Forex newb here. Early this am I had a trade going on in GBPUSD. I was trailing my stop loss and was into profit (stop loss was in profit too) when price suddenly spiked (non calendar news). I got filled about 70 pips later and it wiped out 40% of my account. What’s the point of trying to get ahead if one 15m spike can undo several weeks of work? Of course the price returned to where it was pre-spike eventually. Not a bad deal for the broker.
I have a hard time accepting this is just part of the game. I limited position size, traded one currency, had stop in place, etc. Whammo…40% of account gone. Lines on screen are where my stop loss was (low) and where I was filled (high).
5M
There were a lot of news on that day. And as I’ve said in another related thread - the spike was present in 4 other brokers that I’ve checked.
The spike was news related.
70 pips loss = 40% of account. Bro reduce your risk otherwise you’re going to blow your account multiple times. Number one rule is risk management, sort it out. Otherwise you’ll be back on here with the same story next month.
