Hi,
I am new to forex. I tried the demo and had pretty good success with it until one day. I also opened an account and again was having pretty good success until one day. A couple of things hit me. One was the fact that i had a stop loss and i had a real good week, but over the weekend things went against me, and by the time the market opened i was down almost $1000 and the position closed on me. Then i tried no stop loss and several times the trades went against me initially but then went my way. I lost money because i closed my weekend trades to avoid my last fiasco. So then i decided to just ride it and i had pretty good success with this strategy, only because i was lucky on my direction and it took a while to get my gains; all the meanwhile, i was loosing sleep trying to decide if i should continue or let go. The problem with stop losses is that it seems that once i place one, my order will go there first before it goes my way. The only way i can avoid that is by putting the stop loss at such a high place that if it goes against me i will loose quite a bit. So i was considering hedging, especially in this market EUR/USD, where nowdays it's a wild ride. So far on my experiment with the demo account it has worked out okay. I am using by way DBFX. I like them so far. Can anyone address the issue of hedging? Thanks.
Joao
I am new to forex. I tried the demo and had pretty good success with it until one day. I also opened an account and again was having pretty good success until one day. A couple of things hit me. One was the fact that i had a stop loss and i had a real good week, but over the weekend things went against me, and by the time the market opened i was down almost $1000 and the position closed on me. Then i tried no stop loss and several times the trades went against me initially but then went my way. I lost money because i closed my weekend trades to avoid my last fiasco. So then i decided to just ride it and i had pretty good success with this strategy, only because i was lucky on my direction and it took a while to get my gains; all the meanwhile, i was loosing sleep trying to decide if i should continue or let go. The problem with stop losses is that it seems that once i place one, my order will go there first before it goes my way. The only way i can avoid that is by putting the stop loss at such a high place that if it goes against me i will loose quite a bit. So i was considering hedging, especially in this market EUR/USD, where nowdays it's a wild ride. So far on my experiment with the demo account it has worked out okay. I am using by way DBFX. I like them so far. Can anyone address the issue of hedging? Thanks.
Joao
