I'm good with forex pairs, branch out to XAU, others?

Hi everyone. So basically my situation is as follows.

I started studying forex about 9 months ago. Not so long ago but I gave it my all, and I have a good discipline and psychology, and maybe a bit of natural talent. I quickly became profitable on demo, moved to live and have been getting good profits since. I passed the FTMO challenge, now I'm on the verification phase. I've already hit the profit target for that too, now I'm just trading micro lots to fill out the minimum trading days. I'm not trying to brag, just setting up some context.

I trade on the 1h chart using price action. I trade pairs that are trending. I just wait for price to come to an area of value and enter when I see an entry signal candle. dojis, engulfing candles and whatnot. I ideally enter slightly after the London open, but if I see a good opportunity I'll enter at other times too. The only indicator I use all the time is the ATR to set my stop losses, and I forgot to say, I avoid trading before news.

Since FTMO allows you to trade XAUUSD, indices like US30, metals and other CFDs, I was thinking maybe to broaden my trading, using price action like I've been doing with forex pairs. I'm thinking to start with XAUUSD first. I've been looking at the charts and it looks like XAUUSD makes nice big clean moves up and down. It looks like I could make some trades with a really good RRR.

Does anyone have any thoughts or advice? Potential dangers I should watch out for, fundamental factors and so on. Any help would be greatly appreciated. Thank you in advance.

I have very little experience with XAU or other things like US30 - but if you're doing your analysis you can branch out and apply the same principles. Some of these items may take a bit of time to get accustomed to their characteristics - each pair has a different character - but sticking to your methodology should prove fruitful. Tweak as you go along and keep notes if you need to.

As they say if it aint broke, don't fix it.

I don't disagree - but if @zapp wants to branch out - the waters can be tested. Small lot sizes or demo to check how those are.

Agreed.

Thanks for the advice and opinions everyone. I've decided what I'm gonna do is to keep just trading forex pairs for now on my live accounts. It's 100% true, if it ain't broke don't fix it.

But I'll trade other stuff on a demo account for a few months and build up enough trades to analyze how my methodology carries over to other instruments. No rush since I'm making good returns just trading currency pairs now.

Good stuff. Enjoy! Let us know how your method works on the other instruments once you've tested.

Sir can you kindly teach me how to trade Gold I'm in huge loss almost lost everything its my mistake to trade without proper strategy

OP said thinking of trying that pair - not that they've traded it successfully.

[quote=zapp;14044332Since FTMO allows you to trade XAUUSD, indices like US30, metals and other CFDs, I was thinking maybe to broaden my trading, using price action like I've been doing with forex pairs. I'm thinking to start with XAUUSD first. [/quote]

While a methodology may be applied across the board, that isn't always the case - some pairs/instruments have different characteristics which you'd have to learn. Do you already have a regular forex strategy in place? If yes - try to apply that methodology to XAUUSD and see. If you find that it's not working out - stick to what works.

If you currently have zero system in place - there's lots of resources here that you can review. You should start with what you want to trade (gold apparently) and whether you want to do short, medium or long term trading. If someone knows a user that does that - if a thread exists - you'll be pointed in the right direction. You could also check here.

https://www.forexfactory.com/thread/1100220-gold

I personally love Metals. It all depends on you and if your strategy can be implemented on your new symbol. Every instrument has its own personality.

I don't know what's your approach to the Market, but the liquidity and time execution you can find in a Major Forex Pair you will not find it in any other instruments. Gold is a very crazy volatile instrument, I love it, but it is not easy to dance with, not even for portfolio managers, imagine for retail traders. It certainly does big swings although not sure if "Clean" is the word, LOL, sometimes they can be very "Dirty".

That said, I think Gold is one of the most exciting markets out there.

Hi, try to learn the basic of technical & fundamental analysis! Price Action trading is useful, you’ll find ton’s of helpful threads on this thread! Try to learn and improve your trading skill!