Thanks Ipips!!
Actually i did practise with a demo account for about a month and had done fine with it. I was actually gonna go short at 1.6700 but the guy who brought me into forex trading asked me to go long and that was the killer punch for me
I agree i must have used the stop loss thing but thats something i didn't use much with my practice account . I had some trades at 1.6500 and 1.6400 as well so the overall picture is not looking so good. Just keeping my fingers crossef at the moment!!
Cable Update (GBPUSD)
- #144,162
- Jul 8, 2009 8:12am Jul 8, 2009 8:12am
My advice is that you don"t listen to any of them, or only some, cause they very much don"t have any clue what they are talking about. Learn some trading strategys and stick to them.
For "real" traders, this post is not for you.
Andrej, Slovenia
- #144,163
- Jul 8, 2009 8:12am Jul 8, 2009 8:12am
- Joined Mar 2009 | Status: Getting closer to ...... | 1,787 Posts
Thanks Ipips!!
Actually i did practise with a demo account for about a month and had done fine with it. I was actually gonna go short at 1.6700 but the guy who brought me into forex trading asked me to go long and that was the killer punch for me
I agree i must have used the stop loss thing but thats something i didn't use much with my practice account . I had some trades at 1.6500 and 1.6400 as well so the overall picture is not looking so good. Just keeping my fingers crossef at the moment!!
- #144,166
- Jul 8, 2009 8:15am Jul 8, 2009 8:15am
I hope you had a micro lot, that's a 600 pips floating loss!
I see 2 solutions:
- cut your loss if and forget about it
- put a hedge at the top cause the trend remains down for now, and an open Long at 1.6700 will turn really ugly if we get to 1.5800 and lower.
- If your account allows it, try to average up once the uptrend resumes.
For future trades, use stop losses or your gonna get killed in this market!!...
- #144,171
- Jul 8, 2009 8:20am Jul 8, 2009 8:20am
- | Commercial User | Joined Mar 2009 | 1,423 Posts
Brother Grashid
Nearly at my targetssssss
Nearly at my targetssssss
Let Price determine your future!
- #144,178
- Jul 8, 2009 8:23am Jul 8, 2009 8:23am
- | Commercial User | Joined Mar 2009 | 1,423 Posts
Let Price determine your future!
- #144,179
- Jul 8, 2009 8:24am Jul 8, 2009 8:24am
- Joined Mar 2009 | Status: Getting closer to ...... | 1,787 Posts
Thanks Ipips!!
Actually i did practise with a demo account for about a month and had done fine with it. I was actually gonna go short at 1.6700 but the guy who brought me into forex trading asked me to go long and that was the killer punch for me
I agree i must have used the stop loss thing but thats something i didn't use much with my practice account . I had some trades at 1.6500 and 1.6400 as well so the overall picture is not looking so good. Just keeping my fingers crossef at the moment!!
Fingers crossed tells me 1 thing. You dont have a plan, you dont have a strategy and in that case you dont have a clue. Mate sorry to sound harsh but Forex is a killer market for those who are not prepared, even to those who are. What you need to do is get off all the hype that this is an easy way to make money. 95% of people find the back door, pretty quickly in some cases.
Im not here to tell you how to do things, but you really need to come up with something better or you are just going to hand over your money. Go back to demo'ing until you have more than 1 month of results and then read up on some trading material to get your head around the road that is trading.
Wish you the best
Razor