Sucess or failure?

Discussion in 'Forex' started by drasfs, Feb 3, 2006.

  1. drasfs


    Im a newbie and started out with 1000 dollar 2 weeks ago.

    First I made 100 dollar, then I lost and was down to 470 dollar. Then I made myself back up to 800, and invested another 500 dollar, and made some more profit and had 1800 dollar.

    Now Ive shorted 1lot gbp/usd. Entered at 18 just a couple of minutes ago, and I really need some advice from more experienced traders whether I should hold the position, or liquidate immediately.

    I guess I made this bold move, because I made 900 dollar today :/ And I really need some extra money so I can take on more subjects at uni(double pace). I know you should never invest money that you cant afford to lose, but I want to quit uni soon, and pay more money now, so I can graduate earlier, as that would be a huge investment in time and money, as I would be able to start work earlier too.

    I would really appreciate if you could write your opinion on this..
  2. drasfs


    well I made 20 pips now :)
  3. TheFinn


    What method are you using to trade?
  4. I don't think you want to know . . .
  5. drasfs


    Just look at graphs to see when something is about to increase or decrease. Usually buy when something has decreased much and is bound to get back up and vice versa.

    And well, I read heaps of analyst comments too, to get an idea of where the currency is going.

    One important strategy Ive is to, open bigger positions when Im sure where it is going, and less when Im not sure, but ive broken this rule now, because of the intital joyment of having made 900dollar today :)

    But can anyone give some input on this pair, as I have mixed feelings about where it is going, as the nfp release was quite bland, with lower productions and employment growth.
  6. Um, if you have to ask strangers on a forum site, set a stop at break-even and just leave it alone, you might luck out.
  7. drasfs


    Illiquid: well, my stop is at 30, but I assume you arnt sure either of where it is heading, since it is nfp day, and anything can happen.

    Well, maybe strangers, but I know where are some good profitable traders who im sure can give som input on this. I know you are one :)
  8. You are on your way to become a millionaire in less the 3 months :D :)
  9. drasfs


    Coolweb: So you are shorting too?
  10. Why are you short if you aren't sure? And why are you short 100+ pips down from the open? I think you need to raise the selectivity bar a bit.
    #10     Feb 3, 2006