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EUR/USD, I am in a mess

  • #1
  • First Post: Dec 13, 2009 8:41pm Dec 13, 2009 8:41pm
I have bought Euros agains dollar at 1.499 and 1.6969 range and did not set the stop loss. Now I am down to close to 300 Pips and losing alot of money. I am new to currency trading and learned it hard way to take small loss in lieu to hoping the market will turn around in favor. Currently there are mix reviews and news out about Euro declining further or gaining. Any direction at this point will help. I have currently put a s/l 1t 1.4595. I would really appreciate quick feedbacks from all of u.
Thanks
Cameron
  • #2
  • Dec 13, 2009 9:04pm Dec 13, 2009 9:04pm
i've been in that situation before in equities. i don't know anything about news but if it was me just looking at the chart i would cut loose as soon as possible and forget about it. it's a bad position but now you will know never to ride with a stop again. it's the stops that keep you in the game for the long haul. but that's not to say that for some reason price won't start going up again. i never trade e/u so take all my advice w/ a grain of salt. good luck.
  • #3
  • Dec 13, 2009 9:23pm Dec 13, 2009 9:23pm
If you have the balance in your account to ride the paper loss, then dont close your position in panic and in loss.

Wait for retracement..retracement happens everytime..check historical prices and you will observe within few days/weeks, retracement happen.
  • #4
  • Dec 13, 2009 9:45pm Dec 13, 2009 9:45pm
Quoting cameron
I have bought Euros agains dollar at 1.499 and 1.6969 range and did not set the stop loss. Now I am down to close to 300 Pips and losing alot of money. I am new to currency trading and learned it hard way to take small loss in lieu to hoping the market will turn around in favor. Currently there are mix reviews and news out about Euro declining further or gaining. Any direction at this point will help. I have currently put a s/l 1t 1.4595. I would really appreciate quick feedbacks from all of u.
Thanks
Cameron

as soon as the trade got out of your system/method of trading u should have closed it. if u don't have a system - (setup, entry, exit)...u shouldn't be trading (real money).

you could ask for direction right now, and u will get mixed views -- thats the whole reason we have a market. at the end of the day ur in a bad place with no plan -- close ur trade, take the hit and hopefully the loss will teach u an important lesson.

read through this site more -- there is endless amounts of good solid advice and trading knowledge for those new to fx.
  • #5
  • Dec 13, 2009 10:11pm Dec 13, 2009 10:11pm
Quoting cameron
Currently there are mix reviews and news out about Euro declining further or gaining. Any direction at this point will help. I have currently put a s/l 1t 1.4595. I would really appreciate quick feedbacks from all of u.
Thanks
Cameron
Sorry friend - can sympathize, as I have done it - unfortunately no one has a clear crystal ball to see the future. For me, I did exactly what pursuit_21 suggests - closed my position, ceased trading live until I learned from the wisdom of others, developed a strategy, tested it through a demo account and then tiptoed back in - a key part of any successful strategy has to be money management....
  • #6
  • Dec 13, 2009 10:14pm Dec 13, 2009 10:14pm
What percentage of your account does the loss represent?
  • #7
  • Dec 14, 2009 1:48am Dec 14, 2009 1:48am
Sorry to hear about that. Its a devestating story that destroys one's self confidence and makes any man want to beg a skilled pro for even one move that he'd make right now in order to revitalize his account.

I did the same thing at least 5x and which led to the destruction of my account. So I'm no stranger to what your going through.

Sadly, life isn't easy and most help you will receive from your request will either be one of these three.

A. Useless forecast that some random person came up with.

B. Experienced pro that tells you to start learning how to fish instead of asking for one.

C. RARELY, an Actual professional who will throw you a bone and give you a signal, but this won't help you in the long run.

With all of these things combined, you won't get anywhere by asking for a signal. In fact, C becomes useless because it gets mixed in with all the trash.

If you really want your 300 dollars back, then you're going to have to read read read (forums/books), then learn learn learn, then go through the painful process of test test test (Use a Demo Account!), then learn learn learn more, and then finally get over that steep learning curve in your demo account and start making $. Thats the only process you can go through to ever truely recover your 300 dollars.

Here's an inspirational quote that my pastor gave me when I blew my account, "God never challenges us with something that we can never conquer and it is only through these challenges that we grow both spiritually and mentally in order to find true success and happiness."

Man, this post became longer than I hoped for, but I hoped this helped, but seriously, Good Luck and God Bless.
  • #8
  • Dec 14, 2009 1:56am Dec 14, 2009 1:56am
oh my dear thats really hurting...i trade E/U,well EU was in uptrend from last may months and now it has started to go down coz recession is over,retracement will be there but i dont think it will be much,please check support and resistance of history u might like to follow ur own analysis after all its ur own money.
  • #9
  • Dec 14, 2009 2:00am Dec 14, 2009 2:00am
Quoting jykong
If you really want your 300 dollars back, then you're going to have to read read read (forums/books), then learn learn learn, then go through the painful process of test test test (Use a Demo Account!), then learn learn learn more, and then finally get over that steep learning curve in your demo account and start making $. Thats the only process you can go through to ever truely recover your 300 dollars.
What makes you think he is $300 down? He said he is 300 pips down, that could be anything from $3.00 to infinity.
  • #10
  • Dec 14, 2009 2:34am Dec 14, 2009 2:34am
Quoting luckylady
What makes you think he is $300 down? He said he is 300 pips down, that could be anything from $3.00 to infinity.
I inferred it and it was wrong of me to do so. I naturally assumed it because that was my senario when I did the same thing 2 years ago

Left my position over night betting things would go my way eventually without a stoploss and the rest is history.

Sorry again if it offended you.
  • #11
  • Dec 14, 2009 2:35am Dec 14, 2009 2:35am
Quoting cameron
I have bought Euros agains dollar at 1.499 and 1.6969 range
1.6969?


Quoting cameron
and did not set the stop loss.
I guess you won't do that again!


Quoting cameron
I have currently put a s/l 1t 1.4595.
Well at least you've got a stop now, that's something, but it's not in a great place. You've got a previous low at 1.4585, plus you get a lot of stop-running around big figures (ie 1.4600). Can you maybe reduce your position and increase your stop slightly, below the low and allowing for stop hunting.

Relax, what's the worst can happen now, your stop gets hit. There's nothing you can do about it, learn from the mistake and move on......next time you'll use a stop, right?
  • #12
  • Dec 14, 2009 2:40am Dec 14, 2009 2:40am
Quoting jykong
I inferred it and it was wrong of me to do so. I naturally assumed it because that was my senario when I did the same thing 2 years ago

Left my position over night betting things would go my way eventually without a stoploss and the rest is history.

Sorry again if it offended you.
It didn't offend me at all, just wanted to make sure we didn't all assume it was $1 a pip.
  • #13
  • Dec 14, 2009 3:11am Dec 14, 2009 3:11am
If you are looking for your best immediate exit, use these support/ resistance lines as your best exits for short term. You can see I have two trades on as buys and am at break even right now. I plan to exit at 147.57 which will zero out my one trade and give me a 100-120 pip profit on the other. Here is a pic on a 4H chart using S/R lines. Good luck. If you want to make your loss even smaller you will be hoping price will break higher than 147.57 but that is not likely at least not right now. I wish I could walk you through how to minimize a losing trade but that is a skill you dont learn right out of the box.
Attached Image (click to enlarge)
Click to Enlarge Name: eu pic.gif Size: 22 KB
  • #14
  • Dec 14, 2009 3:21am Dec 14, 2009 3:21am
The last chart was a 4H chart, this is a daily chart. You can see that this support level has held in the past and has given a nice bounce. Not guaranteed but you have a chance of it not going further. Put your stop loss below that line around 145.80 and play the bounce up. You may not get out of a loss but you can certainly undo some of the damage. Here are the S/R lines on the daily so you know what price range you can shoot for.
Attached Image (click to enlarge)
Click to Enlarge Name: daily s r.gif Size: 22 KB
  • #15
  • Dec 14, 2009 3:32am Dec 14, 2009 3:32am
Is that a custom indicator you're using there for S/R?
  • #16
  • Dec 14, 2009 3:48am Dec 14, 2009 3:48am
Put these in your indicators folder. I love this indicator but I only use the 4H and Daily for trading. The lower TF S/R and not that useful unless you use them for TP. If you want to know how I use them with a trading system read my booklet at 'Nanningbob4H trading System'
Attached File(s)
File Type: mq4 Support and Resistance.mq4   2 KB | 364 downloads
File Type: ex4 Support and Resistance.ex4   2 KB | 342 downloads
  • #17
  • Dec 14, 2009 4:01am Dec 14, 2009 4:01am
Quoting nanningbob
Put these in your indicators folder. I love this indicator but I only use the 4H and Daily for trading. The lower TF S/R and not that useful unless you use them for TP. If you want to know how I use them with a trading system read my booklet at 'Nanningbob4H trading System'
Great, thanks, I've been looking for something to save having to draw them manually every morning but I could never find anything intuitive enough!
  • #18
  • Dec 14, 2009 6:50am Dec 14, 2009 6:50am
I am overwhelmed as well as thrilled with all the responses. One thing is for sure, I am not scared anymore . I had about 60000 Euros and lossed were around 2000. After the Dubai news, Euro got stronger and I sold 20000 at 1.435 and took a loss for about 700. Currently I am holding my S/L at 1.4595 for the rest. Once US market is open, there is a good chance that it will gain more and at that point I will increase the S/L.
@nanningbob: Thank You for the detailed answer. I am not yet this technical but will be in the company of you all wonderful people.
@kingfisher: I was trying to hold from the last two weeks and have a strong feeling that it will be back to 1.5 range by the end of the month but cannot hold it that long. Receiving margin calls everyday, that is why I sold the 20K.
@ALL : Thank You very very much for everyone who replied. You can't imagin how charged I am to learn more and to get back in the market actively. If you know any good website or book which might help me, please let me know. I am in Canada and using Questrade brokerage. Not much satisfied but not sure which others will be good. Any suggestion brokerage will be much appreciated as well.

Thanks All !!!!!!!!!!!!!!
Camreon
  • #19
  • Dec 14, 2009 8:18am Dec 14, 2009 8:18am
Quoting cameron
I am overwhelmed as well as thrilled with all the responses. One thing is for sure, I am not scared anymore . I had about 60000 Euros and lossed were around 2000. After the Dubai news, Euro got stronger and I sold 20000 at 1.435 and took a loss for about 700. Currently I am holding my S/L at 1.4595 for the rest. Once US market is open, there is a good chance that it will gain more and at that point I will increase the S/L.
@nanningbob: Thank You for the detailed answer. I am not yet this technical but will be in the company of you all wonderful...
My recommendation? Trading in the Zone by Mark Douglas, and this thread: http://www.forexfactory.com/showthread.php?t=121761
  • #20
  • Dec 14, 2009 9:37am Dec 14, 2009 9:37am
Just exit the position. You @%#$ed up, you know it, we know it, now make it right and get out. And, never, ever do that again. Trying to hang in there a little longer is the exact same mentality that got you into trouble in the first place and as long as you are doing that, you really haven't learned your lesson.

No one on this forum has any idea where the EURUSD is going. Their advice is lame and you are letting them play with your money. Put on your big boy pants and get out the trade.
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