Since samekhan refuses to answer, I have surmised he using support and resistence as a basis for his decisions. I do not know what else he is using maybe he will reveal it shortly... I am quite impressed with the cvds16 fundemental call. ES
yes sir i use support and resistance and when my first big lot trade goes wrong i trade an opposit direction and all messed up and now i am in so so much trouble please help me
Tried trading forex in a demo account and the bid and ask spreads are quite wide in pips. Enough to make it a challenge trading any currency pairs. I suspect the currency brokers are just churning the accounts of majority of currency traders and making big monies at it! No difference when the market makers put their bids at say $1.00 and asked $4.00 in stock options premium prices. This has happened with me multiple times when I traded stock options. The market makers bid the option prices to the bottom then, raise it high the day after when they have hooked a couple of suckers to their games!
He doesn't want advise, he just wants confirmation of what he is going to do is the way to go, he does not want to hear anything else. His plan is to wait for a few day's until EUR/USD reached a higher price and then close his buy positions in the hope the market is going to go down so that he can recover at least 70 pips. In private i advised him to close all positions now instead of going to gamble in the future. If he wants to gamble he is better of in the casino, his odds of winning there are probably higher.
Here's exactly what you need to do. Close your eur/usd position, but keep your gbp/usd buy open. Right now buy at market gbp/chf 0.05 lots, buy eur/aud 0.05 lots Enter limit orders- sell order usd/cad 1.2924 lots 0.05, gbp/jpy buy 146.86 lots 0.05, usd/jpy buy 109.54 lots 0.05, eur/chf buy 1.1592 lots 0.05
So you finally got your answer, the problem is that to make your money back using viable money management (reasonable size) it's going to take 7 months to make that money back. You have to make 100%, that 7 months is with everything going perfect and it never does. Sorry.
Trading is not the only way to become financially independent, what about working hard, reducing your immediate consumption, save, and then buy apartments to rent them. Most conservative and safest way especiially if you live in large city.