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Forex traders I NEED YOUR HELP?

Asked by: Trader 150 views , , ,
Day Trading

Okay guys so I opened up an account and brought a years worth of day trading experience to the table when I started with Forex. Things went great I was up 1500 before I knew it but I just hit a snag that I don’t know how to overcome. Here’s the issue I invested in a currency AUD/CAD but its down -48. pip and its costing be -1500$! I have never seen this happen in Forex before to this extent. I have seen things go down maybe -10 pips Tops. If this was a Stock I would of folded a long time ago because I know company’s can pitfall but a WHOLE countries pit falling in currency Its hard to believe. It’s been like this for 2-3 days now, should I fold and take the loss or should I stick around for it go up?

Thankyou

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5 Answers



  1. agent4927 on Jan 15, 2012 Reply

    In theory this pair is in an uptrend – however it did bounce off resistance on Monday, the same high this pair last met on the 7th Feb, so you may need to consider cutting your losses. If I was in the trade I would have my stop loss around the weekly main pivot point which is 9975, just under daily S1

    The markets are very flat at the moment and volumes are very thin which normally means it is best to stay out of the market.

    Look at the daily charts this pair has barely moved in three days which tells you it could go either way. Your other problem is that both these pairs are commodity currencies and of a similar strength right now – both AUD and CAD are at or near record highs and have both gone up this week, that does not tell me this is a good trade to be in.

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  2. tonnie on Jan 15, 2012 Reply

    Audcad is trending upwards if I had opened a long trade i would stick around, the currency pair is consolidating and a breakout upward is more likely. If it breaks 1.0035 and 1.0050 short term resistance you are in luck.The next resistance 1.111 then 1.200.

    You might also find these topics helpful.

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  3. Helen Thomas on Jan 15, 2012 Reply

    I think so you must exit from that particular trade that would be profitable for you, you should not hold a loss making trade for long time, it would be painful. Forex trading is very risky, you should not ignore this when you invest your money.

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  4. Raj on Jan 15, 2012 Reply

    Do you use stop loss at all? How good you are with forex, you should always use stop losses.

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  5. Zoya Smith on Jan 15, 2012 Reply

    For successful trading, it is better to minimize risks and to develop new strategies. Always use a stop loss is good to avoid high risk. Fear and greed is a major problem that creates a huge loss in currency trading.

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