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Cable Update (GBPUSD)

  • #261,521
  • Oct 22, 2010 11:00am Oct 22, 2010 11:00am
I lost $500 to GU in the trade I placed since yesterday.I am not a newbie in Forex.I have been trading for the past 6 years,But things have been very bad.My finances has moved from bad to worse.I have exposed my family to untold hardship.Is retail forex trading worth it? Is possible to depend on this for a living.Sincere answer will be appreciated.I am heavily indebted because of FOREX
With patience and discipline,you move beyond the sky
  • #261,522
  • Oct 22, 2010 11:03am Oct 22, 2010 11:03am
Yes 5650 created a 230 pip bounce back on the 20th. Bears need a solid close below this level preferably on a 4hr candle. Keeping an eye on the volume also watching for any spikes.
Today's zone = Tomorrow's opportunity!
  • #261,523
  • Oct 22, 2010 11:04am Oct 22, 2010 11:04am
biodunola07,

You shouldn't trade forex with money that you need to survive everyday. It is a very risky endeavour. Fulltime trading is possible, only if you have capital for it.
  • #261,524
  • Oct 22, 2010 11:05am Oct 22, 2010 11:05am
Quoting Duce
Almost. Are we gonna get this deal done today? I need some scratch for the weekend.
tell you what I'll buy half @ 15620 and the other half @ 15595 if it gets there lol maybe next week
  • #261,525
  • Oct 22, 2010 11:05am Oct 22, 2010 11:05am
Quoting biodunola07
I lost $500 to GU in the trade I placed since yesterday.I am not a newbie in Forex.I have been trading for the past 6 years,But things have been very bad.My finances has moved from bad to worse.I have exposed my family to untold hardship.Is retail forex trading worth it? Is possible to depend on this for a living.Sincere answer will be appreciated.I am heavily indebted because of FOREX
I would say get out of trading. After 6 years if things are getting from bad to worse, then trading isn't for you.
  • #261,526
  • Oct 22, 2010 11:06am Oct 22, 2010 11:06am
UK government must cover bulk of BT scheme deficit, court rules

http://www.ipe.com/news/uk-governmen...ules_37573.php

I can hear uncle BOE´s King printing press already in warm up mode...
________________________________ Errare humanum est
  • #261,527
  • Oct 22, 2010 11:08am Oct 22, 2010 11:08am
Quoting biodunola07
I lost $500 to GU in the trade I placed since yesterday.I am not a newbie in Forex.I have been trading for the past 6 years,But things have been very bad.My finances has moved from bad to worse.I have exposed my family to untold hardship.Is retail forex trading worth it? Is possible to depend on this for a living.Sincere answer will be appreciated.I am heavily indebted because of FOREX
You cannot trade with scared money my friend. When the noose is around your neck you are more likely to take a hold of shit trades on knee jerk reactions. You will see turns where there are continuations and the need to earn the money back in a hurry will make you chase price like a dog does its tail.

Yes, it is very possible to make a decent living from trading. Yes, it is possible to be able to depend on consistent earns and gains. But yes, there are times when the market just isn't on your side.

Right now my friend, I believe you are your accounts own worst nightmare.

I am not trying to be a prick here, but I have been in and seen this same story countless times. Close down your platform for the day, London is closed and anything that comes from now until the markets end for the weekend will most likely be scant at best. Take the weekend off. Keep your charts closed, enjoy what you can from the time away and if you are not of clear mind come opening bell, keep your trade window closed and start looking for work.

As things stabilize in your life, a steady income and a few extra bucks you are not pressured to make will come a lot easier by way of market. If you can level this out, you might be able to take another stab at the game.

Just a few thoughts.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #261,528
  • Oct 22, 2010 11:09am Oct 22, 2010 11:09am
Quoting Benkasim
biodunola07,

You shouldn't trade forex with money that you need to survive everyday. It is a very risky endeavour. Fulltime trading is possible, only if you have capital for it.
Thanks for your reply.I am not feeling alright because of the loss.In fact I curse the day I first heard about the FOREX TRADING
With patience and discipline,you move beyond the sky
  • #261,529
  • Oct 22, 2010 11:13am Oct 22, 2010 11:13am
Quoting biodunola07
I lost $500 to GU in the trade I placed since yesterday.I am not a newbie in Forex.I have been trading for the past 6 years,But things have been very bad.My finances has moved from bad to worse.I have exposed my family to untold hardship. Is retail forex trading worth it? Is possible to depend on this for a living.Sincere answer will be appreciated.I am heavily indebted because of FOREX

I just logged back in and read this disturbinbg post,...sorry to hear about your troubles friend. The question you ask can be answered thus:

Is retail forex trading worth it? Is possible to depend on this for a living? Yes, for some but it is not easy.


It is difficult to advise any further in your situation with the limited info you have provided save to say that if your trading activities have made you heavily indebted and that your finances have moved from bad to worse you should stop now...give it up at least until you have a better trading edge or a better command of your trading edge. It is not always easy giving something up, our mind tricks us into thinking it is better to hang on to something even though it may be broken or clearly not workiing -rather than give it up, and this is beacuse it is the fear of not having an alternative. Be aware that in most cases, and like I say above it is difficult to advise absolutely beacuse I do not know your full circumstances, but in most cases recovery from your current position is very difficult if not next to impossible not least beacuse the pressure of being down and with every next trade likely being critical - this can impair your judgement leading to a loss of patience and discipline and more mistakes.

Whatever you decide, be brave, and make a definate decision.

G/L
ex member
  • #261,530
  • Oct 22, 2010 11:15am Oct 22, 2010 11:15am
Quoting Magix
You cannot trade with scared money my friend....
I have $120 equity left in my account.Can I make something out of this ?Thanks for you advice
With patience and discipline,you move beyond the sky
  • #261,531
  • Oct 22, 2010 11:19am Oct 22, 2010 11:19am
Quoting biodunola07
I have $120 equity left in my account.Can I make something out of this ?Thanks for you advice
Anything is possible my friend, but given the beat down that you took over the last day, the odds are not in your favor.

Let's say you gain an edge, let's say that you hammer a the market like a mad man, and lets say you beat the odds at 20% gains per day.

That will give you about 150 profit next week.

I don't know what your cost of living is, but this will most likely not provide for you.

Again, take on a job with a steady income, use this 120 in micros and work out your issues. As long as you are provided for, you will not feel the same pressure from the market. Having your emotions in check will most certainly be to your advantage when you can sit down to market.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #261,532
  • Oct 22, 2010 11:21am Oct 22, 2010 11:21am
Quoting bbmac
I just logged back in and read this disturbinbg post,...sorry to hear about your troubles friend. The question you ask can be answered thus:

Is[b][i] retail forex trading worth it? Is possible to depend on this for a living?...
I appreciate your reply.I do borrow to trade and help other to trade but this has created a lot of financial hardship to me.My creditors are making life unbearable for me.Honestly I am tired of life.That is the result of my decision to go into FOREX
With patience and discipline,you move beyond the sky
  • #261,533
  • Oct 22, 2010 11:21am Oct 22, 2010 11:21am
You say your last loss was -$500 and that you have $120 margin/equity left in your a/c...so before you placed that last trade your balance was $620 and you have lost $500 of it which is 80.6% of your a/c loss on one trade, and this after 6 years trading !!???...Friend, this is suicidal trading and risk management and if this is typical of your trading it is now becoming clearer why you are in the position you are in. (Perhaps it was last desperate 'throw of the dice' in which case you are in a 'death spiral' and this is difficult to recover from.) As for your question can you make a living from $120 equity, well we do not know what part of ther world you are from and the cost of living there, but likely the answer is resounding no.

G/L
ex member
  • #261,534
  • Oct 22, 2010 11:22am Oct 22, 2010 11:22am
Quoting biodunola07
I have $120 equity left in my account.Can I make something out of this ?Thanks for you advice
Take the 120 dollars out and take your wife/girlfriend/boyfriend/husband/mother out for dinner and close down your account.

Next week start fresh with a demo account. You will never be succesful with the state of mind you are in, the urge to keep losing trades open because you depend on it financially is too great and you will never make it in this business with all those worries on your mind.

Start afresh with a demo account of a small size and double it, then double it again, then write down your entire trading plan and only then open a live account again.

At this junction in your trading career you will only fail, you need to take the pressure of real money out of the equation and find yourself an edge first.

Read up all you can on the psychology of trading and take your time finding a game plan that suits you, don't go jumping from strategy to strategy and from system to system.

Good luck and chin up.
  • #261,535
  • Oct 22, 2010 11:22am Oct 22, 2010 11:22am
How are u? IM me so that we talk

Quoting biodunola07
I lost $500 to GU in the trade I placed since yesterday.I am not a newbie in Forex.I have been trading for the past 6 years,But things have been very bad.My finances has moved from bad to worse.I have exposed my family to untold hardship.Is retail forex trading worth it? Is possible to depend on this for a living.Sincere answer will be appreciated.I am heavily indebted because of FOREX
  • #261,536
  • Oct 22, 2010 11:23am Oct 22, 2010 11:23am
Quoting biodunola07
I appreciate your reply.I do borrow to trade and help other to trade but this has created a lot of financial hardship to me.My creditors are making life unbearable for me.Honestly I am tired of life.That is the result of my decision to go into FOREX

Then stop now, approach your creditors, be honest with them and reach a solution, find alternative work and re-start your life without al;l this stress, this maybe the best advice.

G/L
ex member
  • #261,537
  • Oct 22, 2010 11:24am Oct 22, 2010 11:24am
Quoting biodunola07
I lost $500 to GU in the trade I placed since yesterday.I am not a newbie in Forex.I have been trading for the past 6 years,But things have been very bad.My finances has moved from bad to worse.I have exposed my family to untold hardship.Is retail forex trading worth it? Is possible to depend on this for a living.Sincere answer will be appreciated.I am heavily indebted because of FOREX


I want to believe you are conversant with Money Management. The lot size you apply per trade matters a lot. A loss of $500 on a single day is quite a lot.

That said, why don't you call up all the posts of CLOGGIE on this forum and take time to digest them. It will take you time read them all but thereafter you'll be talking more of greens than reds
  • #261,538
  • Oct 22, 2010 11:25am Oct 22, 2010 11:25am
Welcome back Clogs!
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #261,539
  • Oct 22, 2010 11:26am Oct 22, 2010 11:26am
Quoting biodunola07
I lost $500 to GU in the trade I placed since yesterday.I am not a newbie in Forex.I have been trading for the past 6 years,But things have been very bad.My finances has moved from bad to worse.I have exposed my family to untold hardship.Is retail forex trading worth it? Is possible to depend on this for a living.Sincere answer will be appreciated.I am heavily indebted because of FOREX
Yes, it is possible. 2 things you need to do it. 1. A sound plan, that has been tested and tested over again in demo mode. Once you are confident of your plan in demo mode, take it over to a live account that you are not depending on for your livelyhood. Trade only 2% of the account max per trade, and then follow your plan. <-- That is the hardest part with real money. Also realize you will have some losses. Everyone does. Your plan should hopefully keep your losses small and your wins large.

Best of luck, and I hope you figure it out.
  • #261,540
  • Oct 22, 2010 11:26am Oct 22, 2010 11:26am
Quoting Magix
Anything is possible my friend, but given the beat down that you took over the last day, the odds are not in your favor.

Let's say you gain an edge, let's say that you hammer a the market like a mad man, and lets say you beat the odds at 20% gains per day.

That will give you about 150 profit next week....
Thanks for your concern and advice.I will go away from the market now to have painful weekend week end
With patience and discipline,you move beyond the sky
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