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  • #179,141
  • Jan 8, 2010 2:34pm Jan 8, 2010 2:34pm
Quote
Breaking News: pres obo has just announced wind and solar jobs for all!!

Yay! I bet Gore gets shivers up his spine everytime he says that
  • #179,142
  • Jan 8, 2010 2:36pm Jan 8, 2010 2:36pm
What size positions are these in dollars?
How much are you down in cash?
What % is this of your available funds?

All important questions to ask yourself to manager your risk because the decision making part is out the window when you being squeezed with a wrong call and didn't have a firm workable plan for the trade.

You can try and share the nuts and bolts of your situation and see help can surface. If the information I have asked is to personal, then you need to look at it for yourself and see if this is a significant event, that you think you may have learned a lesson the hard way and are plain stuck and need a break to plan.

Assuming your broker will allow it, one option is to hedge your position 100% to take the pressure off and regroup. Then work your way out of the problem over time, with better decisions, cash and risk management.

If your broker will not allow it, calc your position size into the USDCHF and use that to hedge your position.

Then seek counsel and start fresh.

Or take the easy way out and book the loss.

In either case, know... at that very moment, it will recover.

The pro's create market conditions to shake you out of your positions. They know that along with you, many others will at the same moment act. They have time and capital on their side and add emotional pressure on top of financial loss a pip at a time till you break.

Good luck,
BR

Quoting balance
thank you all for the suport , after i am done with this order , it's a sure thing the the prime concern is to play in stop loss
  • #179,143
  • Jan 8, 2010 2:37pm Jan 8, 2010 2:37pm
it's a lot of money for me , and i know that i did the most stupid thing ever in trading but right now i'm stuck here , i think now it's better to wait , thank you for the advices from now on u should be sure that that is the way i am going to trade
  • #179,144
  • Jan 8, 2010 2:38pm Jan 8, 2010 2:38pm
Quoting balance
i still have the hope , i trade for about a mount now , in the first night o trading i was down 25% of the acount but i didnt close the order in the morning i was on profit , i have to hope for the better at 60-70% loss what do i have left ? 30 % ? it's very dificult to stop...like my hand freezes on the close button , in this situation i'm in is better dead that cripled
Stop and read some books on trading psychology. There is no point in continuing what your doing because you are developing very bad habits. You need to get your head screwed on straight especially if you can't click a mouse button to eliminate the pain your experiencing. Your pain-avoidance mechanism in your head is getting the better of you.
  • #179,145
  • Jan 8, 2010 2:45pm Jan 8, 2010 2:45pm

Quoting InfamousFX
Stop and read some books on trading psychology. There is no point in continuing what your doing because you are developing very bad habits. You need to get your head screwed on straight especially if you can't click a mouse button to eliminate the pain your experiencing. Your pain-avoidance mechanism in your head is getting the better of you.
  • #179,146
  • Jan 8, 2010 2:48pm Jan 8, 2010 2:48pm
balance needs lessons, the market is a fantastic teatcher .
you made the same mistake yesterday, it was not enough, at the end you will know your lesson or disappear.

i already cry all my tears, broke my chair, close 3 account and ask for open it again, my wife already shoout on me stop to trade ... BUT I ALWAYS PUT SL TO KEEP MY MONEY

now i'm a yoda trader
  • #179,147
  • Jan 8, 2010 2:48pm Jan 8, 2010 2:48pm
Quoting InfamousFX
Stop and read some books on trading psychology.
You can start from here:

http://www.forexfactory.com/showthread.php?t=5938
Viewer Discretion Advised: Shall we shag now or should we shag later? :-)
  • #179,148
  • Jan 8, 2010 2:48pm Jan 8, 2010 2:48pm

Quoting InfamousFX
Stop and read some books on trading psychology. There is no point in continuing what your doing because you are developing very bad habits. You need to get your head screwed on straight especially if you can't click a mouse button to eliminate the pain your experiencing. Your pain-avoidance mechanism in your head is getting the better of you.
  • #179,149
  • Jan 8, 2010 2:48pm Jan 8, 2010 2:48pm
Ok, I said I will not comment any more, but I do have some remarks, for which I believe are significant:

1. HEDGE = CLOSE positions, the result is the same, only that with HEDGE you pay the spread again to the broker. It's only the "psychological" image in our head that gives us the appearance that we did not create and take a loss. But in reality we did.

2. You ALREADY LOST the money, since EQUITY is your actual money, not the BALANCE, which won't change if you don't close the position. But at any moment in time only EQUITY is the actual state of you capital, and if EQUITY is at 40% of your starting balance, than you have ALREADY lost the money. And you have, you have lost that money, it might come back and you will make it back again, but right now you have lost 6k EURos*

*the actual value lost I do not know, but since I think you said you have 10k EUR at your disposal that is the est. amount of the loss.

So it is only your mind and ego playing tricks on you that you have not yet lost the money, since you have not closed the position and thus changed the balance on the account - but as I said the money is already LOST, you have created a LOSS, and you might get it back with open shorts, or you might not, you are in a new trade now, and every second the circumstances change, but the equity is your money, and if that's down, you're down.
Greed and impatience are our greatest enemies.
  • #179,150
  • Jan 8, 2010 2:49pm Jan 8, 2010 2:49pm
I have this great BOOK u must read for psychology.
its call

Trading from your gut from curtis faith.
  • #179,151
  • Jan 8, 2010 2:51pm Jan 8, 2010 2:51pm
well guys,

nice weekend all
The best thing that can happen to you is to find out where you're wrong.
  • #179,152
  • Jan 8, 2010 2:58pm Jan 8, 2010 2:58pm
Quoting Paulenok
I'd say stay away..market is tough atm, you'd better wait for better opportunity.
Ok ,I stay...thanks for advice...
  • #179,153
  • Jan 8, 2010 3:08pm Jan 8, 2010 3:08pm
Quoting SashaP
LOL
First day on NFP(non farm payrols)
U havfe balls to do it)
lol no this isn't my first day.

i started the 3d of december going long at the top of the abyss...
i had to close losing like 30% of my acc in the first trade i did
(all kinds of common errors there)
then i started thinking and in 2 weeks i got it all back and some.
since then i've been doing pretty well i think.
still learning a lot everyday but i think that losing teach you a lot more than winning,plus the thrill is awesome .

what i was saying is that,even if i know that if someone lose i gain,i really don't like seeing people lose their money.
  • #179,154
  • Jan 8, 2010 3:13pm Jan 8, 2010 3:13pm
Quoting balance
it's a lot of money for me , and i know that i did the most stupid thing ever in trading but right now i'm stuck here , i think now it's better to wait , thank you for the advices from now on u should be sure that that is the way i am going to trade
I understand your pain. I think most people make these mistakes when starting out. Last NFP I did a retarded move and blew out a third of my account including some nice gains I had. I was scarred for a few days, but that made me to be more disciplined and more careful not to jump in headfirst. Hopefully, another good week and I'll be back at my starting balance.

In the best case scenario we'll be stuck in this range next week and manage to get out relatively unharmed. Best of luck to ya!
  • #179,155
  • Jan 8, 2010 3:17pm Jan 8, 2010 3:17pm
Quoting kiadanai
i really don't like seeing people lose their money.
Madoff too
  • #179,156
  • Jan 8, 2010 3:22pm Jan 8, 2010 3:22pm
Monday night I fell asleep with a trade open (no SL cause I was scalping) and when I woke up I was 2% down. I was pissed off all week over that. 60% in a day is ridiculous. Reminds me of a guy that used to be on this forum named Exsilium about a month ago. Posted his stats on myfxbook.com and had margin call within days on a 12k account. There are two things you really need to think about:

1) How much leverage you use (as everyone has already said)
2) What your edge is - what type of analysis have you done that makes you think you can beat the market?
  • #179,157
  • Jan 8, 2010 3:33pm Jan 8, 2010 3:33pm
My suggestion is, if you don't want to take the total loss right now, you may slowly reduce your position. For example, in case eu breaks 1.445, you could cut some loss and sell back when it finds the top resistence. Also, even when the price comes down in your way, don't hope the price drops all the way to break you even. You can reduce you position when you see the price stalls at some point, and short that portion later if price goes high again.

Well, it is easy to say, but hard to execute. Just my 2 cents to give your some other options rather than cut huge loss in one shoot.
  • #179,158
  • Jan 8, 2010 4:02pm Jan 8, 2010 4:02pm
Quoting sophiaphia
i'm interested, where is your website? And I would be more than happy to keep this sh#t afloat! Go Eur/usd bulls.

http://thefxpivotpoint.com/

New one on the way.

m
  • #179,159
  • Jan 8, 2010 4:06pm Jan 8, 2010 4:06pm
Quoting Protogenos
Monday night I fell asleep with a trade open (no SL cause I was scalping) and when I woke up I was 2% down. I was pissed off all week over that. 60% in a day is ridiculous. Reminds me of a guy that used to be on this forum named Exsilium about a month ago. Posted his stats on myfxbook.com and had margin call within days on a 12k account. There are two things you really need to think about:

1) How much leverage you use (as everyone has already said)
2) What your edge is - what type of analysis have you done that makes you think you can beat...
well i don't know about others but in my opinion the only really important point is the first.

the second comes along if you're not completely stupid.as someone said making money is easy,keeping it it's not.

in other words:even if you "lose" against the market you can still win.
but maybe in a few years i'll learn how to win altogether and that would be nice
  • #179,160
  • Jan 8, 2010 4:52pm Jan 8, 2010 4:52pm
Quoting balance
it's a lot of money for me , and i know that i did the most stupid thing ever in trading but right now i'm stuck here , i think now it's better to wait , thank you for the advices from now on u should be sure that that is the way i am going to trade
Everyone here or for that matter everyone trading forex, Futures, shares etc. has a story to tell. Not to exclude even the most successful traders. Therefore let us be positive and let this event be a learning opportunity for us all.

If you have a trading setup on which you base your transactions, look it up and if there is a reason to hold it, do so. If your personal setup does not give you enough reason to hold it, just give it up, and prepare yourself for another trading day.

If you donot have your own trading plan, you may hold this transaction and keep praying that it turns back. If it does, very good, if it doesn't... you know better. Mind there are probably many others praying for price to continue north.

Today, I lost one third of my account. Not to mention the numerous accounts already busted. I can only console myself by the fact that the equity of this round of top up is still plus 60%.

I would like to share this excel worksheet that I (try to) use to give myself reasons beyond any doubt that :

1) There is no need to ever over trade;
2) There is no need to ever over leverage;
3) There is no need to ever be afraid to accept losses and move on to the next opportunity.

The sheet is quite simple and all traders perhaps have such a worksheet to play around with. This sheet can probably be used to build a trading plan for yourself. The numbers that you see as already keyed in is not my trading plan. Just play around with the various input (green) field and observe the possibilities that can be achieved by simply trading with no need to gamble. Gauge your comfort zone and stay within those limits.

When you key in the numbers that you are comfortable with, you will see the net number of days you will need to be positive. So for eg., if the daily pips you want is 20 and number of days is 12, it means that from the average 20 trading days in the month, you will need to make 240 pips (20 pips x 12 days) to achieve your objective.

Hope this helps atleast some of the struggling traders here, and hope it helps me to keep myself in check and not lose 30% of account in one day. Simply no need to be afraid or greedy.

TF



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