Gold | Page 1394 | Crypto Craft

Options

Go to
Permalinks
Print Thread

Related Instruments

Gold/USD

Attachments: Gold
Exit Attachments

Gold

  • #27,861
  • Mar 6, 2024 4:05pm Mar 6, 2024 4:05pm
Quoting Zaatar
{quote} 0.4 lots at 2068 makes more than 3000$ loss Hope a pullback will come
It depends how big is your trading acc. It should feel bad if your acc is 10k, but if it is 100k it is tolerable.
  • #27,862
  • Mar 6, 2024 4:08pm Mar 6, 2024 4:08pm
Quoting Zaatar
{quote} 0.4 lots at 2068 makes more than 3000$ loss Hope a pullback will come
I also still hold short from 2071. The retracement should happen soon.
Stay strong
  • #27,863
  • Mar 6, 2024 4:25pm Mar 6, 2024 4:25pm
Reading this chat gives me a huge amount of anxiety. I understand people get caught into positions. I understand how easy it is to put more money in when you are losing. I did all types of crazy things when I was trying to figure out the market. I remember the sleepless nights. I remember staring at the charts with alarms on each side of price action, so I didn't miss any movement because I was so scared of my exposure to the market. Let me run you through what happens next and maybe this will help your decision. It doesn't matter if you win or lose the trade at this point. The trade is a loss. Due to your positioning, it doesn't look like you are not going to be able to add or withstand much DD, meaning you won't be able to turn this into a win. If you hold your trade and margin call, you are going to kick yourself for leaving yourself with nothing. If you close your trade and the price goes down, you are going to think about "what if" and "I should have held on". This is a no-win situation. This is why I will never let my DD on any single position get to be more than 5%. Then ill average a couple of times. Mentally, once you surpass the 25-30% DD level, it becomes an extremely difficult game of mental gymnastics to be able to close that type of loss. People almost never close after 25-30%, which almost always leads to their eventually crashing due to bad money management. It's always easier to make up a loss, but the Drawdown can never be made up. If you had enough money to add to it until it turned south, you have still taught yourself horrible lessons and given a recipe for disaster the next time. Your best bet is to cut the losses, walk away, and no matter what happens, you understand that it is out of your hands. You do not let it eat at you mentally, and if it does, you need to walk away for the rest of the week or longer. I know your feelings; I understand the pain, the frustration, and all of that. However, nothing you can do now fixes that.
TechKnow
  • #27,864
  • Mar 6, 2024 4:30pm Mar 6, 2024 4:30pm
Why is price frozen at 2148 for almost an hour now
  • #27,865
  • Mar 6, 2024 4:32pm Mar 6, 2024 4:32pm
Quoting Zaatar
{quote} Yes you are right, but my loss is very high and I really dont know what to do. What is worst is that the broker allows to fund your account and it appears immediatly in your account balance if you are using a credit card. Several times when my free marging becomes low, I fund my account again and again.

I thought i advise you to cut, accept loss, take a break and recover ur 70% slowly next week after nfp.

Is your ego holding up because u trusted some people words that its bearish till nfp?
Trading is very lonely
  • #27,866
  • Mar 6, 2024 4:40pm Mar 6, 2024 4:40pm
Quoting Techknow
Reading this chat gives me a huge amount of anxiety. I understand people get caught into positions. I understand how easy it is to put more money in when you are losing. I did all types of crazy things when I was trying to figure out the market. I remember the sleepless nights. I remember staring at the charts with alarms on each side of price action, so I didn't miss any movement because I was so scared of my exposure to the market. Let me run you through what happens next and maybe this will help your decision. It doesn't matter if you win or...

Point taken. A very good debrief on advising traders with high ego. Simplifying it in layman terms for those do not understand. Cut, take a break, continue next week.

Cutting your losses, does not mean u lose.
Not entering a trade for days does not mean ure a loser.
Its about being smart and wait for a clearer direction
Trading is very lonely
  • #27,867
  • Mar 6, 2024 4:43pm Mar 6, 2024 4:43pm
Quoting Ifxtrade
Why is price frozen at 2148 for almost an hour now
Market is closed this hour lol
TechKnow
  • #27,868
  • Mar 6, 2024 4:57pm Mar 6, 2024 4:57pm
Quoting luckytujuh
{quote} I thought i advise you to cut, accept loss, take a break and recover ur 70% slowly next week after nfp. Is your ego holding up because u trusted some people words that its bearish till nfp?
Ego, its always the ego, the ego is such a bastard. I've said it; many others have said it in here. If you follow people's ideas, you will lose every single time. People give their ideas and leave. They don't run you through their entire trade, so you really are just hoping their first call was right. People change their minds, and manage trades in different ways. If you want to be a trader you have to set your stop loss before you trade and know where your exit points are. You have to learn and have a plan. If you want to blindly follow there are a million signals out there you can follow. However, make no mistake, you will lose following every single one of them in time. Your only chance is to learn yourself.

Luckytujuh - "Cutting your losses, does not mean u lose.
Not entering a trade for days does not mean you're a loser."

This is one of the most poignant things a trader can ever understand. It is such an important lesson that everyone should keep it in their brain at all times.
TechKnow
  • #27,869
  • Mar 6, 2024 5:10pm Mar 6, 2024 5:10pm
Quoting luckytujuh
{quote} I thought i advise you to cut, accept loss, take a break and recover ur 70% slowly next week after nfp. Is your ego holding up because u trusted some people words that its bearish till nfp?
Yes you did advised me, i did not listen to you and i really regret that now. The problem is not ego, its just so easy to fund the account when i'm close to margin call. It takes two minutes using your credit card and immediatly your account is safe

What I always said, trading make you discover that there are so many psychological situations you did not learn how to deal with, emotion, fear, greed etc.
Now it's too late, whatever decision i make, will be the bad one.
  • #27,870
  • Mar 6, 2024 5:15pm Mar 6, 2024 5:15pm
Quoting Zaatar
{quote} Yes you did advised me, i did not listen to you and i really regret that now. The problem is not ego, its just so easy to fund the account when i'm close to margin call. It takes two minutes using your credit card and immediatly your account is safe What I always said, trading make you discover that there are so many psychological situations you did not learn how to deal with, emotion, fear, greed etc. Now it's too late, whatever decision i make, will be the bad one.
Sir, that is called, Ego.
TechKnow
  • #27,871
  • Mar 6, 2024 5:18pm Mar 6, 2024 5:18pm
Quoting Zaatar
{quote} Yes you did advised me, i did not listen to you and i really regret that now. The problem is not ego, its just so easy to fund the account when i'm close to margin call. It takes two minutes using your credit card and immediatly your account is safe What I always said, trading make you discover that there are so many psychological situations you did not learn how to deal with, emotion, fear, greed etc. Now it's too late, whatever decision i make, will be the bad one.

I understand that funding is made easily accessible for you. But try this time once, dont fund anymore. It becomes a bad habit. Its like totally not accepting defeat
Trading is very lonely
  • #27,872
  • Mar 6, 2024 5:20pm Mar 6, 2024 5:20pm
I am really curious if it will really reach 2283 D:
  • #27,873
  • Mar 6, 2024 5:20pm Mar 6, 2024 5:20pm
Quoting Techknow
{quote} Sir, that is called, Ego.
Whatever it is, I understand It's not someting good for trading forex
  • #27,874
  • Mar 6, 2024 5:31pm Mar 6, 2024 5:31pm
Quoting luckytujuh
{quote} I thought i advise you to cut, accept loss, take a break and recover ur 70% slowly next week after nfp. Is your ego holding up because u trusted some people words that its bearish till nfp?
Thank you very much for your advice, now what would you do if you were in my situation? Knowing that this trend is not forever
  • #27,875
  • Mar 6, 2024 5:34pm Mar 6, 2024 5:34pm
Quoting Zaatar
{quote} Thank you very much for your advice, now what would you do if you were in my situation? Knowing that this trend is not forever
I would have my stop loss over current price action and understand that im about to lose.I wish there was something I can say to make it easier or better. There is not. It will pass, you will make it up in time. But if you let it margin call you wont be able to. Leave yourself something my friend.
TechKnow
  • #27,876
  • Mar 6, 2024 5:41pm Mar 6, 2024 5:41pm
Quoting Zebi
{quote} price didnt hit my limit orders so still not short..im keeping them in and hope that atleast 2150 order gets filled ill start shorting manually if doesnt spike up anymore im a swing trader so unless you look at hourly and hier charts please ignore me
price hit my first sell order so im short now ...got two more...one at 2160 and other at 2170
short trump and go long the deepstate
  • #27,877
  • Mar 6, 2024 5:48pm Mar 6, 2024 5:48pm
Large candle in 1m was there news or just fight for 2150 level. Looks like an important level
  • #27,878
  • Mar 6, 2024 5:54pm Mar 6, 2024 5:54pm
Quoting Zaatar
{quote} Yes you did advised me, i did not listen to you and i really regret that now. The problem is not ego, its just so easy to fund the account when i'm close to margin call. It takes two minutes using your credit card and immediatly your account is safe What I always said, trading make you discover that there are so many psychological situations you did not learn how to deal with, emotion, fear, greed etc. Now it's too late, whatever decision i make, will be the bad one.

price is at the highs so you have to ask yourself if you think bulls will braekout since they havent been able to for a long time

look at the monthly and quarterly charts...price always fell everytime it came this high

you just shorted too soon but sounds like you kept size small

i dont know your risk tolerance or if the money you lose wont matter to your standard of living but this is the wrong time to close and cover...this reminds me of last year when china was buying gold during the summer and levitating gold

heres a monthly and daily chart...just remember breakouts dont happen with candles like on the daily...spend some time looking thru charts and notice how breakouts do happen....price is usually sneaky before the breakout not telegraphing huge candles

next time look at a daily or weekly chart and wait for a test of a swing high or all time high before shorting
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Screenshot 2024-03-05 034520.png Size: 24 KB
Click to Enlarge Name: Screenshot 2024-03-06 175029.png Size: 14 KB
short trump and go long the deepstate
  • #27,879
  • Mar 6, 2024 5:59pm Mar 6, 2024 5:59pm
Quoting Zebi
{quote} price is at the highs so you have to ask yourself if you think bulls will braekout since they havent been able to for a long time look at the monthly and quarterly charts...price always fell everytime it came this high you just shorted too soon but sounds like you kept size small i dont know your risk tolerance or if the money you lose wont matter to your standard of living but this is the wrong time to close and cover...this reminds me of last year when china was buying gold during the summer and levitating gold heres a monthly...
Zoom out the monthly chart then it looks like it could be very bullish (not speaking for now but coming months/years). Now looks 2150 to be very important.
  • #27,880
  • Mar 6, 2024 6:13pm Mar 6, 2024 6:13pm
Quoting Zebi
{quote} you just shorted too soon but sounds like you kept size small i dont know your risk tolerance or if the money you lose wont matter to your standard of living but this is the wrong time to close and cover... {image} {image}
Do you mean better wait some time maybe a pullback will be there?
172 traders viewing now, 3 are registered:
ondiss
,
Fdxb
,
Jlangenbache