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  • #46,661
  • Oct 13, 2024 9:44am Oct 13, 2024 9:44am
https://www.forexfactory.com/thread/...0#post15027210
https://www.forexfactory.com/thread/...8#post15027218
Nice idea, see you again in 30 years. (so much for my favorite topic “timeframe”)
  • #46,662
  • Oct 13, 2024 11:18am Oct 13, 2024 11:18am
i said something which i myself did not like so deleted that post.
  • #46,663
  • Oct 13, 2024 12:14pm Oct 13, 2024 12:14pm
Quoting Isabella_D
{quote} I am always fascinated when W0lfram opens his statistical treasure chest. {image}XAUUSD, 2years Government Bonds Yields, 10years Government Bonds Yields, EURUSD, S&P Future, HangSeng Future, Nikkei Future, USDIndex Yes, in the last 30 years there have been ~600% rates of return for gold. See for yourself what happens with Google and Appel and Co Now don't sell your sweetheart for gold. And don't ask grandpa to pull out his gold teeth. My crystal ball says that gold will go backwards in the next 30 years. Gold is a rare economic...
I'm flattered, thanks Can't show too much, however
Air force
  • #46,664
  • Oct 13, 2024 12:59pm Oct 13, 2024 12:59pm
Quoting Nordling
{quote} I have been long enough in this game to tell that he is gambling since he still has shorts open from 2100s and 2200s. I see nothing but no risk management, being emotionally attached to his trades and bias, fighting with the market and adding to his positions, hoping that the market turns around... This is gambling. Im not closing a debate, because there's no debate. He asked for seniors' advice and that is my advice. 80% of the traders lose their capital in the span of a year, and 95% lose it in the longer run. 95 out of 100 people who...
Totally agree, and everyone should listen to this advice. Trading with your life savings and adding loans is just plain gambling, no matter what strategy you use. Sure, it might work for a bit, but eventually, it’ll catch up to you. When a losing streak hits, it’s like those Martingale systems; they seem effective until one day they aren’t, and then you’re left with a massive loss that’s hard to bounce back from. If you’re lucky, this realization hits you early in your trading journey. Our friend's life depends on whether Netanyahu decides not to go to war with Iran and if Iran doesn’t want to retaliate. If gold hits $2800, he’ll get margin called, and he has no backup plan to recover. If this isn’t gambling, then I’d love to know what you call it.
In fact Nordling is really kind and generous person to share his knowledge and experince with him and warn him to either change his way or stop trading .
  • #46,665
  • Oct 13, 2024 1:10pm Oct 13, 2024 1:10pm
Quoting Nordling
{quote} I have been long enough in this game to tell that he is gambling since he still has shorts open from 2100s and 2200s. I see nothing but no risk management, being emotionally attached to his trades and bias, fighting with the market and adding to his positions, hoping that the market turns around... This is gambling. Im not closing a debate, because there's no debate. He asked for seniors' advice and that is my advice. 80% of the traders lose their capital in the span of a year, and 95% lose it in the longer run. 95 out of 100 people who...
You guys are off topic. I was not referring to the guy with big losses, who I already provided my advise (It is not smart trading gold short in the long term). I was just bringing up the topic of whether SLs should ALWAYS be used.

Anyways, let´s discuss such some other day.

You have a good and pipful week.
  • #46,666
  • Oct 13, 2024 1:18pm Oct 13, 2024 1:18pm
Quoting sadsoul
Please need help. I am in severe depression and trauma ... i know it's not for many but it was my life saving and i took even lots of loan to safe the amount but i am now destroyed.. Please suggest me seniors and brothers.. i have been watching this forum for last 2 years... but now registered and posted 1st time please suggest me what to do. I am ruined. my life is ruined. please don't bash or make fun of my situation. Just tell me the next step now {image}
Hi... what was your entry rules; do you follow some indicator/concept/anything?
Quote
there are thousands of videos and courses that makes more confusing. ICT hundreds of videos too.. where to start and what to follow ?
You are unlikely to find anything +/- useful about trading on YT, its AI generated with text-to-speech info garbage nowadays.
Can't tell you the next step, but some advices to prevent the destruction of the next account (or at least reduce the possibility of such)

  1. Pick some pattern/indi/etc. Something simple, even EMA on M15 is good. Look for it's past, research it, you should know your statistical expectations.
  2. If you are not a fan of SL, open the opposite trade (wouldn't work if you are from USA) or --->
  3. low leverage: to trade Gold with 0.14 lot, your free margin should be > $36k. Until you find high probability rules
  4. explore the Kelly Criterion for risk management

Air force
  • #46,667
  • Oct 13, 2024 1:50pm Oct 13, 2024 1:50pm
Quoting Orand
{quote} Totally agree, and everyone should listen to this advice. Trading with your life savings and adding loans is just plain gambling, no matter what strategy you use. Sure, it might work for a bit, but eventually, it’ll catch up to you. When a losing streak hits, it’s like those Martingale systems; they seem effective until one day they aren’t, and then you’re left with a massive loss that’s hard to bounce back from. If you’re lucky, this realization hits you early in your trading journey. Our friend's life depends on whether Netanyahu decides...
Thank you so much for the kind words mate, it's nice that such an experienced trader and senior member like you to appreciate what i am doing.

Wishing you a great week
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  • #46,668
  • Oct 13, 2024 1:55pm Oct 13, 2024 1:55pm
Quoting JobsPatience
{quote} You guys are off topic. I was not referring to the guy with big losses, who I already provided my advise (It is not smart trading gold short in the long term). I was just bringing up the topic of whether SLs should ALWAYS be used. Anyways, let´s discuss such some other day. You have a good and pipful week.
Thanks mate,

Well i never said it is a "must" to place hard SL orders. Like you said its not a must. But some sort of risk management strategy is definitely a must. Whether it is hedging, hard SL, manual SL or scaling down.

Cheers!
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  • #46,669
  • Oct 13, 2024 2:01pm Oct 13, 2024 2:01pm
hope this week gold will break it's ranging price and make some people cry as well
  • #46,670
  • Oct 13, 2024 2:01pm Oct 13, 2024 2:01pm
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  • #46,671
  • Oct 13, 2024 2:12pm Oct 13, 2024 2:12pm
Quoting JobsPatience
{quote} You guys are off topic. I was not referring to the guy with big losses, who I already provided my advise (It is not smart trading gold short in the long term). I was just bringing up the topic of whether SLs should ALWAYS be used. Anyways, let´s discuss such some other day. You have a good and pipful week.
It's generally a good idea to recommend that traders use stop-losses and really stick to them. You need to identify your invalidation zone, which is where your analysis starts to fall apart and chose your sl base on that . The problem is when you stumble upon a YouTube video suggesting you skip stop-losses; it’s easy to overlook the nuances and tricks that come with experience in this approach . Overall, I believe most traders, especially beginners, should definitely set up a stop-loss. But honestly, even those who do have them often ignore the rules and mess up their stop-loss choices. Only experienced traders should consider trading without a stop-loss, and that’s usually for those who have a solid strategy and truly know what they’re doing
  • #46,672
  • Oct 13, 2024 2:12pm Oct 13, 2024 2:12pm
Quoting Nordling
{quote} Anything can become gambling when i don't manage risk and do not know what i am doing, especially with my life savings and hell, even taking massive loans from the bank. That's one way to gamble with life. That's sadly and exactly what he did. Doubling down on his bets, fighting with the market too... I hope he recovers this from these bad habits, he can always recover 3.6k and i hope he quits trading before it's too late.

Agreed! I would never put my life savings into Forex. The truth is, I’m not a consistently profitable trader, but I keep trying. Whenever I trade, I only invest $500 - an amount I can afford to lose without it having a major impact on my life. If I lose 30-40% of that, I take a break and, after a few weeks, might start again.It’s much harder to recover when someone loses 40-50% of a larger asset. Confidence takes a big hit.

I restarted again my forex journey and somewhat i made quite a good profit, account size is approx 3K USD now. I think my trading mentality improved a lot! And I am super happy, lets see end of the year if i am still stay as a profitable trader.

Last week, I made a big mistake - one trade wiped out 12-15% of my account. I closed the trade, and if I hadn’t, I think I’d be down 70-80% by now, or maybe even balance wiped out completely.

Personally, I think it’s important for people to know when to cut their losses and move on. If someone cut their lose faster, he can recover the lose faster as well.
  • #46,673
  • Oct 13, 2024 2:15pm Oct 13, 2024 2:15pm
Gold - 14-10-2024
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  • #46,674
  • Oct 13, 2024 2:32pm Oct 13, 2024 2:32pm
Quoting Tintin2014
{quote} Agreed! I would never put my life savings into Forex. The truth is, I’m not a consistently profitable trader, but I keep trying. Whenever I trade, I only invest $500 - an amount I can afford to lose without it having a major impact on my life. If I lose 30-40% of that, I take a break and, after a few weeks, might start again.It’s much harder to recover when someone loses 40-50% of a larger asset. Confidence takes a big hit. I restarted again my forex journey and somewhat i made quite a good profit, account size is approx 3K USD now. I think...
Great mindset Huge respect.

We all have losing streaks, even the best of us makes mistakes. But what matters is not fighting with the market, accepting the defeat and retreat, wait until another opportunity. Hats off to you for being so professional with your risk management. You gave a great example of what being responsible with our trading should be like

We probably all did the mistake of fighting with the market when we were newbies. Not closing and even adding to our losing positions just because we cannot accept the defeat. We turn that into an ego war.

I did that mistake a lot in the past, blown many accounts. Nothing good ever came from that behaviour.

Maybe i am repeating the same thing over and over but, i regret not listening to senior advices when i was a newbie. I learned it in a very hard, bitter way and i don't want that to happen to anyone. So excuse me repeating the same things over and over guys
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  • #46,675
  • Oct 13, 2024 2:39pm Oct 13, 2024 2:39pm
Quoting Tintin2014
{quote} Agreed! I would never put my life savings into Forex. The truth is, I’m not a consistently profitable trader, but I keep trying. Whenever I trade, I only invest $500 - an amount I can afford to lose without it having a major impact on my life. If I lose 30-40% of that, I take a break and, after a few weeks, might start again.It’s much harder to recover when someone loses 40-50% of a larger asset. Confidence takes a big hit. I restarted again my forex journey and somewhat i made quite a good profit, account size is approx 3K USD now. I think...
just a piece of advice, never trade without SL.
  • #46,676
  • Oct 13, 2024 2:46pm Oct 13, 2024 2:46pm
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  • #46,677
  • Edited 4:45pm Oct 13, 2024 3:01pm | Edited 4:45pm
Quoting Nordling
{quote} Great mindset Huge respect. We all have losing streaks, even the best of us makes mistakes. But what matters is not fighting with the market, accepting the defeat and retreat, wait until another opportunity. Hats off to you for being so professional with your risk management. You gave a great example of what being responsible with our trading should be like We probably all did the mistake of fighting with the market when we were newbies. Not closing and even adding to our losing positions just because we cannot accept the defeat....
Was in the exact same situation 3 months ago losing over £12000 from trading gold. All in a single day to make things worse.

Opened a long position and once it started going against me, I decided to carry on doubling down and opening more positions. There was no reversal on sight that day as gold just carried on plummeting the whole day. I used to trade without a stop-loss also.

Decided to take a couple of weeks off just to get myself together and then funded my trading account with just £16 to play around with. From that £16, I have managed to luckily raise just over £7000. The way I see trading now is completely different. I'm not doing it to try to get my money back but trying to get better at trading itself with better risk management compared to before.

This thread has really helped me in that aspect. I have my daily aim (£200 a day) and once that's been achieved I call it a day (strictly). I've seen several posts on here stating that 5-6% returns monthly is considered great but I believe £100 - £200 a day is very doable. Also, now I am a lot more disciplined and able to stay away from FOMO and over-trading.

All in all, lack of risk management, being unable to control emotions, ego trading, and trying to fight the market (revenge trading especially) was what led to my downfall initially and although the market is brutal, it is also rewarding at the same time if one can manage to follow their rules strictly (easier said than done but very important).

Anyways, I appreciate everyone here as I have learnt a lot from all your contributions. Let's hope the coming week will be profitable.
  • #46,678
  • Oct 13, 2024 3:24pm Oct 13, 2024 3:24pm
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  • #46,679
  • Oct 13, 2024 3:31pm Oct 13, 2024 3:31pm
Quoting Haks
{quote} Was in the exact same situation 3 months ago losing over £12000 from trading gold. All in a single day to make things worse. Opened a short position and once it started going against me, I decided to carry on doubling down and opening more positions. There was no reversal on sight that day as gold just carried on plummeting the whole day. I used to trade without a stop-loss also. Decided to take a couple of weeks off just to get myself together and then funded my trading account with just £16 to play around with. From that £16, I have managed...
16 pounds to 7000 is very impressive i must say You should have get yourself a lottery ticket that day!

Looks like you already had an edge in the markets and you just needed to apply good money management. Glad you have experienced and learnt so much in just 3 month mate! That was a lesson i was able to learn in years

It's nice that we are sharing our stories, i hope many visitors can take one or two tips from that. Wishing you the greenest pips this week!
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  • #46,680
  • Oct 13, 2024 3:40pm Oct 13, 2024 3:40pm
Next 1-2 days perhaps?
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Behind Every Chart Lies An Opportunity Waiting To Be Uncovered.!!!
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