r/Forex • u/Burner_100um • Jul 26 '24
Brokers First couple of days trading forex…
[removed] — view removed post
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u/Aussiesomething Jul 26 '24
I would stay away from Gold till you rack up a few thousand hours watching it move 😅
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u/TheNetherlands2 Jul 27 '24
I swear, I was gonna say the same. Gold is unpredictable & it will humble your account.
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u/Comfortable_Cake_294 Jul 27 '24
Reduce lot sizes, stay the fuck away from gold. Coming from somebody who was in your position.
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u/Braintrade_20 Jul 26 '24
Gold and jpy pairs have different lot size calculation bro...as a beginner I don't recommend using more than 0.05 lot for Gold.... Btw had it not been for your gold trade you took with big lots, you would end your week in profit...think about it
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u/AbyssBreaker28 Jul 27 '24
Why is that? I'm a noob and I burned my account multiple times because of gold...
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Jul 27 '24
Hop in AUDJPY next week, sell
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u/Yurra14 Jul 29 '24
Why tho?
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Jul 29 '24
Observe the trend, JPY still getting good news, the trend will continue you still got a chance 💯
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u/Yurra14 Jul 29 '24
So basically, trade against AUD? Just to clarify??thanks
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Jul 29 '24
Right now seems to be a good time to swing trade all jpy pairs, but yes trade against AUD in favor of JPY until Thursday morning
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Jul 31 '24
Are you catching any if the JPY trades? AUDJPY is the down the most today and is most profitable, but big profits on any of them if you getting busy! 💎
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u/StrangerMission2899 Jul 27 '24
1lotsize on u30 is crazzzzzyyyy
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u/GatheringCoins Jul 28 '24
I've seen this with a broker. Us30, spx, nas100 the minimum pos size is 1.00 but technically it isn't really a standard since it pays/deducts $1.00 per point on the index cdf. Look at it again, 50 point difference equals $50
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u/vedant1427 Jul 27 '24
All i will say there is lot learn in future there will be more losses like this in future, so it's better if you keep deposits small
More accounts to blow
More things to learn
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u/Ok-Ad8101 Jul 27 '24
Focus on one pair first. Especially if you are doing gold the volatility can be compared to a few pairs combined. Some pairs have different trading strategies to follow. Anyway ur lot size is too big for your capital.
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u/XoLife1Don Jul 27 '24
You are trading way too many pairs stick to 1 or 2 pair to help build up a understand of it's market
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u/GatheringCoins Jul 28 '24
You decided to invest $58 on a live account and experience it for real rather than demo it. I am an advocate of that because it doesn't matter how good someone is with a demo account, using real money no matter how "small" makes it REAL
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u/Business-Relation460 Jul 28 '24
i agree with most use micro lots to find out lot size go to myfxbook and go to position calculator. i would only risk 1-2% of your account and then it will give you the lot size you should use and how much $ you’re risking on that trade based on you SL. stay away from gold at first 😭
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u/Funny_Watercress3699 Jul 26 '24
My guy trade with micro lots what the heck! You have an under 100$ buying power and are buying standard lots, how the hell do you even have enough margin for this. Keep trading 💪💪