Wait or Drop

[sunnykeerthi]

Hi All,
I'm new to Forex trading, my broker told me to buy AUD/USD and wait and he didn't give me any stop lose. now the price is going down and i'm unable to decide if i need to sell it or keep it on hold. please advice. Below is my screenshot showing value date, estimated P/L. please help me with it.

 

[Trader333]

Close the trade immediately and take no notice of any advice given by any broker as they have no idea which way any market is going to go.

 

[wackypete2]

I agree 100% with Trader33 above.

You audusd position has a target of 1.000 This is a long term trade and your position size (25 cents/per pip) is way too big relative to your account size. Close immediately.

Peter

 

[postman]

Close the trade immediately and take no notice of any advice given by any broker as they have no idea which way any market is going to go.

And while your at it close your live account and open a dummy account until you know.

1. Why you are trading.
2. What style of trading suits you best.
3. Why your going long / short.
4. What your entry level is.
5. What your exit level is.
etc...
This site has some great training pages available for free.
Your broker will take your money and wont train you one bit.
Sorry if that sounds harsh.

 

[sunnykeerthi]

Close the trade immediately and take no notice of any advice given by any broker as they have no idea which way any market is going to go.

Thanks for your suggestion, i just want to know if this price is gonna go up i.e. to P/L to 1 if i wait?(value date is given as 30/1/2014 )

 

[nunrgguy]

You've not get it yet have you?

Nobody knows which way it will go, not now, not ever.

You have no clue what you are doing.

Close the trade and take the loss before it gets bigger.

Close the account before you lose it all.

 

[wackypete2]

Thanks for your suggestion, i just want to know if this price is gonna go up i.e. to P/L to 1 if i wait?(value date is given as 30/1/2014 )

It might, it might not, it might go down another 200 pips too blow up your account and then immediately rise to 1.000

No one can give you any guarantee what it will do.

Peter

 

[postman]

Thanks for your suggestion, i just want to know if this price is gonna go up i.e. to P/L to 1 if i wait?(value date is given as 30/1/2014 )

Can I phrase it another way.
Why dont YOU know if it will go up or down after all it is YOUR money?

You are losing money and you dont know why and your asking random strangers what their advice is.

You are gambling - and the house always wins. Stop now.

 

[postman]

One more thing from a trading psychology point of view.
You have already decided to hold this position and you are seeking confirmation bias for your decision.
http://en.wikipedia.org/wiki/Confirmation_bias

When one person on this thread says "Hold" you will think to yourself "I was right after all to hold".

And you will ignore every other post on here because it doesn't fit with the idea in your head.