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

  • #21
  • Aug 11, 2020 11:28am Aug 11, 2020 11:28am
There were some good answers already: hedging, better money management, SL, better trend analysis...
If you are a new trader, why did you already trade on a live account with such a balance? You obviously have to learn essential stuff about trading, money management and so on.
My advice for you: Stop to be greeding! If you would have traded in a demo account for at least 4 weeks you would have learned a lot about these things...
  • #22
  • Aug 11, 2020 11:44am Aug 11, 2020 11:44am
Quoting Dingoman-two
{quote} "hahaha gold is my favorite asset" Mine to.
silver too ... it doesn’t shine like the sun, but it does shine like stars.
  • #23
  • Aug 11, 2020 12:01pm Aug 11, 2020 12:01pm
Quoting Marcieny
{quote} silver too ... it doesn’t shine like the sun, but it does shine like stars.

"You little romantic"

  • #24
  • Aug 11, 2020 12:01pm Aug 11, 2020 12:01pm
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 hope you closed everything, it is better to have something to negotiate than nothing,

although gold had a good setback since Pay roll but the entry was very bad, what did you see there man?
  • #25
  • Aug 11, 2020 12:13pm Aug 11, 2020 12:13pm
*find a trading system and get use to it.

*Withdraw the money that is left and leave only $100 and try to grow your account with that amount.

#let patience be your friend.

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...
BARAK
  • #26
  • Aug 11, 2020 12:28pm Aug 11, 2020 12:28pm
Valuable suggestions, particularly that of cutting the loss and trading micro lot. About having a system, he/she has one that can work if used properly, e.g. you don't sell just because the RSI is above 70.

KP

Quoting MarketPatrol
*find a trading system and get use to it. *Withdraw the money that is left and leave only $100 and try to grow your account with that amount. #let patience be your friend. {quote}
Do your homework, follow the footprints of smart money
  • #27
  • Aug 11, 2020 4:43pm Aug 11, 2020 4:43pm
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...
Man, I feel so sorry for you, truly been there done that, my most golden advice I can give you is, forget, just forget about indicators and do some crazy,serious screen time, many many hours, just watch the context of the market on all TF's, than watch PA, on only one pair, just one, a month for start. Trade that, trade what you see not what you hope and most important, always ask yourself in that moment do you see a retail setup ? Cause if you do, stay out of it. This is gold advice.
Living the way my older self would have wished for my younger self. RazvanI
  • #28
  • Aug 13, 2020 8:37pm Aug 13, 2020 8:37pm
I recommend reading the book Master the Markets by Tom Williams.
It's a good start.
  • #29
  • Last Post: Aug 15, 2020 10:55am Aug 15, 2020 10:55am
Quoting Sorobanista
I recommend reading the book Master the Markets by Tom Williams. It's a good start.
you all can find it here: https://ebookforshare.com/master-the...-williams-pdf/
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