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Gold with thedaytrader

  • #501
  • Sep 3, 2025 8:53pm Sep 3, 2025 8:53pm
Quoting thedaytrader
{quote} In at short at 3528.33...
SL reduced to 0.5 points...
Trade Like a Casino, Not a Gambler
  • #502
  • Sep 3, 2025 8:55pm Sep 3, 2025 8:55pm
Quoting thedaytrader
{quote} SL reduced to 0.5 points...
Out with -0.5 SL... my day loss limit reached (-5.5 points)... so done for the day : )
Will keep at charts but will not trade any more...
Trade Like a Casino, Not a Gambler
  • #503
  • Sep 3, 2025 9:09pm Sep 3, 2025 9:09pm
Quoting thedaytrader
{quote} That was a good trade, what was your stop loss for this one and was there any logic in 3568 target or was that a money management call ?
that was TP2, based on my ATR levels.
  • #504
  • Sep 3, 2025 9:10pm Sep 3, 2025 9:10pm
Quoting dartboardio
{quote} that was TP2, based on my ATR levels.
my SL was at 3533
  • #505
  • Sep 3, 2025 9:11pm Sep 3, 2025 9:11pm
Quoting thedaytrader
{quote} Thats interesting (trading mainly on news), would like to know/see how you do it... For example today we have one coming on USD (unemployment)... one thing is analysis of what effect it would have on price... the other thing is when to place the trade and with what SL... we would like to see both when you do the trade (before/after the news)

sure! Will try my best to show a breakdown of my process today
  • #506
  • Sep 3, 2025 9:15pm Sep 3, 2025 9:15pm
Looks like a perfect bounce from 5409, the bears done again?
I trade my own information and follow my own methods.
  • #507
  • Sep 3, 2025 9:27pm Sep 3, 2025 9:27pm
Quoting thedaytrader
{quote} Don't worry too much, everybody has been there... its important that you learn and make changes (hard-wired in brain) for future. There is no reason not to have a SL EVER... whether you place it on the trade, or have in mind is not the issue... it can be exact point, closed beyond on a particular candle on a particular chart... some dollar value, some percentage value... whatever it is... its more important than having a TP. Thats why I keep asking people when they post the trade as to what there Stop Loss level is, if there in no SL then...

Would you share some advice on or what is your technique for account management?

For example, I trade with 5k account I struggle in the beginning because I use tight SL and most times I get Stopped out then my trade goes as plan. Change to small lot sizes and then i build account to 10k and then get overconfident use bigger lots and wider stops but struggle to make money. last 3 months i managed to draw 7k, 10k and 13k but then had to invest 3k again today!

Reason to keep small account is to stay humble and disciplined!
I use ZAR not $ by the way

Would like to know your guys strategy please?
I trade my own information and follow my own methods.
  • #508
  • Sep 3, 2025 9:42pm Sep 3, 2025 9:42pm
Quoting dartboardio
{quote} sure! Will try my best to show a breakdown of my process today
Looking forward to it as always
  • #509
  • Sep 3, 2025 9:52pm Sep 3, 2025 9:52pm
Quoting dartboardio
{quote} that was TP2, based on my ATR levels.
Cool... is there a fix way you do TP1/TP2 calculation ?
Trade Like a Casino, Not a Gambler
  • #510
  • Sep 3, 2025 9:54pm Sep 3, 2025 9:54pm
Quoting dartboardio
{quote} sure! Will try my best to show a breakdown of my process today
Fantastic, looking forward to it... Do you take position before or after the news event... ?
Trade Like a Casino, Not a Gambler
  • #511
  • Sep 3, 2025 9:55pm Sep 3, 2025 9:55pm
Quoting newmilly
Looks like a perfect bounce from 5409, the bears done again?
It actually did not touch that... just short of it... so I won't say the bears done yet
Trade Like a Casino, Not a Gambler
  • #512
  • Sep 3, 2025 9:57pm Sep 3, 2025 9:57pm
Quoting newmilly
Looks like a perfect bounce from 5409, the bears done again?
Given the day is still relatively early, the down move might still continue
I might be wrong so it is also possible that the low of the day has been printed
Having missed selling opportunity in this Asian session, I will wait for London PA to decide whether to buy or sell
  • #513
  • Sep 3, 2025 10:11pm Sep 3, 2025 10:11pm
Quoting newmilly
{quote} Would you share some advice on or what is your technique for account management? For example, I trade with 5k account I struggle in the beginning because I use tight SL and most times I get Stopped out then my trade goes as plan. Change to small lot sizes and then i build account to 10k and then get overconfident use bigger lots and wider stops but struggle to make money. last 3 months i managed to draw 7k, 10k and 13k but then had to invest 3k again today! Reason to keep small account is to stay humble and disciplined! I use ZAR not $ by...
There are many way you can do that, depending upon your own (psychological) risk/drawdown tolerance level.... Below/Above a certain level brain starts giving "wrong" signals... hehehe

I would suggest a simple and dynamic percentage based system to take up positions. So that you don't loose for example 1% of your account size in any one trade.

So, for your 10K (zar/dollar/euro), the position sizing is such that maximum u can lose is 100 (lets say dollar as unit, u can use urs)... so vary your position size (depending upon Entry-SL) accordingly. Then say you lose the first trade and are now at 9.9K, then you place the trade with a position size which such that max you can lose is 99 etc.

This automatically makes every trade "same" in terms of loss. And detaches SL levels (tight or broad) and loss amount.
It also makes sure that stake increases when you profit.

So your Stake is constant and fix percentage of your equity and it goes up and down with your equity... and SL is detached from Stake... and Position Sizing is based on SL and Stake.

I hope this method is clear ? If not I can explain more...
Trade Like a Casino, Not a Gambler
  • #514
  • Sep 3, 2025 10:34pm Sep 3, 2025 10:34pm
Quoting thedaytrader
{quote} That turned out to be good... but timing wise it could have been a bit better if you had waited for some more time, right ?
please explain. Timing of entry or exit?
Its all just one persons opinion
  • #515
  • Sep 3, 2025 10:41pm Sep 3, 2025 10:41pm
Quoting thedaytrader
{quote} That turned out to be good... but timing wise it could have been a bit better if you had waited for some more time, right ?
if you mean closing above the trendline....then no would be dumb to risk that....and yes i could have entered earlier ......like maybe last week

Im always happy taking profit , in hindsight there is always a few pips missed , but this trade was exactly what I hoped for.

Attachment g
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 39 KB
Its all just one persons opinion
  • #516
  • Sep 3, 2025 11:18pm Sep 3, 2025 11:18pm
Quoting thedaytrader
{quote} Cool... is there a fix way you do TP1/TP2 calculation ?
TP1 is usually my conservative or most likely target

then Tp2 is a bit of a ‘hopefully’ one

anyways will try post breakdown of my Plan A and plan B trade for news today
  • #517
  • Sep 3, 2025 11:27pm Sep 3, 2025 11:27pm
Quoting axecap
{quote} if you mean closing above the trendline....then no would be dumb to risk that....and yes i could have entered earlier ......like maybe last week Im always happy taking profit , in hindsight there is always a few pips missed , but this trade was exactly what I hoped for. 5035276 {image}
I was talking about Entry... this is HA chart right ? Can u post a bigger one, which has more candles on the left of entry... then I can compare with my normal-candlestick chart and comment...
Trade Like a Casino, Not a Gambler
  • #518
  • Sep 3, 2025 11:31pm Sep 3, 2025 11:31pm
Quoting dartboardio
{quote} TP1 is usually my conservative or most likely target then Tp2 is a bit of a ‘hopefully’ one anyways will try post breakdown of my Plan A and plan B trade for news today
That is understood :-)

I meant is there a fixed x-ATR which you use... like for the previous trade:
Entry : 3537
SL : 3533
TP1: 3550
TP2: 3568

how did you come to 3550 and 3568 with ATR (or any other parameter) the likely and the hopeful one ?
Trade Like a Casino, Not a Gambler
  • #519
  • Sep 3, 2025 11:36pm Sep 3, 2025 11:36pm
entered long on the break of 3534.04 see what reaction we get at .618 fib of the down move.
chart is m30

Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 43 KB
Its all just one persons opinion
  • #520
  • Sep 3, 2025 11:40pm Sep 3, 2025 11:40pm
Quoting thedaytrader
{quote} I was talking about Entry... this is HA chart right ? Can u post a bigger one, which has more candles on the left of entry... then I can compare with my normal-candlestick chart and comment...
its APB (average price bar) . If you look at my entry chart, already posted, please tell me where you would have entered .....and why you didn't?
Its all just one persons opinion
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