Forex is mentally getting the better of me. Do I quit?
Hello everyone. I apologize for barging into this one with an irrelevant topic. I hope someone can give this a read and an honest reply as I really don't have any clue to who I can talk about this. I'm a 23 y old who was fortunate to have a mother save up some cash over the past years to get me started once I finished university with a balance of 5000EUR. I worked for about a year, spend money, save money. At the end of the year, getting me around 12.000EUR. I got into forex after an advert that I read about a brokerage that has high swaps but freely helps you manage your account and helps you make trades. I put in 200EUR, and fairly quickly I started to see it grow by 10EUR per trade. The hype was on, and my broker suggested me to move to 1000. I listened and I dumped another 1000 on it (because I would receive an amazing 1000EUR credit on MT4) putting my balance at 2500 something. Now the trades were going up by 100 and I was on Cloud 9... Not so long after that, my broker came with an amazing Idea "THE RISK FREE TRADE DOCUMENT" I was very suspicious at first. But in the end I followed him because I didnt really have a reason not to so far. "Put in 3000 and withdraw within 2 weeks and we cover any losses". So I did it. I know have an account with 4500EUR of my money in. So far, every trade, that this man made on my account, turned positive. But for one main reason, he doesnt use stop loss. Fast forward to the end of the contract. I still have an open position. Its pretty bad, -8000EUR in BTC. But some excuse is made up and apparantly he made a mistake causing the contract to be invalid. So far my account is on +20000EUR so it would suck to lose it. Confident as he is that BTC will go back up we leave it sitting there. More trades go by, and slowly we start indeed recovering the -8000. Fastforward The attack on OIL reserves drives USOIL up immensly, my broker buys a big lot and in 1 trade we make 15.000EUR profit. Im shaking. Dont know what to do. I asked multiple times by now to withdraw some money to my bankaccount. But due to open trades (the -8000) the financial department refuses. Fastforward We open a trade on sell on NAS100. The trade goes into buy direction. 1K loss, 2K loss, 5k loss, 10K loss, 20K loss (as my account is still positive, he holds on to the point that it would be a shame to throw away all the money by closing the trade, which we worked for so hard, so we leave it open. ... 40.000 loss, and my account is officially in negative margin, big panic from my broker HE NEEDS MONEY, A NEW DEPOSIT, AT LEAST 5K AND I RECEIVE 10K CREDIT he says. Scared as I am, and still convinced that he really knows his trades I follow him. From my 12K initially in my bank, I have now 9000+ in two accounts, because that way ( he says) im always able to withdraw. ( the 10K credit has been provided do account 1 to keep it in positive margin) - Account 1: balance 40.000 credit: 20.000 open trades: -55.000 - Account 2: balance 5.000 - - Fastforward to last friday. Another trade goes south and to save everything he wanted to do exactly the same. Again I listened, as he told me I can "withdraw this whenever I want and need to pay bills this or next week" I cough up my last 3,500EUR I saved up extra until now. I have 900 left in my account on the bank. Its now monday, I need to pay bills this week, the trade position that went bad actually recovered and broke even with swap, and STILL he asked me to wait once more to withdraw the 3.500EUR until tomorrow morning. - Account 1: balance 40.000 credit: 29.000 open trades: -55.000 - Account 2: balance 8500 - - The last months were extatic, but especially very depressing the last weeks. Im starting to feel incredibly ashamed "did I fall for a sleek salesman?". "What will my girlfriend say about this?" "Can the situation still be saved?" "Can I actually withdraw from my second account?" "What if my account goes negative now?" Experts, should I just close each and every open trade, take the 5000EUR loss and recover the other 8000EUR? I really dont know if my mental can take these fake promises any longer, in the hope that it recovers. The thing that haunts me the most is explaining to my mrs. She knows about the initial 4.500. Not the other 8000. Thank you some much for your time.
If one wanted to buy/long USOIL right now at $0.01, what would be the best way of doing this other than buying stocks/ETFs related? For example, you could buy WTI, UKOIL, EURUSD, etc. I see USOIL has its own ticker. Can you buy it just like you would UKOIL or EURUSD by trading it on a Forex/commodity platform like MT4? Sorry for the noob question, never traded oil this way and would love to look into that risk at $0.01...
Overview of Crude Oil: WTI Continues to Climb on Trade Hopes
https://preview.redd.it/6jwzlswr7c921.png?width=743&format=png&auto=webp&s=650d9a331b450297e7de6bfde965dfea3f0e06dd US Oil – also known as West Texas Intermediate (WTI) and Texas Sweet Light – is another type of ‘sweet light’ crude oil, that has a lower sulphur content and density than UK Oil. It is drilled in North America, primarily in Texas, Louisiana and North Dakota, and sent via pipeline to Cushing, Oklahoma for price settlement. As this is a landlocked area, most WTI oil is consumed in the US, making this the primary benchmark for the US market. According to the analysis, USOil.x pair is expected to find support at 48.95, and a fall through could take it to the next support level of 47.89. The pair is expected to find its first resistance at 50.60, and a rise through could take it to the next resistance level of 51.89. USOil.x previous day range was 16500 and current day range is 9000. · US-China trade talks continue, and markets continue to bid up on hopes of progress. · Commodities are catching a relief run on hopes of improving trade, after a tense ending to 2018. Crude energies markets are continuing to spin higher as investors hope for peaceful trade talks to resolve between the US and China, which are at present underway at the vice-ministerial level, extending into a third day of talks with traders awaiting announcements following the trade meetings. Trade tensions between the US and China have spun out broader market sentiment in recent months, and investors are looking for any signs of a recovery in global trade in order to offset the increasing signs of economic slowdown across the planet for 2019. The Energy Information Administration's (EIA) Crude Oil Stocks Change Indicator is published weekly. It measures the number of barrels of commercial crude oil held by US companies. It is one of the indicators affecting world oil prices. Growing crude oil stocks indicate a weaker demand for oil and can have a negative impact on the oil barrel price.
AUD/CAD Technical Analysis. Potential for a long term set up.
AUD/CAD's recently caught my attention, for a few reasons. Going to attempt some fundies, and then look at some tech for setups. The Loonie
CAD has taken a thrashing in the last few months, making it the standout in terms of low correlation with just about anything. This is due mostly to Mark Carney's departure and the BOC changing its stance on interest rates from hawkish to neutral. This selling might be overdone.
This breakdown in correlation is a symptom of a much larger issue - the divorce of price action from risk trends. The weakening in CAD is mostly a result of large funds and corporates deleveraging, and getting rid of their Loonies as quickly as possible to avoid fallout from the above.
The Loonie is, however, correlated with oil prices
USOil, D1 http://i.imgur.com/AIUxB3f.png Looks pretty bullish to me. Any serious crisis could spark a lot of volatility, pushing price through the 110 ceiling. It's unlikely, granted, but it's difficult to see a drastic fall in oil demand any time soon. On the other hand, we have the Australian dollar
I'm very bearish, but I know the selling is overdone.
AUD/USD has lost a lot of its correlation with Gold lately, but it still correlates reasonably well to any decent commodities index:
https://www.tradingview.com/x/m6y9Vz7b/ That's not a great chart, but you can clearly see what's happening there. Generally in a downward trending range, which looks rather overbought at the moment. A break to the upside would be extremely bullish for the Aussie, but that's not very likely given rumours of slowing demand from China and a declining gold price. I know there are a few gold bugs lurking in this sub who are going to argue with me, but I'm pretty bearish on Gold as well.
So in a nutshell my bias could be summed up as neutral to bullish CAD, neutral to bearish AUD. Here's the AUD/CAD daily: http://i.imgur.com/y5acVLB.png The top pink rectangle is an absolutely pivotal supply/demand area that has long since been breached. We're currently within a downward channel (much cleaner than AUD/USD's) after failing above the 50% retracement of the year's decline and an attempt to clear this zone. The orange line is the 100 Month moving average, but don't get too excited - it hasn't done a great job of providing major support or resistance for as long as I have chart data. The current channel, if it continues, will bring us very neatly to the rising line connecting the July 2010 and July 2013 lows, as well as a strong demand area, and roughly the 0.382 retracement of the move from 2010 to 2013. This area is the last chance for bulls. At the point marked with a green circle on my chart I'll be watching price action very carefully. It might take a few days to play out, or it could happen very quickly, but price will probably give us an indication of where it will be heading in 2014 if it gets to that level. There are two trades:
A bounce. I prefer this from a technical perspective, but it doesn't align with my fundamental bias. I'll trade what I see though and if a spike low is formed around this area I will enter long with a stop below that spike, and targeting 0.9700, parity and 1.0500.
A break of the 0.9250 area and retest and failure at this level opens up a lot of downside targets - noted in green as fibonacci extensions. If this happens, the challenge will be judging if there is sufficient volatility to give the move continuation, and finding a suitable level to trade against. Downside targets are 0.900, 0.8800 and 0.8600
Live Charts (FX:USOIL) ... Founded in 2008, ForexLive.com is the premier forex trading news site offering interesting commentary, opinion and analysis for true FX trading professionals. Get the ... USOIL Buyers Butterfly Rise Up to around 44 5. 1. Crude oil trend reversal on 4hour chart. USOIL, 240. Long. Aroundthesun . EMA 50 broke through the EMA 100 and EMA 200 on the 4-hour chart. Vaccin news is indicating the world will go back to pre-covid. The above could indicate a trend reversal. This is not financial advice, just an idea. Leave a suggestion in the comment section. 2. 0. Analisa ... Für USOIL (WIT) im H1 ergab sich ein bump and run reversal bottom nach Bulkowski (thepatternsite.com), was die höchste overall perfomance im Sinne des Autors aufweist. Ziele ergeben sich dann im Bereich um 41,5 Keine Empfehlung und Grüße an alle, die sich an den Fehlprognosen anderer ergötzen und darin suhlen. Happy Wednesday! FOREX.com may, from time to time, offer payment processing services with respect to card deposits through its affiliate, GAIN Capital UK Ltd, Devon House, 58 St Katharine’s Way, London, E1W 1JP, United Kingdom. GAIN Global Markets Inc. is part of the GAIN Capital Holdings, Inc. group of companies, which has its principal place of business at 135 US Hwy 202/206, Bedminster, NJ 07921, USA. All ... Für USOIL (WIT) im H1 ergab sich ein bump and run reversal bottom nach Bulkowski (thepatternsite.com), was die höchste overall perfomance im Sinne des Autors aufweist. Ziele ergeben sich dann im Bereich um 41,5 Keine Empfehlung und Grüße an alle, die sich an den Fehlprognosen anderer ergötzen und darin suhlen. Happy Wednesday! Risk Warning: Trading forex, cryptocurrencies, indices, and commodities are potentially high risk and may not be suitable for all investors. The high level of leverage can work both for and against traders. Before any investment in forex, cryptocurrencies, indices, and commodities you need to carefully consider your targets, previous experience, and risk level. Trading may result in the loss ... USOIL Buyers Butterfly Rise Up to around 44 5. 0. Crude oil trend reversal on 4hour chart. USOIL, 240. Long. Aroundthesun . EMA 50 broke through the EMA 100 and EMA 200 on the 4-hour chart. Vaccin news is indicating the world will go back to pre-covid. The above could indicate a trend reversal. This is not financial advice, just an idea. Leave a suggestion in the comment section. 2. 0. Analisa ...
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