I'm in a pinch... (EURUSD)

hi everyone,

I’m currently trading with EURUSD pair. And I’m in a pinch right now, whereby I’m in a locking position (sell at 1.2624 and buy at 1.2845). Please have a look at my diagram. I need much help and much advise from everyone, especially senior member, to get out of this situation. Your help will be very much appreciated.

regards,
Kelv777


Basic rule is to cut losses short and let profits run, right?

You need to do your own analysis and come to your own conclusion as to where price is headed.

Accept the poor trades for what they are, close them either when they hit your predefined stop loss, or manually.

Learn from it and move on to the next trade.

Two losers in a row - shut off the computer and go for a walk. Come back the next day with a calm mind.

Finally, make sure you know what you’re doing before you start live trading.

Exactly what kind of pinch are you in? EUR/USD didn’t go as low as your buy stop (today), though if it had, you’d be up some nice pips now. It certainly didn’t hit your sell stop. So the way I see it, you shouldn’t have an open trade right now. What is your dilemma? :confused:

I think he’s been in at least the sell trade, maybe both, since last week.
Looking at the chart suggests that.

I would have thought that too at first, but the chart looks like 2 pending orders to me. Can you clarify, kelv?

If they’re pending, shouldn’t it say “buy stop” or “buy limit” instead of just “buy”?

Ok…Looks like a small dilemma. Don’t really care about the why, but i will tell you I have been in the same similar boat for about 3 to 4 weeks now. misjudged direction and lost my internet connection for 2 days. I was lucky. I quickly hedged it as soon as i could. The bigger question to get out of it is how much margin have you eaten up? do you have enough left to trade micros or minis? If so, just be very patient and make what you can slowly. I have a very nice strategy. its call rob the bank ;). Not literally, but make the small trades 2-10 pips and take your profit. Don’t wait for the big money or you’ll end up worse off. I have currently made 1200 bucks off of mini lots over the last 7 days like that, all the while still in a rediculously upside down hedge. Just this morning i managed to close the buy and am currently open ended…and just for the record the daily is getting ready to take a downward. It still may heave up a bit, but should start downward a bit over the next day or so. I have been trading for about 2 years live, and am not an expert by any means,b ut sometimes you just can’t accept a loss like that. I do understand. the idea is to catch it before it gets that bad. Stop loss my friend.

to all my senior members that responded to my post, i’m very glad that the senior members are being so caring. basically it’s a buy stop. i learned this system from my manager while i was working in a consultant firm for forex. but i guess im not up to his level. his way of earning money through this system is slowly gain pips into the equity. slowly lock and unlock the position of the buy stop or sell stop. im not too good with the terms here, i might be using the wrong term. sorry for that. but, i’ve just close my sell (stop loss). pipchaser, i’ve already stop loss and let my “buy position” to flow. but the market doesn’t seem to like me. it went down quite abit after i let it flow. i’ve been using alot of system to clarify the major up and down trend or to scalp. maybe my analysing skill is totally bullcrap. that’s why i’ve been losing money. in demo, im doing very well. but why not in live account? i’ve been using the cowabunga system, chart pattern, trendlines, ma, bb, and lots. but i dont seem to be able to make any money. i’ve been losing almost usd300 now. i thought forex could help me abit in my life by supporting my family since my parents having financial problems. but it doesnt work out that well to me. sorry, a normal discussion post has changed to my life problem. lol. thanks again to all my senior members that replied to my post. i really do appreciate it. i hope to learn something from you guys. anyone could recommend me some system to use?

kind regards,
kelv

the most advice i can give you is to be consistent. if your making money in practice, look at why. Could it be the margin level difference? Most of the time i have found that to be the case. Practice accounts are sort of misleading to those without exp. imo. This includes myself. I lost a bit of money before taking almost 8 months off to read and study what others are doing. I found a method that works for me and i am comfortable with similar to that of others. Being able to read the market is a big part of the battle. I learned to use the slow stoichastics, macd, and bolinger bands to aid this battle. You have to really look at all of the charts from 1 min all the way up to daily to really get a feel for what is going on before making ANY trades this way. sometimes you can think its going down (stoich), but really the MACD is in a heavy uptrend and makes the short slides not as prominent. Works the same opposite. You can really use the 1 minute chart for looking for the very bottom or top of a direction change in the 5 and 15 minute charts. Learning to use fibonacci will be a very useful tool, but this takes some practice and I am still fumbling with it on occasion.

Dear pipchaser,

i’ve got all your valuable points and advise. I guess, being consistent is another thing. Perhaps you could guide me through my trading? I don’t know who to talk with of discuss with my tradings. Mind if you could add me in MSN? <[email protected]>. Your guidance and help will be very much appreciated.