So big newbie relying on advice from me broker, hes not verry talkative. So far things gave been good but about a week ago he advised me to buy usdcad. I was unsure of this and raised my concerns given the state of American market atm, but did any way (hes the analyst, I’m not, I thought). Sure enough it started going down a couple of hours l8r. He told me buy more. I now have 5 open under usdcad all buy and in the red, I daren’t close them but they are accumulating a rollover fee each day they are open. I’m in the thinking I should try closing them as n when/if they pop into the green but he is telling me to leave them open. What do I do?
Pic of the state of my current open trades below, it it uploaded ok
2 Likes
When you say “So far things have been good” does that mean your broker has given you good advise that has allowed you to make money?? If so how much have you made and how does that compare to the loses you are now experiencing??
Cheers
Blackduck
2 Likes
You are the trader! You are trading your own money. Therefore you are the analysts. Never trade on the advice of your broker. Ethically they shouldn’t even give trading advice.
4 Likes
Stop trading. Close your positions. Get a demo account. Search for a simple objective strategy. Demo it until it makes consistent money. Then convert to live account and put real money in. Do not trade through any broker that advises what/when to buy/sell and do not take their buy/sell advice.
4 Likes
I second the notion. Professional brokers do not give trading advice nor provide signals. Stay away from such
2 Likes
So I started with $250. I’ve got the balance up to $680 so far.
3 Likes
Should I close all the usdcad, nearly 300 $
3 Likes
Great, take your money (if you can) and run. Find an ethical broker. And if you don’t know how to trade yourself, learn.
3 Likes
Isnt the job of an analyst to look at the market and provide feedback and advice?
2 Likes
Losses are inevitable and it is not up to me to advise. It’s your money. However if you close this losing trade out you will have $380 which is still up $130 from your original investment.
I personally believe in cuting losers short if I believe that I am on the wrong side of the trade. I don’t know how much experience you have but that is a judgement call for you.
If you would like some critique of your trade post a chart with the trades in place and we may be able to help you.
Cheers
Blackduck.
1 Like
Who is your broker and what type of trading account do you have?? Bottom line is that even well trained professionals get it wrong from time to time. The best you should hope for is a 50:50 win loss ratio. However depending on you trading strategy you maybe able to have a 40:60 win loss ratio and still make money.
Cheers
Blackduck
1 Like
Yes. But you said it is your broker. Your broker should not be your analyst. Your broker has only one job and that is to connect you with the market. And you should be the analyst.
2 Likes
There are those that still phone a broker and place a trade manually. So that maybe the case here and he has a broker that he is speaking to who is also offering some advice.
However yes I know that as the trader you should be doing all the analysis.
Cheers
Blackduck
@TheGadgetMan
Since you have a screenshot from your phone of your trading account I doubt if @Blackduck is correct but just to confirm please answer this question.
Is this the type of account you have?
Thanks
1 Like
are you following a broker who is telling you what to trade and what not? It already sounds fishy to me. Trading is something you should never rely in the hands of the broker. It should be from your own analysis and even if you are beginner, I would suggest following a mentor or signal provide is much much better rather than leaving your trades for the broker to do. It looks like that your broker is a market maker and will ultimately turn all the trades against you. Its better you check out for some real signal providers.
Just how much trading have you done?? By this comment very little it would appear.
I don’t know what sort of broker you use but the brokers I use ALL have contact numbers so that if my internet goes down and I want to close a trade I can call them and say “PLEASE CLOSE THAT TRADE” Equally if the market is closed and it is out of hours again I can call my broker and say “PLEASE CLOSE THAT TRADE” or PLEASE PLACE THIS ORDER."
Sorry my friend it is you who does not know what you are talking about.
Blackduck
Sorry for the bad news @Blackduck but if the market is closed your broker won’t be able to close your trade until market opens again.
True I haven’t been trading for long but I do realise brokers have phone numbers to assist with technical issues and may even be able to open and close trades upon your request over the phone.
But the phone number theses days is not the main trade execution method.
what’s your job? to be an obedient puppet? that’s not a way to make good money.
why would you have an analyst BTW?
are you big billions jp Morgan with whole pro trading crew brainstorming in Dubai penthouse?
or are you a random pleb with 250$?
1 Like
Hi @TheGadgetMan.
Your relationship with your brokerage is primarily dictated by the terms and conditions of your contract. It would be interesting to have sight here of what the contract says about them giving you investment and trading advice.
In the interests of openness, the T&C that apply to my account say -
“We will not provide you with any advice on the merits or suitability of you entering into the Agreement or any Transaction and will never provide you with any investment advice…”
1 Like
Wow you are full of great advice. Do you have anything constructive to say??
Blackduck