They just closed my trade

[Falken]

Hi all.

I went short in AUD/NZD yesterday through a daytrading timeframe, my target was a few points lower but it didn't go my way. Instead, my broker simply just closed my trade and I lost quite a sum. Please don't kill me for saying this cause it brakes traders main rule but my "strategy", my "edge" includes no stoploss. So, I was trying to fade AUD/NZD yesterday and my broker just closed my trade, a stoploss didn't even exist.

Is my broker some sort of a scammer or is it more likely that I've missed something in this spread betting busniess? I'm new in this busniess so all the knownledge haven't been collected yet, if you know what I mean.

Appriciate any information.

 

[NetTecture]

Hm, spread betting? Maybe you hit a limit in the bet? Your account ran out of reserve funds needed to maintain the position?

You really need to provide a lot more details for that to make sense enough to try to answer.

Being new to the business I doubt you have an edge to start with, btw

 

[Falken]

Thats probably it NetTecture, my account ran out of reserve funds needed to maintain the position. I haven't completely gotten my head around margin trading yet. I jumped in to early, thinking that I knew it all. Greed & hope and so on... gosh! Will look deeper into the structure of margin trading.

Thanks.

 

[gedward3]

Dont forget about whether your tading the daily cash or the future
as you need to roll the daily over by selecting it from your platform
or with a lot of brokers you have to phone them up that is if your
spreadbetting.

Thats probably it NetTecture, my account ran out of reserve funds needed to maintain the position. I haven't completely gotten my head around margin trading yet. I jumped in to early, thinking that I knew it all. Greed & hope and so on... gosh! Will look deeper into the structure of margin trading.

Thanks.

 

[foredog]

If you're trade is losing $1000 and you've only got $1000 in your account then they close the trade becasue if it goes further wrong then they've got no guarentee of getting any money from you.

 

[new_trader]

Hi all.

I went short in AUD/NZD yesterday through a daytrading timeframe, my target was a few points lower but it didn't go my way. Instead, my broker simply just closed my trade and I lost quite a sum. Please don't kill me for saying this cause it brakes traders main rule but my "strategy", my "edge" includes no stoploss. So, I was trying to fade AUD/NZD yesterday and my broker just closed my trade, a stoploss didn't even exist.

Is my broker some sort of a scammer or is it more likely that I've missed something in this spread betting busniess? I'm new in this busniess so all the knownledge haven't been collected yet, if you know what I mean.

Appriciate any information.

If you haven't completely gotten your head around margin trading yet and you jumped in too early thinking that you knew it all. Greed & hope and so on then

YOU DON'T HAVE A STRATEGY AND YOU MOST CERTAINLY DON'T HAVE AN EDGE.

Use a stoploss or you will go broke. Do not argue with me - USE A STOPLOSS.

 

[Falken]

Of course you're right New_trader.. It's kinda ironical, I've been reading so many trading books and really educated myself but even though i choose to trade WITHOUT a stoploss! I've broken the main rule of trading, cut your losses. Maybe I needed this, maybe I needed to be taught the hard way. Or maybe I'm just not meant to trade. I'm a greedy ******* indeed.

By the way, what do you trade New_trader ? Which timeframe do you prefer ? Always interesting.

 

[blaser]

Education is good, but no substitute for experience. Always use a stoploss this image says it all

 

[Wisdomsteeth]

Running trades without a stop loss is possible only if the account allows for a worst case scenario, where the market moves in the opposite way. Some brokers may alert the investor to fund their account to cover such extenuating circumstances, via text messaging or a call. In future trades ensure you allow for this scenario. low risk trading allows for trading without the security of stop losses, high risk trades require stop losses to prevent excessive loss of capital. Greed and fear are an investors enemies. It is preferable to grow and expand the account with small gains and smaller if any losses than to be in the predicament you find yourself in. Learn this simple sense and you will be wiser and greater in prudency in future trading...JJ.

 

[Claudia123]

If you insist on spreadbetting you must have a stop in place. Some offer a guaranteed (no slippage) stop for a price. If you new to trading this is a very sensible option. Anyway you lost but learned from the mistake - that is important.

Good luck trading with stops from now on!!!