I decided to start this thread for 2 reasons, firstly most traders here are in the same position I was 17 years ago. You are constantly unprofitable. You blow up account after account. You keep saying this month I will make it. You have no strategy, no trading plan. You scalp the markets picking up 5 pips here and there only to be crushed by an unexpected 150 point move.
You tried MACD, RSI, moving averages, really nothing works. No doubt you have watched more than you fair share of youtube videos, from traders that make winning trades and go BOOM. Maybe you tried their strategies and failed. I know I checked out a few so proclaimed 80% winning trades, best I could see was about 11% winning trades. Yet these guys were supposed to be trading legends....mmmm I guess not!
So every week I am going to post my analysis before the market moves, I will update it on a daily basis. I also run a free telegram channel where I call trades, so do other members of the group. No one is under any pressure to join. If you want to join great if not no problem.
I used highly advanced analytical methods to forecast the gold market, more of that latter. I will also share with you what I have learned in 17 years as a trader. If I told you, to make money trading you don't need to predict, but you do need to trade like a boss.
RULE 1
Never ever get into a trade with one position, trading is about making money. Suppose you had a 300 pip target in gold and you nailed the entry with a 20 pip stop. You have a 15:1 RR trade, but you don't know its going to hit 300 points, It might make 200 pip, then reverse.
For those of you with a small account, this is how to do it.
Break your position into 3 parts to start, so if you risk 2% of your account and lets say you have $1000 the risk is $20, your stop is 20 so you can risk$1 per pip, this means you take .30 per pip on all three trades.
First TP 50, usually gold will bounce off our levels a minimum of 50 pips you bank $15, at this point your stop on all three positions is break even, always control risk ALWAYS.
Next target 100 pips, very likely especially if the analysis supports the direction, another $30 in your pocket.
The last position is the runner, you no longer worry about the trade, you made some money and its a big fat cream cake if the last entry hits target. No stress, no worry, you are training your mind to leave the trade alone, this will serve you well when we find those 700 point moves that happen roughly once a week on gold
You tried MACD, RSI, moving averages, really nothing works. No doubt you have watched more than you fair share of youtube videos, from traders that make winning trades and go BOOM. Maybe you tried their strategies and failed. I know I checked out a few so proclaimed 80% winning trades, best I could see was about 11% winning trades. Yet these guys were supposed to be trading legends....mmmm I guess not!
So every week I am going to post my analysis before the market moves, I will update it on a daily basis. I also run a free telegram channel where I call trades, so do other members of the group. No one is under any pressure to join. If you want to join great if not no problem.
I used highly advanced analytical methods to forecast the gold market, more of that latter. I will also share with you what I have learned in 17 years as a trader. If I told you, to make money trading you don't need to predict, but you do need to trade like a boss.
RULE 1
Never ever get into a trade with one position, trading is about making money. Suppose you had a 300 pip target in gold and you nailed the entry with a 20 pip stop. You have a 15:1 RR trade, but you don't know its going to hit 300 points, It might make 200 pip, then reverse.
For those of you with a small account, this is how to do it.
Break your position into 3 parts to start, so if you risk 2% of your account and lets say you have $1000 the risk is $20, your stop is 20 so you can risk$1 per pip, this means you take .30 per pip on all three trades.
First TP 50, usually gold will bounce off our levels a minimum of 50 pips you bank $15, at this point your stop on all three positions is break even, always control risk ALWAYS.
Next target 100 pips, very likely especially if the analysis supports the direction, another $30 in your pocket.
The last position is the runner, you no longer worry about the trade, you made some money and its a big fat cream cake if the last entry hits target. No stress, no worry, you are training your mind to leave the trade alone, this will serve you well when we find those 700 point moves that happen roughly once a week on gold
