i am in a big loss in gbp/usd pair these days.i bought it at 2.08 and its now at 1.98.should i sell or keep it?moreover i m planning to convery to euros.are euro have potential to move up.wat do u think?
2007-12-25 14:02:06 · 3 answers · asked by Inam 4 in Business & Finance ➔ Investing
You're in FX and you don't have an exit strategy (or stop). This is nuts. I hate to come down on you like this but...... get out of this position. Not because it's right or wrong. Simply because you had no plan.
Stop all your FX trading now. Take a year or more to learn this stuff. 95% of all FX traders lose their accounts. You obviously got in with a minimul understanding of what this is all about. Having the correct money management stradegy is more important than picking the right "direction".
Consider yourself warned.
2007-12-25 14:26:47 · answer #1 · answered by Common Sense 7 · 0⤊ 0⤋
Personally, I would cut my losses if possible but if you did your research on this currency pair, then I would stick it out. Euros are gaining strength against USD so this would be the best bet for you...If you need further information about the Forex, check out: http://www.forexvendors.com. They outline a good trading strategy and offer other Forex-based programs.
2007-12-25 22:15:30 · answer #2 · answered by bigtimeoperations 3 · 0⤊ 0⤋
I think you're in over your head.
2007-12-25 22:06:45 · answer #3 · answered by npk 7 · 2⤊ 0⤋