I am becoming increasing frustrated with marketscope. you cannot do basic simple things on the chart and to perform many functions it requires way to many clicks.
Access to tools and indicators is cumbersome and again far to many precise clicks are needed. In there last release they improved the drawing tools but still missing some basic functions to draw lines straight and with fewer clicks.
Another issue that has cost me a lot of pips is there create entry or market order screen does not reset to blanks but remains set on your last choices. many times i have bought when I ment to sell because their radio button remains on the last choice … it does not reset.
They have no symbols for marking and editing charts and making notes on the chart is very rudimentary.
Very frustrated with marketscope’s lack of technological advances… very basic functionalities are missing.
Thanks for letting me vent here,
Fibonacci and Fractal trader.
what if the position is holding a big loss that iam not ready mentaly to close :30:… shall i choose option 1 , 2 … :58:option 3 is not acceptable if the trade is holding an enormous loss … I mean do i need to closee it ? what do you think? Thanks
You overlook the fact that the big loss could actually become much bigger. Your initial analysis was obviously wrong, otherwise you would not have incurred an enormous loss in the first place and you overlooked the first rule of trading – risk management.
Hedging will not help. If you take an opposite position to your original, that position may become profitable but the original will continue drawdown, or vice versa. You will still incur the losses.
If you are holding a position with no leverage and it is money that you can afford to lose then you do not realize losses until 1) you actually close your position or 2) the currency value falls to zero. If you used leverage then the currency value can fall enough to trigger a margin call and you wipe out your account.
As far as not being “ready mentally” then you should just close your positions, accept your losses, close your account and either learn to trade before actually doing so or find something else to do with your money. Losses are a fact in trading. They are unavoidable. To successfully trade you simply must have gains that are greater than losses. The only reason the whole “ready mentally” aspect ever enters into trading discussions – and it is a frequent topic – is that the person is using money they are not prepared to lose. Trading is a high risk game. If you are not prepared to take a loss every now and then, shrug, and move on, then your investment capital is simply too large.
What I’m about to say is probably going to sound harsh, but it’s meant to help you advance as a trader.
The fact that you’re asking the question about what to do indicates you didn’t have a proper plan for the trade from the start. Mistake #1.
If you indeed have “an enormous loss” then it suggests you either traded too big or didn’t abide by a stop, or both. That’s either Mistake #2, or Mistakes #2 and #3.
You present two options. Let’s take a look at them:
Hedge and try to work your way out of it. Here’s the thing with a hedge. As soon as you put it on you lock in the loss. You won’t lose any more, but you also won’t be able to make anything back. If you’re thinking, well I can make money one one side, book those gains, then play the other side, keep in mind that any gains you make on one leg while you have both legs on will come at the expense of a loss on the other side. Then, when you take one leg off who’s to say the market is going to go in the right direction. You could end up losing even more.
Averaging down puts you at risk of completely blowing your account up. What happens if the market keeps going against you in a sustained trend? If your analysis indicates the market is going to turn back in your direction, then hold the current position. Adding to it just adds to your risk.
My advice is to close the trade and take the mental hit. It will help you in the long run. You’ll learn the lesson of trading with a proper plan and risk management strategy thanks to the pain you suffered from this trade. If you hedge or average down and things just happen to work out by sheer luck (which is exactly what it would be) then you’ll probably not learn the lessons you need to learn and it will surely come back to bite you again later. And in any case, you need to learn to handle the losses. There will be more of them in the future.
Thanks for your feedback, and we appreciate any specific suggestions you would like to make for improvements. FXCM makes updates throughout the year to the Trading Station platform, and feedback like yours helps us make it into the award winning platform that traders want to use.
To make sure we are both on the same page, are you referring to the Trading Station desktop platform? This is the platform most frequently used, but I want to make sure you’re referencing desktop or Trading Station Web or Trading Station Mobile.
Going over a couple of your points one by one, Trading Station Desktop has multiple options for adding an indicator to the chart. Below is a screenshot of the chart with 3 of the options:
[B]1.[/B] Navigate to the top menu and select Insert > Add Indicator
[B]2.[/B] Right click anywhere over the chart and choose “Add Indicator” from the menu
[B]3.[/B] Click directly on the Add Indicator button from the ribbon menu at the top
There is a 4th option not listed in the screenshot because it is a shortcut. This is the fastest option, and you simply need to press the letter I on your keyboard and the indicator window will open.
The charting has a label option for you to add text and modify the font size and color. Do you have an example of other features you would like to see added?
thanks … by the way i did close that position because the range between both hedged positions are too high … i think hedging maybe good when both sides are near … what about option 2 you didnt comment on…
