I have seen many rich investors (mainly indonesian) lost their fortunes whenever the there are big swings.. hence.. 2k is NOTHING (less than 150tic of movements).. even if you keep in BANK with (almost dirt interest)... leave it there.... me a ex-forex dealer...
everybody knows about buying low and selling high .... you can predict the high and low for the day ?? when the economic datas released.. the market will swing before you can tink about squaring off your positions... if your capital outlay is small ( don't even think of trading forex... it''s a game for the big boys... small speculators like many of us will get whacked, you may win 10 times - small profits, once you are caught in a swing... then sayonara.. )... even a Chartist (based on his technical studies) can make his predictions well.. Good luck to you all.... High risk = high gain... if you can.. (w/o) the fear of getting your savings wipe out... then go !!!
made huge losses today. my entire family. -.-
switched to short on €uro, long on the USD$.
Now is the bounceback time it seems.
Don't lose your head... sit back and plan on the next strategy...
emotions, the most difficult factor to counter... even top traders lose their heads at times... good luck..
the problem is that the Dow Jones is the one deciding your profit or loss most of the time................so many times, i could be up over a hundred pips or even hundreds of pips and the Dow can just take it all away.......
Originally posted by Fryderyk HPH:made huge losses today. my entire family. -.-
switched to short on €uro, long on the USD$.
Now is the bounceback time it seems.
how much u lose? 100k?
you long on euro and short on USD originally, thats why the huges losses?
Monday recovery was due to the rescue package by IMF and EU, but Tuesday it loses all the gains because the rescue package does not answer or solve the fundamental questions. how can you throw more money in when you are already indebted. you become much more indebted as a result? go listen to Jim Rogers have to say on this indebtness. this is lehman brothers rewind from 2008.
Originally posted by Rooney9:how much u lose? 100k?
you long on euro and short on USD originally, thats why the huges losses?
Monday recovery was due to the rescue package by IMF and EU, but Tuesday it loses all the gains because the rescue package does not answer or solve the fundamental questions. how can you throw more money in when you are already indebted. you become much more indebted as a result? go listen to Jim Rogers have to say on this indebtness. this is lehman brothers rewind from 2008.
Not that much lah. I won't say exactly how much I lost on Monday.
But maybe my parents, jointly, yes.
Monday, it hit margin call, and went even further down. I write off my losses. I immediately long USD instead.
By the end of Monday proper(12midnite), I close my position. I couldn't risk much more. My profits from long-ing the USD was only around 35 to 40% of my losses from the €uro.
Tuesday I waited for market reaction when the Europe side opened. Then I short the €uro again. Also again, closed position around Singapore time 7p.m. Profits Monday and Tuesday total only 70% of the losses on the €uro on Monday.
Wednesday I let my bro do the account till end tonight.
I haven't heard from him yet.
Originally posted by As romanista2001:the problem is that the Dow Jones is the one deciding your profit or loss most of the time................so many times, i could be up over a hundred pips or even hundreds of pips and the Dow can just take it all away.......
well, you should have a trading (strategy plan) for the night..
Make sure you stick to it !! ie, Must learn cut loss, dun let your "paper" losses run amok.. (though some traders may say it is just floating losses.. but the dealing team dun see it that way... they will Mark-To-Market, calculate your losses and if it is below the Maintenance Margin (MM in short), they will cut your position at market price)...
If the market is very choppy, the Exchange will likely increase the MM and hence the house will increase your MM too.. [call margin].. top-up....
Most of the speculators (with a short term view) are intra-day players, hoping to get fast, quick, small profits. Hence, make sure your losses are relatively small too (stick to your cut loss level - normally placed below a recent support level) ... If you use the same trading model on Equities and apply to Forex &/or Financial Futures... likely you will regret...
Equities - Die Die also hold... (atmost paid up or park inside CPF invest a/c).. keeping for your grandchildren. hehe.
Futures - Floating Losses getting bigger... Call Margins.. ( all instruments are on leverage trading ).
Greed = Misery.... how ?
Originally posted by Fryderyk HPH:Not that much lah. I won't say exactly how much I lost on Monday.
But maybe my parents, jointly, yes.
Monday, it hit margin call, and went even further down. I write off my losses. I immediately long USD instead.
By the end of Monday proper(12midnite), I close my position. I couldn't risk much more. My profits from long-ing the USD was only around 35 to 40% of my losses from the €uro.
Tuesday I waited for market reaction when the Europe side opened. Then I short the €uro again. Also again, closed position around Singapore time 7p.m. Profits Monday and Tuesday total only 70% of the losses on the €uro on Monday.
Wednesday I let my bro do the account till end tonight.
I haven't heard from him yet.
when u trade and take a position, do you trade that position based on foresight or intuition after reading all the news. I am wondering why you take the positions you took on Monday?
Originally posted by Just_do_it_lah:well, you should have a trading (strategy plan) for the night..
Make sure you stick to it !! ie, Must learn cut loss, dun let your "paper" losses run amok.. (though some traders may say it is just floating losses.. but the dealing team dun see it that way... they will Mark-To-Market, calculate your losses and if it is below the Maintenance Margin (MM in short), they will cut your position at market price)...
If the market is very choppy, the Exchange will likely increase the MM and hence the house will increase your MM too.. [call margin].. top-up....
Most of the speculators (with a short term view) are intra-day players, hoping to get fast, quick, small profits. Hence, make sure your losses are relatively small too (stick to your cut loss level - normally placed below a recent support level) ... If you use the same trading model on Equities and apply to Forex &/or Financial Futures... likely you will regret...
Equities - Die Die also hold... (atmost paid up or park inside CPF invest a/c).. keeping for your grandchildren. hehe.
Futures - Floating Losses getting bigger... Call Margins.. ( all instruments are on leverage trading ).
Greed = Misery.... how ?
for many months now, i see this kind of things daily.............
1) London Open very often goes against Frankfurt Open.....................no problem.............
2) New York Open is like 50/50.............could go along or against London.....................sometimes, complete reversals !
3) Dow Open.............total casino..............it will decide most of the time currencies go up/down.............even by the HOUR..................LOL
nowadays, it's almost by luck that you profit/loss...................even with good Price Action at Support/Resistance also like playing the roulette................LOL
***) seriously thinking of switching to individual stocks, seems to have better momentum but never try before..............FX has too much ranging periods and far too deep retracements (good for 2nd entry, bad for losing previous profits) but the killer part is it's mirroring of the Dow............
Choppy markets... wise guys stay away... a big move is in the making..
Originally posted by As romanista2001:
for many months now, i see this kind of things daily.............
3) Dow Open.............total casino..............it will decide most of the time currencies go up/down.............even by the HOUR..................LOL
nowadays, it's almost by luck that you profit/loss...................even with good Price Action at Support/Resistance also like playing the roulette................LOL
i think, this is more like by the second.
really.
Forex almost 24 hours of non-stop.. your sleep/rest is often very short...especially when u got open positions (but normally.. asia mkts not agressive.. BOJ not as active as b4 ).
Originally posted by Just_do_it_lah:Forex almost 24 hours of non-stop.. your sleep/rest is often very short...especially when u got open positions (but normally.. asia mkts not agressive.. BOJ not as active as b4 ).
Japan for quite some time has been a very inactive one.
That is why you often see many traders dumping capital into JPY as many think of it as a safe haven(at least for a short while). Not volatile compared to the other currencies.
Originally posted by Rooney9:when u trade and take a position, do you trade that position based on foresight or intuition after reading all the news. I am wondering why you take the positions you took on Monday?
I took the position on Monday because I expected the €uro to continue sliding for a couple more days. It was only when I realised that they came out with that package of €€€ then it went up like a top.
yup... if you want a more trendy (slower) movement (lesser chances of getting a heart attack).hehe.. . can consider the major crosses, ie, euro/Yen
Originally posted by Just_do_it_lah:yup... if you want a more trendy (slower) movement (lesser chances of getting a heart attack).hehe.. . can consider the major crosses, ie, euro/Yen
the only one i personally will do with the JPY is the USD.
why? coz i think €uro is more complicated than it seems.
for USD it is straightforward. either japan side or us side say something then it go up or down.
The fluctuations are nomally smoother as compared to the US$/Yen crosses... i usually do the crosses rather than USD based
unless... using Yen futures to hedge.. it depends. really..
Originally posted by Just_do_it_lah:The fluctuations are nomally smoother as compared to the US$/Yen crosses... i usually do the crosses rather than USD based
my cash all in USD, so dun really make sense for me personally to do trade in two currencies in which neither is US based.
agrees.. trade whatever you know best... keep a clear mind.. there are some dayz when i got hitted.. i just off my computers.. and go to sleep ...
like ... a ... baby.....
(just like a baby)....
waking up every 2-3 hrs and cried every now and then.. .... hahaha.. that's was in the 911 period...
No more a baby anymore.. hahaha..
Originally posted by Fryderyk HPH:i think, this is more like by the second.
really.
quite true...............i think the big banks got their computers linked to the Dow...........LOL
my ultimate nightmare was when i was almost 400 pips in profit and i babysit the trade until around 2-3am !!! i was sure it will end in profit becoz the Dow was down around 300 pts...............finally i went to sleep........
the next morning, the Dow actually ended UP !!!!! i ended up winning NOTHING !!!! i put the stop to break even thinking i can survive the expected retracement and i can hope for bigger profit !
many profitable trades close to 100 pip profit ended in loss....................
the 24 hr market now work against Asian traders..................the Americans not so affected since Asia market hours are virtually dead.................
***) i keep seeing this FX course ad by Clarence Chee and i noticed he has recently switched strategies in the ad.....................looks like his ''old'' strategy no longer working..............in fact, seems that all indicator-based methods eventually will fail, eh ????
Originally posted by As romanista2001:quite true...............i think the big banks got their computers linked to the Dow...........LOL
my ultimate nightmare was when i was almost 400 pips in profit and i babysit the trade until around 2-3am !!! i was sure it will end in profit becoz the Dow was down around 300 pts...............finally i went to sleep........
the next morning, the Dow actually ended UP !!!!! i ended up winning NOTHING !!!! i put the stop to break even thinking i can survive the expected retracement and i can hope for bigger profit !
many profitable trades close to 100 pip profit ended in loss....................
the 24 hr market now work against Asian traders..................the Americans not so affected since Asia market hours are virtually dead.................
***) i keep seeing this FX course ad by Clarence Chee and i noticed he has recently switched strategies in the ad.....................looks like his ''old'' strategy no longer working..............in fact, seems that all indicator-based methods eventually will fail, eh ????
Well.. indeed their trading plaform does linked direct to the exchanges main comp.... remember Citi unethical trades a year back... made est $20million within few mins... just a button away ~~~~
Market sudden slump with Big Vol ( took out all bid prices ).. and lower stop losses too... b4 market swing back.. probably his coffee cup accidently touches the "SELL 100000 lots @market being FOK.. Filled or Killed...".. lol
just bought a little aud/usd..................hope the Dow won't get me this time !