90 pips on the EURUSD trade from last night

I got my 90 pips from the trade last night. As you know from my previous post, I had entered the market at 1.2370 with a stop at 1.2460 and looking at a 1:1 risk to reward trade which meant a limit order at 1.2280.. ie a 90 pip stop with a 90 pip target.

The two spinning tops were the key here showing that there was selling at the levels, that coupled with the downtrend movement made me feel it was a good short play and I got rewarded.

So, a decent start to my trading again after all this time away. The key is to be patient with trading, only wait for the opportunities to present themselves. This can be frustrating when you see the markets moving and if you don’t have an entry to enter the markets, you feel that you’re missing out. It is a trading psychology thing and I do recommend that you research and study as much as you can about the whole topic of trading psychology and be aware of yourself and your trading.  It is tough to change your psychology and I recommend that you find ways to make trading work with your psychological make up rather than change your psychology for your trading.

If you’d like to read more about trading psychology, I do have a few posts which talk about it.. otherwise, drop me a line!

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Category: Forex trader, Forex trading, Trading