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  • #149,301
  • Oct 5, 2009 11:31am Oct 5, 2009 11:31am
Quoting bill2010
Hi friends, I have a short position last week in 1.4580 (0.4 lots ). My balance account is US 8000. Do you think I must hold my position?.

thanks

A stop loss at say 1.4680 would be risking 5%, Are you ok with that?

0.2 lot would have been a bit better but different strokes for different folks..



.
Some drink at the fountain of knowledge. Others just gargle !
  • #149,302
  • Oct 5, 2009 11:34am Oct 5, 2009 11:34am
EUR could be double top but also could move further has to be seen.
My charts tell me it'll will go further up.... I for what ever reason don't trust it.... I would like to see a break of 1,46630 for another long position problem there is that we have a 50% fib and R1 1,4655.
Will wait till it brks lower tl for maybe a short ......
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Trade on your own risk Plan your trade&trade your plan dont be a
  • #149,303
  • Oct 5, 2009 11:36am Oct 5, 2009 11:36am
http://freeserv.dukascopy.com/chart/...7b38706f2e796f
  • #149,304
  • Oct 5, 2009 11:37am Oct 5, 2009 11:37am
Quoting bill2010
Hi friends, I have a short position last week in 1.4580 (0.4 lots ). My balance account is US 8000. Do you think I must hold my position?.

thanks
Wow. You're going to get a variety of answers to that question here. Personally, I would never have allowed that trade to move so far against me....and you're missing out on the pips on the upside, to boot. Go with the market flow - not against it. You dance with the market - you never conquer it. If you find that you are fighting with the market for pips...you are on the wrong side of the trade.

You need to focus on learning money management, staticistical probability, and trader discipline/psychology. Develop a plan that gives you a statistical edge....detail a plan that spells out trade triggers, profit taking, and stops....and maintain discipline to stick to the plan. Once you have such a plan, make sure to study whether historically it will keep you in the green. Never, ever, ever get emotional about your trades...and stick to your plan.

Yeah, I know all of the above is hard. But, it's what you're going to have to do in order to consistently make money.
  • #149,305
  • Oct 5, 2009 11:43am Oct 5, 2009 11:43am

  1. DOW printing high,
  2. eur printing high for session 1.465
  3. staying in long positions

----- Dragonfly out in the sun you know what I mean, don't you know
  • #149,306
  • Oct 5, 2009 11:44am Oct 5, 2009 11:44am
Quoting bill2010
Hi friends, I have a short position last week in 1.4580 (0.4 lots ). My balance account is US 8000. Do you think I must hold my position?.

thanks
I'm the less experience one here, but you should not risk more that 2-3% of your total capital. It can keep going up, or go down, who nows, only the Big boys , you will received a lot of answers here. You have to pick one up, my recommendation is to close .2 of that, and try to close the other the lower you can, try to imagine, you can recover with a good .4lot short or long, but keeping it open will cause you headache man, and again try to use SL, I understood that after blowing one account, and almost blowing a 2nd. one. I am recovering from the loss, but your are risking 8000.00, you can be rich Im not , but don't throw your $$$ away. hope this helps you
  • #149,307
  • Oct 5, 2009 11:46am Oct 5, 2009 11:46am
Read this thread, it is golden A thread by acumen, Trading for a Living - Cliff Notes
http://www.forexfactory.com/showthread.php?t=178922

Lesson 1: Money Management
Quote
Simple: Risk no more than 2% on each trade.

Example:

I have an account with $1000.00

2% of $1000.00 is $20.

The stop loss on my system is 75.

The amont of risk/pip is 28 cents.

So – can you trade for a living if your initial capital is $1000?

Hint: NO

http://cdn.forexfactory.com/images/buttons/quote.gif

----- Dragonfly out in the sun you know what I mean, don't you know
  • #149,308
  • Oct 5, 2009 11:50am Oct 5, 2009 11:50am
omg what is gold doing???? 1.016
Trade on your own risk Plan your trade&trade your plan dont be a
  • #149,309
  • Oct 5, 2009 11:52am Oct 5, 2009 11:52am
Quoting Trading Cat
omg what is gold doing???? 1.016
http://freeserv.dukascopy.com/chart/...7b38706f2e796f
  • #149,310
  • Oct 5, 2009 11:53am Oct 5, 2009 11:53am
Quoting Trading Cat
omg what is gold doing???? 1.016
http://freeserv.dukascopy.com/chart/...7b38706f2e796f
  • #149,311
  • Oct 5, 2009 11:54am Oct 5, 2009 11:54am
Quoting bill2010
Hi friends, I have a short position last week in 1.4580 (0.4 lots ). My balance account is US 8000. Do you think I must hold my position?.

thanks
read up on money management buddy.. you can find this topic in my webby

www.thegeekknows.com
  • #149,312
  • Oct 5, 2009 12:00pm Oct 5, 2009 12:00pm
Nobel Prize-winning economist Joseph Stiglitz said unemployment is going to keep rising and should be the main focus for policy makers, and that gains in the stock market indicate investors have been “irrationally exuberant” about a recovery.

London Bridge is falling down...
  • #149,313
  • Oct 5, 2009 12:02pm Oct 5, 2009 12:02pm
Quoting sophiaphia
Read this thread, it is golden A thread by acumen, Trading for a Living - Cliff Notes
http://www.forexfactory.com/showthread.php?t=178922

Lesson 1: Money Management

http://cdn.forexfactory.com/images/buttons/quote.gif

Thanks Sophiaphia.

Mike
  • #149,314
  • Oct 5, 2009 12:02pm Oct 5, 2009 12:02pm
unemployment has been surging since last december (6 something percent then i think?) and is going for double. if the stock market does a black swan that would kill the consumer (there is nothing left, housing, jobs...) and the powers that be will not let that happen.
----- Dragonfly out in the sun you know what I mean, don't you know
  • #149,315
  • Oct 5, 2009 12:03pm Oct 5, 2009 12:03pm
Quoting acumen
Nobel Prize-winning economist Joseph Stiglitz said unemployment is going to keep rising and should be the main focus for policy makers, and that gains in the stock market indicate investors have been “irrationally exuberant” about a recovery.

London Bridge is falling down...

you've been hinting at something along those lines yourself, where's your Nobel Prize
  • #149,316
  • Oct 5, 2009 12:06pm Oct 5, 2009 12:06pm
Quoting bill2010
Hi friends, I have a short position last week in 1.4580 (0.4 lots ). My balance account is US 8000. Do you think I must hold my position?.

thanks

I think It could go into the mid to high1.4700's however it is going back down so if you can handle the volitility I would hold. I do think it will be back to 1.4580 by the end of the week.
  • #149,317
  • Oct 5, 2009 12:13pm Oct 5, 2009 12:13pm
Quoting knuckledrag
you've been hinting at something along those lines yourself, where's your Nobel Prize
I don't have any neat initials.... like

Dr. or LPN, RN, CTA

I've seen my name like this... mike,azz

I could use that.

mike,Nobel Prize winning currency trader.

kind of long though.

mike, NPWCT (there we go)

  • #149,318
  • Oct 5, 2009 12:15pm Oct 5, 2009 12:15pm
1.4688 should be next break before reach again 1.4727/34 perhaps , taking time to break R1/50% fib retracement.
fontu
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #149,319
  • Oct 5, 2009 12:20pm Oct 5, 2009 12:20pm
Key level here.
  • #149,320
  • Oct 5, 2009 12:24pm Oct 5, 2009 12:24pm
Quoting acumen
are you a daytrader?

always wait for tier 1 news to post then create you plan based on the reaction... not what you think it will be how the market reacts.

the more patience the more money in the long run.

Mike

Can I ask what your strategy is when there are major T1 news releases in the morning concerning the EU zone and also in the afternoon affecting the USD?

Appreciate the advice Mike.
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