Just tell me what you would do?

[Rossini]

I am in 3 trades, aud/jpy, aud/usd and eur/usd. Because of the NFP coming out today (I dont know what time in the uk though) would you close the posisions at BE? I have 100 point stop on all three trades. I think I will leave them open, but it would be interesting for me to see what you guys would do?

 

[SirFrancis]

Hello Rossini.
I'd close those exposed to the USD. BE would be good. You can re-open once the dust settles if the fundamentals still work.

 

[r.w.]

NFP is at 1.30pm, and the saying goes "When in doubt, stay out."

 

[luckyd1976]

I am in 3 trades, aud/jpy, aud/usd and eur/usd. Because of the NFP coming out today (I dont know what time in the uk though) would you close the posisions at BE? I have 100 point stop on all three trades. I think I will leave them open, but it would be interesting for me to see what you guys would do?

NFP has blown up many accounts if not for proper money management. So if you're Profitable already close them. Or hovering around BE close them.

Stops Losses are lottery tickets during NFP times... Very few get their number called!!!

 

[Crap Buddist]

yeah, now if you want to Enjoy Non farm payrolls and participate in the madness you could always reduce your position size and increase your stop to allow for volatility .


The main reason people dont like it is too much money at risk, just get it to a level whereby you can enjoy the event for what it is. A bloody Circus.

yeah sitting out is wise, no point feeling the pain of a swift rapid loss, that can put people off. Especially if you are not entirely sure of your strat, or yourself.

Good luck.

 

[rols]

I am in 3 trades, aud/jpy, aud/usd and eur/usd. Because of the NFP coming out today (I dont know what time in the uk though) would you close the posisions at BE? I have 100 point stop on all three trades. I think I will leave them open, but it would be interesting for me to see what you guys would do?

Your question provides the answer.
There is no room for doubts or guess work in trading.
Especially on NFP.

What is the point of a 100 point stop?

What's your risk to reward and why?

Is the stop at any particular technical level?
Are your targets at any particular level or are you just gambling?

I follow the others and suggest you stand aside.

Paper trade it and see what would have happened and let us know.

 

[Mathemagician]

Get out and don't get back in until you know why you're in and when you'll exit.

jj

 

[r.w.]

Get out and don't get back in until you know why you're in and when you'll exit.

jj

And that goes for aud-jpy as well, which also gets hit by NFP volatility.

 

[trader_dante]

I am in 3 trades, aud/jpy, aud/usd and eur/usd. Because of the NFP coming out today (I dont know what time in the uk though) would you close the posisions at BE? I have 100 point stop on all three trades. I think I will leave them open, but it would be interesting for me to see what you guys would do?

Something I have realised over time is that when I am in a trade and I feel the need to ask someone what they would do, it is time to get out.

Besides a question like this is almost pointless unless you know how people trade. The answer a position trader would give you is likely to be completely different to that of a scalper.

I am personally holding two positions long over NFP. One is in profit, the other is not. I would not dream of exiting either.

 

[luckyd1976]

Besides a question like this is almost pointless unless you know how people trade. The answer a position trader would give you is likely to be completely different to that of a scalper.

So true!

 

[Albert Carey]

I am in 3 trades, aud/jpy, aud/usd and eur/usd. Because of the NFP coming out today (I dont know what time in the uk though) would you close the posisions at BE? I have 100 point stop on all three trades. I think I will leave them open, but it would be interesting for me to see what you guys would do?

Probably, some of the guys you are asking what to do have taken the opposite side of your trades.

My friendly suggestion to you based on the type of question you are asking: DO NOT trade forex. Sooner or later you will lose your account. Don't take that personally.

Albert

 

[Gumping]

Stick to your strat.

 

[Crap Buddist]

Hmmm what did you do in the end Rossini, did it pan out ?

 

[Rossini]

Thanks for taking the time to reply to me guys. I did stay in all 3 trades, 2 of those took my limit orders, and one of them is still 20 pips down, not worried though as even if it does hit the SL I will end the day and the week up. I have put a system together and wanted to stick to it. It was risky as the markets I was trading are correlated and I could have lost on the news, but my stops did take that into account. Cheers

 

[Rossini]

Probably, some of the guys you are asking what to do have taken the opposite side of your trades.

My friendly suggestion to you based on the type of question you are asking: DO NOT trade forex. Sooner or later you will lose your account. Don't take that personally.

Albert

No offence taken , but I dont see how you can justify the comment as you would have to have much more infomation about me than you do to make an informed judgement. I only risk about 5% of my account so all good there.

 

[rols]

Thanks for taking the time to reply to me guys. I did stay in all 3 trades, 2 of those took my limit orders, and one of them is still 20 pips down, not worried though as even if it does hit the SL I will end the day and the week up. I have put a system together and wanted to stick to it. It was risky as the markets I was trading are correlated and I could have lost on the news, but my stops did take that into account. Cheers

....and the final outcome?

Did the wisdom of the crowd prevail; or did you prove us all incorrect?

 

[Albert Carey]

No offence taken , but I dont see how you can justify the comment as you would have to have much more infomation about me than you do to make an informed judgement. I only risk about 5% of my account so all good there.

I don't need to have more information based on you original post. Only a newbie will ask in a forum what to do with open positions.

more than 95% of all fx newbies end up with a liquidated account. This is an empirical fact. You cannot win the brokers. Your 5% risk is way too much for that.

Again, this is not intended to be an offensive post but a word of warning. This time you were lucky, what about next time?

Your 5% risk leaves no great room for hope. Try 1% or less and never trade the news.

Albert

 

[Rossini]

I ended up getting stopped out on the 4th trade so I ended the day up about 60pips. Was about 120? I think that's good considering. Cheers.

Albert, what is the maximum risk you take? Is it 1% of your account, or is it more because you feel like you can take more risk with time? Im only 20 so have lots to learn, but iv been doing this now for 2 years and have never wiped out my account (although I am down about 1k).