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  • #65,641
  • Feb 17, 2009 2:11am Feb 17, 2009 2:11am
Quoting emda
london session starts now and many times reverses action for a while... but 1.28 is quite far away for today... taking losses is not bad... because that gives you opportunities to keep trading
but this lost is big for my account, im just starting to build it
Liz
  • #65,642
  • Feb 17, 2009 2:12am Feb 17, 2009 2:12am
Quoting gatorinla
i could see this comming and the bears are in the lead.. my question is with all this springboard action that has been coiled up... why are we going down so slow?? is it the meeting? is it because u.s. was closed yesterday?... or is it because the supports are that strong.. i suspect the later since it happend that way in 96 and 2006... either way i thought it would of dropped or rose a few hundred pips faster then its moving..a storm is a brewing and at the moment bears are ahead ... i wouldnt be surprised if this is just round one of a bigger...
Fwiw, on my daily chart I have the following support levels to watch:
1.2564/1.2548/1.2526/1.2477/1.2422/1.2388/1.2329 (Oct 28th). Below that, I was in Forex diapers, learning from the 6035 bulls and have not bothered to look beyond.

Do you think we should have boycotted the Olympics?
Up or down, gimme a ticket
  • #65,643
  • Feb 17, 2009 2:14am Feb 17, 2009 2:14am
Quoting Lizeth_doll
but this lost is big for my account, im just starting to build it
the first you have to build your money management to not let the market to give you losses like that... so you can trade without stress and happy
  • #65,644
  • Feb 17, 2009 2:16am Feb 17, 2009 2:16am
Dear

If it retrace till 1.2700 close your buy with a lose and short it from there with double the amount

The trend is clear ,,Down,,,sell at retracemenet,,,we will touch 1.2550 Very Soon and also 1.2330 , may be end of the week or next week Maximum


Quoting Lizeth_doll
can u help me? im new , i start my real account in january and this is the first time that i post here, im from soutamerica Colombia my english is not perfect so please have patiente, i take a buy with eur/usd in 1.2808 i want to know where you think is going because i cant hanging there much longer... any idea?
  • #65,645
  • Feb 17, 2009 2:17am Feb 17, 2009 2:17am
Quoting Lizeth_doll
can u help me? im new , i start my real account in january and this is the first time that i post here, im from soutamerica Colombia my english is not perfect so please have patiente, i take a buy with eur/usd in 1.2808 i want to know where you think is going because i cant hanging there much longer... any idea?
You want the truth? Nobody here knows. Trading is all about probabilities and that's why you should only risk small portion (2-3%) of your account every trade and aim to bigger wins than losses. And there will be losses - many losses.

If we would know where the price is going, we would all be instant billionaires in a week.
  • #65,646
  • Feb 17, 2009 2:17am Feb 17, 2009 2:17am
Any suggestions to where this can go, my account doesnt have much time of live.. please help!
Liz
  • #65,647
  • Feb 17, 2009 2:18am Feb 17, 2009 2:18am
The chart doesn't lie.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd0003.jpg Size: 266 KB
  • #65,648
  • Feb 17, 2009 2:18am Feb 17, 2009 2:18am
Quoting SpecialEd
Fwiw, on my daily chart I have the following support levels to watch:
1.2564/1.2548/1.2526/1.2477/1.2422/1.2388/1.2329 (Oct 28th). Below that, I was in Forex diapers, learning from the 6035 bulls and have not bothered to look beyond.

Do you think we should have boycotted the Olympics?
thats why i always have ish behind numbers.. i use the actual places on the chart where s/r was... so i dont have to keep track of actual numbers...i got to much crap already in my tiny brain...and no
those who can, do. those who cant, talk about those who can
  • #65,649
  • Feb 17, 2009 2:18am Feb 17, 2009 2:18am
Quoting mohfaid
Dear

If it retrace till 1.2700 close your buy with a lose and short it from there with double the amount

The trend is clear ,,Down,,,sell at retracemenet,,,we will touch 1.2550 Very Soon and also 1.2330 , may be end of the week or next week Maximum
I agree to short at 1.27. but I don't agree to double the position... risky way of losing everything with martingale methods.
  • #65,650
  • Feb 17, 2009 2:19am Feb 17, 2009 2:19am
Quoting Lizeth_doll
can u help me? im new , i start my real account in january and this is the first time that i post here, im from soutamerica Colombia my english is not perfect so please have patiente, i take a buy with eur/usd in 1.2808 i want to know where you think is going because i cant hanging there much longer... any idea?
And for how long did you trade demo account?
  • #65,651
  • Feb 17, 2009 2:22am Feb 17, 2009 2:22am
I've never seen the London session so indecisive ... or maybe I need to trade more
  • #65,652
  • Feb 17, 2009 2:23am Feb 17, 2009 2:23am
Quoting Lizeth_doll
Any suggestions to where this can go, my account doesnt have much time of live.. please help!
Lizeth, we usually guess where it can go based on where it's been. That's why I posted #65634 about 3 or 4 posts above this one.

Hey, as a new trader, don't forget to read http://www.babypips.com . Also, when someone advised 2-3% per trade earlier, they really should have advised 2-3% open (all open trades at any one time). You are learning, like we all have, that there are two critical things to learn: (1) how to read the charts and listen to the fundamentals (news and other stuff going on in the world); and (2) how to preserve/protect your capital.

My two cents.

P.S. In my opinion, you should be working one open trade at a time. Otherwise, your troubles snowball on you and get out of hand. You have to set yourself reasonable stop loss parameters that match your trading style, risk appetite and timeframe being traded. Then, whether it hurts or not, take your loss. You are then a little wounded, but worry-free, and ready to go find your next entry point.
Up or down, gimme a ticket
  • #65,653
  • Feb 17, 2009 2:23am Feb 17, 2009 2:23am
Quoting scorpionFX
And for how long did you trade demo account?
i trade with my demo for seven months and before i have a couples of trades that went far of me but always come back if i take this lost this will be the first lost that i have in my account
Liz
  • #65,654
  • Feb 17, 2009 2:26am Feb 17, 2009 2:26am
Quoting emda
I agree to short at 1.27. but I don't agree to double the position... risky way of losing everything with martingale methods.
thank you!!
Liz
  • #65,655
  • Feb 17, 2009 2:26am Feb 17, 2009 2:26am
Quoting Lizeth_doll
i trade with my demo for seven months and before i have a couples of trades that went far of me but always come back if i take this lost this will be the first lost that i have in my account

No stop loss no profits!
  • #65,656
  • Feb 17, 2009 2:29am Feb 17, 2009 2:29am
Quoting oldman
No stop loss no profits!
but don't put very small stops or will eat you slowly
  • #65,657
  • Feb 17, 2009 2:30am Feb 17, 2009 2:30am
Quoting emda
but don't put very small stops or will eat you slowly

You are right, but use it !
  • #65,658
  • Feb 17, 2009 2:32am Feb 17, 2009 2:32am
Quoting mohfaid
If it retrace till 1.2700 close your buy with a lose and short it from there with double the amount
You'll have to close your trade when you decide you're not willing to lose any more of your account. That is part of the trade you made when you entered it . I'm sorry but that is the way it is.

You're already in a mess becuz you have no money management plan as emda said. Don't add to your troubles tho, by following the "advice" above. "Double" your problem to get out of the one you're in... right. Better for you to lose your money than someone else to lose it for you. But better yet to decide in advance what you're willing to lose.

Regardless of how this trade turns out, your first and only priority should be learning to manage your risk and therefor your losses.

Here's a starting place for you... Give yourself a chance and read the whole thing. Don't make another trade until you understand all 42 posts...
http://www.forexfactory.com/showthre...t=39514&page=2
FUBAR...
  • #65,659
  • Feb 17, 2009 2:35am Feb 17, 2009 2:35am
Quoting ak4x
You'll have to close your trade when you decide you're not willing to lose any more of your account. That is part of the trade you made when you entered it . I'm sorry but that is the way it is.

You're already in a mess becuz you have no money management plan as emda said. Don't add to your troubles tho, by following the "advice" above. "Double" your problem to get out of the one you're in... right. Better for you to lose your money than someone else to lose it for you. But better yet to decide in advance what you're willing to lose.

Regardless...
MM the best
  • #65,660
  • Feb 17, 2009 2:35am Feb 17, 2009 2:35am
Quoting Lizeth_doll
Any suggestions to where this can go, my account doesnt have much time of live.. please help!
hello, have you read the tutorial at this website?

If not then I suggest you do so. It has all sorts of great things there to help you understand forex and develop a proper trading strategy.

No one knows for sure where the market will go. You must develop your own strategies.

Money management is critical though.
http://www.babypips.com/school/the_skinny_on_forex.html

Look at the menu and lessons on the left side of the website in the link i provided.
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