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Oanda, new acct; GOLD is too low

  • #1
  • First Post: Aug 29, 2006 10:25pm Aug 29, 2006 10:25pm
I am in a losing long position on AU/USD $200 and I have a headache. I am new to this stuff. Ernesto didn't raise gold prices, actually depressed it. What should i do?
  • #2
  • Aug 29, 2006 10:39pm Aug 29, 2006 10:39pm
buy USD. sell AUD. Buy Gold again during next interest rate cut cycle.
  • #3
  • Aug 29, 2006 11:09pm Aug 29, 2006 11:09pm
Quoting mejensen1
I am in a losing long position on AU/USD $200 and I have a headache. I am new to this stuff. Ernesto didn't raise gold prices, actually depressed it. What should i do?
Gold may rise upto 627.I do not know what is your entry point.Close it if you can at this level.then again there is danger of fall.
But keep in mind gold long is never bad if you have enough money in account.gold has to rise keeping in view the geo-political.

kolachi
  • #4
  • Aug 30, 2006 12:09am Aug 30, 2006 12:09am
Add more money to your account and average down.

Or just admit you were wrong and close the trade.
  • #5
  • Aug 30, 2006 12:11am Aug 30, 2006 12:11am
I love it when an opportunity to quote from my favorite trading book arises

"A loss never bothers me after I take it. I forget it
overnight. But being wrong -- not taking the loss that is what
does the damage to the pocketbook and to the soul. You rememberr
Dickson G. Watts' story about the man who was so nervous that a
friend asked him what was the matter.
"I can't sleep," answered the nervous one.
"Why not?" asked the friend.
"I am carrying so much cotton that I can't sleep thinking
about it. It is wearing me out. What can I do?"
"Sell down to the sleeping point," answered the friend."
ROASO - Edwin LeFevre

Quoting mejensen1
I am in a losing long position on AU/USD $200 and I have a headache. I am new to this stuff. Ernesto didn't raise gold prices, actually depressed it. What should i do?
In trading, there is no bullshit. You either make money or you don't.
  • #6
  • Aug 30, 2006 5:41pm Aug 30, 2006 5:41pm
Quoting kolachi
Gold may rise upto 627.I do not know what is your entry point.Close it if you can at this level.then again there is danger of fall.
But keep in mind gold long is never bad if you have enough money in account.gold has to rise keeping in view the geo-political.
kolachi
When I wrote in night at 00:06 EST gold was at 614.86 and now gold has risen to 618.72 around 416 pips.
It will rise more as I told earlier.

kolachi
  • #7
  • Aug 30, 2006 8:19pm Aug 30, 2006 8:19pm
Quoting kolachi
When I wrote in night at 00:06 EST gold was at 614.86 and now gold has risen to 618.72 around 416 pips.
It will rise more as I told earlier.

kolachi
Gold has risen to 620 now.What is your entry point?

kolachi
  • #8
  • Aug 30, 2006 11:48pm Aug 30, 2006 11:48pm
Quoting kolachi
Gold has risen to 620 now.What is your entry point?

kolachi
Thank you ALL for all of the concern! I had unrealized losses of up to $200 yesterday, now its only $50! I am learning how to wait! To break even I need it or GOLD to hit $626, which might happen.

Heard about the Glamis and Gold Corp merger? Just announced. I sold my equities in both yesterday! Their tickers are/were GLG and GG respectively.
  • #9
  • Aug 31, 2006 12:40am Aug 31, 2006 12:40am
Quoting mejensen1
Thank you ALL for all of the concern! I had unrealized losses of up to $200 yesterday, now its only $50! I am learning how to wait! To break even I need it or GOLD to hit $626, which might happen.

Heard about the Glamis and Gold Corp merger? Just announced. I sold my equities in both yesterday! Their tickers are/were GLG and GG respectively.
Good Luck

kolachi
  • #10
  • Aug 31, 2006 1:43am Aug 31, 2006 1:43am
Well just checked when I made the "bet", gee it was 8/24/06 so have been paying interest on it for 1 week already, about $2 aday max.

Next thing I guess is to learn not simply to put myself on crisis control, but try to make money, but Soros and Buffet say, they don't set out to make money, but NOT TO LOSE MONEy, but it works for them! s'pose

I think I prefer the 4 hour bets!
  • #11
  • Aug 31, 2006 7:54am Aug 31, 2006 7:54am
Well, I woke up at was happy to watch as, at 5:40 am, my DEBT was extinguished!
  • #12
  • Aug 31, 2006 8:54am Aug 31, 2006 8:54am
Congratz! You just reinforced the worst psychological limitation to successful trading.
  • #13
  • Aug 31, 2006 9:19am Aug 31, 2006 9:19am
Quoting Darkstar
Congratz! You just reinforced the worst psychological limitation to successful trading.
Are you refering to "holding to a losing position and hoping it will eventually come back" ?
  • #14
  • Aug 31, 2006 2:37pm Aug 31, 2006 2:37pm
Quoting branac
Are you refering to "holding to a losing position and hoping it will eventually come back" ?
Thats the one.
  • #15
  • Aug 31, 2006 5:50pm Aug 31, 2006 5:50pm
Quoting kolachi
Gold may rise upto 627.I do not know what is your entry point.Close it if you can at this level.then again there is danger of fall.
But keep in mind gold long is never bad if you have enough money in account.gold has to rise keeping in view the geo-political.

kolachi
Gold finally touched 627 as analyzed.

kolachi
  • #16
  • Jan 20, 2011 2:38pm Jan 20, 2011 2:38pm
Well, it was interesting to find this thread again. Essentially, I only "played" forex for about a month in 2006. I started again about 2 weeks ago. With an eventual $5,000 margin I was about $1400 ahead in realized p/l , but just lost it all.
  • #17
  • Last Post: Jan 23, 2011 7:52am Jan 23, 2011 7:52am
Quoting mejensen1
Well, it was interesting to find this thread again. Essentially, I only "played" forex for about a month in 2006. I started again about 2 weeks ago. With an eventual $5,000 margin I was about $1400 ahead in realized p/l , but just lost it all.
That's sad. You probably don't have a solid plan. Develop your plan, test it on demo, find out it's limits and benefits, and act accordingly. Most importantly, you have to decide when to enter and exit. You can't be too greedy, then again, you can't be too scared either. You have to maintain a balance, a balance that can get you green pips.
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