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  • #46,681
  • Oct 13, 2024 3:51pm Oct 13, 2024 3:51pm
To all my seniors, thank you for replying to the blunder which i did.

Many of you are asking that i did no calculation and my trades are opened from 2145 price.

So i have been watching forex for 2 years and concluded that gold was in a range of 1800 till 2100 for very very long. when it crossed that price of 2150 then it started going up slowly and gradually and i started doing dca upto 0.6 lots in total which was still under control and i was hoping as per history that it won't go more then 100 max and even after israel-palestine war started 1 year ago price moved from 1800 till 2250 .. and as per history of wars price didnt move 900 dollars but 300 dollars or somethhing max... so based on that calculation i decided to hold... and if u see there is a gap between my DCA .... from 2150 - 2276 i opened 0.06 lots in total... then i waited but price kept rising and falling in middle of 2350 and 2470 range ... i kept waiting and then sudden jump of price after that which crossed directly and reached 2680 in very quick time... this is where i was shattered... u all know very well that in recent decades .. gold never did such rise of 900 dollars...

i am still thinking to cut 0.08 lots out of 0.14 lots ... i will loose around $1100 by cutting those lots... but then my remaining lots of 0.6 will be from 2145 till 2276

by doing this my liquidation will be around $2930 ... advice required by seniors either to take 100% loss from this very stage of gold price which is considered to be almost the last leg before going down massive... or to reduce some lot size to extend liquidation to towards $2930 and hope for gold to retrace around $2400 to recover atleast something
  • #46,682
  • Oct 13, 2024 4:03pm Oct 13, 2024 4:03pm
these are my 2 phases of trade going on .. i was hoping that price will retrace towards 2550 so that i will close phase-2 trades so that my liquidation will be above $3000 and meanwhile i will try do scalp and reduce my losses.

but unfortunate price went up again
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  • #46,683
  • Oct 13, 2024 4:16pm Oct 13, 2024 4:16pm
Quoting sadsoul
these are my 2 phases of trade going on .. i was hoping that price will retrace towards 2550 so that i will close phase-2 trades so that my liquidation will be above $3000 and meanwhile i will try do scalp and reduce my losses. but unfortunate price went up again {image}

try with EURGBB, AUDNZD, AUDCAD and NZDCAD. your trading style will be balanced with these pair. GOLD and JPY when it takes trend it just keep go in one direction. today if gold cannot cross 2680~2700 you might able to close your trade with profit. who knows. i really hope you will able to close your trade with profit. best of luck.
  • #46,684
  • Oct 13, 2024 4:21pm Oct 13, 2024 4:21pm
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 to 7K! this is insane. you should have withdraw your initial investment at least
  • #46,685
  • Oct 13, 2024 4:25pm Oct 13, 2024 4:25pm
Quoting Tintin2014
{quote} try with EURGBB, AUDNZD, AUDCAD and NZDCAD. your trading style will be balanced with these pair. GOLD and JPY when it takes trend it just keep go in one direction. today if gold cannot cross 2680~2700 you might able to close your trade with profit. who knows. i really hope you will able to close your trade with profit. best of luck.
@tintin2014

I hope you now understand that i was not blindly opening my trades. my 2nd phase of trades had enough gap before i started DCA but unfortunate that gold broke all past stats in terms of rising in last recent decade. Was never expecting that much.. Many experts were telling that gold will retrace a bit before going towards 2800 if it will go. So i was having that perception in my mind too that if gold will retrace towards 2500 so i could close all my phase-2 trades and even few from phase-1 too with loss of around $700- $800 so that my open trade lot would reduce to just 0.04 and liquidation price will extend to $3500
  • #46,686
  • Oct 13, 2024 4:53pm Oct 13, 2024 4:53pm
Quoting Orand
{quote} 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...
i don’t really get the argument against stop losses.. you can always re enter ! No one, no matter how good your analysis is ever knows with 100% certainty where the price is going in the short / medium term. Unless you have a seriously large account, £m’s and are essentially investing with margin, I would take some serious convincing that it’s a “valid strategy” not to use them.
Que Sera
  • #46,687
  • Oct 13, 2024 5:20pm Oct 13, 2024 5:20pm
Quoting Eren10
{quote} Difficult choice for the current price. Maybe you could put sl around 2700.
anything I miss for u.s. news? DX opening high up.
  • #46,688
  • Oct 13, 2024 5:21pm Oct 13, 2024 5:21pm
Quoting sadsoul
these are my 2 phases of trade going on .. i was hoping that price will retrace towards 2550 so that i will close phase-2 trades so that my liquidation will be above $3000 and meanwhile i will try do scalp and reduce my losses. but unfortunate price went up again {image}
2550 is still on the table if it doesn’t breakout higher.
  • #46,689
  • Oct 13, 2024 5:28pm Oct 13, 2024 5:28pm
Quoting Interesting0
{quote} anything I miss for u.s. news? DX opening high up.
I was guessing it was weak CPI from China and poor numbers outta NZ
  • #46,690
  • Oct 13, 2024 9:10pm Oct 13, 2024 9:10pm
30 min chart. i haven't taken any trade yet. i will wait for LONDON-NY session. let the price become a bit stable. however if the price breaks 2620~23 zone. we may see below 2600 this week. but momentum is still bullish.
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  • #46,691
  • Oct 13, 2024 9:45pm Oct 13, 2024 9:45pm
Quoting Interesting0
{quote} anything I miss for u.s. news? DX opening high up.
reuters web page is full of israel war news
  • #46,693
  • Oct 13, 2024 9:56pm Oct 13, 2024 9:56pm
Quoting T721
Hidden
and just like that he disappears
  • #46,694
  • Oct 13, 2024 10:53pm Oct 13, 2024 10:53pm
Gold - 15min
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  • #46,695
  • Oct 13, 2024 11:04pm Oct 13, 2024 11:04pm
learning with tiny lots
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  • #46,696
  • Oct 13, 2024 11:33pm Oct 13, 2024 11:33pm
Quoting PatienceFx
learning with tiny lots {image}
thank you for your input. but it would be nice if you could give some explanation.
  • #46,697
  • Oct 13, 2024 11:40pm Oct 13, 2024 11:40pm
Quoting PatienceFx
learning with tiny lots {image}
placing a second buy order
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  • #46,698
  • Edited Oct 14, 2024 4:29pm Oct 13, 2024 11:42pm | Edited Oct 14, 2024 4:29pm
Long at : 2658
SL : 2652(May close sooner if not working )
Tp : 2662(tp hit )
--------------------
Short at 2664.50
Sl : 2670(May close sooner if not working )(sl move to BE)(sl hit +1pip)
Tp : open
---------------
long at : 2663(risky )
SL : 2658(sl hit)
TP (TBD)
-------------------
Add long at 2659.50
Sl : 2658(sl hit)
TP : 2663.50
------------------
Sell stop at : 2659(filled)
Sl : 2664
Tp : open(closed at 2651.50)
-------------------
Add short at : 2655.60
SL : 2659.60
TP : 2650(tp hit)
-------------------
add another short at : 2653.50
Sl : 2656
Tp : 2650(tp hit)
---------------------
Long at : 2651.50
Sl : 2646.50(may close ahead if not working)
Tp : open(closed qt 2654)
----------------------
add long at 2653.50
Sl : 2649.50
Tp : 2658.50(may close ahead manually(tp hit)
---------------
Short at : 2653
Sl : 2657
TP: Open(closed at 2650.50)
--------------
Add short at : 2651
Sl : 2655
Tp : 2647 (tp hit )
-------------
add short at : 2650.50 ( very risky)
Sl : 2654.50(sl move to : 2652)
Tp : 2645(tp hit)
---------------
add short at : 2648
Sl : 2652
TP : 2645(tp hit)
--------------
Add another short at : 2647.50
Sl : 2649.50(sl chsnged to : 2650.50)( sl hit )
TP : 2643
--------------
Add another short at 2647.80
Sl : 2650.50(sl hit )
TP : 2743
--------------
Today Status so far : (40,1,-50,-15,56,35,75 ,25,50,25,40,55,30,-27-30pip) , Total : +310pip
Today Win Ratio : 11/15 or %73
Max Drawdown : -24
Max profit : +367
  • #46,699
  • Oct 13, 2024 11:43pm Oct 13, 2024 11:43pm
Quoting Tintin2014
{quote} thank you for your input. but it would be nice if you could give some explanation.
https://www.forexfactory.com/thread/...0#post15027060

https://www.google.com/search?client...rade+depend+on
  • #46,700
  • Oct 13, 2024 11:52pm Oct 13, 2024 11:52pm
what started as an experiment today is already 18% of account balance
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