Aafulenu: hi guys,

am loosing big time, 85pips i bot when i was supossed to sell (EU), my question do anyone knw if its gonna revert itself?
or should i stop loss?

XHTML: Oh my. Did anyone cash in on this?

So I was away and missed it. Wow.

#Gold

XHTML:

You may have to wait for sometime if you plan to recover that. I'll advise you cancel it. Don't try to hold on to that any longer.

_{Price might bounce up around the 131.10 region though.}

kasonud: Oga i would like to know the name of your broker if you don't mind?

kasonud: Oga i would like to know the name of your broker if you don't mind?

Aafulenu: hi guys,

am loosing big time, 85pips i bot when i was supossed to sell (EU), my question does anyone knw if its gonna revert itself?
or should i stop loss?

Aafulenu:

thanks bro

freelinks:
you could edge the trade instead. i hate seeing negative figures on my account. thats me anyway. i edge and start scalping.in due time my account is back to the initial balance. then i might consider closing the trade if its so too bad.

Aafulenu: hi guys,

am loosing big time, 85pips i bot when i was supossed to sell (EU), my question does anyone knw if its gonna revert itself?
or should i stop loss?

prowitin: Funny enough it was Oil that paid me today. All this currencies fall my hand. I must confess the risk is high but the move is more reasonable. And my advice for those still in the market is to follow there trading strategy and plan. 2ndly read the candles you see... if there is no sign to hold your trade just take a bold step and close. You will always have other opportunities but with a drained acct you will never see a 2nd chance. Trade your plan. In other words if your plan is to trade with out stoploss then good luck. I'd you plan is to blow ur acct goodluck. If your plan is to loss one and win two goodluck just make sure you have a plan.

You're right. Those are Golden guidelines every trader should know.

- Knowing how to interpret the charts is a basic skill EVERY trader who operates a live account should know. If you don't, you better use a demo till you're proficient.

- Stop Losses are of upmost importance - if the market moves in the opposite direction of your trade, this is probably your only saviour (if you've experienced the pain of manually closing a loosing trade during periods of high volatility, you'll know what I mean) . Keep your SL's in line with the amount of trading capital you're comfortable risking. Infact personally, when I go into a trade, the first question on my mind is "How much am I prepared to lose if this goes wrong". With regards to risk, I always keep this in line with the odds. The more "sure" I am about a trade (i.e from what my trading system and charts present), the more I'll likely risk. But of course, remember that no one can be 100% sure in this business.

*I'll rather place a stoploss far from the entry price than no stoploss at all - because I know exactly "how much" I'm risking on that trade.

- With regards to holding trades, do not be afraid to modify your SL to accommodate retraces (of course I know we're all aware of the differences between retraces and reversals). However, keep "risk" in mind. It all boils down to your trading patterns but please, don't just hold on to trades in the "hopes" that price will reverse without valid reasons/signs (you can always move between the Timefames to get a general outlook).

- Trading plans, yes. I don't know about most of you but I have no plans to be a retail trader for life. I wanna retire completely someday and chill out on the beach all day with sunshades and wine bottles. Don't treat forex like gambling. You don't want to trot around the place losing capital, redepositing, making a couple winning trades and at the end of the month when you pull up your account statement, your profits are still far less than your deposits and you've made nothing but a Loss. Pick a system, stick to it. Above all, know your fundamentals and keep an open mind to learn more - don't get cocky and claim "Pro". I'll always consider myself no more than a rookie because I don't know it all. I'm willing to sign up under ANYONE just to get their trading style, opinions and patterns. For me, It all boils down to my P/L, I'm not in for competitions, public status or claiming 20years in practice.

- Finally and I must chip this in. Information is key in this business, people - be smart, grab as much as you can. I personally have a couple accounts with Trade Signal providers, Forex Copy Systems ( etoro, instaforex account - so I can take advantage of the copy system, etc), tons of memberships and accounts at networking/social sites(forex forums, our very own Trade Alert thread and a bunch of others), subscriptions to forex newsletters, news feeds, blogs etc. I like to get an outlook on what's happening in the market, what caused what, how traders are reacting, their opinions and yes I like to see their trades if possible - it all helps in my decision making and brings a lot of new ideas to the table, trust me.

Don't lock yourself up and watch your screen all day, making decisions on your own. It doesn't hurt to see a couple of other opinions and trades, you don't necessarily have to take each alert or follow each signal. Rather take cues from your sources and conduct your research - if you know your fundamentals you won't be lost.

And of course, keep an open mind, practice, learn, don't be afraid to make mistakes or use a demo account to test out certain strategies or patterns you come up with.

Well, there are a few tips I use, I hope someone will find them useful.

XHTML: Oh my. Did anyone cash in on this?

So I was away and missed it. Wow.

#Gold

XHTML:

My primary brokers are FXPro and Dukascopy.

XHTML:

My primary brokers are FXPro and Dukascopy.

Birikiti:

Please what's the lowest lot size you can use on Fxpro? I opened a Demo account and saw you can't go below 0.1 lot size. Is it the same for a live account?

Igwe OO:


This people (Dukascopy), do you trade them on MT4 or there jforex platform? How is there commission/Swap/FTT(There MT4 service provider). Please enlighten me/us. Thank you.

Birikiti:

Please what's the lowest lot size you can use on Fxpro? I opened a Demo account and saw you can't go below 0.1 lot size. Is it the same for a live account?

XHTML:

Yes, Oga Igwe OO was right. That's the minimum. If you really want to trade micros, I recommend looking at FXCM Micro or Alpari Uk, both good choices (from my experience with using them).


@Igwe OO You don't use FxPro anymore? Which broker did you move to, if so?

Igwe OO:

0.1 as you rightly wrote. First minimum deposit for trading is 500$. I have used them earlier, if futures and commodities is you thing, go for them or Alpari. But if you prefer currencies, Dukascopy could be great. I havent used but from what I read online, I have concern about the commission, Swap, charges for Syncing your MT4 account between Dukascopy and FTT and also, there friday's margin. I read it increases to over 80% thereby closing your open position whether on profit or not.


#I think some strength is returning to thees Asian currencies (AUD and NZD). They might turn bullish from next week. NZD is at its lowest lows of 2013, hence the support lately.

freelinks: Can't help but sell eu and gu

ayox2003:

Brother, I just placed a buy-stop at 1.5043 with stops at 1.5013. I pray we both make it to the bank.

Frawzey