Unknown author...

[pipgod]

If you have something that others can benefit from feel free to post here.

Everyone can stand to learn a little something.

Thanks, in advance, to all who post!

[cws.fx]

As a trader I had never thought that something like that could happen so I would like to share it with all of you.


At Friday I was long at Cable at 1.9563 with a stop loss at 1.9550.
After reanalyzing the state of the pair I realized that I should move my stop loss a little lower at 1.9543.So I deleted the old Stop Loss...and instead of reentering the new Stop Loss I continued analyzing the market because I wasnt so certain anymore that it would go up and thus I was thinking of closing my position manually and reentering at another point when the move to come would have been completed.

Suddenly my Dsl connection was down.At first I thought that it was just a normal disconnection ,you know, one of those that happens once per week.
3 minutes passed and it was still down.So I connected my backup pstn modem to the phone line and tried to connect,but in vain,it wouldnt connect.
10 minutes had passed and the dsl was still down.

I telephone the support line for my connection and they tell "sir there is a general problem in the area but we will fix it in no time ,our technicians are working on it".

Hours passed and still no internet access.In the meantime I was trying to find were I had put my contract with my broker when I made the deposit but I could not find it.If only I could find it I would have called him .
No luck there either.

So I call back the telephone provider support and asked what the hell is happening...and the answer was ..."We are sorry sir but there will be no adsl for at least 24 hours since there was an accident that caused severe damage to the optical fibers and there is no back up cirquit."

So I take the car and go to nearby town and I see that I had some losses .25k

[pipjunky]

I think this is a great opportunity to help traders to protect themselves against what happened to you. Very important i think and nice of you to share this bad experience.

Forex is our full time business and what we make our living out of. I think we should handle it as we would any business. I think we should take care to do the following:

* Have your broker firms contact numbers for 'support' and the 'dealing desk' in your contacts list on/in your pc, diary, cellphone and on the fridge !!!

* Stay in contact with your introducing broker keep his email address and direct number.

* Always write down your unique 'ticket number' allocated to to each transaction you conduct so that if you do have to phone in they can bring up your transaction with the ticket number you provide them. This ticket number should be in your 'position window' if not find out where !!

So write your ticker number with your trade plan in your diary where u have all the info to give should it be required at the any point.

[rhodytrader]

Great advice pipjunky, even for those who aren't trading for a living or full-time. We would all do well to take to heart the lessons learned from the tale of cws.fx. If you have that kind of money at risk, you better have some redundancy built in to your systems. Outages and interuptions happen.

[icycloud]

If ya seriously wanna make forex for aliving, first, u must have a degree or PHD in discpline. If you dont respect it, forget, it, get a 9-5 job daily with no risk.

Learn all you can from baby pips school.Then u develop ur trading method , trade on demo, trade on real acc, be a millionaire and own a fair lady?

lol, i'm afraid that happens on never never land. lol.

Its takes months or even years to become a successful trader. With great power comes great responisbilty.