Question for the vetern traders (stuck in position) | Forex Factory

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Question for the vetern traders (stuck in position)

  • #1
  • First Post: Apr 11, 2007 12:39pm Apr 11, 2007 12:39pm
I put myself in a bit of a tight spot with a short on the Euro and had my stop loss hight than it should have been. Now I am in a short with the FOMC minutes coming out. Anyone have any idea which is the best way to handle this report?

Pull the pin on the trade now?

Wait it out?

Hedge the opposite way?

Any advise would be appreciated!
  • #2
  • Apr 11, 2007 12:41pm Apr 11, 2007 12:41pm
if you are asking this question is means you should not be in the market!
Relax and be happy.
  • #3
  • Apr 11, 2007 12:44pm Apr 11, 2007 12:44pm
Thanks for your help. Yes I am a rookie but I am in anyways learning from mistakes and such and doing ok still. However I haven't gotten comfortable with trading around the news and that is my concern.

Thanks for your pompous atttitude I appreciate it
  • #4
  • Apr 11, 2007 12:55pm Apr 11, 2007 12:55pm
Quoting gman29
Thanks for your help. Yes I am a rookie but I am in anyways learning from mistakes and such and doing ok still. However I haven't gotten comfortable with trading around the news and that is my concern.

Thanks for your pompous atttitude I appreciate it
He answered your question. You should not be in the market.
  • #5
  • Apr 11, 2007 1:01pm Apr 11, 2007 1:01pm
Merlin is right. If you are unsure about yourself, you should close the trade. Now when it comes to news. If you traded on longerterm charts, news doesn't really matter much. I know those daily and weekly charts are boring. That is the way to go though. Once you get good at those charts, then you can drop down to a 1 hr chart or even shorter and make a trade here and there. It takes a long time to get good at the short time frame charts. Trading around news is gambling if you don't know what you are doing.
JOHN 3:16
  • #6
  • Apr 11, 2007 1:05pm Apr 11, 2007 1:05pm
Merlin is right yet once more.

I am just wondering though...at what price did you short the pair?
  • #7
  • Apr 11, 2007 2:46pm Apr 11, 2007 2:46pm
Quoting renasdad
Merlin is right. If you are unsure about yourself, you should close the trade. Now when it comes to news. If you traded on longerterm charts, news doesn't really matter much. I know those daily and weekly charts are boring. That is the way to go though. Once you get good at those charts, then you can drop down to a 1 hr chart or even shorter and make a trade here and there. It takes a long time to get good at the short time frame charts. Trading around news is gambling if you don't know what you are doing.

Thanks I appreciate your advise and believe me I do look at the long term charts this decision was made on gut and a couple of signals I received and decided to go with it. Yes I am not as seasoned as others but ya know what I ws just looking for another perspective of a vetern trader. I traded it the way I thought and made some good $. Still in the short position but next time I will just shut up and not say a word. I usually get out of most of my trades before major news if it is a open position that could be greatly affected is all. Thanks
  • #8
  • Apr 11, 2007 2:49pm Apr 11, 2007 2:49pm
Quoting dunningduke
Merlin is right yet once more.

I am just wondering though...at what price did you short the pair?

Don't worry about it. Just keep the bowing and the cheerleading going and bash anyone who looks for a little perspective.

Keep up the good work
  • #9
  • Apr 11, 2007 3:38pm Apr 11, 2007 3:38pm
Quoting gman29
Don't worry about it. Just keep the bowing and the cheerleading going and bash anyone who looks for a little perspective.

Keep up the good work
there's only one right perspective. sorry you didn't like it. you're the one who asked for it.
  • #10
  • Apr 11, 2007 3:38pm Apr 11, 2007 3:38pm
It has nothing to do with looking for perspective. If you are in a trade and you shouldn't be, THEN GET OUT.

Everyone wants us to candy coat this stuff. Follow your rules, accept the risk, and this won't happen. If you can't understand that, then you will continue to lose money and be yet another statistic and another forum member who won't be here more than a month or two...

Get out of the position now. Close it out. You made a mistake. You're wrong. Accept it.

But I doubt you'll get out, because the "what ifs" will step in and keep you from pulling the trigger... even though YOU KNOW what you need to do...
Mr. Trend
  • #11
  • Apr 11, 2007 3:42pm Apr 11, 2007 3:42pm
Quoting gman29
...this decision was made on gut and a couple of signals I received and decided to go with it.
That's the first problem. That happens because you don't have a plan that you've tested and are confident in. Had you had a good plan, you wouldn't made a decision on gut, because you won't need to.
Mr. Trend
  • #12
  • Apr 11, 2007 3:46pm Apr 11, 2007 3:46pm
Quoting gman29
Don't worry about it. Just keep the bowing and the cheerleading going and bash anyone who looks for a little perspective.

Keep up the good work
Hi Gman29,

Forexfactory has become the great community it is today due to several reasons...Mainly because of people like Merlin, who supply the best adivce possible (I will extrapolate on that), and also because of the Supportive nature of the posts going on around here.

In my attempt to be supportive of all the members of this community, I would never bash you. That said, I take no umbrage at your degrading reply and hope that your negative attitude in the text above doesn't convey who you genuinely are.
I only asked about your exact short position because I was willing to give you the different perspective you were seeking... Believe me, nobody in this planet would have been able to give you the answer you were looking for!...because It Does Not Exist.

When you trade, you should know a few things:

  1. What's your entry point and what makes you enter there.
  2. What's your exit point and what makes you exit there.
  3. What's your stop-loss: at which point will you realize that you were wrong in deciding to enter the trade.
  4. How much of your capital are you allocating to any one trade. It is possible to allocate more capital to the trade setups in which you have more confidence.

There are many more small details, but if you don't know the answer to any one of the questions above, you shouldn't be in a trade.

Without telling us exactly where your entry took place, it is fatuous to expect a perspective.

Trading is more about being in the right state of mind than having the right entry points. As it's so often been mentioned in this forum, two people may have the same entry signals, but at the end of the day, one may be profitalbe and the other may not.

From your post, I can tell that you are very new at this. It is evident that you are trading with FEAR. You are not confidentin your abilities or your method; that can be ascribed to the lack of experience. If you don't take care of the emotional part of trading, you will fail miserably, as others have before you. You will keep on failing until you mature into a trader who has great control over his/her emotions. I suggest you read Dr. Van Tharp's posts in the Forum.

It's great that you come here looking for a little bit of perspective, but please refrain from bringing a negative attitude with you. Believe me, it was never my intention to bash you; what I like most about this community of great individuals, the majicman included, is their Support for one another.

  • #13
  • Apr 11, 2007 5:32pm Apr 11, 2007 5:32pm
Well WTF some points you may well be correct on there Duke and others not so much but enough of this B.S.

1.3484 shorted from if you must know nothing huge BUT as I said I do not like trading around the news all the time and that was all.

I enjoy FF very much and the people in it. That said I have read enough posts and such to see some instances of B.S. and cheerleading and such by yourself for the magicman. Just like when he banned itme you were right there behind him laughing and such when it just wasn't necesssary. That is my point to you is all so I hope you are not that kind of person

Anyways whatever. Good trading all.
  • #14
  • Apr 11, 2007 5:36pm Apr 11, 2007 5:36pm
Quoting gman29
Thanks for your help. Yes I am a rookie but I am in anyways learning from mistakes and such and doing ok still. However I haven't gotten comfortable with trading around the news and that is my concern.

Thanks for your pompous atttitude I appreciate it
hey man i didnt mean to make that sound pompus. i really mean it. if you are unsure of yourself, you should pull your trade. thats a cardinal rule of trading.
Relax and be happy.
  • #15
  • Apr 11, 2007 5:39pm Apr 11, 2007 5:39pm
Quoting gman29
Just like when he banned itme you were right there behind him laughing and such when it just wasn't necesssary. .
jeez, more itme drama
Relax and be happy.
  • #16
  • Apr 11, 2007 5:44pm Apr 11, 2007 5:44pm
guys just want to say thanks for the kind words. i dont want to skip over the positive stuff!! thank you gentlemen!
Relax and be happy.
  • #17
  • Apr 11, 2007 5:56pm Apr 11, 2007 5:56pm
Quote:
Originally Posted by gman29 http://forexfactory.com/images/buttons/viewpost.gif
Just like when he banned itme you were right there behind him laughing and such when it just wasn't necesssary. .


hi gman,

I found it funny that Merlin, changed itme's new title to "itme in hiding" after itme was suspended for whatever reason... Not that I have anything against itme.

Quoting gman29
Well WTF some points you may well be correct on there Duke and others not so much but enough of this B.S....
I am in a neverending quest to learn. Please tell me where I was wrong.
  • #18
  • Apr 11, 2007 6:16pm Apr 11, 2007 6:16pm
Seems to be a good number of negative people visiting the forum these days...
  • #19
  • Apr 11, 2007 6:29pm Apr 11, 2007 6:29pm
Quoting Darkstar
Seems to be a good number of negative people visiting the forum these days...
Not just here dude. I see them everywhere.

They give out negative thoughts and get back negative results causing more negativity which results in more of the same.

Break the chain, think positive

Now where did I put that Anthony Robbins DVD
  • #20
  • Apr 12, 2007 5:28am Apr 12, 2007 5:28am
Quoting willf
Now where did I put that Anthony Robbins DVD
Seriously Wilf,

Anthony robbins is great!! His work has helped me with a lot in my life... His "5 steps to positive thinking" work is great!!
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