HELP !one! Getting maimed by short positions on Euro

Beginner Questions
1

Hi

I signed up for a forex signal service. Naming no names, so far it’s been pretty good to me, but the last couple of days, well. It turns out that I’ve misjudged the lot sizes, using 0.05 when I should have been closer to 0.01. (I changed 0.05 to 0.01 after a few of the trades had opened, but the really big losers are 0.05s). To top that, the signal service EA has set up these shorts on EUR pairs…

Eurjpy 103.808
eurjpy 104.710
eurjpy 105.701
eurjpy 106.082

gbpjpy 103.134

eurusd 1.29001
eurusd 1.29277

I’m sure there were very good technical reasons for opening at these points, it’s just that, well, with the euro being the way it is at the moment, and holidays in us and japan, I’m getting absolutely creamed on these positions (currently 30% of my account down).

Can this get any worse ? And should I kill all positions, or hope for a retracement ?

Yours in a state,

Themtharhills.

2

If you’ve turned to hope, it’s already too late. But then again you went into the trade with hope because you aren’t trading your own money.

There is little advice you can get at this point, other than to close our your trades, learn to trade, and adhere to proper money management.

3

Yeah, i agree…

It still has room for another 70 pips from here ( 1.2970 to 1.3040ish) and thats if it dont blow thru that price.

I would bail, your already in doom mode, and I perticually dont think its going to turn anytime soon.

4

Would bail as well. I hope you already done it, as the weekend started. I hope you learned to monitor your execution parameters in more detail.

5

Dont feel bad, 66% of OandA Traders are currently short, :35:

:confused: I must be missing something,

orrrrrr ammmm Iiiiii, :13:

6

I would be short as well if trading H1 (EURUSD), but my entry would have been 1.28830 (Hold until: 1.3019) and I would be in the red ATM…:slight_smile:

Well he is overtrading in terms of lotsizes. So when Oanda traders are on the wrong track, his account is depleted 5x quicker than intended…:slight_smile: And with Tuesday coming (Greece extra EU-funds) There is a good change that the EUR will continue to rise for some pips… :))

Curious now if I know better than the OANDA traders…:rolleyes:

7

If it’s against me, that money is as good as dead.

8

I just dont understand why people use those things…

Trading is about damage control, PERIOD.

Hills, your throwing your money at a monkey for all you know… if you know the word, " retracement", and understand it, then you should be making your own trades…

So, you get a signal, then you trade it, Manually?

So, you have a chance to second guess the bet, and you can close it at will? Did this EA just place limit orders on YOUR platform?

What Im trying to say is, you can make your own assumptions, and be most likely equal to the signal service your using.

Im not a Pro, heck, Im not even trading real money, but something that I had to drill in my head is [B]DAMAGE CONTROL[/B]…

Set your stops, have reasoning for that stops parking spot, and LEAVE IT ALONE…

But then again, I dont know your goals, or time restraints, but even if you had 5 minutes to look at the daily chart, at least your controlling your own destiny…

9

Let me see if I understand this.

You are taking trades blindly from a service whose methods you don’t understand, entering sizes without knowing what they are, wondering if you should stay in a trade or get out because you are getting absolutely creamed and/or maimed and then asking the advice of people you don’t know while wondering if your situation could get any worse…

I’d say you are doing just fine.

10

MoneyNVRSleeps, IdeFX, mastergunner, thanks for the advice. I stayed in the trade, and am “only” 381 bucks down now. Just waiting to see if the lower highs and lows continue before bailing. I’m guessing the Greek announcement this afternoon will make the pairs jump higher again - thinking about bailing before then.

JohnLeonard - Congratulations, you hit a newbie with a stick. You win the internets. Have a cookie. :slight_smile:

11

Do a search on the term “bull flag”, and look at the images.

Lower highs, and lower lows do not always mean a downtrend has started;)

Good luck!