this MIGHT bounce a 100+ pips up, careful those who shorted not too long ago
i'm selling the top when i find where the heck it is
i'm selling the top when i find where the heck it is
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DislikedShaks, I am long too however not with big lots just small so not a big deal. However, what I think and this is just IMO that the buyers are down again at 203.50 level we should see one final bounce from there back to 208/209 level. yes if we close below 203.50 then its over. I highly doubt BOE going to cut tomorrow though their situation is bad but I think they are letting their previous cuts to take effect. Today's market tumble was unexpected we might see some recovery tomorrow. Hang in their dude but ofcourse if you are uncomfertable with the drawdown close it there will always be other opportunities but dont try to revenge trade.Ignored
DislikedOk Bro, Cheers for the reply.
Drawdown will be approaching 8% of account if 203.50-202.50 breached - my own strategy and my own fault if it goes pear shaped from here. Don't normally hold anymore than a 1% risk but today is differnent...feel we may see a bounce.
I'll hold my nerve and see if 203.50 holds (may have a quick spike past there before it does). Hopefully this will be seen as a buying opportunity for Bulls at these levels as:-
1.) Still good interest rate differential between G/J for carry trades
2.) Retracement FIB on DOW from ride up is at these levels
3.) Most Sh*t news and economic damage out in the open already
4.) I'm holding long and we can't be the only one's on the planet LOL!
Happy Trading everyone! All who caught this move well done!!Ignored
Dislikedshakesfx,
i do think you need to reconsider of holding long position. "If" i were you, i will close all longs and move on waiting on another good opportunity to trade.
Anyway, it's your money....trade what you can afford to lose.
Good luck.
P/s : If you need help or assistant don't hesitate to add my YM : [email protected]
Regards.Ignored
DislikedMost professional traders and money managers trade one standard lot for every $50,000 in their account.
If they traded a mini account, this means they trade one mini lot for every $5,000 in their account.
Let that sink into your head for a couple seconds.
If pros trade like this, why do less experienced traders think they can succeed by trading 100K standard lots with a $2,000 account or 10K mini lots with $250?
No matter what the forex brokers tell you, don’t ever open a “standard account” with just $2,000 or a “mini account” with $250. The number one reason new traders fail is not because they suck, but because they are undercapitalized from the start and don’t understand how leverage really works.
Don’t set yourself up to fail.
We recommend that you have at least have $100,000 of trading capital before opening a “standard account”, $10,000 for a “mini account”, or $1,000 for a “micro account”.
So if you only have $60,000, open a “mini account. If you only have $8,000, open a “micro” account. If you only have $250, open a “demo account” and stick with it until you come up with the additional $750, then open a “micro account”.
If you don’t remember anything else in this lesson, I plead that you at least remember what you just read above.
Okay, please re-read the previous paragraph and ingrain it in your memory. Just because brokers allow you to open an account with only $250 doesn’t mean you should and I’m going to explain why.
I believe most new traders who open a forex trading account with the bare minimum deposit do so because they don’t completely understand what the terms “leverage” and “margin” really are and how it affects their trading.
It’s crucial that you’re fully aware and free of ignorance of the significance of trading with leverage. If you don’t have rock solid understanding of leverage and margin, I guarantee that you will blow your trading account.Ignored
DislikedMost professional traders and money managers trade one standard lot for every $50,000 in their account.
If they traded a mini account, this means they trade one mini lot for every $5,000 in their account.
Let that sink into your head for a couple seconds.
If pros trade like this, why do less experienced traders think they can succeed by trading 100K standard lots with a $2,000 account or 10K mini lots with $250?
No matter what the forex brokers tell you, don’t ever open a “standard account” with just $2,000 or a “mini account” with $250. The number one reason new traders fail is not because they suck, but because they are undercapitalized from the start and don’t understand how leverage really works.
Don’t set yourself up to fail.
We recommend that you have at least have $100,000 of trading capital before opening a “standard account”, $10,000 for a “mini account”, or $1,000 for a “micro account”.
So if you only have $60,000, open a “mini account. If you only have $8,000, open a “micro” account. If you only have $250, open a “demo account” and stick with it until you come up with the additional $750, then open a “micro account”.
If you don’t remember anything else in this lesson, I plead that you at least remember what you just read above.
Okay, please re-read the previous paragraph and ingrain it in your memory. Just because brokers allow you to open an account with only $250 doesn’t mean you should and I’m going to explain why.
I believe most new traders who open a forex trading account with the bare minimum deposit do so because they don’t completely understand what the terms “leverage” and “margin” really are and how it affects their trading.
It’s crucial that you’re fully aware and free of ignorance of the significance of trading with leverage. If you don’t have rock solid understanding of leverage and margin, I guarantee that you will blow your trading account.Ignored
DislikedNicely said
1% of your account with 150 pips stop is only 1.5% risk.
You can do a lot of wrong trades before you kill the account.Ignored
Dislikedshakesfx,
i do think you need to reconsider of holding long position. "If" i were you, i will close all longs and move on waiting on another good opportunity to trade.
Anyway, it's your money....trade what you can afford to lose.
Good luck.
P/s : If you need help or assistant don't hesitate to add my YM : [email protected]
Regards.Ignored