Forex Lesson # 6 & $85.00 Profit today

I just closed out my position on the EUR/USD @ 1.5585. I placed the buy trade on Wednesday before I went to work and made my stop at 100 pips below. That day, it went south but only to touch 1.5421. I got lucky. Last night around 4:00 am, it went above 1.5500 but I went back to sleep thinking that it would make a run and it went south. I felt the trade would reverse upwards from the daily charts. When I got to work, it had moved about 1.5500. I wanted to close out the position around 1.5550 but the link to the online version of my account wouldn’t allow me to log on. I had just checked and it was @ 1.5580. My Forex account allows me to place a trade free over the phone, so I just closed it out.

Learning from my other lesssons, I thought it would be good to “walk away” from the table with profit.

Next week, I’m going to double up again on my lots. I want to start trading 10 lots at a time.

The lessson I learned today was that closing my account over the phone can be done without any charge. I was under the impression that trades had to be executed on the software platform or the internet.