Get started

Learntotradethemarket

Quick Tip for Traders: (Please Read)In the past I've often left trades and forgotten I had them open. It's ALWAYS ALWAYS ALWAYS IMPORTANT to place a Stop Loss and Take profit, for every trade you place, especially if you Day/intraday/Swing & Position trade. I don't often scalp and if I do I'm usually in and out very quickly in around 10-15 minutes. Now lets say you place a trade, entry after candle close, from a level of support or resistance, test/re-test, pullback, breakout etc. Main priority is to establish the risk which I either make tight which is dependent on the trading environment (Trending) or if I'm going to hold the trade for a long time then SL below previous low. Followed by how much profit to take. Let's say the market is likely to increase 200 pips, I personally would make sure my TP is is around 20 pips under. Then, for joining the trade, I make sure almost every trade is made on either 1 hour chart or 15 minute, because pullbacks are more defined if you're able to establish the trend. I only use the 5 minute chart for re-entry if I've missed an opportunity. If I entered at 1.20514, I would be in around 60 pips profit. The beginner idiot me would have left the trade and done something else. It's important to establish if you're in profit, pips are like points that you score in a game. You play tactically and defensively to score as many points as possible, so if you place your SL at say 30 pips in profit, if the market turned on you, you'd close out in profit rather than a loss, in which case you'd now be running a risk free trade. Obviously, as the pips stack up, naturally you'd increase your SL in profit as well. So I hope this tip is helpful and improves your trading and limits your losses. Have a blessed day!
by UnknownUnicorn2215917
2
Current outlook on GoldGold prices surged as risk appetite withered across global financial markets. That pushed bond yields down alongside stocks, boosting the appeal of non-interest-bearing alternatives including the Gold itself. Crude oil also took a beating. If we look at the higher timeframe, we're still on course for a continuation of the uptrend despite being stuck in a consolidation for a number of weeks. I believe a break higher sets the stage for a test above the $1500/oz figure. Furthermore, with an interest in the global financial market, I often pay particular attention to the price of Gold along with its daily, weekly etc fluctuations. When other financial instruments are acting up, I tend to turn to Gold as a safe-haven asset, as well as this Gold retains its value over time. Even for those who are not interested in investing in gold itself, it’s worth keeping an eye on the gold price because of its close relationship to the world economy. Gold forecasts can act as an indicator for other markets.
OANDA:XAUUSD
by UnknownUnicorn2215917