Anyone trading in EUR/GBP today?
I think i made a mistake i bought in at the wrong time and its on a major downtrend though…
Anyone know if its going to go back up again today, got quite a bit reiding on this though so neeed help please
Anyone trading in EUR/GBP today?
I think i made a mistake i bought in at the wrong time and its on a major downtrend though…
Anyone know if its going to go back up again today, got quite a bit reiding on this though so neeed help please
i am on sell eur/gbp targeting about 100 pips with stop of 80 pips looking at current corelations with other pairs seems that it will come down.
At the moment it has gone down quite alot, no chance of it going up a little bit so i can get out of the red atleast?
Hopefully you set a stop loss? Otherwise, I would have thought you need to get out of a losing trade as soon as possible,
best wishes,
Jon.
No one can know what it is going to do. You made a mistake, having ‘quite a bit’ riding on this one - the fact that you now need help shows that this is a bad trade. Close it out, move on, and only trade going forwards with proper money management/risk control rules in place. If you stick with a bad trade hoping that it will turn around then you’re simply gambling, and that will cause you to lose your account over time anyway. Never stay in a bad trade.
Personally I’d always risk the same amount per trade - it helps you plot your results, as well as keeping your psychology on a more even keel.
Just my thoughts. We have all made mistakes, it’s how we deal with them once identified that defines us.
ST
Plenty of people have made “that trade” when they lose 10, 20% of their account just like that. It’s a very simple psychological battle at this point. You’re fine with getting out red, you just wish to get out less red than you are now. When price starts rising you’ll think maybe i can turn this trade green after all! Once it starts falling you’ll be kicking yourself for not getting out earlier. Happened to me a few times XD
My checklist for getting out of a trade is:
When the chart proves my analysis wrong
When I’ve hit my stop loss
If I’m trading without a stop loss, then when I’m losing so much it’s all I can think about.
If there is still no stop loss, it’s not too late to put one in. Given that you can trade profitably, you can dig yourself out of any hole. It just takes longer the longer you hold onto a loser
If you have not used the stoploss, get the hell out of that trade…
The only way sticking with a trade is if you have enough $$$$$ in your account to counter the loss and wait for days or months for the ticker to go way up back again…
So many traders bet on USDYEN cracking 130, and now, we know where it stands…
So make sure you use stop loss next time and good luck!
Hello, I wanna tell you if you follow a risk management you will not afford to lose that much or 20% of your account usually use 40 pips for stop loss for the currencies that ain’t more than 2 for example eurusd GBPUSD usdcad and so one. I stay away from eurjpy gbpjpy and usdzar because they move ad daily mvt not less than 200 pips.
Risk management is especially important when starting out - you’ve probably not got much cash to play with, so it’s a good idea not to risk much more than about 2% of your account (some people even suggest 1%). And when I say “cash to play with”, it’s best to think of that money as already gone, so it doesn’t matter to you what happens to it. Keeping emotions away from trading decisions is a good mindset to develop.
I think it’s still going down. I’m sorry for the loss =(
The time you wasted asking the question in a forum and wait for a response is sad. You clearly stated that you made a mistake, so cut your losses and get out. Just learn your lesson from it, adjust your trading strategy or do anything else required in order to avoid the mistake you made. Educate yourself better and keep trading, but never wait for a response when you entered a bad trade as the market will not wait for your to get a response.