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leaving trades open over weekend

I hope this question doesn't make me look stupid... I had a losing trade (-27 pips) that I didn't close on Friday. I don't trade much on Fridays and thought I had until 5 pm EST to watch the trade and make a decision on whether to close. It's 4 pm EST and I realized that at 4:20 when I checked in on the trade and noticed everything stalled for the weekend. I also noticed the spread on FXDD had gone up to 5 pips. What should I do? I haven't ever held a position over the weekend. What should I expect? My stop is set at 42 pips...but FXDD does not guarantee stops. What happens if the EURUSD gaps up at open on Sunday?
 

stovedude

Active member
I was going to say something profound, such as "I have no idea which way it will gap, because it could go both ways", but I see it gapped down in your favor, so I hope there's a big smile on your face. Many times I see price gap in the direction it closed with (with the right indicators of course), but there is never a guarantee.
 
I was going to say something profound, such as "I have no idea which way it will gap, because it could go both ways", but I see it gapped down in your favor, so I hope there's a big smile on your face. Many times I see price gap in the direction it closed with (with the right indicators of course), but there is never a guarantee.
yes...BIG smile :)) Hopefully I wont let that happen again unless I am well in the money. My brand new grandson was visiting so I was distracted Friday. ...okay, so i had to share cheesy pictures for any of you ladies.
 

bonnie1234

Active member
I hope this question doesn't make me look stupid... I had a losing trade (-27 pips) that I didn't close on Friday. I don't trade much on Fridays and thought I had until 5 pm EST to watch the trade and make a decision on whether to close. It's 4 pm EST and I realized that at 4:20 when I checked in on the trade and noticed everything stalled for the weekend. I also noticed the spread on FXDD had gone up to 5 pips. What should I do? I haven't ever held a position over the weekend. What should I expect? My stop is set at 42 pips...but FXDD does not guarantee stops. What happens if the EURUSD gaps up at open on Sunday?

First of all... if a broker does not guarantee stops ( within 2-5 pips ) then you should change brokers...Your broker should allow a certain slippage but not too much...

Leaving trades open over a weekend is something of a wild-card. If you are a long term trader then this is no problem. If you day trade it could become a problem.

I have seen gaps in the region of 15-45 pips mostly....but they can be 100 pips+

All you have to do is whey up what is happening over the weekend by the forex calender (although conflicts and unforeseen events are uncommon events and can lead to sharp gaps)

Trading long term can benefit you and leaving trades open is no problem. Personally I trade a D1/W1 chart so every weekend I have open positions.

Providing you have allowed yourself to input correct SL on your trades you can sleep easy. Money management is key to all trades and all account balances...without this you are toast...

I have seen many traders produce 100% in one week. Put simply they are not using money management ( or they are letting their EA use too much percentage per trade ).

Dont get me wrong...a 100% increase in equity is good (but fatal)...think long term (for around 10-15% per month) and reap the rewards as your account balance stays with you...:D:eek:
 

stjohn

Member
yes...BIG smile :)) Hopefully I wont let that happen again unless I am well in the money. My brand new grandson was visiting so I was distracted Friday. ...okay, so i had to share cheesy pictures for any of you ladies.
Congratulations, nice photos.:)
 
First of all... if a broker does not guarantee stops ( within 2-5 pips ) then you should change brokers...Your broker should allow a certain slippage but not too much...

Leaving trades open over a weekend is something of a wild-card. If you are a long term trader then this is no problem. If you day trade it could become a problem.

I have seen gaps in the region of 15-45 pips mostly....but they can be 100 pips+

All you have to do is whey up what is happening over the weekend by the forex calender (although conflicts and unforeseen events are uncommon events and can lead to sharp gaps)

Trading long term can benefit you and leaving trades open is no problem. Personally I trade a D1/W1 chart so every weekend I have open positions.

Providing you have allowed yourself to input correct SL on your trades you can sleep easy. Money management is key to all trades and all account balances...without this you are toast...

I have seen many traders produce 100% in one week. Put simply they are not using money management ( or they are letting their EA use too much percentage per trade ).

Dont get me wrong...a 100% increase in equity is good (but fatal)...think long term (for around 10-15% per month) and reap the rewards as your account balance stays with you...:D:eek:
Thank you. I came out on top, total luck, hopefully I won't let that happen again unless intentional. I agree 100% with money management being a key factor to success. I blew through my original $6K very quickly, having no clue, and have since traded myself back up in the past year to over $2500, 10-cent pips only in the beginning, and I dont trade much more than $1 pip now. Sounds crazy to have such a small acount and invest so much time in such small trades, but it is working for me. I do great on a demo with no real money, but enter REAL money and I go to pieces...so trading a demo does me no good. ...hence, the 10-cent pips.

I mentioned in a different post that my biggest problem is being well into the money on a trade and watching patiently as all my profits get stopped out. I am doing a little better with that. The CCI indicator helps this.

I am with FXDD because a course I took a couple of years ago recommended them. I have had a couple of issues, but both times they did credit my account. I recently had my stop run through by 37 pips, and I had traded a $2.5 pip. Didnt realize news was pending at the time, total nightmare, but when I looked at my statment, the math did not add up. The statement showed the trade closing at the stop I had set, but the MATH didn't add up at all. My balance was off by almost $100. I called them and pointed out that the statement obviously was not calculated correctly because the numbers didnt add up. Needless to say now, I check the math on every single trade now...never never will I assume the statement is like a spreadsheet calculating things correctly, because it isn't. Gosh, my fingers got to racing away and I just realized I have rambled on and on... guess that's what you get for being friendly and helpful, eh?

What broker do you recommend? I see you are in the UK. I lived in Brussels Belgium for 3 years while working at NATO HQ. Had a neighbor from Scotland, Joe. He talked SO FAST I could hardly understand him. He got the biggest kick out of making me stare blankly and finally just tell him that I had no clue what he was saying. He introdued me to tea with milk and sugar....gotta say, nasty. ;)

Again, thanks for your help!
 

StaticX

Member
I think it is quite the norm for all new Forex traders to blow their accounts. No ammount of pre-learning or studies or demo trading will ever prepare you for the real thing. I remember when I first started.

I was cocky, thought how hard can this be, I was super successful on multiple demo accounts and was "raking it in on them".... then I go Live.... 2 weeks later I've blown my first $500 account... 1 week later, another $500 account... I then become super angry and decide to take my revenge... and you guessed it... another $500 account down the drain (this time took only 3 days).
Then I start the search for the ultimate indicator, spend who knows how much on gimmicky indicators etc... (that cost me another $500 account)...

Anyway I learnt my lessons, I now humble pray to the forex god every morning, offering him coffee and biscuits. I then sit at my tradestation, very timidly and without a hint of arrogance or cocky-ness (cause he sees all) I begin my trade sessions. Nowdays I still do small lots and use compounding to increase my account.

Cheers
StaticX
 

techboy

Member
To me, Forex trading is more on psychology and less technical,I focus on having the proper mindset and l just do fine, but it is easier said than done but its the only way, traders must learn to take away emotions in Forex. Otherwise you will end up always a loser trading Forex.

I programmed my sub conscious mind everyday, before I open my trading software.

1. The market is always rigth, If I am stopped out, it only means I am wrong.
2. Losing trades are normal in Forex, as long as you implement a proper stop loss, you will be just fine.
3. Emotions has no room in Forex, (hope,fear,greed,pride are disastrous in Forex)

Trade on what you see, not on what you think or your gut feeling is telling!

and the list goes on and on...........
 
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