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Attachments: Stuck in this drawdown trade - what would u do?
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Stuck in this drawdown trade - what would u do?

  • Post #1
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  • First Post: Mar 21, 2017 9:10pm Mar 21, 2017 9:10pm
Hey..
I keep getting a lot of good trades in the beginning of the day.. but somehow, I end up getting into a bad trade at the end of the day.
I keep looking at the trade in order to wait for price action to go in my favor, or manually close the trade.

Thing is.. many times ive been watching the trade for +5,6 hours.. with very little volatility.. and price not going any where. Then Im stuck..

How do you manage a trade like this? (see attached pic).


I got in at 18:13... its 02:13 now. Waiting to see if price is going up or down. its on a critical point.
Either I close the position manually if the price goes down.. or keep it if it goes up.

I dont like having stoplosses because of stop-grabbers etc. im not sure if its a valid thought. I have tickmill and openfx both ECN.
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Quoting fxmazing
Hey.. I keep getting a lot of good trades in the beginning of the day.. but somehow, I end up getting into a bad trade at the end of the day. I keep looking at the trade in order to wait for price action to go in my favor, or manually close the trade. Thing is.. many times ive been watching the trade for +5,6 hours.. with very little volatility.. and price not going any where. Then Im stuck.. How do you manage a trade like this? (see attached pic). I got in at 18:13... its 02:13 now. Waiting to see if price is going up or down. its on a critical...
Next time, use stop loss. (just my simple opinion)
And good luck for your trade.
The funniest, is that nobody takes me seriously.
thanks for the advice.
I stopped out the trade, and took a short position in AUD+NZD, as price broke a confluence level.
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Im assuming your talking about stop-hunts.
Maybe your right about it but still, there must be a way to protect your equity even so.

I usually cut the trade within a 23 - 25 pips against me.
Then again, depends on the strategy used!
Just my opinion and good luck in future
Sleep is for the weak
Quoting fxmazing
Hey.. I keep getting a lot of good trades in the beginning of the day.. but somehow, I end up getting into a bad trade at the end of the day. I keep looking at the trade in order to wait for price action to go in my favor, or manually close the trade. Thing is.. many times ive been watching the trade for +5,6 hours.. with very little volatility.. and price not going any where. Then Im stuck.. How do you manage a trade like this? (see attached pic). I got in at 18:13... its 02:13 now. Waiting to see if price is going up or down. its on a critical...
4 things staring you in the face.
No SL
Got into the trade late
Did not take any notice of your indicators when the trade reversed.
Should have had your SL at BE+ before the reversal.
Combat crazy markets with crazy trading
What can you do?

1-Learn to accept a loss
2-If you are going to really commit to a losing trade then learn to cost average to minimize your loss and even turn the loss into profit (advanced skill).
3- Warning to #2 - If you do cost average beware that one day you will be wrong 100% and it will be a huge disaster... so master #1 first.
Dragon Rider
Quoting fxmazing
I keep getting a lot of good trades in the beginning of the day.. but somehow, I end up getting into a bad trade at the end of the day.
You seem like a breakout trader, which is fine as long as it is a real breakout and price keeps moving in your direction without a serious pullback.

But.... (assuming this is your real account), you are trading a standard lot on a 2.5K account? It will only be a matter of time before you blow this account. Reduce your size to at least a mini lot (or add a significant amount of capital so you can trade full lot).

Secondly, regardless of what size lots you trade, if you are in +20 pips in profit, you should never close in loss! At least lock the trade at break even + 2 to 4 pips profit.

Thirdly, when price reverses so strongly and quickly after going your way, always be ready to get out. A real breakout will rarely give you a pullback, much less such a deep one.

Finally, always have a reason to enter a trade and when that reason is no longer there, close the trade and breathe.
In other news: A ranger was trapped between a bull and a bear
Quoting fxmazing
Hey.. I keep getting a lot of good trades in the beginning of the day.. but somehow, I end up getting into a bad trade at the end of the day. .... {image}
Look back at your journals and see if there is a correlation between your bad trades and time of day.
Stop trading that time of day.
Cheers, H
hi
i some times will face the same problem - one or many trades will end in wrong direction, so i will try to explain my method to get out of such case.

i use the compounding mehtod

i know it is playing with fire and it is the most dangerous trading style, but if the hint is correct, then i will close the wrong trades with some minor loss and i will get profit and it will be triple profit from the compounding trades.

the idea is simple ( i had published this idea many times by an EA in my many threads and posts earlier)

assume i have done wrongly 3 trades for EUR/USD and my sum of all loses for this pair is for example -30 USD

then i see if the pair will go in my direction again, by any means of the study i will use, it may not go in my favor but let's assume it will

then i will say (30*1.1)/100points i want = 0.33 lot size i must make to gain
so i open 0.33 lot in the same direction of wrong trades

and i get the average of the take profit point

by this simple manual calculation

assume my wrong trades are buy
so i add the sum of 5 pips to the average

so in this case i will close the wrong trades plus a profit of double profits
GUYS BE AWARE FROM HUNTING YOUR STOP LOSSES BY YOUR BROKER & BY "GHOSTS"
here is a real example from my real account
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GUYS BE AWARE FROM HUNTING YOUR STOP LOSSES BY YOUR BROKER & BY "GHOSTS"
now it is more to get closing the real trades with real profit

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GUYS BE AWARE FROM HUNTING YOUR STOP LOSSES BY YOUR BROKER & BY "GHOSTS"
here is my compounding EA

use it on your own risk and responsibilty

good luck to all


Attached File(s)
File Type: mq4 compunding samer.mq4   25 KB | 337 downloads
GUYS BE AWARE FROM HUNTING YOUR STOP LOSSES BY YOUR BROKER & BY "GHOSTS"
Quoting fxmazing
Hey.. I keep getting a lot of good trades in the beginning of the day.. but somehow, I end up getting into a bad trade at the end of the day. I keep looking at the trade in order to wait for price action to go in my favor, or manually close the trade. Thing is.. many times ive been watching the trade for +5,6 hours.. with very little volatility.. and price not going any where. Then Im stuck.. How do you manage a trade like this? (see attached pic). I got in at 18:13... its 02:13 now. Waiting to see if price is going up or down. its on a critical...
Using no SL- a recipe for Forex failure. During drawdown stop adding positions, however strong it may be. If the running ones would trigger your SL, so be it. Then wait again to get another trades
[quote=fxmazing;9693261] How do you manage a trade like this?



If you are still in the trade, leave it open. I think price will take you past your opening and into positive territory. It is a risk though.
here is a real example for the same idea of compounding

EUR/NZD ....

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GUYS BE AWARE FROM HUNTING YOUR STOP LOSSES BY YOUR BROKER & BY "GHOSTS"
GBP/USD ALSO HAVE THE SAME PRINCIPLE

WRONG DIRECTION - DO NOT CLOSE THEM, JUST SIMPLY MAKE COMPOUNDING

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GUYS BE AWARE FROM HUNTING YOUR STOP LOSSES BY YOUR BROKER & BY "GHOSTS"
I SHOULD ADD HERE ONE MORE RULE TO USE THIS COMPOUNDING STRATEGY TO SAVE THE WRONG TRADES, THE ABC DISTANCE SHOWN BY THE TOP BAR ON THE LEFT OF THE SCREEN EITHER FOR SELL OR BUY SHOULD NOT BE MORE THAN 250 POINTS, BECAUSE MOST OF THE PAIRS EASILY WILL TRAVEL THIS LIMIT OF POINTS, BUT IF IT IS MORE THAT IS MEANING MAY BE NOT REACHING TO HIGHER LEVELS THEN YOU WILL BE STOCKED IN BETWEEN TWO LINES AND YOU MIGHT BLOW UP YOUR ACCOUNT.

I ALWAYS KEEP ABC DISTANCE LESS THAN 250 POINTS FOR ALL REGULAR AND MAJOR PARES

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GUYS BE AWARE FROM HUNTING YOUR STOP LOSSES BY YOUR BROKER & BY "GHOSTS"
early morning i ave shown the pair nzd/usd as an example, the price was going to touch the take profit of compounding but it was almost there and i was not on the line, i was driving, so, i could not close the trades manually neither automatic, and almost the price would touch my take profit but it did not, so, i kept the mood high, and once the price began to trace back to my favor i make some trades in my rules that is the abc distance is less than 250 points and here we go again, it might close within few {hours}

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GUYS BE AWARE FROM HUNTING YOUR STOP LOSSES BY YOUR BROKER & BY "GHOSTS"
gbp/usd is following up my rules exactly

do not use sl
do not close the wrong trades
use the compounding
the abc distance must be less than 250 points
these rules are same as my RSB THEORY I had published before few months back and it is working good

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GUYS BE AWARE FROM HUNTING YOUR STOP LOSSES BY YOUR BROKER & BY "GHOSTS"
yes true all now gbp/usd closed as per my rsb theory and compounding and yes more profit to collect

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GUYS BE AWARE FROM HUNTING YOUR STOP LOSSES BY YOUR BROKER & BY "GHOSTS"
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