Quoting rusty105DislikedSo it begs the question:
How much further can the Dollar sink? 25, 50, 100 pips? I only ask because I am really $ Long right now on 4 pairs and not sure if I should cut the losers free. Cutting them free would cut about 45% of my Small mini account off, but I would still have it. But I could also lose the rest as the if losers got worse, right? I know no one can predict where and when the market will move. I think this week proves that. I would hate to sell the losers then see the market do a 180, I am still learnning, so I would consider this a tution payment towards my FX Degree, but some payments are hard to swallow. I thought I was ok this week, Guess not!!
RustyIgnored
What was your trading plan to begin with? What was your exit plan? Where did you place your stops? Have you moved your stops?
One of the BIGGEST mistakes people make is letting the losers run...to the point of trashing 45% of your account. Wow.
I would say...determine your tolerance level here...you are already way past thresholds of good trade management. Put a plan into place and put stops in at a logical and precise spot...somewhere hidden perhaps...behind a point of resistence or support.
You will live and die with your decision. It will reverse. But you must save enough of your capital to trade the next day.
And, just in my opinion...Don't ever be happy about a loss...you can learn from them...and they are part of doing business...but I can't ever remember a loss that felt good.
Better missed opportunity than lost capital
All of the above is just to provoke thought...you must make your own decisions. I hope it turns out well for you.
DC
"There is MORE Happiness in giving than receiving"