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Newbie quest- your help/ input will be greatly appreciated

 
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Fbchao808

Newbie quest- your help/ input will be greatly appreciated

Hello everyone,
I was working on Silver1's 25- 5- 24 task during March 1- 3. I took SL off trades. I did get the task completed. However when I woke up over night or during that period many had loss over hundreds pips per trade at a blink of eye and with total four digits pips loss as of to date. These trades are still open and I was all categories "green" till then. How can I handle it now and differently in the future ? The risk figure is getting huge(passes 2%) incurs bigger losses by day. The first after thought is that I should have still used SL and cut the loss ASAP. Of course I've been wishful thinking-leaving them open and wish the market would reverse in my favor. These trades filled but not profitable were: short- USD/JPY, EUR/USD, GBP/USD and Long- USD/CAD
Also, I believe its also due to time zone difference and I have only been practicing trading for four weeks. I primarily trade Sydney/ Tokyo/ later part of New York market. Until I had to complete task trading during London/ NY open. I haven't experienced much volatility during London market and/or London/ New York overlapped period. However, I am also wondering were there events, news or other factors during these three days also affected trades greater than average ? Am busying learning the basics. Haven't pay much attention to any thing else but short term trend.
I wish you all the best/ thanks in advance. Please feel free message me as well.

Fri, 03/04/2016 - 12:54pm
 
FXGold54

Bchao,

With out knowing the specifics of the trades, I can't really advise how to mitigate the loss. And I say loss because from what you have said, you are going to have to bite the bullet at some point.

I understand you are in a hole now but if the trade is no longer valid and is already passed your original stop loss level, inmho, you really have to consider closing the trades and chalk it up as an educational experience.

I'm sorry I can't be more help

Allen

 
Fbchao808

Allen, your point is well taken/ thanks very much.

 
wallyd

Wow, that's a lot of PIPS......
I remember when I did the 25-5-24 I opened multiple trades on multiple pairs. I opened up my stops very wide (did not remove them) and just let the system run. My losses amounted to several hundred pips, but I made the target in 24hrs and 30 minutes. I can't tell just how "upside down" your account is at t his point, but you probably should call support and ask them to reset it. They can do that.

 
bkeithconner

Bchao,

Not sure if you have this link (http://www.forexfactory.com/calendar.php) I check this everyday prior to trading to see what news events may be coming up or have occurred, while I was asleep.

I agree with Allen on the stop loss. When you place a trade ask yourself at what point would the chart tell you that your trade is no longer valid. (if long what point do you think the market is no longer bullish?) Use this point to exit when the trade goes against you no matter what you feel emotionally. Having a negative trade is ok. Just always protect your account with a SL that fits your risk (and of course Apiary's).

Like Allen, without more information on your setup and time frame it would be hard to help more. I know the hive is more than happy to help.

Keep your head up, what works for you on the shorter term, will work on the longer term. There are just fewer trade setups so patients is key.

Keith

 
Fbchao808

Thanks so much Wally and Keith. I'll follow up with each of your suggestions.

 
George G

Did the same thing and lost 2200 pips ( .01 lot size so $$ were not great). Will bite bullet and will recover. It also interrupted my 5 profitable days in a row.