I'm a noob and need advice on managing a losing trade | Forex Factory

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I'm a noob and need advice on managing a losing trade

  • #1
  • First Post: Aug 3, 2020 6:43pm Aug 3, 2020 6:43pm
i am new trader, i only use 1 parameter, which is RSI 14, and i trade using 4H or dialy chart...
if RSI hit above 70, then i will sell, so it goes the opposite, below 30 means buy...
i only play with 0.1 lot...

for the first week, it was okay, i earn 400 bucks (using 3000 dollar in account)
but now i am in deep trouble...
i try on gold (as we all know, it hits the highest in history), i make a sell on 1830 (RSI 4H back then was 72%).. and then again i make sell on 1920... so right now im running on 0.2 lot...

do you guys have any advice on what decision i need to make?
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  • #2
  • Aug 4, 2020 4:26am Aug 4, 2020 4:26am
I can only give you advice to forget about such scaled indicator.
  • #3
  • Aug 4, 2020 4:33am Aug 4, 2020 4:33am
Quoting akupapua
i am new trader, i only use 1 parameter, which is RSI 14, and i trade using 4H or dialy chart... if RSI hit above 70, then i will sell, so it goes the opposite, below 30 means buy... i only play with 0.1 lot... for the first week, it was okay, i earn 400 bucks (using 3000 dollar in account) but now i am in deep trouble... i try on gold (as we all know, it hits the highest in history), i make a sell on 1830 (RSI 4H back then was 72%).. and then again i make sell on 1920... so right now im running on 0.2 lot... do you guys have any advice on what...
gold is in an uptrend
when it falls, hedge longs, close when it rises up, rinse and repeat until you go flat
Make money by doing the opposite of Giveachance aka loser
  • #4
  • Aug 5, 2020 9:00am Aug 5, 2020 9:00am
rsi indicatork does not effect in a trending market, even price move higher strongly when the rsi starts to be greater than 70. you can completely trade the 1h time frame and before set up let's see the trend It's on the daily chart, finally: never trade against the daily trend.
  • #5
  • Aug 6, 2020 10:58am Aug 6, 2020 10:58am
Quoting akupapua
i am new trader, i only use 1 parameter, which is RSI 14, and i trade using 4H or dialy chart... if RSI hit above 70, then i will sell, so it goes the opposite, below 30 means buy... i only play with 0.1 lot... for the first week, it was okay, i earn 400 bucks (using 3000 dollar in account) but now i am in deep trouble... i try on gold (as we all know, it hits the highest in history), i make a sell on 1830 (RSI 4H back then was 72%).. and then again i make sell on 1920... so right now im running on 0.2 lot... do you guys have any advice on what...
Where is your stoploss?
Have u ever think what will you do if price doesnt act the way u predict?


What u can do? Deposit more so u your account not margincalled,
I dont think add buy position so u can hedging can help at this price

,Udah ikhlasin aja,
Tambah deposit,gold bullish bgt ,mlah buang2 duit
  • #6
  • Edited 1:04am Aug 10, 2020 12:47am | Edited 1:04am
Probably you should started from 0.01 instead of 0.10 due to the big fluctuation in gold market.
Besides, if you're a new trader, forex is a good way for you to practice your skill.
  • #7
  • Aug 10, 2020 1:29am Aug 10, 2020 1:29am
Quoting akupapua
i am new trader, i only use 1 parameter, which is RSI 14, and i trade using 4H or dialy chart... if RSI hit above 70, then i will sell, so it goes the opposite, below 30 means buy... i only play with 0.1 lot... for the first week, it was okay, i earn 400 bucks (using 3000 dollar in account) but now i am in deep trouble... i try on gold (as we all know, it hits the highest in history), i make a sell on 1830 (RSI 4H back then was 72%).. and then again i make sell on 1920... so right now im running on 0.2 lot... do you guys have any advice on what...
not only you, everyone in the world is a noob, ayoo papua pasti bisa!
  • #8
  • Aug 10, 2020 1:41am Aug 10, 2020 1:41am
Quoting akupapua
i am new trader, i only use 1 parameter, which is RSI 14, and i trade using 4H or dialy chart... if RSI hit above 70, then i will sell, so it goes the opposite, below 30 means buy... i only play with 0.1 lot... for the first week, it was okay, i earn 400 bucks (using 3000 dollar in account) but now i am in deep trouble... i try on gold (as we all know, it hits the highest in history), i make a sell on 1830 (RSI 4H back then was 72%).. and then again i make sell on 1920... so right now im running on 0.2 lot... do you guys have any advice on what...
Close them immediately.
You opened those trades without having a plan what you do when they go against you.
When you realized that your trades will not work out you refused to take the loss and switched to "let's see what it does (hope)".

As you know by now, that is not how trading works.

If you get away with it you will do the same in the future and at some point you will lose a lot of money. If you want to continue your trading career, close them immediately and see the loss as learning fee.

That may sounds harsh but don't be worry. Everybody who trades successful made such mistakes at some point. What's now important is how you deal with it.

Josef
  • #9
  • Aug 10, 2020 2:06am Aug 10, 2020 2:06am
Sorry to say this mate, but if your trades are based solely on one indicator alone it doesn't matter how you manage your trades you are going to lose money long term because you have not yet developed an edge.

Based on your strategy you are already set up to fail. You need to add some more "structure" to your trading entries and then you can talk about managing losers.

If you really do decide to use this entry method you will see for yourself what I am talking about after testing for about 100 trades. The results will be about break even if you use a 1:1 risk to reward ratio.

You may be able to improve the results if you trade only specific pair, for a specific time of day, then you may develop an edge based on time, and understanding for a particular instrument.

Once you get to the point that a 1:1 risk to reward makes money then you can consider maybe adding a management method of say, trailing stops, or maybe just watching market structure to manage the stop....
  • #10
  • Aug 10, 2020 2:44am Aug 10, 2020 2:44am
Hi Akupapua,

I don't trade gold but from my analysis, we are going into a bearish correctional phase. The biggest mistake you could make now is to open a hedge buy trade. You will just lock yourself into a hole that may prove difficult to get out of. My weekly pivot at 2020.76 is crucial with a 4 hr close below for bears to correct down further to the 2000.00 psychological barrier and correct down further to my weekly support 1 at 1966.55.

By panic trading, you will dig a deeper hole. In future, you need to trade smaller on a $3000 account. Ensure your stops are in place.

Hope this helps,
Cheers.
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Trade to trade another day
  • #11
  • Aug 10, 2020 2:47am Aug 10, 2020 2:47am
Quoting akupapua
i am new trader, i only use 1 parameter, which is RSI 14, and i trade using 4H or dialy chart... if RSI hit above 70, then i will sell, so it goes the opposite, below 30 means buy... i only play with 0.1 lot... for the first week, it was okay, i earn 400 bucks (using 3000 dollar in account) but now i am in deep trouble... i try on gold (as we all know, it hits the highest in history), i make a sell on 1830 (RSI 4H back then was 72%).. and then again i make sell on 1920... so right now im running on 0.2 lot... do you guys have any advice on what...

https://www.forexfactory.com/thread/...-actually-work
  • #12
  • Aug 10, 2020 2:55am Aug 10, 2020 2:55am
My advice? Put the whole episode down to experience and set a SL next time.

Using a SL is a personal decision of course, but here are a couple of things to think about:

To Use a Stop Loss or Not?
  • #13
  • Aug 11, 2020 7:48am Aug 11, 2020 7:48am
Quoting Wavegarrick
Hi Akupapua, I don't trade gold but from my analysis, we are going into a bearish correctional phase. The biggest mistake you could make now is to open a hedge buy trade. You will just lock yourself into a hole that may prove difficult to get out of. My weekly pivot at 2020.76 is crucial with a 4 hr close below for bears to correct down further to the 2000.00 psychological barrier and correct down further to my weekly support 1 at 1966.55. By panic trading, you will dig a deeper hole. In future, you need to trade smaller on a $3000 account. Ensure...
Well, I hope you took some advice here. 28Hrs later Gold is at my weekly support 1 at 1966.55.

Cheers.
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Trade to trade another day
  • #14
  • Aug 11, 2020 8:31am Aug 11, 2020 8:31am
Quoting Wavegarrick
{quote} Well, I hope you took some advice here. 28Hrs later Gold is at my weekly support 1 at 1966.55. Cheers. {image}
why don't you trade gold? I am waiting to see the moment when people will sell gold to buy silver.
  • #15
  • Aug 11, 2020 8:44am Aug 11, 2020 8:44am
Quoting Marcieny
{quote} why don't you trade gold? I am waiting to see the moment when people will sell gold to buy silver.
Haven't tried yet Marcie. Maybe I should give it a go. Will see. Probably beginners luck
Cheers.
Trade to trade another day
  • #16
  • Aug 11, 2020 8:45am Aug 11, 2020 8:45am
when u r learning ,try only small lots like 0.01 and learn for at leaset 2-3 years,no overnight millionaire in forex
  • #17
  • Aug 11, 2020 9:21am Aug 11, 2020 9:21am
Quoting Wavegarrick
{quote} Haven't tried yet Marcie. Maybe I should give it a go. Will see. Probably beginners luck Cheers.
hahaha gold is my favorite asset ... it always will be, although i spend a lot of time waiting to open a trade there
  • #18
  • Aug 11, 2020 9:54am Aug 11, 2020 9:54am
Quoting Marcieny
{quote} hahaha gold is my favorite asset ... it always will be, although i spend a lot of time waiting to open a trade there

"hahaha gold is my favorite asset"

Mine to.

  • #19
  • Aug 11, 2020 10:20am Aug 11, 2020 10:20am
Quoting akupapua
i am new trader, i only use 1 parameter, which is RSI 14, and i trade using 4H or dialy chart... if RSI hit above 70, then i will sell, so it goes the opposite, below 30 means buy... i only play with 0.1 lot... for the first week, it was okay, i earn 400 bucks (using 3000 dollar in account) but now i am in deep trouble... i try on gold (as we all know, it hits the highest in history), i make a sell on 1830 (RSI 4H back then was 72%).. and then again i make sell on 1920... so right now im running on 0.2 lot... do you guys have any advice on what...

I think your account should be fine now , manage gold properly it can also triple or double your account , selling will not be problem now but hedge carefully .
Neither a Bro Nor a Pro I am I
  • #20
  • Aug 11, 2020 11:03am Aug 11, 2020 11:03am
i believe this account gone already if not hedged earlier. gold moved up over 1000pips from his sell before coming back down now.
LUCKY golden trades, LUCKY gold investor trading style
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