Yesterday i looked at my silver and gold trades and they both were about -20%. I didn`t thought that was too bad so i let them be in the market over the weekend.
BUT this morning when i looked at the charts the gold where at -1151% and the silver -1224%!!! that is a lot of money and im really nervous right now, if its right my life will be total chaos…
I know that the market is closed in weekend`s but why are my trades down so low?
I only invested 100 dollars i my gold trade and 15 dollars in silver. But now it shows that im -1214 dollars on my account, that cant be right, right?
//John
Gold took a major dive today due to the whole Goldman Sachs debacle. The only way you can be out more than 100% of your trading account is if you either a) have a futures account and suffered a “lock limit” against your favor, or b) the market experienced a serious gap between trading open and close, which in the Forex market only happens over the weekend.
My guess its that you lost 1214 PIPS, not dollars. However, today gold only went down 200 or so pips, so something else isn’t right. The only way this could be is if you threw in six lots into gold, and your trading software multiplied the pips per each contract (FXCM did that).
When you say you “invested $100”, I’m a bit confused. Is $100 your total account size, or the lot size?
Don’t know what kind of trading platform that is, I’m assuming you were trading spot gold/silver. If this is a futures contract, that’s another story, but I doubt this is a futures account from the look of it. Either way, from what I see futures didn’t lock limit today.
Anyway, you can’t get out of your trades now (though I think Oanda lets you do that), markets are closed till Sunday evening US time. You need to see what your overall profit/loss is on your account. That will tell you how much you are hurting.
Incidentally, I strongly advise that you learn what a stop order is and implement it religiously. It is meant to prevent things like what you are talking about.
Yes just like you say Phil it really sounds strange that my gold trade is down -1151 pips when i opened it at 1152? so in theory the goldprice would in that case be about 0 pips?
I did use a stop-loss both at the gold and silvertrade. 1053 at gold and 17.42 at silver.
My virtual balance is -1214 dollars…
There must med something wrong with the platform… Im using Etoro.
How much is the goldprice in on your platforms right now?
If you look at the picture i uploaded my purchase price was 1152,62 and my stop-loss was set to 1052 dollars. Or are we not looking at the same picture?
“My” screendump says Open: 1152,62$ Stop-loss: 1053$ Take profit: 1251$
This is a real account with real money. But if gold closed at 1136$ i shouldnt have anything to worry about unless something i extremely wrong with Etoros plaform.
EDIT: I invested 100dollars in gold with 10X leverage (1 Unit)
I’ ve been in your situation once, but with different broker , where my stop was ignored , there was a big big price gap on weekend, I was staring and my platform with disbelief that i have to manually stop the trade ,
i think your stop for silver is correct (100pips) but not sure about your gold. But if you fund your account with credit card ,better report your card as lost and cancel it , I dont think you should be liable to pay if their platform failure to stop the trade on your determined stop, and go beyond your deposit,
What i meant was that my stop-loss is set to 1053, and the current gold-price is 1136 dollars. That has to mean that i havent reach my stop-loss right?
I have no trouble with losing the money that i have depost, the thing im worrying about is that i will be losing thousands of dollars.
Question, why are you trading when it seems like you do not have a strong understand on basic trading? Shouldn’t you be trading demo instead of real money? You could look at this any way you like, make this a lesson. Know it well before doing it live!
I agree. Call your broker first thing and get this squared up. Worst case, don’t panic. Prices almost always retrace after a major move. If something like this did happen on a real account, I’d wait till the open and see if it retraced, then try to get out at a better price during the trading day. Of course, if it opened diving against me, I would bail.
You should practice this trade about 1000 times in demo before taking it with real money. That’s the only way to avoid these heart attacks. Just my opinion.
