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Help required with respect to GBP/USD

  • #21
  • Sep 1, 2011 5:04pm Sep 1, 2011 5:04pm


After that long-winded tirade about how dumb everyone else here is, how smart/ballsy/awesome you are, and a bunch of other random irrelevant shit (this country is going down the drain, bla bla bla), you never answered the OP. You made some statements about trading, none of which addressed the OP, who is asking about what he should do with his particular position in the GBPUSD.

So much for that amazing reading comprehension you have, eh?

As well, these two statements are entirely contradictory

Quote
I HAVE NEVER FAILED TO FEED THE TROLLS.
-------------
And I am officially done wasting time in this thread. Don't even bother replying to this, as I won't be reading any such posts. I like to school the intellectually inferior, but I don't usually keep taking bait from trolls after the first time.

Obnoxious, arrogant, and dumb, a solid combination in this game.
  • #22
  • Sep 1, 2011 5:48pm Sep 1, 2011 5:48pm
Quoting Dopey
Screw it, hang in there kid. The GBP always comes back.
Classic!
  • #23
  • Sep 1, 2011 6:12pm Sep 1, 2011 6:12pm
To the OP:

wasisalman,

As you can see, trading brings out many differring opinions regardless of the skill level or years in this market. In the end, no one can really tell you what you should do right now.

Actually, in the end, this thread will turn into heated debates about trading styles, use of stops, and risk management which then falls to heated arguments about who is right. These arguments will never be solved because everyone is different and each has their own trading style. It is also why no one can make decisions for you, you have to do that.

In trading, we can never know what the market will do next, but we must know what we will do. For example, if GBP starts heading lower in asia or London, (next few hours) and looks to be moving quickly, with momentum.... what will you do ?? Of course - if it just goes in a straight line higher you can just hold and wait, but that aint gonna happen. You need to make a plan, and a backup plan.

So.... look at your equity right now. That's how much money you have left. The rest is gone. You can make that money back, but it doesn't necessarily have to be on this trade. Maybe it would be helpful for you if you make some preliminary decisions and post them here. If your plan is to hold this trade until breakeven or bust, that's a pretty shittie plan.

So, what is your current plan if GBP goes above 1.6200 or if it goes below 1.6150 ?? What are the levels you are watching for the next area of support or resistance ??

If you give us some more feedback, we could possibly get back on topic.... maybe.
  • #24
  • Sep 1, 2011 6:15pm Sep 1, 2011 6:15pm
Quoting kibescorp
Contrary to some of the ridiculous posts in this thread, the philosophy here is simple:


In order to make large gains, you HAVE to be willing to take large risks.


And if you're not in this to make a huge profit in the end, then I don't know WTF you're even trading.

There is absolutely NOTHING wrong with trading with large or even non-existent stops.

But that's ONLY if you know what the hell you're doing.

For instance, GBP/USD is one of the worst pairs to trade using this method. It's known for steeply trending.

1. [b]Right...
You dont know WTF you are talking about, and I guaratee your live account, if you even trade one, will be destroyed within a year.

10-20% a month yes that is possible, but you dont need to risk a lot to do it.

Pretty much everything you stated is full on BS. And I can just about guarantee you've been trading for a year or much less, got lucky a few times with large risk and now think you know what you are doing. The large risk will come come around and bite you on your ass.
  • #25
  • Sep 1, 2011 6:22pm Sep 1, 2011 6:22pm
Quoting wasisalman
I bought GBP/USD on 30th August 2011 @ 1.6374.

Currenty market is on 1.6166.

Per point value of my position is 5usd and right now im in loss of 1000usd.

My total equity is USD4000.

Please suggest what to do.
Cut your losses NOW. Close the trade and thank the trading gods you came to your senses and have money left to learn how to trade with.

DON't go back to demo. It's worthless.

Go down to trading the smallest lot size available to you.

Learn and or develop an edge, with a good win/loss ratio and a realistic stop loss. And a good risk reward ratio.

Most important learn risk/moneymanagment. Traditionally no one trade should risk more than between 1-5 percent of your account. 5% risk per trade is extremely high, considering if you lose 20 trades in a row without compounding down your account is done.

If you dont even know what an edge is, risk managmant, win/loss ratio, risk/reward ratio is and why they are important to trading then you should go to www.babypips.com and go through the course a few times.
  • #26
  • Sep 1, 2011 7:32pm Sep 1, 2011 7:32pm
Quoting BlackWid0w
Another one that makes 20% and agrees to possibilities

You know what any of you that can make 20% a month I will give you
200k to trade on and if you make me 20% for 3 months in a row I will give you 10% how does that sound....

Total BS
I said it was possible, didn't say I do it all the time consistently.....like the guy I was refering too. I know it's possible because I've done it and better before, it is not a regular thing though.

I take trades as they come with reasonable risk. Sometimes you get lucky and trades keep going without getting stopped out for some time.

I'm sorry master yoda that I didn't let you come in and comment first and grace the thread with your ultimate wisdom.

P.S. I have made 20% 3 months in row before. So give me the 200k. O wait you dont have 200k you are full of BS. Doubt you even trade a live account over a few hundred dollars.

P.P.S. Your TA is total crap. LOL, could go up could go down. WOW awesome. Another thing this guy should not do is act on trades based on TA he finds on forums. LOLOLOL
  • #27
  • Sep 1, 2011 8:02pm Sep 1, 2011 8:02pm
I don't know why we even bother. This guy did the same thing 2 & 1/2 years ago with "I lost $1000, what am I going to do".....

One of the first replies was, "post a chart with your last entry on that pair the tf you entered reasons why and your stop loss - you know what i bet you dont bother !" (And no, he didn't bother.... didn't even come back to the thread he started)

Now, here we are all are taking the jab and tossing toys.... and this wasi guy probably wont even be back. I say, wasi it's been 5 years now, if you're serious about any of this, then explain your trading style and reasons for taking this trade. Show your last 10 trades. Do something. Otherwise, you can expect to run another thread just like this one in another 5 years.

Moving on.
  • #28
  • Sep 1, 2011 8:15pm Sep 1, 2011 8:15pm
Good Day all
Be sensitive to subtle differences between 'intuition' and 'into wishing.
  • #29
  • Sep 1, 2011 8:21pm Sep 1, 2011 8:21pm
To clarify on the previous post I accidentally deleted...

Again, if he can hedge...he would have to go short minimum of 2x lot size of long depending on how much more risk he's willing to take on.

Even you previously wrote g/u heading down...so it's possible if g/u continues down sufficiently to be able to trade out of this loss. However, if instead it moves up sufficiently before getting out of the hole, the loss could be easily doubled or more - very risky.

I'm not saying this is the best alternative, but an alternative that can be considered.


Quoting BlackWid0w
Wrong you cannot hedge the positions...forget it....he has lost 25% hedging is only for months of June July and August...imho...
Have you practised hedging yourself be very weary of this kind of advice....

Understand seasonal analysis before giving advice on hedging in the month of september

No disrespect meant..

Have a good month

Regards
Black Widow
  • #30
  • Sep 1, 2011 9:43pm Sep 1, 2011 9:43pm
Longs not looking too good now... currently 1.6187
  • #31
  • Sep 1, 2011 9:55pm Sep 1, 2011 9:55pm
Quoting kibescorp
@Dopey
@smittens4212

Says the losers who have made a career out of breaking even.
Hey Einstein, nice stuff you got here.

https://www.facebook.com/Prince.Kril...S.Corp?sk=info

http://kibescorporation.blogspot.com/

You're the loser, but you already know that.
  • #32
  • Sep 1, 2011 11:20pm Sep 1, 2011 11:20pm


I went to both of those links.

Dopey is 100% correct.
Chance favors the prepared
  • #33
  • Sep 1, 2011 11:21pm Sep 1, 2011 11:21pm
Quoting Dopey
Hey Einstein, nice stuff you got here.

https://www.facebook.com/Prince.Kril...S.Corp?sk=info

http://kibescorporation.blogspot.com/

You're the loser, but you already know that.
destroyed
  • #34
  • Sep 2, 2011 2:36am Sep 2, 2011 2:36am
Quoting Dopey
Hey Einstein, nice stuff you got here.

https://www.facebook.com/Prince.Kril...S.Corp?sk=info

http://kibescorporation.blogspot.com/

You're the loser, but you already know that.

u finished him
  • #35
  • Sep 2, 2011 5:14am Sep 2, 2011 5:14am
I have to say those links were pm'ed to me by someone I won't name. It took him a minute or two to track down this knucklehead. The internet can be a scary thing at times.
  • #36
  • Sep 2, 2011 9:28am Sep 2, 2011 9:28am
Quoting wasisalman
I bought GBP/USD on 30th August 2011 @ 1.6374.

Currenty market is on 1.6166.

Per point value of my position is 5usd and right now im in loss of 1000usd.

My total equity is USD4000.

Please suggest what to do.
The first thing you must do is stop asking strangers on FF what you should do with your trades. No one here has a clue about who you are or what kind of person you are.

The second thing you should do (if you want to be a trader) is to take responsibility for your trading and be accountable to yourself for your trading mistakes.

The third thing you should do is reflect on the element of your approach to trading that would allow you to risk so much on one trade, and to allow a trade to get so far out of control.

Good luck.
  • #37
  • Sep 2, 2011 9:42am Sep 2, 2011 9:42am
OK If you lost 25% of your trading capital and you still don't know what to do and you have to get onto a forum to ask people to tell you what to do, you shouldn't be trading.

I would suggest you to close the position you are in, stop trading and go back to do more research and educate yourself first.

There are lots of materials on the Internet that teaches you how to trade. Start from the beginning.

Good luck!
Make your losses in demo. Earn your profits live.
  • #38
  • Sep 2, 2011 10:07am Sep 2, 2011 10:07am
Quoting Forexia
OK If you lost 25% of your trading capital and you still don't know what to do and you have to get onto a forum to ask people to tell you what to do, you shouldn't be trading.

I would suggest you to close the position you are in, stop trading and go back to do more research and educate yourself first.

There are lots of materials on the Internet that teaches you how to trade. Start from the beginning.

Good luck!

he will never do this..some people dont have this mentality..just not prepared to learn..want it instantly!
the irony is if u can be a success in trading there isnt any feat u cant accomplish

success needs learning curve..and one must be willing to graft
  • #39
  • Sep 2, 2011 11:32am Sep 2, 2011 11:32am
Quoting wasisalman
I bought GBP/USD on 30th August 2011 @ 1.6374.

Currenty market is on 1.6166.

Per point value of my position is 5usd and right now im in loss of 1000usd.

My total equity is USD4000.

Please suggest what to do.
OK. It's been over a day since you posted this, how about letting us know what you did or are planning to do. Otherwise, this thread should come to an end soon.
  • #40
  • Sep 2, 2011 12:43pm Sep 2, 2011 12:43pm
Quoting wasisalman
I bought GBP/USD on 30th August 2011 @ 1.6374.

Currenty market is on 1.6166.

Per point value of my position is 5usd and right now im in loss of 1000usd.

My total equity is USD4000.

Please suggest what to do.
Hold, 200 pips is so possible to get back for GBPUSD.

Next time, try to trade with much2 smaller position, at least your equity should provides 10 000 pips to float in negatives
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