Tuesday, July 1, 2008

Just news scalp

Scalp for the sake of scalping when the news spread came back down. +3 pips

3 comments:

ORION MACHINE said...

Thats so funny because I was going to trade that and instead I just watched it. I would had a potential 30 pips out of that... I decided to save my money for Thurdays action.

Why is it you don't feel comfortable bracketing price?

FX said...

I just have memory of many times when price would spike on one side and than go on the other. So I just discarded that strategy. It's valid, but I just don't feel comfortable not knowing direction and severity of the move. I don't know, I don't have valid reason I just don't like it.

I remember your video, you do many limit orders so it's just one more limit order for you. I never trade that way. Maybe it would be good idea, but I'm not so great in implementing new stuff, changing etc.

ORION MACHINE said...

i understand, you are associating the the market with past negative experiences. That is keeping you out of the "Now" moment. You really really really need to read Trading in the Zone by mark douglas, I think it may be the only book out there that covers your type of problems so well.

I also face the risk of being wrong FX, but I accept it and am able to move on. If I bracket a 15 pip gap, the most I will lose is 15 pips... and not only will I cut my losses, but I will probably make that 15 back and then some simply because I am now on the correct side of the trade. think about that.

When you trade, is there a set amount per day that you can lose AND FEEL COMPLETELY THE SAME? If not then that means you do not accept the risks of trading and that is what is controlling you all the time and keeping you from holding winners... If you enter a trade and that number changes, you haven't accepted the risk either... it is as simple as that.