{quote} Careful bro, that stop might get eaten up quick on the way back down...
- #973,901
- Mar 25, 2015 10:15pm Mar 25, 2015 10:15pm
- | Joined Jul 2013 | Status: newbie, still learning | 210 Posts
- #973,903
- Mar 25, 2015 10:16pm Mar 25, 2015 10:16pm
- Joined Jun 2013 | Status: Trader | 3,071 Posts
Hi All, Happy trading to all, NEWB here, I've only just started trading and I've got myself into trouble already. can any of you help on how i can get out of this situation? {image}
You've locked in a loss, trading psychology says, you won't be able to manage your emotions to be able to trade out of that. Given a sideways non-trending market the only way out of that mess is to close all three positions. Whats gone wrong is simple. When you enter a trade you need to be comfortable that you can afford your stop. Buy the stop as you enter and be clear with yourself that that is your exit. place a profit target thats reasonable and larger than the stop each time.
Plan the trade, trade the plan. Entering same size trades in the opposite direction is the same as closing the trade, the difference is that if you close, you can think and plan to trade, if you stay open your account is debited the comm and swaps and you can't plan another trade.
Get it done and don't do it again is the only sound advice, opening any new positions breaks a sound rule of trading, don't add to a loosing position.
- #973,905
- Mar 25, 2015 10:37pm Mar 25, 2015 10:37pm
- | Joined Jul 2013 | Status: newbie, still learning | 210 Posts
Hi All, Happy trading to all, NEWB here, I've only just started trading and I've got myself into trouble already
I am not a professional trader nor a really experienced trader. Im a newbie too.
But personally, i wouldn't hedge same pairs like you do, both short and long EU.
I mean to me, a lost is a lost, close it and accept it. Hedging just seems like you are unable to accept the lost. It is really disadvantageous to us especially paying the commission or spreads, and especially if we are not experience enough in this hedging area.
Of course, it looks good on the account, some green some red pips, but really whats the point with just looking good when the equity is the one that got hit. it doesn't really helps much. So I would advice, in future not to hedge like that especially if we are inexperience in this area.
I used to hedge a lot, ridiculously a lot . I have then since learn and not to hedge unless I'm really good with them.
Just my 1,2,3,4,5 cents. Cheers
- #973,907
- Mar 25, 2015 10:47pm Mar 25, 2015 10:47pm
- | Joined Jul 2013 | Status: newbie, still learning | 210 Posts
His hedge is a good position actually right now, haha. It's the same as scalping, just exit each in profit and wait for profit of the other. Use a stoploss for a breakout.
So i don't do hedge, i just accept the loss and close it, and open a new position.
- #973,911
- Mar 25, 2015 11:23pm Mar 25, 2015 11:23pm
- Joined Sep 2011 | Status: Trader | 6,363 Posts
A good trader follows his rules, but great trader knows when to break them
- #973,912
- Mar 25, 2015 11:25pm Mar 25, 2015 11:25pm
- | Commercial User | Joined Jul 2013 | 7,913 Posts
We watch the charts from every angle so you don't have to!!
- #973,913
- Mar 25, 2015 11:33pm Mar 25, 2015 11:33pm
- Joined Oct 2010 | Status: Trader | 21,486 Posts
Intraday only.
- #973,914
- Mar 25, 2015 11:38pm Mar 25, 2015 11:38pm
- Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 24,286 Posts
On-site guru & also FF member's' psychiatrist, when not drinking tea
- #973,916
- Mar 25, 2015 11:48pm Mar 25, 2015 11:48pm
- Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 24,286 Posts
no buyers today ,
cool ,could be later for correction Dax ,maybe April ,or maybe we can box it up and say continuation up ,{quote} {image}
On-site guru & also FF member's' psychiatrist, when not drinking tea
- #973,918
- Mar 25, 2015 11:49pm Mar 25, 2015 11:49pm
- Joined Aug 2011 | Status: Trader | 4,956 Posts
As the lights go by so too do the shadows move
