I need help please

[MartinLukasik]

Hi,

i am posting here as I really need your help.

im a total newbie to FOREX. And as it often happens I made a few wrong decisions.

I have a few opened positions and I don’t know what to do.

i do not intend to get your magic rule on how to make money as I know I would most likely have to pay for a professional advice but could you please help me so I won’t lose too much now? I’m really desperate.

I invested in GBPvsCHF.
Pound was quite low, I was hoping after loosening the lockdown slightly it was gonna go up. I know, total stupid.

At the moment I’m losing almost £200 While my budget was about £800.

That is really bad. I don’t really want to close the positions with GBP now as losing £200 now Is a fortune for me and I know that maybe sooner or later GBP will go up.

Maybe now much enough to make me money but at least to reduce losses. Is it possible?

Please see the charts.


Please help. I’m begging you.

should I hold it? do you think I will be able to sell with reduced losses soon or will it not go up anytime soon?
thank you so much.

im sorry if this topic doesn’t meet rules.

thank you in advance.

 

[Enivid]

No, you shouldn't be holding a trade that went against the plan. I recommend closing it as soon as possible. Next time, it is best to set a hard stop-loss on your trade and size your position so as not to lose more than 1-5% of your account balance in case it goes wrong way.

 

[MartinLukasik]

Thank you very much