on 25-06-2014 i have opened a 0.10 sell trade at gbp/usd currency pair at the price 1.6968 and at the same day i have opened a another sell trade on nzd/usd pair at the price 0.8718 and this both trades were raised against me, in this situation i don’t know what to do? do i need to close these trades? or what i want to do? my account balance is:705.24$ and the equity is 594.84
based on what you wrote and how you wrote it:
- you have no idea what you are doing.
-you have no strategy
-you have no exit plan
-you should exit all your trades, and go back to pips school before your $705.24 becomes $0.
Close both trades immediately!!! And go back to a demo account, get someone to teach you.
I dont trade nzd/usd but i do watch gbp/usd. as far as gbp/usd goes, it is moving the other way from you right now as you know. it reached 1.71600 I can see it going down at some point but not for a while and how far back down it will go i dont know. with talk of raising interest rates at the bank of england that has been very strengthening for the gbp. factory orders were good news for the dollar today but yesterday the dollar had some bad news ( saying they will not raise rates until 3rd quarter 2015 ) ultimately i would say listen to yourself only that way will you be satisfied. imo I would probably close the gbp/usd trade shortly tho if i was you, id wait for it to go down and become a bit more bearish first tho. I must say i am a noob so dont hold wait i say with too much weight. good luck.
With no clear exit strategy, I would say - close both trades.
Good luck,
CxInvestor,
Fundamental Trader.
One of my first trades I did the same put an order on £1 per pip went against me very quickly didn’t no how to close it £100 gone, got myself a demo after that. Its a long ride settle down enjoy the learning it hurts now and again