Market closed but open position still running

I open a trade yesterday gbp/us , a BUY, but I fell asleep, nearly 5 am here, did not make in time to close my trade. Now the market is closed and have to wait till Monday. I did have my SL and TP.

Am I in a dangerous position??

I wouldn’t worry about it but I’m kind of new to this. And you have the same name as me btw!!! I’m also Filipe lol

Thanks man, but still a bit worried tho.

Where you from filipe?

It depends on your timeframe, risk & trading style.

If you’re trading a shorter TF, you’ll more than likely have a smaller stop, therefore movement over the w/end could cause price to go south - resulting in a loss for you.

If you risked 15% then yes, you are in a dangerous position. The fact that you are concerned makes me think that you may have exceeded your risk tolerance. If the trade does result in a loss, it should be a tolerable one.

As for trading style, I just had a quick look at the daily chart on my phone & I see resistance at approx. 1.5650 so personally, I’d be looking for a sell but everyone is different. Are you a day trader that’s forgot to close the position? Do you trade ranges? Trend or counter trend? Swing trading?

That depends on two things in my opinion;

1 - what am I risking

2 - is the market likely to gap against me

If I am risk only a small portion of my equity then if the market gaps against then it would not be as detrimental to my account unlike if I was trading a “standard” position size.

Only slightly: you’d be unlucky indeed to have a serious problem, unless you’re trading with too high a position-size. Maybe a good idea to be watching closely when the market re-opens tonight and ready to make a quick decision, if there’s one to make? Good luck!

Intraday traders will not have positions running from one day to the next, let alone from one week to another, but, if you manage a position over several weeks, like me, then this will be part of the deal, and your position size should allow you to sit comfortably through weekend jumps (gap up or gap down) without pulling out of that trade…

As Lexy says, it is all about size (in trading, at least) :wink:

I agree, if you have any long term position open, this is part of the deal.

'Am I in dangerous position?'
Very good question! The kind of question you should be asking yourself placing each of your trades.
There are no dangerous trades. but do not get overconfident - all of them are risky to some extent.
There are gutsy/ballsy or silly trades or plain stupid trades as well. These are the trades when you forget , refuse to follow or do not know(sic)about risk/money management and position sizing hehe.
The whole idea of trading is to eliminate ‘dangerous’ trades and create the process of trading only with calculated risk in mind :slight_smile:
Do not ever lose sleep over your trades!