USD/JPY Discussion

What will result?

I feel sorry for those lost large amounts of money. I lost about 4%, so not a big deal. By the way, it may be more useful if some of the previous posted values, whether gains/losses, were posted in % as well. Large amounts of pips is not much if under leveraged, while $1500 means little if you have a one million dollar account. Expressing $ as well as % helps people understand the leverage used.

These markets are very seductive, with the huge moves, so watch out guys. Control your risk. I don't doubt there will be some stories on here in the next few days regarding blown accounts with these huge Yen moves.

Don't know, but Reuters reported it...it does not appear to make a difference in the currency

Indeed. I will also expect to hear a few accounts with huge gains as well. Pure technical traders should did well in the past few hours.

Chernobyl reactor had 190 tonnes of uranium. Japan has 6 reactors with 100 tonnes each/ 600 tonnes. 100 nukes is just 10 tonnes, if that.

I Missed the elevator on the downside but at lease I catch the elevator going up from the ground floor..

USD/JPY: Option-related selling caused the collapse earlier today

Do you see that mate

I don't doubt there will be some stories on here in the next few days regarding blown accounts with these huge Yen moves.[/quote]

Yep, happened to me today

What did you learn?

What did you learn?[/quote]

That lately the market seems to go in the opposite direction that I think it will and when I do put in a trade it's certain to reverse and go against me.

That lately the market seems to go in the opposite direction that I think it will and when I do put in a trade it's certain to reverse and go against me.[/quote]

which broker, amount, and leverage you used? maybe we can help you decide whats the next best move you should take.
Look on the bright side, Losing an account is not as bad as losing your house/family/possibly life savings. (and of course, lets hope no one used their life savings in their forex account)

btw, if anyone has been watching analysts speak for the past week, all their tones in their voice has been weakened, along with some of the major news stations. The happenings in japan is getting worse. Please pray for them.

That lately the market seems to go in the opposite direction that I think it will and when I do put in a trade it's certain to reverse and go against me.[/quote]

Turn your chart upside down and trade it then.

Look on the bright side, Losing an account is not as bad as losing your house/family/possibly life savings.

You got that right.
I went long on the Yen and apparently I should have went short.
I Lost $700.00 today.
I'ts ok... I'll make it back when the markets are more stable.

Then just from that one sentence, there are several lessons:

* The market will go wherever it wants, regardless of what you or I think. Many people were 'thinking' that this pair is so low, and with the disaster in Japan there is now way it can go lower. Yet we have seen that it did. The charts were not exactly screaming out to go short, but I saw nothing in my charts that suggested going long was the way to go. In fact, my charts suggsted that standing aside was a good plan....so I did. Sure I leapt in on the drop, but that was opportunistic, it wasn't on my plan.

* Trades don't go against you because the market wants to screw you over. The market doesn't even know you and me exist.....it's not personal. As above, there was no reason in the charts to go long.

* You MUST use a sensibly placed stop loss....YOU MUST. I don't know where you went long, but assuming it wasn't too far away from 80.00, your SL should have been somewhere under the historical low of 79.75. Sure, it would have got hit, but you wouldn't lose your entire account.....unless....(see below)

* Do not expose more than 2 or 3% of your account. Little gains add up over time quicker than you might think. If you lose 2 or 3% of your account, it's not the end of the world, right? If placing your stop under the historical low was MORE than 2 or 3% of your account, your lot size for that trade was too big.

Everyone has made these mistakes, me too. I only saved the day by taking a reverse trade on that occassion. But I learnt from it and it made me a better trader.

I hope this helps, and if so, perfect. You'll never make these mistakes again

RJ

I learned that when you see SkyzerFX agreeing with your trade idea you need to bail out as fast as possible.

Turn your chart upside down and trade it then.[/quote]

Not a bad idea... especially lately... lol

That's a good outlook. Too many people would scramble to re-fund their account and make it all back ASAP. Patience will pay off. GL

My rule of thumb in these events. FORGET PROFITS. MINIMIZE RISK.