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Cable Update (GBPUSD)

  • #18,561
  • Jul 13, 2007 3:50am Jul 13, 2007 3:50am
Quoting dd33
Admitting mistakes and learn from it is one step forward to financial success.. I have been there done that too.. Being unrealistic for too long and suddenly.. BAM!!!.. blown out my account..

Have u "hedge" ur position? If not.. its better to do that before u got margin calls.. Or if u still can survive with the remaining account.. may be u can cut it loss.. Its better too late rather than die with it..

Wishing u great success in trading n life...
No, I did not hedge it yet. I can freeze my loss by hedging it and wait for reversal but if it happens then my new long position can get into the same loss where I am now... It looks like it is a dead end...

My account still has enough margin but if G/U will run up to 2.0500+ it can get really bad...
  • #18,562
  • Jul 13, 2007 3:51am Jul 13, 2007 3:51am
Hmm - market little bit like yesterday. Gotta love this forum...

Gone to a better place
  • #18,563
  • Jul 13, 2007 3:55am Jul 13, 2007 3:55am
Quoting hotstorm
Why? Because I am stupid.... I got to a great floating loss and now it is too late to bail out. I just wait for correction to come. 200 pips down would be fine, but chances are rather small...

I have learned a lesson and now I know I cannot catch the tops or bottoms of the trend (well, I can but it is too risky...)

I am quite new to forex trading and I simply made a costly mistake... And do not laugh please, it is not funny to me... Instead a good advise is welcome.

Dont take it too hard - this is the name of the forex game - i have been trading for almost 7 years now and thankfully plan my trade and trade my plan. I read the posts here for fun's sake and to see other's opinions - BUT i never take a trade on what others here say - and if you do that you will lose money - take my word for it. Take for example this Cable run up - I have been long on this since 1.97 - and after every 100 pips there is a whole lot of traders here who keep shorting and losing their money - if you are new in trading - just trade the primary trend and grow your account 20 pips at a time -

In your kind of a mind set its very natural to try to avenge the market by trading the opposite direction to a heavy loss trade - dont do that - dont trade with a vengance - if you have lost a few trades consistently - stop - come back in a couple of days and reevaluate your strategy and work on a demo account - trust me - the market and oppurtunities will be there waiting.

regards and good luck
  • #18,564
  • Jul 13, 2007 3:59am Jul 13, 2007 3:59am
Watch out for the "TOLD YA SO" Parade.. Coming out months from now..
Attached Image
  • #18,565
  • Jul 13, 2007 3:59am Jul 13, 2007 3:59am
I closed my long trade @ 2.0313 (+45 pips), I'm not comfortable with it, even if it goes higher, I'll keep on watching both GBP and EUR till I can see any good sign
  • #18,566
  • Jul 13, 2007 4:07am Jul 13, 2007 4:07am
Quote
Watch out for the "TOLD YA SO" Parade.. Coming out months from now..

Ive had enough of all the bull told ya sos people. Slagging off any one who gos short even if they have a valid reason.

Reminds me of school ground bullies, sad and pathetic.

Couldnt be bothered posting any more on this thread
  • #18,567
  • Jul 13, 2007 4:09am Jul 13, 2007 4:09am
Quoting el_duende
Ive had enough of all the bull told ya sos people. Slagging off any one who gos short even if they have a valid reason.

Reminds me of school ground bullies, sad and pathetic.

Couldnt be bothered posting any more on this thread


I was thinking the same thing but couldn't be bothered even typing it.. but would like to show my agreement to this.
  • #18,568
  • Jul 13, 2007 4:10am Jul 13, 2007 4:10am
Quoting hotstorm
No, I did not hedge it yet. I can freeze my loss by hedging it and wait for reversal but if it happens then my new long position can get into the same loss where I am now... It looks like it is a dead end...

My account still has enough margin but if G/U will run up to 2.0500+ it can get really bad...
Cable has the ability to go there my fren.. so u better be careful..

Damage has been done.. rite now u must focus on not getting bigger loss than it is now..

IMO u can
1. Cut loss, accept that u are losing the money..
2. Hedge, close on reversal and buy on dips, u have the chance to decrease the amount of the damage, but it can increase the damage also..
3. Do nothing and pray that cable will go down, but if it goes up.. chances are u gonna blow up ur account..
  • #18,569
  • Jul 13, 2007 4:13am Jul 13, 2007 4:13am
Quoting gmohata
Dont take it too hard - this is the name of the forex game - i have been trading for almost 7 years now and thankfully plan my trade and trade my plan. I read the posts here for fun's sake and to see other's opinions - BUT i never take a trade on what others here say - and if you do that you will lose money - take my word for it. Take for example this Cable run up - I have been long on this since 1.97 - and after every 100 pips there is a whole lot of traders here who keep shorting and losing their money - if you are new in trading - just trade the primary trend and grow your account 20 pips at a time -

In your kind of a mind set its very natural to try to avenge the market by trading the opposite direction to a heavy loss trade - dont do that - dont trade with a vengance - if you have lost a few trades consistently - stop - come back in a couple of days and reevaluate your strategy and work on a demo account - trust me - the market and oppurtunities will be there waiting.

regards and good luck
Thanks for your kind words of wisdom. I went my first short after 260 pip run up of GBP/USD, then 300, 360 and finally 460 (approximately). I learned from the past that usually after long trend there is a correction of 150 - 300 pips, which did not happen this time.

I could bail out with honor (no loss) last NFP Friday when GBP/USD peaked to 2.0056 or so but I hoped the correction would be a bit bigger. The greed won against the reason and now I am here...
  • #18,570
  • Jul 13, 2007 4:17am Jul 13, 2007 4:17am
For me, it's shaping up a final dollar squeeze. Friday, the 13th, Euro hasn't put 3800 big figure, nasty reversal from 0260...
  • #18,571
  • Jul 13, 2007 4:21am Jul 13, 2007 4:21am
Quoting el_duende
Ive had enough of all the bull told ya sos people. Slagging off any one who gos short even if they have a valid reason.

Reminds me of school ground bullies, sad and pathetic.

Couldnt be bothered posting any more on this thread
Im sorry if my posting offended you. I totally respects those who goes short with a valid reason spoken out here.. Even though we stand on the opposite side.. but we stand our ground to what we believe.. And that deserve the highest respect.. I dont make fun when some guy posting out channels that show cable have already at the top of the channel and its time to go to the bottom of the channel..

But when some guy keeps flooding something like "Cable is too high.. it should go down".. "we will see 97 next week".. it just cant be helped..
  • #18,572
  • Jul 13, 2007 4:24am Jul 13, 2007 4:24am
Quoting dd33
Cable has the ability to go there my fren.. so u better be careful..

Damage has been done.. rite now u must focus on not getting bigger loss than it is now..

IMO u can
1. Cut loss, accept that u are losing the money..
2. Hedge, close on reversal and buy on dips, u have the chance to decrease the amount of the damage, but it can increase the damage also..
3. Do nothing and pray that cable will go down, but if it goes up.. chances are u gonna blow up ur account..
I think I'll go for #3. Either of way is risky. My account can withstand more and I can free up some more margin by closing other open positions that I have. I am trading money that I can afford to lose, but loss does not make me happy, obviously. At the moment I am gambling not trading and I know it.

I will try to trade wiser in future and I do not give up even if this case will end up badly...
  • #18,573
  • Jul 13, 2007 4:30am Jul 13, 2007 4:30am
Quoting hotstorm
I think I'll go for #3. Either of way is risky. My account can withstand more and I can free up some more margin by closing other open positions that I have. I am trading money that I can afford to lose, but loss does not make me happy, obviously. At the moment I am gambling not trading and I know it.

I will try to trade wiser in future and I do not give up even if this case will end up badly...


Or.. if you are WATCHING it and you see it going up and you think it is going to go up another 50 pips, or however many.. close it and re-open it 50pips up

You would be 50pips less spread better off?
  • #18,574
  • Jul 13, 2007 4:37am Jul 13, 2007 4:37am
Quoting dimmi
Or.. if you are WATCHING it and you see it going up and you think it is going to go up another 50 pips, or however many.. close it and re-open it 50pips up

You would be 50pips less spread better off?
Do you mean to close my shorts and re-open when g/u gets higher?

Anyways, I was really trying to be strong and patient but it did not work this time. When I was starting to trade I was a bit impatient and when the trade went against me I closed it and at that moment it reversed and went my direction. Now, I was trying to be patient and did not want to close it too early and it did not work either... It is a kind of funny. Trading is an art...
  • #18,575
  • Jul 13, 2007 4:39am Jul 13, 2007 4:39am
Quoting dimmi
Or.. if you are WATCHING it and you see it going up and you think it is going to go up another 50 pips, or however many.. close it and re-open it 50pips up

You would be 50pips less spread better off?
Im confused.. but i think what u mean is hedging.. (option #2).. lock your loss by opening opposite position.. close and re-open again to get smaller spread between the two position. Correct me if im wrong..
  • #18,576
  • Jul 13, 2007 4:40am Jul 13, 2007 4:40am
Quoting hotstorm
I think I'll go for #3. Either of way is risky. My account can withstand more and I can free up some more margin by closing other open positions that I have. I am trading money that I can afford to lose, but loss does not make me happy, obviously. At the moment I am gambling not trading and I know it.

I will try to trade wiser in future and I do not give up even if this case will end up badly...
quite a confession u made there. i, myself has blown my acc 2 times. don't be sad or disappointed. its just a handful experience to become a good trader.

just remember "every clouds has its silver lining"..

well, i'm opted cable made new high today if 0310-0320 resistance pass clearly.. haks, sorry 4 my english as i'm only reading this threads 4 months..
  • #18,577
  • Jul 13, 2007 4:41am Jul 13, 2007 4:41am
Quoting el_duende
Ive had enough of all the bull told ya sos people. Slagging off any one who gos short even if they have a valid reason.

Reminds me of school ground bullies, sad and pathetic.

Couldnt be bothered posting any more on this thread
Please don't go el duende, I and others too, value your input to the thread....You are sticking to your plan (as I can see you are doing). You feel comfortable with your trading decision and we should respect that. Do not let silly comments from others deter you from contributing to the thread.

  • #18,578
  • Edited 5:10am Jul 13, 2007 4:44am | Edited 5:10am
Sell order filled at 0324

Edit: buy closed at the same level +53
Johann Channels and cycles are everything
  • #18,579
  • Jul 13, 2007 4:48am Jul 13, 2007 4:48am
Quoting 1st_lane
quite a confession u made there. i, myself has blown my acc 2 times. don't be sad or disappointed. its just a handful experience to become a good trader.

just remember "every clouds has its silver lining"..

well, i'm opted cable made new high today if 0310-0320 resistance pass clearly.. haks, sorry 4 my english as i'm only reading this threads 4 months..
I will not let it blow my account. I will wait a bit more if there will be some remarkable correction in near future or close it with loss. It is going up around 700 pips since June 14. The highest run was in Nov 2006 around 900+ pips and in April 07 around 600 pips before correction came. I know this can be a new record but at the same time the correction can come any moment.
  • #18,580
  • Jul 13, 2007 4:48am Jul 13, 2007 4:48am
Thinking To Sell At .0327 Coz Rsi Over 70 Wht Do U Guys Think?
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