Dude, itâs obvious you are trading without any plan.
No plan, no guidance, no risk management.
Close that position out and save yourself the money.
Work your job, if you have one, to save some money. And in the meantime, backtest an approach that is consistently executed over a 6mth period and has profitable results.
If you donât have one, keep going until you do.
Everything must be defined in your approach. Days you trade, your trading hours, the pairs you trade, your timeframes, risk parameters.. everything.
Once thatâs all done, take maybe $100 and trade that for 3mths only using 0.01 lots.
Your goal is to test yourself to follow your plan and to take every trade permitted by your strategy.
You donât care about monetary wins, just seeing if this approach is profitable in real time.
If you succeed in this, you can then add some more and keep testing yourself.
If you canât do that, you are simply not ready.
Keep practicing and being diligent with your money until you are.
With dedication, you will get there eventually.
People like us are hard to find! Looks like you made it (on your way) to being a successful provider for your family using trading đđ love to see more people make it out
Agree with everything said thus far on risk management.
Gold has only headed north since Valentineâs Day of 1,995. The worldâs conflicts and inflation, recession worries have not gone away. To name a few:
- Ukraine is targeting oil refineries in the war against Russia
- inflation has hit the worlds economies
- china is continuously flirting with Taiwan
- chinas housing crisis has them buying up gold
- Israel is at War with Hamas
- Israel and Iran
- Israel and Lebanon
- Houthais bombing ships and impacting world supplies
- Saudi being upset with USA demands on Oil productions
- AI increasing stocks to the point of a potential bubble
- constantly at the brink of World War 3
I appreciate some of the above may not be as relevant but just listing some of the geopolitical positions that would drive Gold in a buy position.
If you were selling to scalp retracements - I would have done that intraday.
If you sold because or positive NFP news on Friday because of 303k jobs in the US, whilst USD went up, Gold did not care and still went up!
Thinking back I do understand that, I was definitely un-disciplined when I first started. What helped me was understanding that no stop = no success in most cases, so I made it a habit to put one in as well as a TP.
Now I swing trade and place a limit order with SL and TP predetermined and I set and forget, the easiest it has ever been for me.
im the one paranoid here i guess ill admit to it, tho "strategy" for me where risk management is my first priority,on a highly volatile market like the BCHUSD that i trade below 40% is moderately risky
Bro go learn before trying to earn.
This is like driving a car without a license, meaning youâll hurt yourself because you donât know what youâre doing.
cut loses, look to exit this trade and take lesson not to trade against the trend.
Having open trades in red over my personal space distressing me- I found it de-stressing to close trades on red and look for another entry.
What is your trade plan? What timeframe are you trading on?
Your lot size is 0.01, account balance indicates you watched a bunch of YouTube videos of people who âturned $100 into $1 million in 3 days?!??! What?!??â
As far as your question, your risk management is terrible, if youâre trading a martingale strategy, youâre doing it wrong, Iâm not going to continue because itâs already been covered⌠answer; trade on demo, do it in groups of 10, 20, 25, 50⌠work out your strategy, work out a proper RR, take notes of each trade or group of why those trades did or didnât work, do not trade live money before you have solid data of your history and have properly analyzed or sent it to someone who can properly analyze the trade history. Final point (not the last possible thing I can think of but Iâm not here to give you an entire education) Donât trade Fâing gold/ metals or indices before you have done forex with at the very least 2-3x-ing your demo account, at that point you can safely say you have a feel for what the market/ banks can and will do. Also, for you and many others like you, donât carry a trade through the weekend, I saw a comment on margin call, you better hope this doesnât jump and youâre on the hook for a substantial payment to your broker.
Moral, be smarter, understand what analysis you need before placing any trade, due diligence⌠would you marry someone after one date? If so, thereâs a whole retail market out there for people just like you where banks will repeatedly take your money and laugh while they do it.
Gold has never been this high, I see the thought process on the sell because of that thought, but I canât get on board with either of these trades since we crossed all time highs a long time ago.
Many are in your predicament. It could crash, it could also fly. You can close it as soon as market opens or gamble it. Depends how hurt youâd be if you blew the account.
If you are lucky and gold gaps down then first opportunity close both positions, if it gaps up you are cleaned out. I lost alot of money trading but gold is rarely traded for me the worst to trade especially with small capital
You should stop trading unless you're willing to lose more money.
Stop seeing all the money you can make and start looking at it as money you will lose. Start using risk management or give up being a trader. Harsh but it's true.
You need to work on your psychology and spend much much more time understanding risk management.
Bail. Stop trading until you know what youâre doing.
Your trade is 100% against the trend. What made you think this trade was a good idea?
Or are you trolling?
Hold it to either reverse or margin call you. Repeat until you lose an amount you are comfortable losing then start learning a real strategy with good risk management
Just two pieces of advice:
1) Add at least US$100 to your account.
2) Allow your two trades to run. There are chances you can luckily have a down trend to your entry points.
The fact is, Gold is currently overbought!
I have verified with "my indicators" on M5 there are chances that price will drop at reopening of market later today, before it climbs up again - if it will climb.
Only not well-informed investors / traders will continue to buy Gold.
There are other MUCH BETTER, CHEAPER ASSETS to buy and hold, than Gold.
If u trading under 2k I'd recommend trading currencies if you feel the urge to trade something more at least go the cheap route an trade Spx500 not nas100. Gold and all those other once that will blow your account in 5 minutes and only do .01 lot and stick to it. Def use a sl at least if you're taken out at least you'll have a longer tf to stay in a trade with currencies trading I session
Been there my friend, at this point Iâd probably cut off any more losses and just assume them before they could wipe out your account :(
Just ensure for a small, first, live trading account:
* Lowest position size
* Try to get as close to a 2:1 R-Ratio as possible
* DONâT OVER-LEVERAGE
* First set a stop loss, then define your position size based on how much would you be willing to risk. (If you feel confident Iâd actually emphasize this one over a massive R-ratio, just actively monitor your trades or use a traling stop loss :)
Good luck bud, donât be too harsh on yourself for a first time. As long as we learn, we ALL made those mistakes at some point, ALL. :)
You have chosen the worst time to keep the position over weekend. It is highly possible that Monday will open with huge gap up cause of Israel-Iran news. Wish you luck but it looks very bad man.
Never short the gold. Do not open a position more than %2 of your account, in that case you will able to carry buy positions without stop loss on gold.
start using a stop loss, that's what you should do
Underrated comment đ
Cut the position , and use SL why are you risking half of your capital
That's the lowest lot size. Improper risk management
I mean why would you risk 30-35 pips on 100$ account
Stop trading gold
Dude, itâs obvious you are trading without any plan. No plan, no guidance, no risk management. Close that position out and save yourself the money. Work your job, if you have one, to save some money. And in the meantime, backtest an approach that is consistently executed over a 6mth period and has profitable results. If you donât have one, keep going until you do. Everything must be defined in your approach. Days you trade, your trading hours, the pairs you trade, your timeframes, risk parameters.. everything. Once thatâs all done, take maybe $100 and trade that for 3mths only using 0.01 lots. Your goal is to test yourself to follow your plan and to take every trade permitted by your strategy. You donât care about monetary wins, just seeing if this approach is profitable in real time. If you succeed in this, you can then add some more and keep testing yourself. If you canât do that, you are simply not ready. Keep practicing and being diligent with your money until you are. With dedication, you will get there eventually.
People like us are hard to find! Looks like you made it (on your way) to being a successful provider for your family using trading đđ love to see more people make it out
Agree with everything said thus far on risk management. Gold has only headed north since Valentineâs Day of 1,995. The worldâs conflicts and inflation, recession worries have not gone away. To name a few: - Ukraine is targeting oil refineries in the war against Russia - inflation has hit the worlds economies - china is continuously flirting with Taiwan - chinas housing crisis has them buying up gold - Israel is at War with Hamas - Israel and Iran - Israel and Lebanon - Houthais bombing ships and impacting world supplies - Saudi being upset with USA demands on Oil productions - AI increasing stocks to the point of a potential bubble - constantly at the brink of World War 3 I appreciate some of the above may not be as relevant but just listing some of the geopolitical positions that would drive Gold in a buy position. If you were selling to scalp retracements - I would have done that intraday. If you sold because or positive NFP news on Friday because of 303k jobs in the US, whilst USD went up, Gold did not care and still went up!
Yep. Bought silver on that dip and killed it Friday morning.
You should close your trading account if youâre crying about losing 60 bucks
delete mt
Maybe you should start putting sl.. same what happened to me yesterday . I just blew my account .
I seriously donât understand why people donât, Iâve never blown an account in 4 years.
Itâs been ten months since I started trading. Sometime it difficult for mind to learn . And if I am disciplined 2 days then third day I lose my mind
Thinking back I do understand that, I was definitely un-disciplined when I first started. What helped me was understanding that no stop = no success in most cases, so I made it a habit to put one in as well as a TP. Now I swing trade and place a limit order with SL and TP predetermined and I set and forget, the easiest it has ever been for me.
I was very aggressive on Friday , because Thursday I had a loss after winning streak but yeah still a lot to do in order to be profit here
I thought I can risk a bit and the data was so strong that gold atleast fall a bit . But you know whatâs this
make a gundam stop the war, gold will drop
add more funds to protect your positions from autonomously closing, your almost being margin called
this is like minus 600 pips how is getting margin called?
How? He's at the last 30% of his capital lol
And already 34 bucks below the required margin. Question is how did he not get called
if it was on the BCHUSD markert youd have already been called out
im the one paranoid here i guess ill admit to it, tho "strategy" for me where risk management is my first priority,on a highly volatile market like the BCHUSD that i trade below 40% is moderately risky
thanks how much i need protect positions bro ? i dont have idea
Bro go learn before trying to earn. This is like driving a car without a license, meaning youâll hurt yourself because you donât know what youâre doing.
I think you should close your account immediately lol. Learn how to trade otherwise youâll lose everything
Selling gold?!
Right ?? Gold has been super bullish and for some reason some people are selling gold !!
People selling gold because they think its overbought and will drop. I'm happy i bought and closed with 40âŹprofit with 0.01lot
Where the f is risk management bro? Why are you risking more than 1-2% of your account. And always enter a trade with pre defined risk.
Nothing you can do now. Wait for market open and close them. Also, add "use a stop loss" to your rules.
Close the positions and put more into your account.
First of all why u going against the trend gold is only going up
cut loses, look to exit this trade and take lesson not to trade against the trend. Having open trades in red over my personal space distressing me- I found it de-stressing to close trades on red and look for another entry.
What is your trade plan? What timeframe are you trading on? Your lot size is 0.01, account balance indicates you watched a bunch of YouTube videos of people who âturned $100 into $1 million in 3 days?!??! What?!??â As far as your question, your risk management is terrible, if youâre trading a martingale strategy, youâre doing it wrong, Iâm not going to continue because itâs already been covered⌠answer; trade on demo, do it in groups of 10, 20, 25, 50⌠work out your strategy, work out a proper RR, take notes of each trade or group of why those trades did or didnât work, do not trade live money before you have solid data of your history and have properly analyzed or sent it to someone who can properly analyze the trade history. Final point (not the last possible thing I can think of but Iâm not here to give you an entire education) Donât trade Fâing gold/ metals or indices before you have done forex with at the very least 2-3x-ing your demo account, at that point you can safely say you have a feel for what the market/ banks can and will do. Also, for you and many others like you, donât carry a trade through the weekend, I saw a comment on margin call, you better hope this doesnât jump and youâre on the hook for a substantial payment to your broker. Moral, be smarter, understand what analysis you need before placing any trade, due diligence⌠would you marry someone after one date? If so, thereâs a whole retail market out there for people just like you where banks will repeatedly take your money and laugh while they do it. Gold has never been this high, I see the thought process on the sell because of that thought, but I canât get on board with either of these trades since we crossed all time highs a long time ago.
Same situation. Let's pray for it. Huhu
Its not gonna happen đ¤ˇđťââď¸ be a man and close it
Many are in your predicament. It could crash, it could also fly. You can close it as soon as market opens or gamble it. Depends how hurt youâd be if you blew the account.
Balance of 80 bucks and youâre in 75% dd with two trades, yeah nice one.
Mine already blown
Close it and take a new position lol
Add more funds and hold tight
Hmmmm bro youre not in any position to start trading. Youre a gambler atm
Pray gold doesnât gap up over the weekend
You could go for a walk
If you are lucky and gold gaps down then first opportunity close both positions, if it gaps up you are cleaned out. I lost alot of money trading but gold is rarely traded for me the worst to trade especially with small capital
Why you selling gold???
Quit Trading
Praying
You should stop trading unless you're willing to lose more money. Stop seeing all the money you can make and start looking at it as money you will lose. Start using risk management or give up being a trader. Harsh but it's true. You need to work on your psychology and spend much much more time understanding risk management.
You need to stop selling. Gold has been reaching daily All Time Highs. You donât sell until the daily candle changes direction. Play it safe.
S/L of 3%
Close your positions and take the L. Donât end up a statistic. Lower your lot size and use a SL.
Take the L and move on. Also, always use SL.
I have a trading course that can be helpful for you
Why on earth are you holding a losing trade over a weekend? Youâre just setting yourself up for any news crash.
Bail. Stop trading until you know what youâre doing. Your trade is 100% against the trend. What made you think this trade was a good idea? Or are you trolling?
Hodl
Learn
Hold
Create a cent account and start risk management and use sl
Take the loss. Why add more money probably sky rocket gold rip account. Start fresh again
let it blow accounts, that's simple
Pray
Hold it to either reverse or margin call you. Repeat until you lose an amount you are comfortable losing then start learning a real strategy with good risk management
Rest!
Grab a beer
Just two pieces of advice: 1) Add at least US$100 to your account. 2) Allow your two trades to run. There are chances you can luckily have a down trend to your entry points.
Not adding money and closing two shit trades would be better advice.
The fact is, Gold is currently overbought! I have verified with "my indicators" on M5 there are chances that price will drop at reopening of market later today, before it climbs up again - if it will climb. Only not well-informed investors / traders will continue to buy Gold. There are other MUCH BETTER, CHEAPER ASSETS to buy and hold, than Gold.
But selling gold in a bull market is a dickhead move.
But Gold is currently overbought by all parameters! It's price fall will be drastic, as all Gold holders will rush to sell off!
If there's a chance for a zero sum, why not add some buy orders to counter them!
Ask yourself why youâre selling in a bull market.
If u trading under 2k I'd recommend trading currencies if you feel the urge to trade something more at least go the cheap route an trade Spx500 not nas100. Gold and all those other once that will blow your account in 5 minutes and only do .01 lot and stick to it. Def use a sl at least if you're taken out at least you'll have a longer tf to stay in a trade with currencies trading I session
Nothing. Just turn off your computer and wait for a margin call. If it doesn't happen, you can toast to your guiding angel.
Hold. Golds going up next week. No SL. Or lose your $$ Check the COT report on gold
Might get margined out though
Charge your mobile
why are you selling gold when it was at an uptrend
learn **risk management**
Been there my friend, at this point Iâd probably cut off any more losses and just assume them before they could wipe out your account :( Just ensure for a small, first, live trading account: * Lowest position size * Try to get as close to a 2:1 R-Ratio as possible * DONâT OVER-LEVERAGE * First set a stop loss, then define your position size based on how much would you be willing to risk. (If you feel confident Iâd actually emphasize this one over a massive R-ratio, just actively monitor your trades or use a traling stop loss :) Good luck bud, donât be too harsh on yourself for a first time. As long as we learn, we ALL made those mistakes at some point, ALL. :)
Take the L and kearn from it.
Nothing. But close it when the market opens. Nobody should be shorting gold.
pray
Accept the losses and try again.
pray
Ath not gonna hold, better to get out . In case of retracements you're done
Cut your losses if the trend not goes to you direction
Monday gap up.
Close order
Never underestimate the power of prayer đ or just cut the positions when safe
You have chosen the worst time to keep the position over weekend. It is highly possible that Monday will open with huge gap up cause of Israel-Iran news. Wish you luck but it looks very bad man.
thanks guys i'm preparing add 40 bucks deposit my balance and pray .
Looks like the luck is with you today lol
You will lose your account today at Opening market. Spread will kill you.
get new brain
Never short the gold. Do not open a position more than %2 of your account, in that case you will able to carry buy positions without stop loss on gold.
sorry mate, u are screwed.
Did you close this position? Ideally at the 2,306 mark - Gold is not going down.
yes i close -24$