Comments on: Hold? Exit? No-stress Trading Is MY Choice

By: Greg

Greg — Sun, 01 Aug 2010 18:38:29 +0000

Yes, Giliam, you are exactly right… how our focus and commitment can make such a huge difference in our trading.

It does sound a bit odd, but like you, I find it easier to trade bigger lot sizes than smaller ones. I guess I tend to consider it “playing” with smaller lot sizes. In fact, I describe this mental shift in detail in some of the training materials. In just a few words, I prefer to take one large lot trade, then if my “addiction to trade” is still running rampant, I tend to reduce my lot size to about 10% of what I traded in my “big lot trade”. That way, I really can kind of “play”, and it doesn’t take me long to figure out if I’m “having fun playing” – and if not, I don’t do much damage to my profits I took from my big lot trade.

You’re going to enjoy Logical Forex.

-Greg

By: giliam

giliam — Sun, 01 Aug 2010 18:23:33 +0000

Very true remark, Greg. I am not a member yet. The most money I have lost on forex in one day was when I bought only one single lot. When I enter with 5 lots, I am very wide awake and carefull! That is the difference in emotion, if I know a snake is not piosonous I handle it careless, if it is deadly I don’t.
I like this idea of in and out in minutes with tiny stoplosses. The forextrading scene has changed a lot, I think in future this would become the only way to trade profitable for us, the individual small account trader.

By: Greg

Greg — Tue, 23 Feb 2010 15:56:32 +0000

Hi Dean.

From what you’ve written here, and in a few support tickets, you tend to incorporate “history” into your trading much more than I do. I use the history to simply “frame” the Decision Points… especially when price is interacting with a Logical Forex Magnet Line… and history plays has almost no role in my exit decisions… except the history of the past few moments.

That doesn’t mean what YOU would do is “bad”. It’s just you tend to hold longer, and likely think about many things much longer than I do… and I prefer not thinking as hard as I used to, and just trading with the obvious flow, both on entry and on exit.

Said a bit differently, consider how your “holding strategy” might change if you are trading 1 lot… or 20 lots. When you can make that “holding strategy” be the same, no matter how many lots you’re trading, ALL trades look the same… and that has a powerful “set you free” aspect that is a joy to live every trade.

-Greg

By: Dean

Dean — Tue, 23 Feb 2010 15:47:36 +0000

Hindsight is always so easy,
but I probably would have stayed in because
1) the upward penetration was through 2 blue magnet lines,
2) nice flow line separation, and
3) price had not penetrated the Groove Line.
Waiting for this penetration and the yellow bar would be a definite exit signal, 3 pips from the tip.

But it also depends on how the far the price had previously fallen and how long it took to get to 00:46. The yellow bar basing had only taken place about 15 minutes, which is not overly long for a consolidation.

By: Greg

Greg — Tue, 23 Feb 2010 15:15:00 +0000

Thanks Scott and Ali. I’m continually amazed how wonderfully repetitive and consistent the patterns are, and how this allows us to trade… the same way. I so much enjoy being able to trade with no stress… something we can do quite easily with Logical Forex.

-Greg

By: ALI

ALI — Tue, 23 Feb 2010 15:08:16 +0000

Hi Greg,

Fine self expression; was fun reading between my trading sets. Keep on the good work.

By: Scott Overbeck

Scott Overbeck — Tue, 23 Feb 2010 15:04:20 +0000

Great post, Greg! I love how you break trading down into something simple – know your currency pair, pattern-match, TRY the trade, don’t be greedy. Then repeat.

-Scott