Well, 1.8 lots of USDJPY long open over the weekend, 2.4 lots of GBPUSD long open over the weekend. We’ll see how it goes I guess. Oanda disables trading but makes the spreads giant so it shows some ridiculous amount down but right before it closed I was close to net even overall in equity.
At opening I’m about $100 down in equity overall. I was expecting a big move on USDJPY right out the gate (hopefully in the positive direction - but at least a big move somehow). Didn’t see it, at least not in the first 25 minutes.
What I never noticed before is how high spreads are right when the market opens. Oanda spread on GBPUSD is still almost 5 pips. USDJPY has shrunk but still over 2 pips.
Anyone know what’s up with Oanda and their spreads? I just saw GBPUSD spread hit over 10 pips. Now it’s at 7.3.
The market just opened 30 minutes ago.
John, just my advice here man from one person to another- if you don’t know “what’s up with their spreads” @ 5:30 EST on a Sunday and you’re risking live money in the market, you need to seriously re-consider your strategy here.
I understand you’re using a signal service, but, you should @ least have a basic knowledge as to why the spread would be that high @ this specific time. It’s like you’re gambling in a game you don’t know how is played.
It’s a relatively small amount of money. And I’m learning. I was more confused because the spreads for USDJPY and EURUSD were pretty normal (high but normal, between 2 and 3 pips). Seeing 10 pips on GBPUSD was strange.
Gotcha- just was compelled to share my thoughts.
Jake
Thanks. Any advice is good to hear really, but I’m less likely to follow the “You should quit.” advice.
Never said “you should quit”- those are your words.
Should have been more direct, as my underlying message which I didn’t really hint @ was to at least build up a knowledge-base on how the market works, pull your money out the ring, and only toss your hat back in once you’ve studied up on the basics.
I’d only advocate someone “quit” trading, if they’ve consistently proven that they are a gambling degenerate with no discipline and have already lost a substantial amount of capital unnecessarily.
Went up to $800 up when the GBPUSD surged to 1.7140, down to $650 below now that it’s plunged to 1.7080. Big change.
It’s about $950 up in equity now on the rebound of GBPUSD. It closed 2.4 lots of GBPUSD taking about $350 profit from it alone. 1.8 lots USDJPY is still open, about 30 pips down from purchase.
Down $700 overall.
Being long GBPUSD and USDJPY has been disastrous.
Down $550 overall right now. Stopped the signal and close EURUSD and USDJPY trades. Still open on GBPUSD with 1.709 SL. Keeping it close because I think it’ll go up modestly, but incase I’m wrong I don’t want to go too far down on it. If SL is hit I’ll be down about $650 overall. I may copy the signal again after all these trades are closed by them, or the draw down is very high.
Also put an order in for EURCHF 0.8 lots at 1.21385 with TP of 1.21540, but it’s at 1.21542 so that’s probably not going to get hit immediately.
I’m not bearish enough on USDJPY to short it but I’m not bullish enough to keep it open. I’ll just be watching to see if something looks good.