$626.12 to .....??

arhemsi · Jul 26, 2009

I started this account on 29.06.2009 with $100. I made $90 in 6 days only to get a margin call on 07.07.2009. Determine to prove that I can make the grade as a successful trader, I deposited $500 on 09.07.2009. Well, as of now the account balance stands at $1,326.51. However, I have a floating loss of $465.00.

What should I do? I am hoping to get sound advice from trader here.

Thanks

arhemsi · Jul 26, 2009

Well, here is the screenshot of my present situation

pedro01 · Jul 26, 2009

arhemsi said:
Well, here is the screenshot of my present situation

View attachment 61034

Perhaps info on what you are holding may help.

rathcoole_exile · Jul 26, 2009

arhemsi said:
I started this account on 29.06.2009 with $100. I made $90 in 6 days only to get a margin call on 07.07.2009. Determine to prove that I can make the grade as a successful trader, I deposited $500 on 09.07.2009. Well, as of now the account balance stands at $1,326.51. However, I have a floating loss of $465.00.

What should I do? I am hoping to get sound advice from trader here.

Thanks

well by my reckoning 465 is rather more than 2% of 1327, so I should close your position immediately if I were you.
Take the balance out of your account and buy something like John Carter's book Mastering The Trade before you so much as think about placing another trade.

arhemsi · Jul 26, 2009

pedro01 said:
Perhaps info on what you are holding may help.

I have a buy at 1.6549 and a sell at 1.6087. Here is a screenshot of these positions:

Can I get out of this position at BE?

arhemsi · Jul 26, 2009

rathcoole_exile said:
well by my reckoning 465 is rather more than 2% of 1327, so I should close your position immediately if I were you.
Take the balance out of your account and buy something like John Carter's book Mastering The Trade before you so much as think about placing another trade.

Thanks for the advice but pulling out is not an option for me right now. I plan to build this account to 10k and then to trade it as a source of good income

arty:

Directional · Jul 26, 2009

arhemsi said:
I plan to build this account to 10k

holding losing trades for nearly 40% of your account will build your account to zero faster than 10k.

shadowninja · Jul 26, 2009

arhemsi said:
I started this account on 29.06.2009 with $100. I made $90 in 6 days only to get a margin call on 07.07.2009.

This is the biggest clue you have no idea what you're doing.

arhemsi · Jul 26, 2009

I've been thinking....and my decision is to let it float for another week and to continue making trades. My aim is to make $250 next week and thus building the account balance to $1,576.51.

Wish me luck

shadowninja · Jul 26, 2009

Having a losing trade should, indeed, have no bearing on your decision to take other trades should you see opportunities arise. The issue is your over-leveraging. Adverse conditions (read: slippage due to news outside market hours) could result in a margin call in excess of your balance. This is what kills most peoples' accounts and savings. In fact, I know one guy on another forum who was over-leveraged and ended up being taken to court by a spreadbetting company (they were entirely entitled to), the end result being that the guy had to sell his house and hand over nearly £100k. His wife and kids were not very happy.

rathcoole_exile · Jul 26, 2009

no malice, but luck is the last thing you need right now.

if you do get lucky this week, that will only reinforce your mistaken belief that you know what you are doing.

i'd rather wish a total wipe-out on you, if that's what it takes to get you to pay attention to people who are trying to help you.

arhemsi · Jul 26, 2009

thanks guys, i really appreciate your advice but i couldnt help myself but to

LOL

btw, do you guys think GU will fall to my sell post then bounced from there to hit my buy post?

if that happens i will be out at BE.

rathcoole_exile · Jul 26, 2009

arhemsi said:
t i couldnt help myself but to

LOL

which is why you're now on "ignore"

good work. nice start

arhemsi · Jul 26, 2009

rathcoole_exile said:
which is why you're now on "ignore"

good work. nice start

opss...please dont do that. i might decide to follow your advice next week by taking the losses. after all, i will still be in profit of around $200 which is equivalent to $700 in my country currency. my aim for now is how to get out at BE....thats all.

shadowninja · Jul 26, 2009

It might not happen for 6 months, though. What then?

arhemsi · Jul 26, 2009

shadowninja said:
It might not happen for 6 months, though. What then?

hi shadowninja

right now, i can't give you good response. we all know GU still in a range and it could break either way. so, i'm eagerly waiting for next week and see how all this will turn out.

so, what do you think will happen next week? thanks.

shadowninja · Jul 26, 2009

NFI!

Personally, I'll be looking for opportunities to buy GBP/USD tomorrow. Whether those opportunities present themselves or not is another matter.

GladiatorX · Jul 27, 2009

I am a very succesful ES trader, so listen to me closely. The way you are trading, i can guarantee you, will not make you any sort of income... Take Rathcoole_Exile's advice (Another very succesful ES trader) and stop trading and start learning. Carters book is a very good start.
Just trust me. I'd hate to have to say i told you so...

If i were a retail broker, i would love you. That is all.

Phil Mibbutz · Jul 27, 2009

A bit like watching a baby playing with razor blades.

rathcoole_exile · Jul 28, 2009

while sat on the ledge of an open window 22 storeys up .....

$626.12 to .....??

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