what would you do? | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

What brokers would you want to use if you had 100k + million + account? 6 replies

What would you do if you got slipped by -20 pips? 5 replies

If You Didn't Need the Money Would You Still Trade? 15 replies

Would you sign up with a broker that spams you? 0 replies

Would you stop trading if you found better paying job?? 44 replies

what would you do?

  • #1
  • First Post: Edited 8:18am Dec 6, 2006 8:13am | Edited 8:18am
i've only been live trading for about a week. i was trading an automated system that was basically a 'hedge' system where one buys either the euro or pound or both, and also buys either the swissy or dollar-yen or both. the gains on my demos were about 15% per month. i tried the system live but nov saw my supposedly reciprocal pairs trade in tandem, and down! i was down about 3000USD on my 10,000USD account. after making some gains, up to about 8900 USD I took out my money.

i noticed that on the demos and even live, the only time I made gains were when the pound (or euro) went up, i never saw the swissy or dollar-yen do so. so, i decided to do some 'discretionary trading' and position myself long th euro and pound and short the dollar. My account went way up at the end of last week because of those neg. us reports. This week I had traded all the way up to 12,000 USD. The past two days have seen all these gains be wiped out with neg. uk and euro news. hmmmm ... right now i'm back where i started, sitting at about 8900USD.

i'm quite worried about fridays payroll report and even tomorrows ecb. If I get out now, I still have what I started with.
  • #2
  • Dec 6, 2006 9:22am Dec 6, 2006 9:22am
Unfortunately, nobody can make these decisions for you. You'll hear it over and again that becoming a successful trader requires you to take personal responsibility for your decisions.

The problem you present will elicit different opinions from different people. The only advice I could give is hindsight-related. That is, it's important to learn how to trade defensively, lock in your profits, and follow your system rules religiously. Right now, you have no trading plan, no rules and that just spells disaster. Sorry for the tough love, but, this is a bind you need to get out of yourself.

Quoting rawgoatsmilk
i've only been live trading for about a week. i was trading an automated system that was basically a 'hedge' system where one buys either the euro or pound or both, and also buys either the swissy or dollar-yen or both. the gains on my demos were about 15% per month. i tried the system live but nov saw my supposedly reciprocal pairs trade in tandem, and down! i was down about 3000USD on my 10,000USD account. after making some gains, up to about 8900 USD I took out my money.

i noticed that on the demos and even live, the only time I made gains were when the pound (or euro) went up, i never saw the swissy or dollar-yen do so. so, i decided to do some 'discretionary trading' and position myself long th euro and pound and short the dollar. My account went way up at the end of last week because of those neg. us reports. This week I had traded all the way up to 12,000 USD. The past two days have seen all these gains be wiped out with neg. uk and euro news. hmmmm ... right now i'm back where i started, sitting at about 8900USD.

i'm quite worried about fridays payroll report and even tomorrows ecb. If I get out now, I still have what I started with.
  • #3
  • Dec 6, 2006 10:14am Dec 6, 2006 10:14am
Quoting stockwet
Right now, you have no trading plan, no rules and that just spells disaster.
Take what money you have left and buy some mutual funds. When you're ready to take trading serious, you can start again.
  • #4
  • Dec 6, 2006 2:20pm Dec 6, 2006 2:20pm
you're trading with fear man...that's a no no
  • #5
  • Dec 6, 2006 11:41pm Dec 6, 2006 11:41pm
I appreciate the comments. i've been on a few forums that don't get many replies. i closed all of my positions about 30 minutes ago. after a week of trading, i made about 700 USD. I was up about 5000 USD on tuesday, so i'm still smarting from that loss.
  • #6
  • Dec 7, 2006 8:49am Dec 7, 2006 8:49am
You can't get better advice then from those guys here, they tell you like it is. I am still on demo, trying to find a system that I can work with, and obey the rules of it. If I don't feel confident about it, there is no need for me to use it.
My next step is to leave those pesky emotions in the next room, I get way to excited, nervous, scarred when entering manual trades....
I have a long way to go, but once I open my real account in 3-4 month, I know I will succeed.

I wish you luck....You can't hurry love, huh, I mean trading....
Steve
  • #7
  • Last Post: Dec 7, 2006 9:29am Dec 7, 2006 9:29am
Quoting rawgoatsmilk
i've only been live trading for about a week. i was trading an automated system that was basically a 'hedge' system where one buys either the euro or pound or both, and also buys either the swissy or dollar-yen or both. the gains on my demos were about 15% per month. i tried the system live but nov saw my supposedly reciprocal pairs trade in tandem, and down! i was down about 3000USD on my 10,000USD account. after making some gains, up to about 8900 USD I took out my money.

i noticed that on the demos and even live, the only time I made gains were when the pound (or euro) went up, i never saw the swissy or dollar-yen do so. so, i decided to do some 'discretionary trading' and position myself long th euro and pound and short the dollar. My account went way up at the end of last week because of those neg. us reports. This week I had traded all the way up to 12,000 USD. The past two days have seen all these gains be wiped out with neg. uk and euro news. hmmmm ... right now i'm back where i started, sitting at about 8900USD.

i'm quite worried about fridays payroll report and even tomorrows ecb. If I get out now, I still have what I started with.
I would say you are very lucky to have made $700 so I would be happy about that. Those hedge systems, although I don't know the details of yours, are not gonna work in the long run since no currency pairs are 100% correlated. They will do great for awhile and then poorly, then great ,etc. You caught it at the right time. This is not a strategy that will make you money in the long run so I would say step back and look at the systems on the forum and find one that works for you, demo it and then get back in after you feel more comfortable.

PS: You need to find a way to detach yourself from the money.....something I still struggle with and others too i'm sure. You have to believe in your system and trust it until you either loose it all or get rich. If you loose it all then re-evaluate and/or develop a new strategy.
0 traders viewing now