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Help me out? I need the help of you.

  • #1
  • First Post: Jul 4, 2007 12:25pm Jul 4, 2007 12:25pm
Dear All

I am new in forex trading. I have starteed trading with GBP/USD with $250 and increase it up to $ 1000 the only problem is that that i did not put the stop loss on my some transaction now with rallies of GBP/USD i am in major losses and i only have a margin of $77 left in my account with hedging the transaction i am able to manage it but how can i get out from this worst situation as i will have a rollup mark-up of 3 days
after that i will have $60 on my hand.

the whole summary is this

GBp/USD AVerage buy lot 20000 @ 2.0166
GBp/USD AVerage sell lot 25000 @ 1.9985

if any one can give any idea to get out of this situation i can only depsoit $175 to increase my margin this is the whole saving of my life that is $1175 that i will put in this silly game of forex please give me some ideas to get out.

Besides that what will be the impact of of BOE raise the interest rate will it raise to 50 to 100 pip more.

Besides that what will be the impact of of BOE does not raise the interest rate will it decline by 50 to 100 pip.

What if BOE reduce it? (Does not look to get materialize.)

Waiting for you people response. I need the help.

Regards.
Sheikh Sheraz Ali
  • #2
  • Jul 4, 2007 12:42pm Jul 4, 2007 12:42pm
You should close all trades and then open a demo and do not trade another live account until you have some idea on what u are doing AND you have the available funds to LOSE.
I know that is now what you want to hear...............
You want a way out, to recover your money, so that u can go and get yourself into another mess.
Let this be your tuition into trading - Welcome-, and move on to either learn or take your money and go into something less dangerous

Good Luck to you whatever you decide.
In trading, there is no bullshit. You either make money or you don't.
  • #3
  • Jul 4, 2007 12:44pm Jul 4, 2007 12:44pm
Money Management.

Majority of traders blow up their first account.

You do not trade with money you can't afford to lose.

Money Management.
Trade what you see, not what you think.
  • #4
  • Jul 4, 2007 12:47pm Jul 4, 2007 12:47pm
Forex account fund by Mastercard: $250
Crappy Ebay Forex Trading System: $800
Trade Station with the latest tech: $5,000
Trading without stoploss and good MM: PRICELE$$

Sorry mate.... nobody can save you from your actual situation.
  • #5
  • Jul 4, 2007 1:43pm Jul 4, 2007 1:43pm
Quoting kihl
Forex account fund by Mastercard: $250
Crappy Ebay Forex Trading System: $800
Trade Station with the latest tech: $5,000
Trading without stoploss and good MM: PRICELE$$

Sorry mate.... nobody can save you from your actual situation.
Now that's funny stuff!
  • #6
  • Jul 4, 2007 1:57pm Jul 4, 2007 1:57pm
Tomorrow the price will go trough 2.0200 and you will have your chance to sell your long position .. and then after BOE the price will hit the bottom
  • #7
  • Jul 4, 2007 1:58pm Jul 4, 2007 1:58pm
Quoting sherazali
this is the whole saving of my life that is $1175 that i will put in this silly game of forex please give me some ideas to get out.
If your life savings are 1175 dollars then I'll assume that You come from the "third world" just like me. Close your account right now, there's no way to get your money back.

I don't know if what I'm going to say is a little off-topic because I really don't know where's sherazali from, but there's a general idea among new comers from undeveloped/poor countries that goes something like this:

"I can live with 200 dollars a month here, so FX will be easier for me since I only have to make 20 pips a month!!!"

I know it because I live in one of those countries (Argentina) and I thought the same a while ago, hey I only need a couple of pips and I'm done!! But this is very very far away from the truth.

When You live in a poor country and You have a poor salary everything is harder to achieve compared to developed countries, and Forex is not the exception. Just remember, even if You can live with only a couple of hundred dollars per month, it doesn't mean that Forex will be easier for You. In fact, it will be much harder.

I repeat, I'm one of those people living in a poor country with a poor salary and that's why I thought I should post my opinion about this. I'm not making fun of anyone/anything. I know exactly how much hard work and time can take You to put 1175 dollars together, so my opinion/advice for sherazali is: close your account right now and don't even think about sending those 175 dollars You still have in your pocket.

Hope this helps, good luck!!!
"I say high, You say low, You say why, and I say I don't know..."
  • #8
  • Jul 4, 2007 1:59pm Jul 4, 2007 1:59pm
Quoting venci
Tomorrow the price will go trough 2.0200 and you will have your chance to sell your long position .. and then after BOE the price will hit the bottom
Impressive! can I borrow your crystal ball please?

/sigh
  • #9
  • Jul 4, 2007 1:59pm Jul 4, 2007 1:59pm
Quoting sherazali
Dear All

I am new in forex trading. I have starteed trading with GBP/USD with $250 and increase it up to $ 1000 the only problem is that that i did not put the stop loss on my some transaction now with rallies of GBP/USD i am in major losses and i only have a margin of $77 left in my account with hedging the transaction i am able to manage it but how can i get out from this worst situation as i will have a rollup mark-up of 3 days
after that i will have $60 on my hand.

the whole summary is this

GBp/USD AVerage buy lot 20000 @ 2.0166
GBp/USD AVerage sell lot 25000 @ 1.9985

if any one can give any idea to get out of this situation i can only depsoit $175 to increase my margin this is the whole saving of my life that is $1175 that i will put in this silly game of forex please give me some ideas to get out.

Besides that what will be the impact of of BOE raise the interest rate will it raise to 50 to 100 pip more.

Besides that what will be the impact of of BOE does not raise the interest rate will it decline by 50 to 100 pip.

What if BOE reduce it? (Does not look to get materialize.)

Waiting for you people response. I need the help.

Regards.
Sheikh Sheraz Ali
I heard on the other forum, that someone actually invested evrything he has just to suistane the short positions at GBP/USD in 1.888 level....thats nonsense, its better if u start with options, where u take a small loss when u take a trade and can benefit from people that invest evrything in 1,2 positions like u sound here....ok. 170 usd plus wouldnt kill you, but milions it will, if that can help.
its just money
  • #10
  • Jul 4, 2007 2:03pm Jul 4, 2007 2:03pm
Quoting de123
I heard on the other forum, that someone actually invested evrything he has just to suistane the short positions at GBP/USD in 1.888 level....
Sorry to be blunt, really, but some people think with their feet and get what they deserve!
  • #11
  • Jul 4, 2007 2:31pm Jul 4, 2007 2:31pm
Set up two take profits to both of those positions and go to bed, Sheikh Sheraz Ali
  • #12
  • Jul 4, 2007 2:31pm Jul 4, 2007 2:31pm
Quoting WTB
Impressive! can I borrow your crystal ball please?

/sigh
Lol

that is a dam good post.

10/10
{ Links Removed }
  • #13
  • Jul 4, 2007 3:28pm Jul 4, 2007 3:28pm
Scenario 1:
Put a SL on your long position @ 2.0100---once the GBP/USD breaks below 2.0100, the fall will likely continue till 1st TP 1.9975; TP2 1.9905; TP3 1.9830
Another scenario: if GBP/USD decides to go up after rate decision put a sell stop on your short positon @ 2.0250---and let your long position run immediate TP1 2.0320; TP2 2.0380; TP3 2.0420
The 1st scenario is more likely though in very short term----
GL/GT
  • #14
  • Jul 4, 2007 4:00pm Jul 4, 2007 4:00pm
If you can hedge your position, hedge it as quickly as possible. Hold that hedge through the BOE statement and through the NFP on Friday.

Next week sometime watch for a good dip on the GBP/USD pair and close your short. Then you can try to hope (at this point that is about all you can do) that the trend continues long and you will be able to get out of your long trade.

I am sorry this happened to you, the above is my advice. I sure hope I read your comments correctly and you can hedge, it looks as though you only need $100 at 100:1 leverage to make a perfect hedge, if you have just $77, that may work just enough ... hope it works out.
The market is my nation. Traders, my family. Hello, brothers and sisters!
  • #15
  • Jul 8, 2007 6:51pm Jul 8, 2007 6:51pm
His biggest problem is the $1,175 that he invested. I am not from the third world, so I GUESS it's easier for me to lose money and survive in this game.

Having said that, there is one thing I have learned in about the last 8 months. (This may be the only thing.) Everyone talks about systems, indicators, psychology, money management, etc.

The most important thing in Forex is having a lot of money backing you. Period.

I can only speak as an American, so forgive me if my example is from that point of view.

Let's say you make $30,000 USD/year. That's not exactly deathly poor here, but it's not great either. So, after reading about this market, you decide it's time to get rich, and get your "piece of the pie". Besides, how hard can it be to make say.....100 pips in a month? Pretty soon, you can quit your job, and make a trade everyday, making 500 dollars. (Just like going to the ATM.)

Except one thing is left out of all the sales pitches you hear. (A little known fact: Criminalis Majoris is Latin for "Forex Guru".)

The one important thing they don't tell you when you start: Liars run this business. Gurus lie. Brokers lie. Analysts lie. (Only because they have to write SOMETHING in their posts. And it's no fun to write something like "I have no idea where the British Pound will be in 24 hours." And hell, I could be lying for that matter.) Oh, and that guy who is bragging about making all those great trades: MOST (not all, so nobody jump on me about this.) of the time, they are either lying about it, or only telling you about the good trade that made 50 pips, and not the three others this week that lost 200.)

The other inescapable fact is that banks, and especially central banks control everything. If you are in their way, you're dead. Period. You can never match the billions they throw into the market, and most of the time with little or no leverage. If the first billion doesn't work, how about the next one? Or the next one? And on and on.

The truth is, only about 10 percent or less private speculators make money in this market. Want to learn something about how much ridiculous info is passed around? I was thinking of starting a thread that stated it's more probable to get away with robbing a bank at gunpoint than taking their money in Forex.....I bet if I presented it professionally on a forum somewhere, that would catch on. Why you ask? Because so many people are buried deep in this market, and in serious trouble. People will believe anything if they are told often enough. This is a great selling strategy if you are say......a Forex Guru. Pick three random EMA's, and I will develop a great system for you. Using past charts as proof. ANY EMA will do. And thats what most are selling.....random numbers.

We are the cannon fodder for people like The Bank of Japan, Saxo Bank, and to a lesser extent, Coca-Cola....

Making a living this way? I hear of people doing it, but only after they have a boatload of money to do it with. The $1,175 was never really going to give you a realistic shot at getting to where I believe you thought it would.

I'm sorry to hear about your loss, trust me, I know what it feels like. But the truth is, with a small amount of money like that, you have almost no room to lose at all. (The most you should be trading is something like 1 dollar a pip, and even that is probably too much if that was your life savings.)

At this point, I would say you have nothing to lose, only because it would take a miracle to get it all back. I would consider that money gone.

Like I said, I'm sorry about your loss man. Especially if it's going to hit you that hard.

Good luck.
  • #16
  • Jul 8, 2007 7:10pm Jul 8, 2007 7:10pm
do not fall into the trap that because one doesn't have a large acct that money management isn't important. The biggest prob here was that they wanted to make money ASAP and blew it before knowing how to trade. If I am 20 yrs old and have 1K to trade my greed makes me forget I got my whole life to learn how. Why be in a hurry to lose it all.
Use VERY strict MM and keep your acct intact until you learn how to increase it. When u have learned how to trade and can make a profit from it, then u work your butt off in whatever job someone will pay you for and build up enough to trade with so that you can make some real money at this profession.
In trading, there is no bullshit. You either make money or you don't.
  • #17
  • Jul 8, 2007 7:54pm Jul 8, 2007 7:54pm
not sure if this would help, however here's what I would do (and obviously pray it worked)

Whatever your system is, keep it hedged until your perfect A trade set up appears, one you are very confident will go in your favour.

If indications are it will go short, drop whatever %age of longs you are comfortable with, vice versa for a long signal.

I would suggest on waiting for a long set up (as this is in the direction of the trend).

If the trade goes against you, recreate the hedge, not by adding more position, but by reducing whichever position is largest back to parity.

If you reach an exit signal, do the same thing. Remain in the hedge until the next perfect set up comes along.

This way you are scaling out of your hedge, learning some strict money management and discovering discression and patience in choosing your set-ups.

If you are confident in your system as a whole and you lost money as the result of mistakes, then you should be able to scale yourself out of this mess and become a better trader by doing so. Even if you fail, you will still be a better trader from the experience.

If it was your system that was at fault, then I suggest you work on mastering a better method.

On this forum I would strongly recommend James16 (a sub forum in the Trading Systems thread) and Jacko's house of pleasure and pain (in the journal section)
quote of the day: . It's like deja-vu all over again
  • #18
  • Jul 8, 2007 8:23pm Jul 8, 2007 8:23pm
Quoting mrgreen
do not fall into the trap that because one doesn't have a large acct that money management isn't important. The biggest prob here was that they wanted to make money ASAP and blew it before knowing how to trade. If I am 20 yrs old and have 1K to trade my greed makes me forget I got my whole life to learn how. Why be in a hurry to lose it all.
Use VERY strict MM and keep your acct intact until you learn how to increase it. When u have learned how to trade and can make a profit from it, then u work your butt off in whatever job someone will pay you for and build up enough to trade with so that you can make some real money at this profession.
But I'm only an Apprentice! I'm willing to serve my time to be a Journeyman. Are you suggesting that it might cost me funds During My Apprenticeship? Even if My ratio is
1st year 20% of Journeyman Rates.
2nd year 40% of Journeyman Rates.
3rd year 60% of Journeyman Rates.
4th year 80% of Journeyman Rates.
5th year 100% of Journeyman Rates.

If so...
That's such a cool idea...

{Replace "Journeyman" with any college degree OR MM Risk/Ratio you desire AND quit thinking you are something lesser. Because You Are Not! }

Why?
You're here and workin on it.
  • #19
  • Jul 9, 2007 7:07am Jul 9, 2007 7:07am
Quoting mrgreen
do not fall into the trap that because one doesn't have a large acct that money management isn't important. The biggest prob here was that they wanted to make money ASAP and blew it before knowing how to trade. If I am 20 yrs old and have 1K to trade my greed makes me forget I got my whole life to learn how. Why be in a hurry to lose it all.
Use VERY strict MM and keep your acct intact until you learn how to increase it. When u have learned how to trade and can make a profit from it, then u work your butt off in whatever job someone will pay you for and build up enough to trade with so that you can make some real money at this profession.

I wasn't suggesting that he not practice money management, I was merely pointing out that the odds are even more against him now.

He obviously doesn't know how to trade yet, as most of us probably fall, or fell into this category for a while.

But the issue is that it's going to take a LONG time to get that money back. And that is the truth. If you practice money management, it could easily take a good year or two to get it back. Just trying to be real with the guy as he is in a hole.

The original post was obviously out of desperation, and the sooner he comes to grips with the situation, the better off he is. This is not to say that he can't make it back, and I sincerely hope he does. This is to say that time, and a lot of it is part of what he needs. I am willing to bet that he didn't realize - as most of us don't when starting - that it is much, much easier to lose than win. Which if you think about it, is an odd thing really. In theory every trade should be 50% chance of going up, 50% chance of going down. (In theory at least.)

Someone in this thread said "Only use money you can afford to lose", and he obviously didn't. Maybe he didn't know. But that statement alone tells us that it's more likely to be lost than won. I hear that statement all the time. It's the one statement that sums up retail forex better than anything else I believe.
  • #20
  • Jul 9, 2007 7:20am Jul 9, 2007 7:20am
Quoting sherazali
Dear All

I am new in forex trading. I have starteed trading with GBP/USD with $250 and increase it up to $ 1000 the only problem is that that i did not put the stop loss on my some transaction now with rallies of GBP/USD i am in major losses and i only have a margin of $77 left in my account with hedging the transaction i am able to manage it but how can i get out from this worst situation as i will have a rollup mark-up of 3 days
after that i will have $60 on my hand.

the whole summary is this

GBp/USD AVerage buy lot 20000 @ 2.0166
GBp/USD AVerage sell lot 25000 @ 1.9985

if any one can give any idea to get out of this situation i can only depsoit $175 to increase my margin this is the whole saving of my life that is $1175 that i will put in this silly game of forex please give me some ideas to get out.

Besides that what will be the impact of of BOE raise the interest rate will it raise to 50 to 100 pip more.

Besides that what will be the impact of of BOE does not raise the interest rate will it decline by 50 to 100 pip.

What if BOE reduce it? (Does not look to get materialize.)

Waiting for you people response. I need the help.

Regards.
Sheikh Sheraz Ali
Hi Sheikh Sheraz Ali,

I've been there myself. Just chalk this up as a learning experience because if you don't your in for a hard lesson. I used to not trade with stop losses imo not a very good idea unless your there to closely monitor your trade and I mean right on top of it. You can hedge it but trust me if it works out please chalk up as a lesson and I know you've heard this before DO NOT USE MONEY YOU CAN"T AFFORD TO LOSE ! Also learn all you can about money management that is key. I've learnt that the hard way also but it is engraved in my brain. Just my thoughts. I wish only the best for you. Good Luck....
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