00:01 UK - Nationwide Customer Confidence (Dec)
00:30 Australia - Retail Sales (Dec)
07:00 Europe - ECB Trichet's Speech
07:00 Germany - ILO Unemployment Rate (Nov)
08:55 Germany - Unemployment Change, Unemployment Rate (Dec)
10:00 Europe - Producer Price Index (Nov)
10:30 UK - BRC Shop Price Index
12:00 US - MBA Mortgage Applications
13:15 US - ADP Employment Change
15:30 US - EIA Crude Oil Stocks change
We can expect another high volatility day for USD and EUR Currency. I have been trapped badly another time with my open position as I didn't set the cut loss target.. Let's see how it goes..
Wednesday, January 7, 2009
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5 comments:
EURUSD is going to go up.
I bought EURUSD last night.
Hi Brendan,
I agreed with you. Yesterday bouncing looks good at the chart. Too bad I stuck inside as I didn't expect it would drop so much just in 2 days (so that I didn't cut loss).. I didn't take profit also when it profit about 200+ pips as I was testing to try longer term trade..
Good thing that I learn, long term trade should be good when entry price is at the bottom for long position or top for short position..
Example: If yesterday long EUR/USD around 1.33+ it will be very good to hold longer period to let the profit run higher..
One way to prevent your profit from turning into loss is to place a stop at breakeven.
What is the size of your position?
Not putting a stop in forex trading is a fast way to ruin your bank account.
Hi Brendan,
Ya, I should do that properly next time.. Usually, I took profit between 30-150 pips. But then, there are many times I feel regret as I do not let the profit run nicely. That was the first time that I didn't take profit while the profit is already 200+ pips as I was trying to let my profit run. But then, I missed out to set the proper cut loss target, not realized properly that market was about to pull back and it was very volatile beyond my expectation..
This time my position is just 10,000, which means I will earn or loss USD 1 for every pips. Even though it is just 1 small position, it can easily earn/loss USD 500-1000 in 1-2 days due to the current market volatility.
Ya, agreed with you. Stop position must always been set. There are some of the times that I missed out on this and unluckily, usually it will be the time that I will suffer higher losses than my profits. I still have a lot of rooms for improvement on cut loss target.
10,000 is big enough to cause a lot of damage if you are in the wrong direction and refused to cut loss.
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