Is Crude

[pontys]

Hello all, 

 

I’m in need of some advice, my ig account has been severely decimated, without even me being let know. 
Is this normal, even legal? 
Still holding some crude oil and cannot figure this overnight funding calculation bit. 
one position of 21purchased at 1623.4. 
 

Please  advise! 

 

[M1das_Touch]

Hi, wonder if could offer a bit of friendly advice? It seems to me that you could really do with introducing some urgent risk management into your trading. Monitoring large positions is essential, as is learning how to cut losses, not adding to positions that are already seriously in the red. Can highly recommend a book by Mark Douglas called 'The Disciplined Trader' - it's a great read and could help give you the mindset to protect your capital in future and avoid these kinds of situations arising. IG will give margin calls as appropriate, but are under no obligation to notify you that your portfolio is being decimated as you put it. Really sorry that you're so badly under water...but learning to cut losses quickly is the best way to avoid serious losses (and significant overnight funding charges).

[dan-is-dead]

excellent advice above....I guess at least you diversified! Panic not....I have lost lots more and traded it back...

Cut losses, dust your self down, do not trade when you are angry/emotional you will only find disaster.  Learn what it is you did wrong....dis associate yourself from your trading account to your personal one...they must be separate....do not take your losses home with you in to your personal life.....

Er...the darkest hour is before dawn! Take a breath....feel your pain...hang on in there....

 

 

 

[dan-is-dead]

One last thing....trade, trade ,trade....do not enter a position and hope the price will go in your direction...thats gambling....analyse, most of all let the trend be your friend...corny i know...but it works..... 

[bluebird4211]

Man with respect your crazy, 1 its your responsibility to watch your trades, sometimes you get alerts, but not always,

2 why on earth go long on oil when everything so mad, AML, read their own press alerts things tight , no insult intended ive had good and bad days ,Know this markets are crooked , there are patterns and there are manipulating traders, TRENDS very important,you really need to learn that some news stories misleading and sometimes when press deadlines looming reports are guesswork to hit deadlines and can not be relied on ,dont just read reports on here cross ref with Benzinga, Marketwatch, you will see conflicting stories, now is not good time to trade if your not seasoned. use demo account ,i would reccomend do at least 50 trades using research ,get a feel for ,it using news watch how volatile,your trades can be closed without notificationand why suh large amounts ,so many trdes if your not keping an eye out,good luck but take a step back for now,i am no expert but those trades strike me as awful.i have done about 65 trades on demo as market so wild with 91% success ,but not trading real$ at moment getting the feel before getting back in, good luck.

[bluebird4211]

OIL  £1623.4   Purchase price    minus £1237.2  Current price  =  loss of  Per Barrel  £386.2  x 21Barrels   = - £8110.20 is Correct  

Just incase ,figs can be confusing if novice £386.2 would be three pounds 86.2p

Hope this helps , remember each point is a pip so effectivley you lost 386.2 x 21 = 8110.20

[Guest John]

Create a trading plan ASAP and follow it on every single trade! No more trading until you have one. Outline entry, exit, position sizing/risk management etc.

USE A STOP LOSS ON EVERY TRADE, NOT A MENTAL ONE, SET IT UPON ENTRY OF NEW TRADE

The hardest part of trading is discipline/patients - trading psychology - sticking to your plan

 All trading plans will fail with out discipline and patients....I've been there done that :)

 

[dan-is-dead]

Bluebird, great contribution....

22 hours ago, bluebird4211 said:

Man with respect your crazy, 1 its your responsibility to watch your trades, sometimes you get alerts, but not always,

However its hardly going to help...is it?

 

[bluebird4211]

Yes if you keep eye on them you can get out limit the loss , your reply is like driving a car at a wall and not hitting the brake.