XAU/USD & XAG/USD - Gold & Silver Traders Thread | Page 1365 | Metals Mine

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  • #27,281
  • Oct 29, 2013 6:05am Oct 29, 2013 6:05am
Quoting error0024
Anyone can give me a good advise? Because of the suddenly drop lost about 2200usd. Haha left about 220 balance to play. Cheers hoping to get it up again. >.<
Time to use StopLoss and don't risk more than 2-3% of balance, You risked 90% of your balance in that trade and price went against you.
  • #27,282
  • Oct 29, 2013 6:13am Oct 29, 2013 6:13am
Quoting error0024
Anyone can give me a good advise? Because of the suddenly drop lost about 2200usd. Haha left about 220 balance to play. Cheers hoping to get it up again. >.<

Sorry to hear that. Everyone here knows the feeling!

1) Stop trading for now and assess what happened. Write in your journal and formulate the rule(s) that will prevent this in future.

2) Read up about ending diagonals (ED) - they are quite common at wave endings and there are rules and guidelines for what PA will (and won't) do once in an ED. for example, an SL below the lower channel trendline of the ED would have minimised your loss.

3) I reckon your position sizing was too aggressive for a $20 move to destroy most of your account. Analysis is one part, Your trading method is another part. The critical part for staying in the game is Money Management (MM) which covers sizing, risk and strategic planning.

You can do it. Take time out to psychologically recover from the large loss. Back up and try again!

BTW - when you return to the market, take profits very quickly on your first 3 trades - that will banish the fear and get your confidence up.
cryptocurrency everytime
  • #27,283
  • Oct 29, 2013 6:30am Oct 29, 2013 6:30am
'm i the only one who noticed the rising wedge on H1 ..
we need to establish a support for moving further up.. as of now, i don't see a solid support..
A trade should be based on an assumption based on facts
  • #27,284
  • Oct 29, 2013 6:41am Oct 29, 2013 6:41am
Quoting Islander
{quote} Agreed ... the best \"bang for your buck\" available......for this island, I make do with a Golf GTI Turbo. Thanks for that great post on the history of gold
My car's a Golf TDi sport. Great minds think alike and fools never differ. I have historical data that goes back well over 20 years for some markets.
You win, you lose. All else is history. The future does not exist.
  • #27,285
  • Oct 29, 2013 6:48am Oct 29, 2013 6:48am
Quoting ppgolf
Will gold price going to go up when NY market open ? I noticed that MACD in 1 hour TF is down to zero line will it go down to 1330 ? any suggestion? guys .

The marketrs are holding with support at 1343. The markets are looking quite bullish for gold but there are several announcements today that could easily affect the direction gold takes. For Now I would place a buy-limit order at 1344.5 with a $1 stop
You win, you lose. All else is history. The future does not exist.
  • #27,286
  • Oct 29, 2013 7:20am Oct 29, 2013 7:20am
For anyone scalping and believing trend has turned down: we've had three waves today - (a) (b) and (c). Next a (d) wave can push back into the 1350s so don't spill your coffee!
cryptocurrency everytime
  • #27,287
  • Oct 29, 2013 7:23am Oct 29, 2013 7:23am
Quoting venzen
For anyone scalping and believing trend has turned down: we've had three waves today - (a) (b) and (c). Next a (d) wave can push back into the 1350s so don't spill your coffee!
Hi Venzen,

thanks for the info, would you maybe have a chart with those wave drawn, just for us to learn out of the experience? How did the price drop so far in only 5 min, would that be major players selling off or what?

Thanks again all
  • #27,288
  • Oct 29, 2013 7:23am Oct 29, 2013 7:23am
Quoting venzen
For anyone scalping and believing trend has turned down: we've had three waves today - (a) (b) and (c). Next a (d) wave can push back into the 1350s so don't spill your coffee!
Yup, but for some reason my little scalp does not feel all that safe, o well at least can't loose anything anymore

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  • #27,289
  • Oct 29, 2013 7:33am Oct 29, 2013 7:33am
Eventually I still have two golds holding on my account though
0.50 and 0.50 lots at 1353.49.
Sighs .. hoping it will go up again. My free margin is about 72 .. hahaha loss bout 2.2k today. So .. trying to get it up again i guess.
Any suggestions? Since i'm already in the middle. ^^


Venzen .. yeah thanks for your tips! I will be back soon enough, Will try again when i raise my capital enoguh .. sighs that hit was painful though it's my first time trading. bout only 2 weeks started
  • #27,290
  • Oct 29, 2013 7:56am Oct 29, 2013 7:56am
Quoting error0024
Eventually I still have two golds holding on my account though 0.50 and 0.50 lots at 1353.49. Sighs .. hoping it will go up again. My free margin is about 72 .. hahaha loss bout 2.2k today. So .. trying to get it up again i guess. Any suggestions? Since i'm already in the middle. ^^ Venzen .. yeah thanks for your tips! I will be back soon enough, Will try again when i raise my capital enoguh .. sighs that hit was painful though it's my first time trading. bout only 2 weeks started
Reduce your risk dude... trade microlots before you piss more money away. EVERYONE trades with too much capital when they start...
Don't have an ego. Always question yourself and your ability.
  • #27,291
  • Oct 29, 2013 8:01am Oct 29, 2013 8:01am
Quoting error0024
Eventually I still have two golds holding on my account though 0.50 and 0.50 lots at 1353.49. Sighs .. hoping it will go up again. My free margin is about 72 .. hahaha loss bout 2.2k today. So .. trying to get it up again i guess. Any suggestions? Since i'm already in the middle. ^^ Venzen .. yeah thanks for your tips! I will be back soon enough, Will try again when i raise my capital enoguh .. sighs that hit was painful though it's my first time trading. bout only 2 weeks started
Something bout this uptrend feels off to me but feelings don't matter in this game. Most likely scenario is up till at least 1360s. If we get back up to 1353.49 I would suggest climbing out at breakeven with both of them accept your loss and follow Venzen's advice with next entry.
  • #27,292
  • Oct 29, 2013 8:05am Oct 29, 2013 8:05am
Long gold 1349.7, lets see.If not pass 1351 I'm out and will reverse.
  • #27,293
  • Oct 29, 2013 8:19am Oct 29, 2013 8:19am
have a nice day

i will like to trade a XAU...but until now i still lose..have peer can guide me how to make profit.

Pls guided me, iam really interest it

regar
  • #27,294
  • Oct 29, 2013 9:17am Oct 29, 2013 9:17am
Ramses : I think after the uptrend of the gold. I will sell it off and play safe this time.
Because i only have about 220 balance left. Do give me your best advises guys ^_^.

Thanks a lot though hehe
  • #27,295
  • Oct 29, 2013 9:18am Oct 29, 2013 9:18am
Quoting smfaizal
have a nice day i will like to trade a XAU...but until now i still lose..have peer can guide me how to make profit. Pls guided me, iam really interest it regar
The point is, Did you enjoy trading? or Do you use it to gain money for living? or both 50% 50%

I think this is an important question you should ask your self these questions before you start trading, because the answer is the factor that you depend on when you entering the market and exit from it.
  • #27,296
  • Oct 29, 2013 9:22am Oct 29, 2013 9:22am
Quoting morfasie
{quote} Hi Venzen, thanks for the info, would you maybe have a chart with those wave drawn, just for us to learn out of the experience? How did the price drop so far in only 5 min, would that be major players selling off or what? Thanks again all
morfasie,

here you go. this should clarify what i mean by a, b, c, d and e. Target price is in the blue zone and target date is Friday or next week. Just a projection - don't wager any money on it.

Although it doesn't look like it, EW is actually simple. You can learn the rules and guidelines at elliottwave.com. If you want to buy a textbook I recommend "Elliott Wave Principle" by Frost and Prechter. There are unfortunately a lot of bogus "teachers" and practicioners out there, so best to stick to the original, orthodox, military discipline EWP! Just as a remark: EW is not so much about sticking labels on the chart - it's about finding Fib relationships between waves (swings) and labeling those.

Feel free to ask questions but be sure to go to the website i mention above and learn the rules and guidelines. Oh, and never pay for any specials or newsletters. Your own mind knows best.

http://ubuntuone.com/5vIOy7j5hj94k6PUr5Hrd3
cryptocurrency everytime
  • #27,297
  • Oct 29, 2013 9:32am Oct 29, 2013 9:32am
Quoting error0024
Eventually I still have two golds holding on my account though 0.50 and 0.50 lots at 1353.49. Sighs .. hoping it will go up again. My free margin is about 72 .. hahaha loss bout 2.2k today. So .. trying to get it up again i guess. Any suggestions? Since i'm already in the middle. ^^ Venzen .. yeah thanks for your tips! I will be back soon enough, Will try again when i raise my capital enoguh .. sighs that hit was painful though it's my first time trading. bout only 2 weeks started

condolences again.

Seriously though, you cannot be going to market with that kind of money. You are new in the market and you WILL lose money learning in the first year of trading. Even when you then increase your account capital to something larger in year 2 or 3 you WILL lose that too. It's the nature of the game.

$50 is more than enough funds in your account to trade. Trade a $50 account and aim to double it. Once the various components of your trading skill and experience reach a competent level, you will be able to double your account without breaking a sweat, so even then $50 will be adequate!
cryptocurrency everytime
  • #27,298
  • Oct 29, 2013 9:50am Oct 29, 2013 9:50am
Thank you for your advise venzen.
I think it's more than enough with 220usd to trade huh?

I think you're right, I will try and practice even more. Right now i think i need a break .. since it's a loss for me somehow my motivation and such will make me feel like revenging the losses.
Do you have any strategy I could work on?

Thanks a lot!
  • #27,299
  • Oct 29, 2013 9:51am Oct 29, 2013 9:51am
Quoting error0024
Eventually I still have two golds holding on my account though 0.50 and 0.50 lots at 1353.49. Sighs .. hoping it will go up again. My free margin is about 72 .. hahaha loss bout 2.2k today. So .. trying to get it up again i guess. Any suggestions? Since i'm already in the middle. ^^ Venzen .. yeah thanks for your tips! I will be back soon enough, Will try again when i raise my capital enoguh .. sighs that hit was painful though it's my first time trading. bout only 2 weeks started

By the way, you should close those orders now while you have the opportunity. It looks like PA is going to fabulous new highs but its not - when PA reverses now it will go down relentlessly to 1330 then later to 1310. Trust me on this. Closing now to preserve your capital means you're in the game later.
cryptocurrency everytime
  • #27,300
  • Oct 29, 2013 10:05am Oct 29, 2013 10:05am
Managed to closed them off. Leaving myself 174.65 USD capital now.
>><< thinking how to regain abit at least.
it's my trading time though, i just graduated from university .. so yeah
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