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Only Gold!

  • #11,701
  • Jul 16, 2014 5:56pm Jul 16, 2014 5:56pm
Quoting agnes8
{quote} I am a junior too and the older members can give you great advices, but let me tell you something! If you have a 10.000 usd account, dont do more than 0,1-0,2 lot in gold! And dont start forex by trading gold!
it is no matter to trade gold at juvenile stage. but you must have a healthy balance for this, because the price range is too big & volatile than any other pair
  • #11,702
  • Jul 16, 2014 6:28pm Jul 16, 2014 6:28pm
Quoting ritom
I am a newbie in forex trading. and i started with gold... i am going mad since yesterday... I have set up a sell trade at 1293, and i started going up. Now i am down almost 600 pips... Is there any chance of going to 1293 again today??? Shall i wait little longer or i should close the trade??? pls help me out...i dont even remember how many times i punched the wall because of this trade....
We learn more about ourselves with trading than in any other area of living, at least in certain key aspects. It's tremendously difficult, but unless you have lots of margin, you should get out. You will recover. Don't continue to punch the wall. It sounds unhelpful, but this happens to everyone in the beginning. We CANNOT pick up on certain judgment skills that are nonlinear, meaning, instantaneous and difficult to communicate to others - with each pair and in general - without lots of watching. Just conserve the funds at this time and be patient with yourself.
  • #11,703
  • Jul 16, 2014 6:41pm Jul 16, 2014 6:41pm
Quoting ritom
I am a newbie in forex trading. and i started with gold... i am going mad since yesterday... I have set up a sell trade at 1293, and i started going up. Now i am down almost 600 pips... Is there any chance of going to 1293 again today??? Shall i wait little longer or i should close the trade??? pls help me out...i dont even remember how many times i punched the wall because of this trade....
Hai, keep patience man. May be market will bring you some profit with in next 12 hours. Keep eyes on your margin first. I think you will make money after 11 and half hours later. Best of luck.
  • #11,704
  • Jul 16, 2014 7:02pm Jul 16, 2014 7:02pm
Quoting Greenstar
{quote} We learn more about ourselves with trading than in any other area of living, at least in certain key aspects. It's tremendously difficult, but unless you have lots of margin, you should get out. You will recover. Don't continue to punch the wall. It sounds unhelpful, but this happens to everyone in the beginning. We CANNOT pick up on certain judgment skills that are nonlinear, meaning, instantaneous and difficult to communicate to others - with each pair and in general - without lots of watching. Just conserve the funds at this time and...
I dont have lots of margin. I will close the trade after watching couple of more hrs to reduce the loss...already lost 50%of the invest with a single trade...thanks for help...
  • #11,705
  • Jul 16, 2014 7:05pm Jul 16, 2014 7:05pm
Quoting Ringkon
{quote} Hai, keep patience man. May be market will bring you some profit with in next 12 hours. Keep eyes on your margin first. I think you will make money after 11 and half hours later. Best of luck.
Dont have much margin left...have been waiting for more thn 24 hrs,,,hhmmm lets see i can wait 12 more hrs or not,,,but thinking of closing the trade after 2/3 hrs,,,but thts wat i have been thinking for past 12 hrs,,,but could close it...i realized its very hard to close a trade when u are down...thnkx mate
  • #11,706
  • Jul 16, 2014 9:20pm Jul 16, 2014 9:20pm
Quoting agnes8
{quote} I am a junior too and the older members can give you great advices, but let me tell you something! If you have a 10.000 usd account, dont do more than 0,1-0,2 lot in gold! And dont start forex by trading gold!
For newbies I would advise 0.01 size (one ounce) for a 10K account. You could have multiple positions. Once the positions are green, you could build up as much as a standard lot. Must use SL.

For noobs, its about how long you can survive and how less greedy you can be.
Hello World!
  • #11,707
  • Jul 16, 2014 9:48pm Jul 16, 2014 9:48pm
Ohh. Clocktrader is right (as always). I wanted to write 0,01 instead of 0,1 lot! I was sleepy..
  • #11,708
  • Jul 16, 2014 10:58pm Jul 16, 2014 10:58pm
Gold is on the steady bullish movement
Naman
Naman Copytrader Ultima Market Return This Month: na
  • #11,709
  • Jul 16, 2014 11:40pm Jul 16, 2014 11:40pm
Quoting agnes8
Ohh. Clocktrader is right (as always). I wanted to write 0,01 instead of 0,1 lot! I was sleepy..


PS: I'm not always right though.
Hello World!
  • #11,710
  • Jul 16, 2014 11:43pm Jul 16, 2014 11:43pm
Quoting ClockTrader
{quote} For newbies I would advise 0.01 size (one ounce) for a 10K account. You could have multiple positions. Once the positions are green, you could build up as much as a standard lot. Must use SL. For noobs, its about how long you can survive and how less greedy you can be.
Agreed RE: trading with caution, especially when just starting out.

It's not so much you can't trade larger positions with a 10k account, but to do so, you would need nerves of steel and an iron willed discipline - these are things almost universally missing from newbie traders. Also market experience and expertise, of course!

In regards to Ritom, 2 questions to ask yourself - why did you enter short at 1293 and why did you let the losses get as big as 600 points?

In regards to Gold, looking for lower prices as we're still within the larger descending triangle and had a good strong bear move near the trendline. Long term target 1200 (not sure how this fits in with Golden Seasons, however). Will hope to short around previous congestion zone 1310 - 1325 (obviously the higher up the better ).

Happy trading!
  • #11,711
  • Jul 16, 2014 11:56pm Jul 16, 2014 11:56pm
Hi everyone! First time posting here! Been lurking around this forum for a long time, here's my view: looks like an inverse H&S is forming and gold price today might touch 1291-93 before heading NORTH to test 1350 zone.
Attached Image (click to enlarge)
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  • #11,712
  • Jul 17, 2014 12:05am Jul 17, 2014 12:05am
added a long.. @ 1305, SL @ 1290
Hello World!
  • #11,713
  • Jul 17, 2014 12:24am Jul 17, 2014 12:24am
This is what I got to share ..
Attached Image
Hello World!
  • #11,714
  • Jul 17, 2014 12:27am Jul 17, 2014 12:27am
Quoting ClockTrader
This is what I got to share .. {image}
1290 holds the key and this is the edge for my longs..

IF price hits 1290 today, a break from work would look good.
Hello World!
  • #11,715
  • Jul 17, 2014 12:30am Jul 17, 2014 12:30am
Long XAUUSD
Attached Image (click to enlarge)
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Trading 24/h
  • #11,716
  • Jul 17, 2014 12:34am Jul 17, 2014 12:34am
Quoting ClockTrader
{quote} 1290 holds the key and this is the edge for my longs.. IF price hits 1290 today, a break from work would look good.
Price has been ascending slowly and steadily in today's Asian session, lets see how it culminates..

fingers crossed and awaiting NY morning.
Hello World!
  • #11,717
  • Jul 17, 2014 12:38am Jul 17, 2014 12:38am
watched the FPA's vid...looks like going @1310 at least
i closed my long from 1302 (doh ) added 1 long to that target
Keep calm and go GREEN...
  • #11,718
  • Jul 17, 2014 1:25am Jul 17, 2014 1:25am
execute first sell at 1307.3 TP minimum 1291
where are we? we are here. where are we going? ...
  • #11,719
  • Jul 17, 2014 1:47am Jul 17, 2014 1:47am
Quoting eruc
execute first sell at 1307.3 TP minimum 1291
based on.. what?
  • #11,720
  • Jul 17, 2014 2:50am Jul 17, 2014 2:50am
Quoting eruc
execute first sell at 1307.3 TP minimum 1291
what will be your sl for this trade
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