I've been working closely with a pro-trader and doing some experimenting on scalping over the last 3 weeks. I'm finding that the biggest problem wasn't the spread, the broker, news releases or even the trade - It was fear.
I had discovered in a trade where I was 7 positions deep in the wrong direction that I was actually more comfortable LOSING than I was WINNING!
That sounds crazy, but I'm sure you've been there too. Don't think so? How many times did you close that trade out at 3 pips profit only to watch it go 300 pips your way 3 hours later? How many trades did that news release bump your stop and then fulfill the ( used to be ) target? How many times did that trade have 100 pips profit and it stopped out @ 250 pip loss?
If any of those questions brought a horrid feeling upon you - then you're addicted to loosing too.
This thread is designed to give insight to those that have overcome the fear of winning the trade ( closing at the first sign of profit ) and the greed of wanting too much from it ( waiting for it to go just a few pips more ).
I had discovered in a trade where I was 7 positions deep in the wrong direction that I was actually more comfortable LOSING than I was WINNING!
That sounds crazy, but I'm sure you've been there too. Don't think so? How many times did you close that trade out at 3 pips profit only to watch it go 300 pips your way 3 hours later? How many trades did that news release bump your stop and then fulfill the ( used to be ) target? How many times did that trade have 100 pips profit and it stopped out @ 250 pip loss?
If any of those questions brought a horrid feeling upon you - then you're addicted to loosing too.
There is hope
This thread is designed to give insight to those that have overcome the fear of winning the trade ( closing at the first sign of profit ) and the greed of wanting too much from it ( waiting for it to go just a few pips more ).