You need to decide what your goal is and how you are going to achieve it.
If you are looking to buy gold and simply hold it for a few years it is absolutely not necessary to be "trading" spot, ESPECIALLY with low experience at a HUGE risk of 1.0 size lots.
The first thing you need to do is make the decision as I believe SunTrader mentioned, Trader or Investor.
Riding out the ups and downs of spot gold with a leveraged buy at the size of 1.0 is fine if you have a 10,000 + account and maybe that is the one trade you put on. Otherwise it is unnecessary, and extremely risky,...
You are probably entering at the wrong time with a too small stop loss,
You are definitely risking WAY TOO MUCH money on a commodity that is extremely volatile these days
Your lot size is way too big for your account and this is what your "broker"
wants so you make foolish decisions, cant ride them out, get margin called and if they are a market maker, YES< Your LOSS = Their Gain.
Decide, what is my purpose?
Am I to invest or trade. I do not even suggest DAY TRADING to new traders ESPECIALLY IN GOLD.
---------------------------------------------
Suggestions:
You may make some or all of your money back and you may lose everything.
This will depend on you.
0. MOST Important - CHANGE BROKERS IMMEDIATELY. (I may be able to steer you VIA Private Message only. Based on my experiences SOLELY)
1. You need to establish long and short term goals.
2. AND A TRADING STYLE - WHICH IF YOU WANT OUR HELP YOU SHOULD DISCLOSE ASAP
3. Trader OR Investor - Set a GOAL and decide the best medium to achieve it.
4. Read this thread in it's entirety accept skip anu
Right now you should consider yourself in "Traders Anonymous" Like AA.You need a game plan. We can help but first you must help yourself and put an end to your broker robbing you due to
A. Over-leveraged Trades
B. Inexperience.
C. Taking Winning positions off because you are nervous and think if you are down say 300 bucks you have already lost. We'll if Gold moves 10 USD the next day, you will be in a profit of 700. YET (LOT SIZE)
You have done some damage to your account and if this is money you need,
for your wedding, etc. I highly suggest cutting your losses now and taking this up at a later date.
It is not impossible you make all your money back, yet this will
require the following.
A. Discipline.
B. A plan, strategy and system for trading.
C. Correct risk reward.
D. A purpose / Goal - sorry if I am repeating myself, but better it is drilled into your head than not.
Demo accounts are fine to study, this may be what you need to do for six months before returning to live trade.
If you are looking to buy gold and simply hold it for a few years it is absolutely not necessary to be "trading" spot, ESPECIALLY with low experience at a HUGE risk of 1.0 size lots.
The first thing you need to do is make the decision as I believe SunTrader mentioned, Trader or Investor.
Riding out the ups and downs of spot gold with a leveraged buy at the size of 1.0 is fine if you have a 10,000 + account and maybe that is the one trade you put on. Otherwise it is unnecessary, and extremely risky,...
You are probably entering at the wrong time with a too small stop loss,
You are definitely risking WAY TOO MUCH money on a commodity that is extremely volatile these days
Your lot size is way too big for your account and this is what your "broker"
wants so you make foolish decisions, cant ride them out, get margin called and if they are a market maker, YES< Your LOSS = Their Gain.
Decide, what is my purpose?
Am I to invest or trade. I do not even suggest DAY TRADING to new traders ESPECIALLY IN GOLD.
---------------------------------------------
Suggestions:
You may make some or all of your money back and you may lose everything.
This will depend on you.
0. MOST Important - CHANGE BROKERS IMMEDIATELY. (I may be able to steer you VIA Private Message only. Based on my experiences SOLELY)
1. You need to establish long and short term goals.
2. AND A TRADING STYLE - WHICH IF YOU WANT OUR HELP YOU SHOULD DISCLOSE ASAP
3. Trader OR Investor - Set a GOAL and decide the best medium to achieve it.
4. Read this thread in it's entirety accept skip anu
Right now you should consider yourself in "Traders Anonymous" Like AA.You need a game plan. We can help but first you must help yourself and put an end to your broker robbing you due to
A. Over-leveraged Trades
B. Inexperience.
C. Taking Winning positions off because you are nervous and think if you are down say 300 bucks you have already lost. We'll if Gold moves 10 USD the next day, you will be in a profit of 700. YET (LOT SIZE)
You have done some damage to your account and if this is money you need,
for your wedding, etc. I highly suggest cutting your losses now and taking this up at a later date.
It is not impossible you make all your money back, yet this will
require the following.
A. Discipline.
B. A plan, strategy and system for trading.
C. Correct risk reward.
D. A purpose / Goal - sorry if I am repeating myself, but better it is drilled into your head than not.
Demo accounts are fine to study, this may be what you need to do for six months before returning to live trade.
DislikedHi all senior member and gold trader,
Im new to ForexFactory, anda recently just found this forum thread,
Im Asian (GMT +7), age 27, trying to increase my saving with gold trading so i can get married.
But instead of winning, im losing almost half of my saving, i started with 15000, now it only left me 6000.
Im asking the senior member help and guidiance, so at least i can win back my money.
My system cannot trade as low as 0,1 lot, the smallest is 1 lot, when reading this forum im realized that my trading platform is killing me. Im...Ignored
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
