Hi Guys: I made serious mistakes by entering long for EUR/JPY at 123.9. i did this in multiple accounts and closing the position will cost me loss of more than $ 6K…
Can anyone suggest how to deal this situation… do you think i should expect turnaround from current from current price of 120.8?
Stop trading with real money for a few weeks to reset your midstate.
If you need to ask other random people on the internet as to whether or not you should get into our out of trade, with absolutely no context (funding status, risk preference, trade strategy), you are not ready to lose $6k…
Sorry to be harsh, but this is reality and you should take it as a wake up call and learn from your mistake.
You have just done a classic buy at the top. Remember when prices push crazy in one direction for a while it has to eventually retrace that’s just the natural course of the markets. Why didn’t you have a stop loss before watching the pair literally retrace 200-300 pips? I mean I’ll say this it’ll eventually retrace back there - I just can’t predict when it will be. Also how much lower can this pair go is another question to ask as well.
There you go - no new low for the USD30 and likewise for Eur/Jpy - likely no bad news over the weekend so reasonable chance for risk on Monday - if it was me I’d hold my nerve.
The Jpy portion is risk on/off right now - so lots of ways to apply a hedge - which would be silly, the OP’s exposure is bad enough without adding to it I suppose, so you are right to suggest to forget the hedge.
The news over the weekend was reasonably low - except for Florida, but the positive there is that they are doing more testing thus causing a jump in confirmed cases.
Early signs from Asia look ok.
Edit to that: some positive news possibly China/USA - markets will like that if true.
sorry the course is about the psychology of trading and not about possible entries ,looks like you might have to do some study regarding that too.You must have held the trade about a week then ive experienced it a few time myself
good luck
Although i am new but what i learn is its game of psychology…entry/exit you can buy as signals but if you dont have required psychological traits then you can ruin yourself even with good technical knowledge…
Part of psychological trait is to take entry seriously and weigh the decision which i missed in this case.
well they no point been the most accomplished reader of the charts if you struggle to accept loss.Though you have to find a strategy ,signals i will leave that to the more experience and knowlegdble guys to explain,i don t bother with them i tried a few when i started but they was nt good