Do You Still Lose?
Close a Wrong Position As Soon As You Can
Hello 
I am glad that the website is back to work again and hopefully we will not see that kind of problem any more. Unfortunately before the hackers could make the website completely down, they succeeded to post a fake sell signal for USD/CAD that still can be seen on 16th buy/sell signals page (I have not deleted it intentionally). It is a shame that most of you took that position and lost money. It seems they did it right after I announced that I will not post any more signals for that night. I didn’t take a look at the site after my announcement. By the way I am really sorry for the problem and I do my best not to let it happen again. Some IT experts have made the site as secure as possible.
I really don’t know why they do this and what is on this site that has made them upset. For me it is very easy to find them and I will do that just to know who they are and where they are from. But instead of wasting of my time for these things, I spend my time to make the site as secure as possible. They will find out that it is wasting of time to try to hack the website again and they will forget about it.
As usual, during the past a few days I was strongly supported by you nice people. I appreciate all your kindness and attentions. Thanks!
To my hacker(s): Thanks for trying so hard to prove that I am important to you. But I have some news for you. You are not important to me at all. I will keep on what I have been doing and you can not stop me.
Ok!
My special appreciation to Jamie for joining our lending team at Kiva.org. Thanks Jamie! I kiss your generous hands.
Tip of the day:
Close a Wrong Position As Soon As You Can.
Sometimes after taking a position you become realized that it was a wrong decision and you have made a mistake. These kinds of positions usually start going against you very soon. What do you do when this happens to you? Do you close the position or you wait for the price to come back to breakeven to close?
Unfortunately most new and even some experienced traders hesitate to close these kinds of positions. They just wait for the price to come back to breakeven but keep in your mind that it can never happen and you may have to close the position with a heavy loss. So in case of taking a wrong position, just close it as soon as you can. It is always possible that the market changes its direction after you close your position but you never know. It is also possible that if you keep the position, the market keeps on going against you.
Closing a bad position is an important part of the discipline that traders have to have. You have to be strong and disciplined enough to close a wrong position and be happy with the loss as soon as you are realized that it was a wrong position.
Of course it is always possible that a good position goes against you at the beginning. It doesn’t mean that it is a wrong position. You have to be skilled enough to distinguish your mistake. You have to look at the signals. When you see you have picked a wrong and false signal and you have chosen a wrong direction you should close it. You have to be careful not to over analyze specially after you take the position. Do not let your mind realizes you that your position is wrong just because it has gone against you.
It takes time to come to this level. It needs practice and experience. If you become skilled enough with your system and its signals, then you can easily see the signals and when you make a mistake you can find it before it becomes a disaster. So again I have to emphasize that you should find a good system and become expert in it.
Today signals will be posted in the below table at 17:00 EST which is 22:00 GMT. Be on time!
Announcement (22:19 GMT, 19 Feb): Ok! We are done for tonight. No more orders. Click here if you are late.
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Note: |
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| CP | What to Do? | Entry Price | Stop Loss | Trailing Stop | Take Profit | Results |
| EUR/USD | Buy (22:12 GMT, 19th Feb) | 1.2677 | 1.2485 | 85 | 1.2777 | +100 (17:08 GMT, 20 Feb) |
| GBP/USD | - | - | - | - | - | - |
| USD/CHF | Sell (22:00 GMT, 19th Feb) | 1.1732 | 1.1843 | 45 | 1.1682 | -111 (17:08 GMT, 20 Feb) closed by the stop loss. |
| USD/JPY | - | - | - | - | - | - |
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| USD/CAD | - | - | - | - | - | - |
| USD/SGD | - | - | - | - | - | - |
| USD/NOK | - | - | - | - | - | - |
| USD/SEK | - | - | - | - | - | - |
| USD/DKK | - | - | - | - | - | - |
|
|
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| EUR/JPY | - | - | - | - | - | - |
| EUR/CHF | - | - | - | - | - | - |
| EUR/GBP | - | - | - | - | - | - |
| EUR/AUS | - | - | - | - | - | - |
| EUR/CAD | - | - | - | - | - | - |
| EUR/NOK | - | - | - | - | - | - |
|
|
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| GBP/JPY | - | - | - | - | - | - |
| GBP/CHF | - | - | - | - | - | - |
| GBP/AUS | - | - | - | - | - | - |
| GBP/CAD | - | - | - | - | - | - |
|
|
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| CHF/JPY | - | - | - | - | - | - |
| CHF/SGD | - | - | - | - | - | - |
|
|
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| CAD/JPY | - | - | - | - | - | - |
| CAD/CHF | - | - | - | - | - | - |
|
|
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| AUS/USD | - | - | - | - | - | - |
| AUS/JPY | - | - | - | - | - | - |
| AUS/CAD | - | - | - | - | - | - |
| AUS/CHF | - | - | - | - | - | - |
| AUS/NZD | - | - | - | - | - | - |
| AUS/SGD | - | - | - | - | - | - |
|
|
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| NZD/USD | - | - | - | - | - | - |
| NZD/JPY | - | - | - | - | - | - |
|
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| SGD/JPY | - | - | - | - | - | - |
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Total: |
-11 | |||||
Further Reading:
Before
leaving our website, please take a look at the other articles we have published.
Forexoma, thank you for taking the time and effort to get your site up and running again and even more secure. It is unbelievable that *some people* go to such lengths. However you showed them they achieved nothing. I look forward to learning from all your upcoming tips and look for to practising (I am not yet live, only demo mode) with your daily signals.
Kenny
Thanks for your support Kenny.
Hi Forexoma
I see the attempt of the hackers as a boxing match - but this match was a 2 round match - and the hackers underestimated their opponent - they were over confident - they did not train well enough.
In the first round they gave us a huge blow - one that almost sent us to the canvas - only because we did not keep our eye 100% on the match.
In the second round we gave them the knockout punch - we sent them crashing to the canvas - never to get up again…..
TO THE HACKERS - Don’t think you are Mike Tyson if you are not…..
Great to have you back Forexoma - looking forward to some good signals tonight.
Regards
Eugene
Hi Eugene,
Thanks for your kind attentions and support. I am sure they will not waste their time for this website.
Best regards,
Forexoma
Hi Forexoma,
Thanks so much for being up again. It is fascinating to see you back. You are such a dedicated person with highest moral character I have seen in the internet so far. I wish you happiness and success.
Hi Reza,
Thanks for your support and kind attentions. I will be happy to help nice people like you. We have created a nice family here on weboma.com.
Best regards,
Forexoma
Again, Welcome Back!
From a learning perspective, may I humbly offer that this ‘fake signal’ should also be a learning experience for everyone — it’s great to locate and receive profitable signals (thank you!) but if a person doesn’t do their own due diligence on a signal themselves, just taking the signal blindly can be very dangerous.
I don’t mean to sound arrogant, but I saw that “fake signal” and looked at my own chart, did my own analysis, and thought — “huh?” To me, I saw a continuation of the uptrend for the USD/CAD and decided not to take the trade. Thankfully. Quite frankly, I don’t take every trade I see — sure, I lose out on some nice winners at times, but that’s the sacrifice I make for being more conservative than others. But that’s just how I trade. So there’s a lesson here for us all!
Again, welcome back, and thanks for your efforts! -Rick
Hi Rick,
Thanks for your support.
You are right. My main goal here is educating people. I love to tell them why I choose a position. I have not been able to do that since I start posting the signals recently. I just gave the signals. But I will try to do it in future.
Best regards,
Forexoma
Hi Forexoma.
I am glad to see that the hacker did not discourage you.
Thanks for continuing to post the tips and signals.
God bless you and your family.
-Jim
Hi Jim,
Thanks for your support.
Best regards,
Forexoma
I would wonder why on earth any body with his right thinking sense hack this great site that have been helping thousands of people immensively. That goes to show how on unmannerly some people could be even to things that benefit not just to the society but to the hopeless people.
I plead to these people or person to re-think and understand that this website is not profit making site for the owner but as a means of contributing to the society and to those who in one way or the other needs our help and your help too.
PLEASE THINK TWICE BEFORE TRYING SUCH AN EVIL ACT AGAIN.
Nwadima B.
http://www.tiworkingtools.blogspot.com
Dear Forexoma
I am sure you and the entire team at Weboma are aware whom ever placed the USD/CAD signal did not do so for the fun of it, nor did he wnt to prove any points to Weboma family at large, he (or they) had one goal in mind and they achieved it, to take advantage of a loyal audience committed whom have come to trust Weboma’s signals and here is their goal, TO SIMPLY MAKE MONEY at their cost. The fake signal was placed at midnight, the Weboma team started following it and by the mere fact of how FX markets operate, they started placing trade in the opposite direction. Weboma’s loyal and committed members simply accelerated and accelerated the culprits profits and takes throughtout the Far Eat Session, continuing into the European Session and at the end of US Session they withdrew their profits. The culprit operated in an organised manner, just as in organised crime and even if he performs this act once every once in a while, quadrupels his investment in hours. His action was economic fraud and inbetterment at the cost of offers by committing fraud which is considere a criminal offense regardless of the country its committed. There is an actual legal body that polices such activities, called the “Commodity Futures Trading Commission (CFTC)” and if this incident is reported to them, they would be committed by law to follow and find the cuplrit(s) involved and I would highly request that you send deails of this incident to them.
Kind regards, Robert
Hi Robert,
If they really wanted to take the advantage of weboma family then they were absolutely wrong because weboma users who take the positions in their live accounts are not in a number that can have any impact on the market direction. I think this is what they know because it is just about one month that I have started posting the signals.
I think they tried to destroy the trust that weboma users have. They wanted to make people suspicious and skeptical to all the signals they see on this site. I am happy that they did it now because it is the best time to prevent these problems to happen in future.
They really made me to think about this issue seriously and make the website as secure as possible. It will be even better in future. I have even asked one of my friends who is a “white hat” hacker to check the site and try to hack it. He is supposed to find all the possible doors that can still be open.
I am sure we will never have such a problem in future.
Best regards,
Forexoma
Dear Forexoma
A hacker by definition is referred to as such once it’s malicious activity is exposed and from that point onwards the trust of the use community at risk of “questioning actions” may be restored. I thought you may state that you would state that the “number of Weboma traders cant move the market” but i seriously tend to disagree, if you look at the chart for that evening, the amount and volume of buying from 12 midnght when the signal was placed thru 10am broke all records for a 10-hour period, so i think you may be underestimating the number and volume of trades commanded by Weboma. As “short” trades were pouring in, he/they were pouring in opposing “long” trades throughoutthe process. He/they made serious gains at our cost. But you are absolutely correct about the fact that the incident i cause for the Weboma clients to question each and every trade going forward not being sure if it’s authentic or in fact a 3rd party has hijacked the site and therefore fake. For example and to be honest, looking at the signals of last night i would be lying if i didnt say after seeing them i didnt quietly think t my self based on carts and technicals that they were quite the opposite direction of the trend and hence think that perhaps the 3rd party is still in command of th site and hence i have been dupped yet again. But again i thought to my self im not an expert and I trust Forexoma so i will take his direction. Now 8 hours later, looking at the charts i see that my aprehension about the directions in both trades were in fact correct but then i think any trade can go bad. Any how, i wish the best for all those that are a part of the Weboma family and shall keep my fingers crossed that I shall not be dupped ever again and hope that the old saying which goes, “if it’s too good to be true it probably is” doesnt apply because I strongly am a believer that there are a minority out there with the sole intention of doing good for others and their failure to do so hinders them from the calm that such good will action provides and the opposite as well, those “no good” fraudsters that take advantage of the weakness in others who will never have pleasure of a good nights sleep and have to always watch their back.
Kind regards, Robert
Dear Forexoma,
In turkey we have a proverb that says that a bad next-door neighbor pushes you to become a house owner.
i think it’s the best way to learn Forexoma will probably agree with me.
What happened to your website helps you to improve the security. It’s like a “free” security evaluation
I like your positive attitude to stay like that…
i’m new in i dont have experience in forex trading but i’m wiling to learn,
The hackers post a wrong signal sorry for those who used that signal. IF i can give an simple advise is to check the signal in a charts and try to understand why he took that position before using the signal even if it comes from a trusted person like our best Guru Forexoma
Regards
sami.s.
Hi Sami,
Thanks for your comment. You are absolutely right. People should think any analyze the market and then take the positions I suggest.
Best regards,
Forexoma
Dear Forexoma,
I have a question. For today’s signal for EUR/USD it says Buy (22:12 GMT, 19th Feb). The entry price was 1.2677 with the stop loss at 1.2485 which is 192 pips. The stated trailing stop is 85, so I am wondering why the stop loss is not calculated as 1.2677 - 0.0085 = 1.2592.
Thank you very much,
Reza
Hi Reza,
The trailing stop just moves the stop loss to breakeven when the position is in profit for 85 pips. Then it moves the stop one pip further for each pip that the market keeps on moving toward the target. Trailing stop has nothing to do with the initial position of the stop loss.
Best regards,
Forexoma
Forexoma,
It is a pity some chose to hate instead of trying to help others like you are doing..
I agree Rad. Sadly, with all the freedom the Internet gives us, we have to live with an element that benefits at the expense of others. I could forgive a defacement, but there is no excuse for malicious behavior like putting up a bad signal. As Robert said above, it might be wise to send the details of the incident.
Hi Forexoma,
It’s great that your site is back.
Since today’s topic is about closing a wrong position. I was wondering whether it would be possible for you to post the reasons for closing wrong positions on your pages. On a few occasions I was puzzled as to whether to close wrong positions. In fact, I am wondring if today is one of the days that these two should be closed earily. Getting comments from you would be very beneficial, in my view.
Regards,
Dan
The fake signal plus tonights tip had me spooked, so I bailed out early. I placed stop orders to get back in if they reverse.
I wish i had as well. My better judgement told me to not come at all, but trust seems to prevail especially when you have such a nice pertson like Forexoma at the helm. I truly hope we werent dupped again, if we were than it’s our own fault. For your benefit, this i a very good and safe entry point to test on both trades for a short while. Finger’s crossed.
Perhaps not USD/CHF just hit the Stop Loss. This Stop Loss was much tighter than what Forexoma normally uses just as it was with the fake USD/CAD signal. Not really sure what’s going on.
I hope Forexoma will comment on these two trades. I always learn more from losing positions. So far this one taught me not to go against the trend.
Not only going against the trend, but x2. USD/CHF is the symmetrical opposite of EUR/USD +/- a small toelerance. So by going Long EUR/USD and Short USD/CHF you are basically not only not hedging possible market exposure but doubling it.
I am really curious to learn what the signal was for these two. I am still too much of an fx noob to see some of the less obvious signals that someone with Forexoma’s experience can detect.
Considering we had such a great run the past few weeks. I guess the odds were just not in our favor this time.
We just need to be more patient. Sometimes a trade doesn’t go to profit right away and sometimes we have to keep a position for several days.
Some move there in the last hour. My stop buy orders got filled and I hit TP! Howerver, I feel more lucky than good.
You sound like a very seasoned and experienced trader JimS, perhaps you can provide add value and contribute more of your wisdom and assist Forexoma in helping us make more profitable trades!
Not experienced in currency. I am learning that it is very different from trading stocks.
The other day I came across “Jacko’s Anti-Hedging Strategy” and it seemed to make sense, so I tried it on these trades and it seemed to work today.
Right-o
Hi Jim,
Yes we should not go against the trend but a trend will be finished finally. I go against it when I see a good reversal signal. As you saw both positions were correct. The only problem was the USD/CHF stop loss that was too tight.
I hope you have not closed any of those positions manually because the day was ended with a profit because of the pip value of EUR/USD which is bigger than USD/CHF.
Best regards,
Forexoma
Thanks Forexoma. I will study the charts.
I actually did very well on the USD/CHF. I closed it early and entered a sell stop to get back in if it turned around. I ended up +40 on that trade and went to Kiva
Hi James,
Don’t worry about the fake signals any more. It will never happen again. Our positions were correct. Just the stop loss was too tight with USD/CHF.
Best regards,
Forexoma
Hi Dan,
I close some positions when they get too close to the target and then return. So I close them not to let the profit to go away. Also sometimes when I have a position and market doesn’t move as I expected I close it. Usually it happens at about 15:00 GMT of the next day. As soon as I close a position I post it on the site on the same page that the signal was posted.
This is what you will learn as you become more experienced.
Today positions were good and correct position. USD/CHF triggered the stop loss because it was a tight stop loss and I really didn’t expect such a long upper shadow on the daily chart after so many small candles. If the stop loss was about 20 pips higher, that position would be closed with a 50 pips profit. Also as you saw EUR/USD triggered the target. In total the day was finished with a small profit of $72 (in case you traded one lot for each position) because the pip value of EUR/USD is higher than USD/CHF. So it was a good day
Best regards,
Forexoma
Hi Forexoma,
I am a newbie and I am learning.I have been visiting your site regularly for a couple of months since I stumbled onto it and I am glad I did. Your coaching is simply marvellous. Not many people are willing to share for free.
Your willingness to teach, share and impart knowledge is commendable. You are truly one cut above. I lost thousands on most of my trades, blindly taking up wrong positions untill I followed your signals on 16.2.09..AUD/CHF and made 103 pips (I am still on Demo)
I was shocked to find your website hacked on my next visit. At first I thought it was my pc then I realised everyone else was affected. Who in this world would do such a wicked thing. My conclusions are whoever they are, they are simply jealous of your success,generosity and good intentions. Thank God you have your supporters. I still have alot to learn, hopefully be able to interpret signals on my own through your help. As the sayings goes.. “Give a man
some fish he survives for a day, give him a rod and teach him how to fish it’s survival for a lifetime”.
Thank You for all the hard work done, sacrificing your own personal time so that others may benefit is truly great.
God Bless You
Sincere Regards
Charles Wong
Hi Charles,
Thanks for your kindly attentions. I am glad that I could help.
Best regards,
Forexoma
As a newbee to your site, am I correct in understanding that if the trade as triggered (when checking your site) do not take the trade. Basically your trades are “pending” trades?
Regards,
Dan
No. If I place a pending order I will mention that it is a pending order.
As you everyne is aware we got stopped out of the USD/CHF position unless you were smart enough to get out early (i wasnt) and surely you saw EUR/USD go through the roof, the reason being announced due to late european, German and Swiss Central Banks off loading USD across the board which they found over valued which caused ALL currency pairs against USD to go through the roof within 5-minutes not only because of the Central Bank off load of USD but also the resulting of the domino effect of all the triggered short coverings. Unfortunately, as surely many others did due to the technicals for EUR/USD i had already abandoned at break-even but i am sure many were much smarter than me and made 160 pips on that trade which i duly commend them. Hopefully i shall grow up to understand how this wishy washy market works one day.
I was late for the USD/CHF. So I set a pending trade @ the said entry value. It entered the trade only today on the down trend and gave me a winner. But I’m a newbie to Forex so I’m still in the learning business so not making any money, un/fortunately.
Forexoma,
I am a new follower to your site and I got very upset with the hacker situation. I prayed for you because I know you are a man of God. Thanks for your Forex ministry. You can count on my Prayers for you.
Leonel
Hi Leonel,
Thanks for your attentions. Hackers are not able to make any more problems for us.
Best regards,
Forexoma
Hi, Forexoma. Let me echo the same sentiments as others here. I can’t believe someone would be so unclassy as to attack your site. Thank you for working to get it back up so quickly.
I took and lost on both of Friday’s signals. You mentioned that you closed your positions early. Could you share what it was that led you to believe it was best to close them? How ironic that you wrote about this very subject yesterday!
Also, are you looking at the daily charts for your signals? And which broker’s platform do you use? When does the daily bar end for you? I am curious because that could make a big difference in interpreting the bars. I am with IBFX. Their daily bar ends at GMT 0.
Thanks, Forexoma.
Hi Scott,
Thanks for your comment.
Which positions are you talking about?
With most brokers the new daily candle comes at GMT 0. I look at the weekly, daily and 4hrs charts.
Best regards,
Forexoma
Hi Scott,
How did you lose on both positions? The EUR/USD made 100 pips?
Is it possible you haven’t enabled the rollover with your broker?
Ross
Hi Forexoma,
I was wondering why I was not receiving you signals lately. Now I see why. Thanks a lot for your help Forexoma.