be a day trade and then it doesn't go your way and you end up holding that trade beyond the time frame you expected. And don't tell me you've never done this! This incurs more risk for your trade - especially if you did not have stops in place. The risk is that you are no longer day trading but now you are swing trading what you originally intended as a day trade. This is where most day traders get into trouble, regardless of whether they are day trading stocks or Forex.
That said, if you only have a few hundred or a few thousand dollars for trading, then Forex is the way to go. You can learn a lot about yourself as a trader by day trading Forex. Just realize that it's not easy and it's going to take some time to learn how to to do it. And don't believe all of the hype that it's a quick way to get rich. Nothing is easy that's worthwhile. But, if you find that you enjoy digging into the charts and you enjoy being able to sit down at the computer and make a few dollars by just learning how to trade the markets, then go for it. I've been doing it a long time and there's a definite freedom to knowing you can trade whenever you want and yet you don't have to trade all of the time.
My other question about day trading Forex is whether the stress and time requirement justifies the extra risk. Personally, I find it much easier and just as productive to swing trade the Forex market. Most of my analysis is on the larger time frames such as the weekly and daily charts. Trading on these larger time frames allows you to spend more time in thinking and analysis and less time with managing the trades. Day trading can be stressful for some people, so you also have to question if the added stress is worth the reward. Just a few thoughts to consider.
Here's a short YouTube video: click here.
If you'd like to know more about trading Forex, then I have a course about it. The course is only for serious students, people who want to dig deep into technical chart analysis. That doesn't mean you cannot learn it. But it's different than anything else you've seen regarding trading Forex by someone who has been teaching this stuff for over 10 years.
If you're interested, then click this link to watch a short video.
I encourage you to explore this web site. You'll find articles about trading strategy, the psychology of trading, etc. Here's an article on trading strategy to get you started. Click here.