Forex Trades - choosing the right ones

Apparently there are lots of different types of Forex trades - I'm talking about the different patterns on the charts that you can learn and use to tell you when to get in and out of a trade. Because I'm new to all of this I only know of a handful of these trades and I'm now trading three different types of trades (as of yesterday - so I guess that means I'd better update my trading plan!).

It seems that some people think that they need to find that one magic trade - the one that is always successful and that will make them rich! I don't think that trade exists and those who are looking for it will be doomed to looking and not really learning.

We've learned to go with the types of trades that we feel comfortable with - those that suit out lifestyle and the way we like to trade. To pick the trade or trades that we like and stick with them, master them and plug away through a gradual process to mastery and profit and then wealth. The problem is that in the very beginning it's all brand new and we have no idea what we might like - or not. We're now, however, starting to get some idea.

I've learned to think of this and other areas that I'm pursuing right now, as apprenticeships - time that must be served before success can be assured. Anything that is going to bring the success to my life that I want is going to take time - there is no quick and easy road. The time that must be taken and road that must be followed however, although seemingly difficult and feeling incredibly slow and frustrating at times, will be a much faster road when compared to the standard J.O.B. road to retirement at 65 or beyond with hopefully enough Super put away to make ends meet until D day!

Anyway, back to Forex - I'm really glad we learned the Zingo trade initially. It's easy to learn how the Zingo works and didn't take long to get a handle on it. Then for me when I heard about the Range trade, it just set off bells I guess, and I love it already. I've really only started using it live the last couple of weeks and I've still got a long way to go to master it, but I'm starting to get a lot better at recognising the Range Breakout trade on the charts.

Now we've just learned about Grid trades - and they're really cool! This apparently isn't just any old grid trade tho - no standard grids here! These are worked out for each currency pair individually and are calculated in a specific way to suit the currency pair that we're working on.

They take a bit of work to set up, but we did two currency pairs yesterday morning on the one hour charts and one of them on the four hour chart and I put a couple of trades on (on the one hour). They're quite a fast trade (can be) and fun and they happen when the range trade isn't happening which is perfect!

So now we've got three types for forex trade to focus on and the grid trade will help to relieve the boredom when nothing else is happening! Cool.

All in all a good week. We learned some really cool stuff and our account is up close to 6% for the week which included a bit over 2% just in the first two days of this month! The plan is to keep the rest of the month on the same track.