Some days are just…fun to trade. Today has been one of them.
It’s also fun when a forex scalping play turns into many more pips than expected. As I’ve mentioned before, I have a small pip “goal” of 3-5 pips profit, and I’ll usually take my profit and move on to the next trade. The has proven to be the least stressful method for trading for me. This works especially well with large lot sizes.
If price moves against me very much at all (2-4 pips), I’ll bail quickly, knowing another trade will setup soon. Quite simply, it’s generally quite obvious when I’ve made a wrong decision. Price will generally move in my favor almost instantly, and even though it may bounce back against me for a moment or two, I can still have confidence in the trade, depending on the patterns and flow lines and magnet lines etc. By following this simple “bail out fast rule”, this keeps any “damage” to a minimum. It’s just not fun trying to make up for a big loss with lots of small wins. I’ll talk about that more in a future post.
I took several more trades today than I’m posting. There are some of my favorites…trades that I believe just about anybody can do using the Logical Forex Trading System…
*** TRADE #1
After a nice upward move, this gave indications of a continuation trade. I completely expected price to move back against me in a small retrace, so I held on…as price bounced at a Logical Forex Magnet line…
You see why I held on…and why I exited, right?
*** TRADE #2
By zooming out on the chart a bit, the pattern was obvious as to what was about to happen next…so I waited patiently for about 10 “long” minutes…
With that nice Magnet LIne as a target, I just waited patiently again for 3 “long” minutes. Of course, I could have exited almost instantly with a 5 pip profit, and that would have been perfectly fine, too!
I hope you’re having as much fun as I am…trading and scalping forex…logically and consistently profitable. It’s just so much easier than the more tedious trading techniques…at least for me it is.