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EUR/USD, I am in a mess

  • #21
  • Dec 14, 2009 9:53am Dec 14, 2009 9:53am
Quoting philmcgrew
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.
I couldn't agree more and would advise you this way. Pull 90% of that money out of your account. Once you do this, learn and demo PA with a small money account using proper MM. There are many great threads on FF that discuss PA and SR. Demo for a year or so and once you are comfortable with your gains refund your account to its current level and start building your account. Ignore this aadvice and keep trading that large account at your peril my man. There are many out here licking their chops at great set ups. They understand how to find them and will take your money at the first chance they get. Being the hunter instead of the hunted takes a while to get the hang of in this business.

Best and kindest regards to you,

K.I.S.S.
  • #22
  • Dec 14, 2009 6:54pm Dec 14, 2009 6:54pm
Finally... !!!!!!! THE RIGHT ANSWER !!!!!

Quoting philmcgrew
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.
  • #23
  • Dec 14, 2009 7:09pm Dec 14, 2009 7:09pm
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...
For real, is that your LIVE trading account. If it is please do yourself a favour and remove all of it. To come into a forum with a panic "tell me what to do" request shows that you are not ready for such a large risk. You are obviously (refer to the last "") new to trading and have little experience in regards to MM, risk and risk (yes I wrote it twice) and if you want to be in this game for long then I suggest you take some time to learn how it works.

WOW I cant believe that

Razor
  • #24
  • Dec 14, 2009 8:06pm Dec 14, 2009 8:06pm
Dont mean to disagree with you guys here but closing at this moment is not a good time. There is a good chance of a rebound here and the ability to close with a smaller loss. Taking a bounce off of the Daily support line is sound trading and could save this person a good deal of money. Put your SL below the daily support line and if you take a loss then so be it but not now when you have a great chance of reducing your lose by a 100 pips or so. So hang in there and trade using some sound trading techniques. You made a mistake, we all do but use this as a learning experience on how to get out of a bad trade successfully. Winners are easy to trade but learning how to trade and exit a losing trade is the the trading skill that makes you a successful trader.
  • #25
  • Dec 14, 2009 10:14pm Dec 14, 2009 10:14pm
Quoting nanningbob
Dont mean to disagree with you guys here but closing at this moment is not a good time. There is a good chance of a rebound here and the ability to...
you do have a good point. learning how to exit a losing trade is a good skill - there are some AA+ class traders like Tom Baldwin who favor sweating out a loser to get a better exit. But this is a guy who was profitable from his 1st year. He started with 20k + and had to lease a seat with that money...but he stood on the floor for 6 months without a single trade 8 hours a day 5 days a week...waiting...watching, before taking his first trade. Made a buck in his first year. but if you compare the approach to trading, its what separates him from 99% of the people who start trading.

i just don't think now is the time to learn this particular skill -- learn to land on a nice big fat smooth runway before you learn to crash-land on to a coconut plantation situated next to a high-octane oil refinery.

you're right -- cameron may lose less money by waiting it out...but he/she is just reinforcing more bad trading psychology at this point.

unless of course u want to offer your view on EURUSD every time cameron gets caught on the wrong side with no plan, no s/l, (...don't even talk about psychological and emotional prep and acceptance of the risk).
  • #26
  • Dec 14, 2009 10:21pm Dec 14, 2009 10:21pm
The real point is that cameron should not be trading with real money.... !!! One way or another he thought forex was going to be an easy thing.... maybe he got one of those get rich quick scams or what ever....

FOR his own good... he should take all his money out... take his loss now.... open a demo account... and learn about what he is doing.... My God... I tried to build an Atom bomb last week and the thing almost blew up on me !!! Ohhhhhhhh..... did I forget to take a coarse on how to do that...???

I sure as keck wish I had 60,000 euros to put in my account.. !!!
  • #27
  • Dec 14, 2009 10:53pm Dec 14, 2009 10:53pm
you have 100% chance of closing it now and still have little bit of money to play around, with this lesson learned.

or leave it and hope for a turnaround and lose less or by a miracle make a profit. The probability of this happening is not certain.

Make your choice. The answer will prove whether or not you are 'trader' smart
  • #28
  • Dec 15, 2009 12:12am Dec 15, 2009 12:12am
Quoting cameron

I have bought Euros agains dollar at 1.499 and 1.6969 range

I am down to close to 300 Pips

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.

Receiving margin calls everyday, that is why I sold the 20K.

Cameron

Camreon

Something tells me Camreon/Cameron just might not be for real.
  • #29
  • Dec 15, 2009 12:31am Dec 15, 2009 12:31am
Quoting pipmutt
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!
If I'm not mistaken that indi is based on fractals. Just a heads up in case you weren't already aware. If I am mistaken I'm sure nanningdude will take the opportunity to jump my $h!t.
  • #30
  • Dec 15, 2009 1:19am Dec 15, 2009 1:19am
Quoting opie999
If I'm not mistaken that indi is based on fractals. Just a heads up in case you weren't already aware. If I am mistaken I'm sure nanningdude will take the opportunity to jump my $h!t.
No I wont jump yours but yes it is based on fractuals but I have found it fairly accurate and useful.
  • #31
  • Dec 15, 2009 1:26am Dec 15, 2009 1:26am
Quoting pursuit_21
you do have a good point. learning how to exit a losing trade is a good skill - there are some AA+ class traders like Tom Baldwin who favor sweating out a loser to get a better exit. But this is a guy who was profitable from his 1st year. He started with 20k + and had to lease a seat with that money...but he stood on the floor for 6 months without a single trade 8 hours a day 5 days a week...waiting...watching, before taking his first trade. Made a buck in his first year. but if you compare the approach to trading, its what separates him...
There is nothing wrong in your logic, mine is it is not a bad place to take this risk and put the SL just below that line. There is a solid chance at a partial recovery so I would take that chance. I do trade this way and it does take time to learn. This person is in deep and the continued loss at the recommended stop loss is not as big of a risk as compared to the reward of a good bounce off of a daily support line. I think the risk to reward here is worth the chance. I believe the EUR/USD is ranging and this is the bottom of the range. A good entrance for a buy.
  • #32
  • Dec 15, 2009 1:32am Dec 15, 2009 1:32am
Quoting Tiki Trader
The real point is that cameron should not be trading with real money.... !!! One way or another he thought forex was going to be an easy thing.... maybe he got one of those get rich quick scams or what ever....

FOR his own good... he should take all his money out... take his loss now.... open a demo account... and learn about what he is doing.... My God... I tried to build an Atom bomb last week and the thing almost blew up on me !!! Ohhhhhhhh..... did I forget to take a coarse on how to do that...???

I sure as keck wish I had 60,000 euros to...
Good advice and then when you start live trading get a penny account to experience real live trading without the risk. I still think there is a difference leaning trading on a demo and live money even though the live money is just pennies. If you want to make a career you must thinkof getting a bachelor's degree and put in the time. Ronald Raygun has a neat way to learn this business. Take a demo account and a currency, flip a coin, heads buy, tails sell, and then manage the trade on a demo account. When you can successfully take trades in any direction and be profitable then you are ready to trade live. It takes time to learn this business and develop the neccessary skills so think long term.
  • #33
  • Dec 15, 2009 1:34am Dec 15, 2009 1:34am
Quoting nanningbob
There is nothing wrong in your logic, mine is it is not a bad place to take this risk and put the SL just below that line. There is a solid chance at a partial recovery so I would take that chance. I do trade this way and it does take time to learn. This person is in deep and the continued loss at the recommended stop loss is not as big of a risk as compared to the reward of a good bounce off of a daily support line. I think the risk to reward here is worth the chance....
I totally agree. Tomorrows FOMC meeting will hit USD bulls hard.
  • #34
  • Dec 15, 2009 4:27am Dec 15, 2009 4:27am
Quoting opie999
If I'm not mistaken that indi is based on fractals. Just a heads up in case you weren't already aware. If I am mistaken I'm sure nanningdude will take the opportunity to jump my $h!t.
Got it, ta! I'm just trawling through the 100's of indicators from the MT4 archive, ha, STARC Bands, not seen them around for a while, and this one I gotta try "valasholic13 BreakOutch"!

  • #35
  • Dec 15, 2009 5:00am Dec 15, 2009 5:00am
Hi according to my study eur/usd has a turning date on 14 dec +/- 1 to 2 days. If u see price going down after 2 days, then the next turning date is probably 30/31 dec.

hope this help
  • #36
  • Dec 15, 2009 5:32am Dec 15, 2009 5:32am
Quoting lordofcycle
Hi according to my study eur/usd has a turning date on 14 dec +/- 1 to 2 days. If u see price going down after 2 days, then the next turning date is probably 30/31 dec.

hope this help
Interesting, how are these cycles determined? I can see that happening and that doesnt change my thoughts of a bounce or retracement at this point, but to know that the USA will continue to strengthen for another two weeks would be a trading bonanza.
  • #37
  • Dec 15, 2009 5:42am Dec 15, 2009 5:42am
Quoting lordofcycle
Hi according to my study eur/usd has a turning date on 14 dec +/- 1 to 2 days. If u see price going down after 2 days, then the next turning date is probably 30/31 dec.

hope this help
... ... Can you tell us your reasoning? Although I agree that the EURUSD is going to go up long run, I don't think anybody can predict if its going to be on the 15th, the 20th or the 31st.
  • #38
  • Last Post: Dec 15, 2009 6:13am Dec 15, 2009 6:13am
This is turning into an interesting thread. One thing I did read in the EUR/USD thread that made some sense (a rare thing) is that banks and institutions are rounding off positions at this time of year.

If you look at previous years in most pairs there is some kind of a retracement in December.

Aha! I found it: http://www.forexfactory.com/showpost...stcount=163806

Thank you Jade Gate
Gone to a better place
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