Unfortunately I started wiht some good trades. Thought the USD/CHF was a sweet and easy deal.
Then yesterday every trade I touched on it went against me. As soon as I’d sell it’d rally, as soon as my stop would be hit or I would buy it would tank. Wouldn’t admit to wanting to make back the loss…
ontop of that I didn’t update my trailing stops amount when I went short an extra 25K. So when it was hit half my position was closed… but I only realized I was still short 25K today… running at a $500 dollar loss unrealised, but I’m thinking to hold it until this SNB talk of peg dies down… seems they couldn’t do it without changing the swiss constitution anyway, so fingers crossed .775 holds it down and the larger trend holds.
Hard lessons learnt for this newbie today. Eagle eye hindsight etc. etc. No more Forex for now. Back to the drawing board.
Stop trading… regroup and drop leverage used and get to previous equity base prior to drawdown. Then refer to higher timeframes and risk less as a habit.
Yes, I recommend to not trade as ICT says (this is important, that’s why I quoted). You (not ICT lol) sounds like your emotion motivated for those trades honestly. I know that because I’ve blown up my account by trading with my emotion. Those trades sound like exact actions taken by traders who got tricked by smart people/ market makers. I know it’s tempting to trade and “wishing” it’ll go in your favor, but it doesn’t.
So, I recommend to get proper knowledge, strategy, understanding, and risk management and stop trading until then.
Trading on hearsay is dangerous. ( read as what you think the government or a central bank is expected to do etc etc )
Look at the recent Yen intervention. Managed to stay up for less then 24 hours. Then it goes back to doing what it is suppose to do naturally according to the charts.
If you are trading using charts, its technical trading. The way to do it and be profitable is very different. You need to learn that first. Otherwise all you have is just a chart telling u where price has been in the last 1 minute, 5, 15, 30 D, Weekly Monthly etc.
A number of us have given you the right advice and that is to stop trading, are you really trading a £25k live account?
You don’t seem to be taking any of the advice given, in which case I think you’re expecting for to much to get more advice that you are going to ignore.
I promise you, you really need to know what you are doing otherwise you are guaranteed to lose money, there’s no ifs or maybes or I might get a bit of luck about it, you will lose it, and probably lose all of it.
Purplepatch I have taken the advice on board. I am not trading and have been seeking to exit this final position since open this morning. A position I would not be in except for an error in my stop loss. Once I exit this position it will be demo account only for quite awhile.
Thanks for the suggestions to take the loss. I’ll take it on the chin. Looks like a good opportunity now at .789
Is this part of your trading system? You need to create a sound, reliable trading system that you have tested to find the right setups. It’s unwise to just trade any opportunity you see on the charts. I can see about 5 opportunities on each pair if I really wanted to.
Clark: Nope. This is me exiting my reckless trade and not coming back until I’ve finished the babypips school and have a system.
PPatch: I just got into trading a few months ago with just a goal of diversification away from the USD. I’m an Australian working near Hong Kong contracted in USD. In the last year i’ve watched my contract value drop over 20% and wanted to get what savings I’d made away from USD vulnerability.
So I’ve bought gold so far, and then saw the franc as another good safe store of value.
When the AUD started to plummet recently I shifted a chunk of AUD into CHF and have done well off that.
Having a closer look at forex has sparked my interest so I’ve found my way here and started reading. I just made the mistake of having a dabble in ‘playing’ FX well before I’m ready. Saw the francs continued rise and let my own preconceptions of US weakness lure me into betting against the USD without a clear goal or strategy. Lesson learned there.
I feel like I have partially achieved my goal of diversification, but am very interested in pursuing a deeper understand of FX trading and seeing how I go with it.
Looks like I’ve come to the right place to find out more. I’m actually well impressed with the quick criticism the members here have been willing to level at me for my recklessness. I’m going to skulk away to my corner now, read alot, play with charts, and hopefully come back soon not feeling like such an idiot and maybe even ready to make some pips (in a non emotional systematic way).
I think what you’ve done is looked at Forex trading too much like a classic investment, Forex is most definitely a skill to be learned. You really don’t need to spend much time on indicators, it’s handy to get an idea of what a few of them are, but to find out how to use them for trading will be mostly a waste of time.
Learn about support and resistance and, I trade with trend off of support and resistance, I keep it simple, I don’t even use Fibs anymore and I make a profit.
But don’t go into ‘hiding’ you will learn a lot by getting involved in the discussions.