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Ouch! Trader carrying heavy losses 53 replies

Ouch AUSUSD 7 replies

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Ouch

  • #1
  • First Post: Nov 10, 2006 4:37am Nov 10, 2006 4:37am
Bloody china, iv lost 5435 Euro today on (GBP/USD) on The news that china will diversify its reserves .Going out for a beer now . Have a nice weekend to all ! Hemmm <o></o>
  • #2
  • Nov 10, 2006 4:40am Nov 10, 2006 4:40am
Damm chinese and their comments

I know its a loss, been in worse situations myself, so start digging yourself out of it.
  • #3
  • Nov 10, 2006 4:42am Nov 10, 2006 4:42am
thats a lot...hope it was a demo...just dont kill your self ! it aint wort it!!!
its just money
  • #4
  • Nov 10, 2006 4:50am Nov 10, 2006 4:50am
Quoting de123
thats a lot...hope it was a demo...just dont kill your self ! it aint wort it!!!
I truly wish it was a demo! I !! I will have a nice shower then i will restart my computer to see if i was wrong
  • #5
  • Nov 10, 2006 7:07am Nov 10, 2006 7:07am
Ah, that's the forex market for you, crazy news coming out from nowhere. But no worries, I'm sure you'll make it all back soon =)
  • #6
  • Nov 10, 2006 7:14am Nov 10, 2006 7:14am
losing is part of winning just learn from your mistake and move on, dont repeat the same mistakes no one is perfect, I managed to avoid alot of bullets this weekbut if i were trading that kinda size I would have def been more careful and trailed my profits more closely... always protect ur profits when u have a large position on and get ready to cover on the first sign of a reversal this isnt a down trend week, unfortunately it took me a while to adapt to that fact...
  • #7
  • Nov 10, 2006 7:16am Nov 10, 2006 7:16am
Quoting Hagai
Bloody china, iv lost 5435 Euro today on (GBP/USD) on The news that china will diversify its reserves .Going out for a beer now . Have a nice weekend to all ! Hemmm <?xml:namespace prefix = o /><o></o>
Are you sure it was China? Kind of looks like you traded against the trend to me.
  • #8
  • Nov 11, 2006 6:01pm Nov 11, 2006 6:01pm
D'oh, don't blame China!

You sure have lost money in dollar value, however, this should be relative to your capital. If you are using good MM, then it is probably not as bad. But if you are not, then you are doomed anyway.

Ooo Donuts, gotta go!

Homer
  • #9
  • Nov 12, 2006 7:27am Nov 12, 2006 7:27am
Quoting Homer
D'oh, don't blame China!

You sure have lost money in dollar value, however, this should be relative to your capital. If you are using good MM, then it is probably not as bad. But if you are not, then you are doomed anyway.

Ooo Donuts, gotta go!

Homer

I blow like 28 % of my account. I didn’t expect the graph move against my direction. I have done it and seen it a lot before. But this time I was like paralysed. What I did was just keep watching my money fade away! Until now its mysterious what happened.<o></o>
  • #10
  • Nov 12, 2006 7:36am Nov 12, 2006 7:36am
Quoting Hagai
Bloody china, iv lost 5435 Euro today on (GBP/USD) on The news that china will diversify its reserves .Going out for a beer now . Have a nice weekend to all ! Hemmm <?xml:namespace prefix = o /><o></o>
I'm really sorry to hear that, but as we all know, Forex is a crazy market. I hope you get back your money very soon.

Good Luck,
Al
  • #11
  • Nov 12, 2006 10:21am Nov 12, 2006 10:21am
Thank you all, for the encouraging words i appreciate it, I will post further on this when iv managed to regain the lost!
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  • #12
  • Nov 12, 2006 10:37am Nov 12, 2006 10:37am
Quoting Hagai
Thank you all, for the encouraging words i appreciate it, I will post further on this when iv managed to regain the lost!
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I don't know why you're thanking people for encouraging your reckless behavior.

Here, I'll give you advice and comments that you don't want to hear yet are worth there weight in gold.

You lost 28% of your account on one trade. That was stupid. Use a stoploss. A planned (before you take the trade) stoploss.

You decide. Do you want gentle pats on the back to make you feel better about a poor decision or someone to tell you the truth.
Secret Identity: Bill Sullivan
  • #13
  • Nov 12, 2006 11:02am Nov 12, 2006 11:02am
THE TRUTH... lol using stops effectively is key to protecting yourself in such a volitile market without effective stop use ur as good as dead... also MM is key as well dont overleverage ur self on a live account.. ever... if u do ur doomed sooner or later the market will take money from u keep it small, if ur gonna increase ur lot size do it with money taken from the market not ur starting capital always protect ur starting capital u wanna build up a barrier of funds protecting this inner core of startup cash thats ur army ur soilders you deploy in battle without an army or liquid cash ur finished... keep cash in reserve for special situations and high probability setups... test the waters with 1 lot then if price moves in your favor only then increase ur position, or use muliple lots an scale out... either way PROTECT ur position at all times.... dont let the market eat into ur paper profits at worst you should be out for BE at best a small profit or large and at worst a minimal loss... ;-)
  • #14
  • Nov 12, 2006 11:34am Nov 12, 2006 11:34am
News and expert's advices are very dangeous.

We ought to think we are much cleverer... Otherwise, we will catch all losses
Prof Herman
  • #15
  • Nov 12, 2006 12:29pm Nov 12, 2006 12:29pm
Quoting Money Talks
Damm chinese and their comments

I know its a loss, been in worse situations myself, so start digging yourself out of it.

I come from China and lost money, too.
Shall I blame my home country?
I would rather concentrate more on better money management strategies so that I can always survive in the forex market no matter what happens.
  • #16
  • Nov 12, 2006 12:53pm Nov 12, 2006 12:53pm
Yeah, but keep restarting that computer !!! Sometimes it helps, but not usually !!

Actually I have a winning system that can make you big bucks... you will never lose another trade. The system is super simple, anyone can do it... just tell me which way you want to trade.... long or short... I will do oppisite !!! Price always goes towards my Stop Loss.. I only ask for 50% of your profits.... win win situation !!!
  • #17
  • Nov 12, 2006 12:53pm Nov 12, 2006 12:53pm
Quoting Hagai
I blow like 28 % of my account. I didn’t expect the graph move against my direction.
That's why you use money management in your trading...

Until you learn that you have no idea where the market is going to go, and that, yes, one man can actually change the market, you will continue to lose money. If you truly believed that it only takes one person to ruin your edge, you would NEVER risk more than your money management dictates.
Mr. Trend
  • #18
  • Nov 12, 2006 12:57pm Nov 12, 2006 12:57pm
Quoting Hagai
Bloody china, iv lost 5435 Euro today on (GBP/USD) on The news that china will diversify its reserves .Going out for a beer now . Have a nice weekend to all ! Hemmm <o></o>
If it was your stop loss, than it's not that bad since it's money you can afford to loose, if it wasn't, than it's too bad, you should always use stop loss, that's why they exist.
Trading is a long and a short story.
  • #19
  • Nov 13, 2006 2:44am Nov 13, 2006 2:44am
It is difficult to use stop. Sometimes we have to use close Stop of 40 pips.

April July 2002 the Stop of JPY was not less than 350 pips.

Different strategies mean different Stops
Prof Herman
  • #20
  • Nov 13, 2006 4:00am Nov 13, 2006 4:00am
was shorting gbp & euros against the dollar and at one point -500 pips on those positons but I never flinched.It is now Monday/13/2006 at 7am EST and I am at +2 pips on each pair.I was confident it will come down,it would've took a catostrophic events to put me away.So I'm sticking to my plans on this one.
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