This is a video of a live forex scalp trade (recorded before it was
filled), and most importantly, an illustration of trade management. And
maybe a more appropriate subject line would have been “How WE Manage a
Forex Scalp Trade”, because there are a myriad of ways to manage a forex
trade.<\/p>\n\n\n\n
But in this video, I’ll show you exactly how I handled the trade as it
progressed, and why I did what I did.<\/p>\n\n\n\n
When you are in a forex trade, you need to have a plan for managing the
trade BEFORE you ever enter the trade. That means having a consistent forex
trade management plan prepared ahead of time. Where is the stop? Where\/when
do you take profit? What do you do if it goes against you? Etc. We have
suggested protocols for what to do based on forex price action after we’re
in the trade.<\/p>\n\n\n\n
Although our initial Forex trade management plan is quite objective, once
the risk is removed, there can be differences in how the trade is managed
based on individual preference, risk tolerance etc.<\/p>\n\n\n\n
Remember this: You need to make real decisions in real time, without the
benefit of hindsight. Just like I did in this video. So the more objective
your forex trading plan, the less emotion to deal with.<\/p>\n\n\n\n
<\/p>\n\n\n\n